Current/ Expected Orderbook/ Pending Orders?

Waaree Energies Limited's current order book is approximately 25 gigawatts, translating to around INR 49,000 crores or roughly $5.5 billion to $6 billion. (Page 19-20) The order book comprises domestic and overseas projects, including the US and European Union markets. (Page 20) The EPC segment has a pipeline exceeding 25 gigawatts, consisting of both domestic and overseas orders. (Page 26) Project gestation periods vary: US projects typically take 2-2.5 years, while Indian utility-scale projects have shorter gestation of 8 months to around 14 months. (Page 20) Company is actively pursuing

Any current/future new fundraising through debt or equity?

Waaree Energies has announced a total capex of about INR 15,000 crores over the next 2 years for expansion including the 4 GW and 6 GW integrated facilities, battery, and adjacent businesses. The company currently holds cash on the balance sheet of over INR 7,500 crores and is debt-free. Funding mix plans include utilizing cash reserves, internal accruals over the next 2 years, and drawing on existing bank tie-ups as needed. The management has been conservative on the debt-equity ratio and is comfortable with the planned approach. While currently debt-free, the company will take on debt as and

Any current/future capex/capital investment/strategic investment?

Total announced capex of about INR 15,000 crores spread over the next 2 years, covering: - 4 GW recent expansion - 6 GW integrated facility - Adjacent businesses including battery manufacturing Battery energy storage system factory in Rola, Gujarat with an investment of around INR 2,000 crores Cell manufacturing facility aiming for 1 GW capacity costing around INR 750-800 crores per GW US manufacturing capacity expansion from 1.6 GW to 3.2 GW planned within next 6 to 9 months, already fully booked Focus on reverse integration in batteries up to cell level to boost Make in India efforts S

Future growth expectations in sales/revenue/volumes?

Waaree aims to achieve sales/revenue of INR 5,500 to 6,000 crores in FY '26. The company expects to ramp up Indosolar towards its full 1.3 GW capacity. By 2027, Waaree plans to have: - 16 GW cell capacity - 26 GW module capacity - 10 GW ingot and wafer capacity - 3.5 GWh battery storage capacity - 3 GW inverter capacity The EPC business has a strong 25+ GW order pipeline, including domestic and overseas projects. Overseas revenues contributed 32% in Q1 FY '26, expected to stabilize around 20-30% long-term. The US expansion will grow from 1.6 GW to 3.2 GW capacity within 6-9 months. T

Future growth expectations in earnings/operating earnings/profits/EPS?

Management targets FY '26 revenue between INR 5,500 to 6,000 crores with ramp-up in capacity and production. EBITDA margins expected steady around 17-18% for modules; cell margins anticipated 300-400 bps higher due to integrated facilities. By 2027, capacity expansions include 16 GW cell, 26 GW module, 10 GW ingot & wafer, and 3.5 GWh battery storage, aiming for significant scale-up. Management plans to maintain or improve gross margins and EBITDA through cost management and supply chain optimization. Indosolar ramp-up to its 1.3 GW capacity will contribute to earnings growth. Full c

IN US

Sale is live|00:00:00left today

Waaree Energies LtdQ2 FY25Electrical Equipment

Waaree Energies Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹3,034P/E: 22.1Market Cap: ₹86.9K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Waaree aims to achieve sales/revenue of INR 5,500 to 6,000 crores in FY '26.
→The company expects to ramp up Indosolar towards its full 1.3 GW capacity.
→By 2027, Waaree plans to have:
→ - 16 GW cell capacity
→ - 26 GW module capacity
→ - 10 GW ingot and wafer capacity
→ - 3.5 GWh battery storage capacity
→ - 3 GW inverter capacity
→The EPC business has a strong 25+ GW order pipeline, including domestic and overseas projects.
→Overseas revenues contributed 32% in Q1 FY '26, expected to stabilize around 20-30% long-term.
→The US expansion will grow from 1.6 GW to 3.2 GW capacity within 6-9 months.
→The company expects secular, multi-decadal demand growth driven by solar energy adoption and emerging sectors like AI data centers and electrification.
→Further expansions and new subsidiary capacities like Sangam Solar One will support continued volume growth.

Margin guidance

Category 3

→Management targets FY '26 revenue between INR 5,500 to 6,000 crores with ramp-up in capacity and production.
→EBITDA margins expected steady around 17-18% for modules; cell margins anticipated 300-400 bps higher due to integrated facilities.
→By 2027, capacity expansions include 16 GW cell, 26 GW module, 10 GW ingot & wafer, and 3.5 GWh battery storage, aiming for significant scale-up.
→Management plans to maintain or improve gross margins and EBITDA through cost management and supply chain optimization.
→Indosolar ramp-up to its 1.3 GW capacity will contribute to earnings growth.
→Full cell capacity utilization expected by end of current quarter, improving operational efficiencies.
→Focus on increasing wallet share with customers to 85-90% via modules, EPC, batteries, and inverters, thus driving future revenue streams.
→Strategic international expansion (US, EU, Middle East) also expected to enhance earnings.
→Management to provide more precise guidance starting FY 2027 after consolidating current growth.

3 more insights locked — sign up free to unlock

Fundraise plans

Yes

→Waaree Energies has announced a total capex of about INR 15,000 crores over the next 2 years for expansion including the 4 GW and 6 GW integrated facilities, battery, and adjacent businesses.
→The company currently holds cash on the balance sheet of over INR 7,500 crores and is debt-free.
→Funding mix plans include utilizing cash reserves, internal accruals over the next 2 years, and drawing on existing bank tie-ups as needed.
→The management has been conservative on the debt-equity ratio and is comfortable with the planned approach.
→While currently debt-free, the company will take on debt as and when required based on business needs but aims to maintain a strong balance sheet.

Order book

Yes

→Waaree Energies Limited's current order book is approximately 25 gigawatts, translating to around INR 49,000 crores or roughly $5.5 billion to $6 billion. (Page 19-20)
→The order book comprises domestic and overseas projects, including the US and European Union markets. (Page 20)
→The EPC segment has a pipeline exceeding 25 gigawatts, consisting of both domestic and overseas orders. (Page 26)
→Project gestation periods vary: US projects typically take 2-2.5 years, while Indian utility-scale projects have shorter gestation of 8 months to around 14 months. (Page 20)
→Company is actively pursuing expansion and diversification into new markets like the Middle East, Gulf, Australia, and EU countries. (Page 26)
→Additional manufacturing capacity in the US (Texas) is being ramped up to meet the growing demand. (Page 18)

Capex plans

Yes

→Total announced capex of about INR 15,000 crores spread over the next 2 years, covering:
→ - 4 GW recent expansion
→ - 6 GW integrated facility
→ - Adjacent businesses including battery manufacturing
→Battery energy storage system factory in Rola, Gujarat with an investment of around INR 2,000 crores
→Cell manufacturing facility aiming for 1 GW capacity costing around INR 750-800 crores per GW
→US manufacturing capacity expansion from 1.6 GW to 3.2 GW planned within next 6 to 9 months, already fully booked
→Focus on reverse integration in batteries up to cell level to boost Make in India efforts
→Strategic acquisition of Indosolar integrated into group for Northern region market access
→Continuous evaluation of new markets such as Middle East, Europe, Australia, and Pacific regions for EPC and exports

How does Waaree Energies Ltd rank vs peers in Electrical Equipment?

Pro feature

1Waaree Energies Ltd

Rev 2Mar 3

See full Electrical Equipment sector rankings

Want more stocks like Waaree Energies Ltd?

Build an AI portfolio filtered by sector, market cap, and growth rank. Takes 2 minutes.

Build my portfolio