Waaree Energies
Waaree Energies Q4 FY26 earnings call: Revenue & Margins
Q4 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Waaree Energies expects significant growth aligned with industry trends, with India's solar additions projected to rise from 38 GW in 2025 to 72 GW by 2030, reaching 100 GW annual deployments by 2035. Waaree Energies projects operating EBITDA of INR 7,000 to 7,700 crores for FY27, indicating strong earnings growth.
From Waaree Energies's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- Waaree Energies expects significant growth aligned with industry trends, with India's solar additions projected to rise from 38 GW in 2025 to 72 GW by 2030, reaching 100 GW annual deployments by 2035.
- The Battery Energy Storage System (BESS) segment has substantial potential; India needs 60-80 GWh annually, with a cumulative 300 GWh expected over 5-7 years. Waaree's 20 GWh capacity is just the beginning, indicating multi-decadal growth.
- Cell production capacity will increase to 15.4 GW by FY28 with 80%-85% utilization, supporting volume growth.
- Overseas markets, including Europe, Africa, and the Middle East, are expected to contribute 15%-20% of revenue three years down the line.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Waaree Energies said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Waaree Energies is deploying approximately $3.5 billion (~INR 25,000+ crores) of capex over the next two years to build Waaree 2.0, scaling core solar capacity and expanding into adjacent energy value chain businesses.
- Battery Energy Storage System (BESS) plant in Gujarat: 3.5 GWh (Phase 1) with total planned capacity of 20 GWh; capex around INR 10,000 crores; Phase 2 of 16.5 GWh by next financial year.
- Green hydrogen electrolyser manufacturing at Dungri, Gujarat: 1 GW capacity planned; capex ~INR 676 crores; secured government PLI incentives (~INR 954 crores combined for electrolyser and hydrogen).
- Inverter manufacturing capacity expansion: 4 GW capacity planned; capex approx. INR 180 crores; Phase 1 (3 GW) commissioned.
- Transformer capacity expansion: increase from 4,000 MVA to 20,000 MVA; capex around INR 192 crores.
2 more points management made on capital expenditure plans
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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
See what Waaree Energies said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- Current order book stands at around INR 53,000 crores.
- More than INR 8,400 crores of revenue has already been delivered from the order book.
- Sequentially, there was about INR 7,000 crores decline in the order book due to higher ship-outs than new orders.
- New order intake continues but shipments are faster, especially overseas order deferrals due to Middle East disruptions impacted order intake temporarily.
- Domestic order delays or depletion have been partly noted, particularly in cell procurement segments.
2 more points management made on order book & pipeline
Waaree Energies — Quarterly revenue & net profit
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.
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What Waaree Energies Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Waaree Energies Q4 FY26 results?
Waaree Energies expects significant growth aligned with industry trends, with India's solar additions projected to rise from 38 GW in 2025 to 72 GW by 2030, reaching 100 GW annual deployments by 2035. Waaree Energies projects operating EBITDA of INR 7,000 to 7,700 crores for FY27, indicating strong earnings growth.
What is Waaree Energies share price analysis?
Waaree Energies currently shows a neutral. The stock trades at a P/E of 19.1 with a market cap of ₹77,039 Cr. Investors should review the full earnings analysis for detailed insights.
Is Waaree Energies planning capital expenditure?
Waaree Energies is deploying approximately $3.5 billion (~INR 25,000+ crores) of capex over the next two years to build Waaree 2.0, scaling core solar capacity and expanding into adjacent energy value chain businesses. - Battery Energy Storage System (BESS) plant in Gujarat: 3.5 GWh (Phase 1) with total planned capacity of 20 GWh; capex around INR 10,000 crores; Phase 2 of 16.5 GWh by next financial year. - Green hydrogen electrolyser manufacturing at Dungri, Gujarat: 1 GW capacity planned; capex ~INR 676 crores; secured government PLI incentives (~INR 954 crores combined for electrolyser and hydrogen). - Inverter manufacturing capacity expansion: 4 GW capacity planned; capex approx.
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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.