Waaree Energies Ltd

Q4 FY25Electrical Equipment

Waaree Energies Q4 FY25 earnings call: Revenue & Margins

Q4 FY25 earnings call: what management guided on revenue, margins and order book.

Price₹2,678

Market cap₹77.1K Cr

P/E19.2

Updated23 Aug 2026

Read4 min read

The short version

Robust demand outlook with a pipeline exceeding 100 gigawatts for 2026 and 2027. - Order book valued at INR47,000 crores, fully booked through March 2026 with visibility into Q1-Q4 2026. - Expansion of module manufacturing capacity, including 1.6 GW facility in the U.S. Waaree Energies projects a substantial EBITDA growth to INR5,500 - 6,000 crores in FY26, up from INR3,123 crores in FY25.

From Waaree Energies Ltd's Q4 FY25 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Robust demand outlook with a pipeline exceeding 100 gigawatts for 2026 and 2027.
Order book valued at INR47,000 crores, fully booked through March 2026 with visibility into Q1-Q4 2026.
Expansion of module manufacturing capacity, including 1.6 GW facility in the U.S. and 3.2 GW additional lines at Chikhli plant.
Expected growth driven by strong domestic demand under government schemes like PM Surya Ghar Yojana, Kusum, and Make in India.
Anticipated increase in DCR market from 3-4 GW to approximately 10-15 GW in the current year.
Incremental growth expected from battery and green hydrogen businesses starting FY27.

2 more points management made on revenue & sales performance

Profitability & Margins

Waaree Energies projects a substantial EBITDA growth to INR5,500 - 6,000 crores in FY26, up from INR3,123 crores in FY25.
FY26 is expected to be a year of consolidation and acceleration, focusing on EBITDA as the key control variable over volume or top-line.
The robust INR47,000 crores order book provides strong revenue visibility through at least March 2026.
Scale efficiencies, improved capacity utilization (e.g., 90%+ in new cell lines), and cost management are key levers to achieve EBITDA guidance.
Future years (FY27 onwards) anticipate contributions from new businesses like batteries, green hydrogen, power infrastructure, and IPP segments.

2 more points management made on profitability & margins

See what Waaree Energies Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Board approved establishment of an additional 1.6 GW module manufacturing line in the U.S.
Setting up an additional 3.2 GW module manufacturing line at Chikhli plant, targeted for commissioning in next 3-4 months.
Integrated 6 GW ingots, wafers, cells, and modules factory (PLI project) on track for commissioning by FY27 with a capex of around INR 9,000 crores.
Additional capex planned for FY26 and FY27 focused on expanding manufacturing and integrated facilities.

2 more points management made on capital expenditure plans

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Ranked on what management guided this quarter

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

Waaree Energies is currently executing a major capex project worth around INR 9,000 crores for the 6 gigawatt integrated wafer, cell, and module factory planned to be commissioned by 2027.
The company has INR 15,550 crores of funds available for capital deployment as of March 31, 2025, reflecting strong financial health.
For the IPP business acquisition (ENEL), typical structuring involves around 65-70% debt and 25-30% equity, indicating future debt raising aligned with equity infusion for power infrastructure expansion.

2 more points management made on fundraising & capital structure

See what Waaree Energies Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Current order book: INR 47,000 crores, feeding all factories and fully booked till March 31, 2026, and beyond.
Orders include a consolidated book covering manufacturing and EPC businesses.
Large pipeline: Over 100 gigawatts for the module business and around 30 gigawatts for EPC contracts.
Robust pipeline supported by domestic initiatives like Make in India, PM Surya Ghar Yojana, PM Kusum, and export orders primarily to the US (about 55% overseas).
Confidence in stable order inflow through FY26 and FY27 with no expected major wild swings in order mix.
DCR (Domestic Content Requirement) order book growing rapidly, expected to reach 1.5 GW demand soon.

2 more points management made on order book & pipeline

Waaree Energies Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹8.5K Cr, net profit ₹1.1K Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Waaree Energies Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Waaree Energies Ltd Q4 FY25 results?

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?

Board approved establishment of an additional 1.6 GW module manufacturing line in the U.S.

Keep Waaree Energies Ltd on your radar — track it to get its next earnings analysis in your feed.

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.