Waaree Energies Ltd
Waaree Energies Q3 FY26: Revenue ₹60,000 Cr
Q3 FY26 earnings call: what management said on revenue, margins and capex.
Guidance rank: #1 of 58 in Electrical Equipment
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The short version
The US market demand is significantly strong with 70-80 GW annual module consumption and an expected 180-200 GW demand over the next 2-3 years. Waaree Energies expects continued growth driven by a robust US order book and expanding manufacturing capacity, particularly in the US (4.2 GW capacity expected soon).
From Waaree Energies Ltd's Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- The US market demand is significantly strong with 70-80 GW annual module consumption and an expected 180-200 GW demand over the next 2-3 years.
- Waaree's US manufacturing capacity is increasing, with 4.2 GW expected soon, supporting higher local sales.
- The company anticipates continuous growth in US sales volume as new capacities ramp up each quarter.
- Overseas revenue currently makes up about 30-35% of total sales and is expected to remain in this range.
- Order book growth is robust, with over ₹60,000 crore cumulative orders, supporting multi-year revenue visibility.
- Waaree is expanding supply chains to include Middle East and African markets to mitigate regulatory risks, supporting stable pricing and margins.
2 more points from Waaree Energies Ltd's call on revenue
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Profitability & Margins
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Capital Expenditure Plans
- Waaree Energies has not announced any changes to its existing capex plans despite new duties and supply chain challenges.
- Indian cell manufacturing capex continues as planned with no announced modifications.
- Significant US capacity expansions underway:
- 1.6 GW operational in Texas with an additional 1.6 GW under construction at the same site.
- 1 GW capacity acquired in Arizona, expected to be operational by mid-2026.
- Total US manufacturing capacity targeting around 4.2 GW by mid-2026.
- Strategic investment includes a stake in an Omani polysilicon company to diversify sourcing and ensure FEOC compliance.
2 more points from Waaree Energies Ltd's call on capex
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Top-ranked in Electrical Equipment
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
- Waaree's cumulative order book has grown significantly, from around INR 40,000 crores at the start of the year to approximately INR 60,000 crores as of the latest update.
- The order book is net of dispatches done in the first nine months of the financial year.
- Waaree has secured a strong and export-heavy order book, with 50-60% from overseas markets, particularly the US.
- The order book covers a delivery timeline of about 3 to 4 years.
- Current overseas revenue forms roughly 30-35% of total revenue, consistent with previous years.
- The company continues to expand supply chain options to service the large existing order book for US exports and domestic customers.
2 more points from Waaree Energies Ltd's call on order book
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Waaree Energies Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹7.5K Cr, net profit ₹754 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Waaree Energies Ltd's management said in earlier quarters
Others in Electrical Equipment this season
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Q3 FY26 Revenue from Operations: ₹1,277.9 crore . Key investor presentation takeaways from Ram Ratna Wires Ltd's Q3 FY26 investor presentation — and how it rank
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Revenue from Operations for Q3FY26: ₹170.26 crore, up 11% YoY from ₹153.74 crore in Q3FY25. Key investor presentation takeaways from Shilchar Technologies Ltd's
- Ravindra Energy Ltd (Q3 FY26)
EBITDA margin: 23.74% (Page 35) . Key investor presentation takeaways from Ravindra Energy Ltd's Q3 FY26 investor presentation — and how it ranks against sector
Potential multibaggers · Q2 FY27
Potential multibaggers in Electrical Equipment
on management's own guidance
- Strong growth2
- 1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
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Frequently Asked Questions
What were Waaree Energies Ltd Q3 FY26 results?
The US market demand is significantly strong with 70-80 GW annual module consumption and an expected 180-200 GW demand over the next 2-3 years. Waaree Energies expects continued growth driven by a robust US order book and expanding manufacturing capacity, particularly in the US (4.2 GW capacity expected soon).
What is Waaree Energies Ltd share price analysis?
Waaree Energies Ltd currently shows a neutral. The stock trades at a P/E of 19.2 with a market cap of ₹77,148 Cr. Investors should review the full earnings analysis for detailed insights.
Is Waaree Energies Ltd planning capital expenditure?
Waaree Energies has not announced any changes to its existing capex plans despite new duties and supply chain challenges.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.