Waaree Energies Q4 FY26 Results & Concall Highlights: Revenue, Margins & Order Book

Q4 FY26 earnings call analysis: revenue, margin, capex, fundraise and order book outlook from management commentary.

Published 16 Aug 2026 | Electrical Equipment | Market Cap: ₹77.0K Cr

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.

Price

₹2,678.2

Market Cap

₹77.0K Cr

P/E Ratio

19.1

How does Waaree Energies rank in Electrical Equipment?

Compare Waaree Energies against every Electrical Equipment company this quarter on revenue, margins and earnings-call signals.

View Electrical Equipment leaderboard →

Waaree Energies — 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.

Full financials →

📊 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.
→New verticals and capex are expected to generate ROCE and ROE in the range of 20-25%, supporting profitable revenue expansion.
→Operating EBITDA guidance for FY27 is INR7,000 to 7,700 crores, reflecting strong revenue and volume growth.

📈 Profitability & Margins

→Waaree Energies projects operating EBITDA of INR 7,000 to 7,700 crores for FY27, indicating strong earnings growth.
→The company targets maintaining EBITDA margins around 19%-20% over the next 5-10 years, ensuring stable profitability.
→Profit after tax for FY26 grew 101% to INR 3,884 crores, showcasing robust bottom-line momentum.
→ROE (29%) and ROCE (32%) reflect high capital efficiency, supporting sustainable profit growth.
→Margin improvements expected from higher in-house cell manufacturing (15.4 GW capacity) starting H2 FY26 leading to better cost synergies.
→Expansion into high-margin verticals like BESS is expected to provide long-term earnings diversification, with BESS margins in 18%-20% range.
→The company's strong market position and scaling capacities support consistent EPS growth aligned with revenue and margin trends.

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.
→PV glass manufacturing plant with 2,500 TPD capacity; capex INR 3,900 crores.
→Large capex across new verticals expected to deliver 20%-25% ROCE/ROE, with benefits starting H2 FY27 and full realization by FY28-FY29.

💰 Fundraising & Capital Structure

→Waaree Energies has taken an enabling resolution to raise up to approximately INR 10,000 crores.
→The company plans to come out with detailed objectives and timelines for the fundraise in the near future.
→The fundraise is intended to support the Waaree 2.0 transition, enabling deeper platform growth both horizontally and vertically.
→Capital raised will be used to increase customer wallet share, de-risk supply chains, localize Bill of Materials (BOM), and support backward integration.
→The fundraising aims to lengthen the growth curve and protect margins and return on capital over a longer period.
→Both equity and debt options may be considered, with clarity to be provided soon.
→This fundraise aligns with committed capex plans of around $3.5 billion to expand capacities across the entire energy value chain.

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.
→The company sees strong and steady advances from customers despite increased working capital days caused by higher inventory and doubled production run rate.
→Export order book details are maintained but were impacted due to logistics delays and global tensions.

Key Metrics

How does Waaree Energies rank vs peers in Electrical Equipment?

Pro feature

1Waaree Energies

See full Electrical Equipment sector rankings

What WAAREEENER's management said in earlier quarters

Others in Electrical Equipment this season

Bajel Projects Ltd (Q4 FY26)
The current order book stands slightly below INR3,500 crores, with new orders worth over INR1,000 crores secured in early FY27. Key concall takeaways from…
Parth Electricals & Engineering Ltd (Q4 FY26)
Combined, both new facilities can add around INR 300 crores to top-line revenue at full capacity. Key concall takeaways from Parth Electricals & Engineering…
AVALON (Q4 FY26)
Focus on expanding complex box build and system integration business versus traditional PCB assembly, with box build increasing from 44% to 56% of revenues…
Indo SMC Ltd (Q4 FY26)
Capex underway in SMC, FRP, and engineering units to enable revenue beyond INR 750 crores when fully operational. Key concall takeaways from Indo SMC Ltd's Q4…

Compare:vs ABB vs Bharat Heavy Electricals Ltd vs Siemens Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Frequently Asked Questions

What were Waaree Energies Q4 FY26 results?

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.

Keep Waaree Energies 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 concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.