Current/ Expected Orderbook/ Pending Orders?

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 b

Any current/future new fundraising through debt or equity?

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. No specific new fundraising through debt or equity was disclosed during t

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

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. Battery storage facility (3.5 GW) and green hydrogen electrolyzer plant (300 MW) targeted to be operational by 2027. Capex

Future growth expectations in sales/revenue/volumes?

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 busine

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

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 batteri

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Waaree Energies LtdQ1 FY25Electrical Equipment

Waaree Energies Ltd Q1 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

→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.
→Projected EBITDA-driven growth with scale and efficiency improvements aiding volume and revenue increase.
→Stable export volume contribution expected in the range of 17% to 22% going forward.

Margin guidance

Category 3

→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.
→The company aims for sustained profit growth driven by integrated value chain expansion and technology advancements, including cell manufacturing cost reduction (from 11.5-14 cents to 7-8 cents).
→Overall, Waaree is on track for strong earnings and EBITDA growth supported by large-scale domestic and international demand.

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Fundraise plans

Yes

→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.
→No specific new fundraising through debt or equity was disclosed during the call for FY26, but capital deployment plans suggest potential structured financing.
→The company is closely monitoring market conditions, especially in the US, before deploying resources for the 1.6 gigawatt US module facility, which may involve future funding decisions.

Order book

Yes

→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.
→ENEL acquisition (IPP business) is in progress; contribution to FY26 is minimal but expected to grow later.
→Strong order visibility improves execution confidence and supports the EBITDA guidance of INR 5,500-6,000 crores for FY26.

Capex plans

Yes

→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.
→Battery storage facility (3.5 GW) and green hydrogen electrolyzer plant (300 MW) targeted to be operational by 2027.
→Capex spend to support continued backward and forward integration strategy, including power infrastructure expansion and EPC business growth.

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