Waaree EnergiesQ1 FY27
Waaree Energies Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹2,648P/E: 19.1Market Cap: ₹77.0K CrSector: Electrical Equipment
Management growth scorecard
Revenue
Category 1
Margin
Category 1
Fundraise
Yes
Order
Yes
Capex
Yes
5 of 5 growth signals are positive — a strong management growth story.
Full analysisRevenue guidance
Category 1- →Waaree Energies expects strong growth driven by expanded capacity and integration:
- → - Module capacity in India at 24.2 GW with plans to ramp utilization from ~70% to 80-85% in next 2-3 quarters.
- → - Cell manufacturing capacity to grow from 5.4 GW to 15.4 GW in India by FY28, with 10 GW additional capacity commercializing soon.
- → - Battery Energy Storage System (BESS) capacity ramping up: 3.5 GWh Phase 1 near commercial production, with Phase 2 (16 GWh) in FY29.
- →Revenue mix diversification with retail segment growing 130% YoY, expected to become a INR10,000 crore business this year.
- →Order book increased to approx INR61,500 crores (~25 GW modules), with balanced geographic mix: 40% India, 36% U.S., 24% exports.
- →New U.S. manufacturing capacity of 1.6 GW ramping utilization and driving revenue growth.
- →Significant EBITDA growth expected, targeting close to INR7,000 crores in FY28 with scale-up in cell and module production.
Margin guidance
Category 1- →Waaree Energies expects a significant EBITDA growth, targeting close to INR7,000 crores EBITDA in FY'28, marking a big step jump from FY'27.
- →FY'28 will see operationalization of 15.4 GW cell capacity and around 16-18 GW module production, with about 10 GW cell production contributing substantially.
- →FY'29 growth will be supported by the BESS business ramp-up with 5 GWh battery production going full scale, plus 16 GWh in second phase.
- →Increased cell-to-module integration (rising from ~20% to ~65%) will expand margins substantially, with module plus cell integrated suppliers exhibiting margins around 35%-41%.
- →U.S. facility margins expected to improve with new capacity, targeting net EBITDA margins of $0.07-$0.08 per watt peak, boosted by incremental IRA incentives.
- →Continued ramp-up in utilization rates, especially cell utilization moving towards 80%-85%, will drive profitability.
- →Strong order book and diversified revenue streams provide stability and growth visibility.
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Fundraise plans
Yes- →Waaree Energies has Board and shareholder approval to raise around INR 10,000 crores through various channels, including equity.
- →Current balance sheet holds about INR 7,000 crores in cash (as of June 30).
- →Approximately 30% of capex outflow has already occurred, with more outflows expected over the next 2-3 quarters.
- →Total planned capex over the next 3 years is INR 22,000 crores, with ~40% in FY28 and ~30% in FY29.
- →EBITDA guidance at the start of the year is expected to sufficiently fund these projects.
- →However, to strengthen the balance sheet further, Waaree continues to monitor market conditions and is prepared to raise funds via QIP at the right time.
Order book
Yes- →Waaree Energies' total order book stands at INR 61,500 crores as of July 28, 2026.
- →Module order book amounts to 25.2 gigawatts.
- →Geographical mix of order book: approximately 40% domestic India, 36% domestic U.S., and 24% exports from India.
- →During the quarter, net new orders added were INR 16,000 crores.
- →Executed orders during the quarter amounted to around INR 7,300 crores.
- →Export orders have recently increased with contracts being finalized for European markets, Australia, and New Zealand.
- →The Waaree Renewable Technology Subsidiary secured a 1,500 megawatt-hour EPC contract for BESS supply.
- →Order inflows continue to outpace execution, indicating a growing and robust order pipeline.
Capex plans
Yes- INR 22,000 crores capex planned over next 3 years, with ~40% in FY28 and ~30% in FY29.
- INR 3,900 crores investment approved for 2,500 TPD solar glass capacity, focusing on captive use and supply chain security; exploring both greenfield and acquisition options.
- Completion of 10 GW solar cell capacity imminent, with equipment already in factory and commercial production near.
- BESS (Battery Energy Storage System) capex includes a 3.5 GWh cell manufacturing line nearly ready and a 5.15 GW pack/container line started.
- Expansion includes ~28 GW solar module and 15.4 GW solar cell capacity by end of FY27.
- New 1.6 GW U.S. manufacturing capacity to come live from Q2 FY27, ramping up IRA incentives and cutting costs.
- Additional capex in inverter (4 GW), transformers (20,000 MVA), and electrolyzers (1 GW) underway.
- Fundraising through QIP approved to strengthen balance sheet and support capex.
These investments focus on vertical integration, supply security, margin expansion, and market diversification.
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