Any current/future new fundraising through debt or equity?

Waaree Energies Limited has taken an enabling resolution to raise up to approximately INR 10,000 crores. The company plans to come out soon with detailed objectives and timelines for this fundraise. The fundraise will support the Waaree 2.0 transition, involving expansion into core and adjacent businesses to deepen integration and improve cost competitiveness. Capital raised will be used to localize Bill of Materials (BOM), support government policies, expand manufacturing capabilities (including glass manufacturing), and extend the growth curve. The company emphasizes that every rupee deploye

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

Waaree is undertaking a $3.5 billion (approx. INR 26,000 crores) committed capex over the next two years to scale core capacity and expand into adjacent value pools as part of its transition to Waaree 2.0. Key projects and capex include: - Battery Energy Storage System (BESS) plant with planned capacity of 20 GWh: Phase 1 (3.5 GWh) in the current FY and Phase 2 (16.5 GWh) next FY, capex around INR 10,000 crores. - Green hydrogen electrolyser manufacturing unit with 1 GW capacity in Gujarat, capex approx. INR 676 crores. - Photovoltaic (PV) glass manufacturing with 2,500 TPD capacity (16

Future growth expectations in sales/revenue/volumes?

Waaree expects strong growth driven by capacity expansions, with a 10 GW cell capacity ramp-up in H2 FY26 and 15.4 GW available in FY28. Revenue growth is supported by expanding into new verticals like Battery Energy Storage Systems (BESS) with 20 GWh capacity planned, aligning with India's expected BESS demand of 60-80 GWh annually and 300 GWh cumulative by 2030-32. Overseas market focus includes Europe, Africa, and the Middle East, aiming for 15-20% revenue contribution from these regions within three years. Domestic solar capacity additions in India are projected to grow to 72 GW by 2030 an

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

Waaree Energies guides operating EBITDA for FY27 to be between INR 7,000 crores and INR 7,700 crores, reflecting strong growth from FY26. They expect consistent EBITDA margins around 19%-20% over the next 5 to 10 years. Full-scale cell manufacturing (15.4 GW capacity) from H2 FY27 onwards is expected to improve margin profiles. Profit after tax grew by 101% in FY26 to INR 3,884 crores, indicating strong earnings momentum. ROE and ROCE for FY26 were 29% and 32% respectively, showcasing high returns expected to continue. EPS growth is aligned with revenue and profit growth driven by increased in

Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately INR 53,000 crores. Around INR 8,400 crores of revenue has already been delivered against this order book. Sequentially, there was a decline of INR 7,000 crores in the order book due to: - Higher shipment compared to new order intake. - Deferral of new orders from overseas markets, influenced by disruptions in the Middle East. Domestic order intake continues but is outpaced by shipments. Some depletion in domestic orders due to cell procurement challenges was indicated. Export orders were impacted by logistics delays and congestion, affecting expor

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Waaree Energies LtdQ1 FY26Electrical Equipment

Waaree Energies Ltd Q1 FY26 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 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Waaree expects strong growth driven by capacity expansions, with a 10 GW cell capacity ramp-up in H2 FY26 and 15.4 GW available in FY28.
→Revenue growth is supported by expanding into new verticals like Battery Energy Storage Systems (BESS) with 20 GWh capacity planned, aligning with India's expected BESS demand of 60-80 GWh annually and 300 GWh cumulative by 2030-32.
→Overseas market focus includes Europe, Africa, and the Middle East, aiming for 15-20% revenue contribution from these regions within three years.
→Domestic solar capacity additions in India are projected to grow to 72 GW by 2030 and 100 GW by 2035, sustaining demand.
→The company targets operating EBITDA of INR7,000-7,700 crores for FY27, reflecting confidence in volume and margin growth.
→Integration across the value chain (ingot, wafer, cell, module, and storage) and policy support (ALMM II/III, PLI) are expected to maintain balanced supply-demand and robust pricing.

Margin guidance

Category 3

→Waaree Energies guides operating EBITDA for FY27 to be between INR 7,000 crores and INR 7,700 crores, reflecting strong growth from FY26.
→They expect consistent EBITDA margins around 19%-20% over the next 5 to 10 years.
→Full-scale cell manufacturing (15.4 GW capacity) from H2 FY27 onwards is expected to improve margin profiles.
→Profit after tax grew by 101% in FY26 to INR 3,884 crores, indicating strong earnings momentum.
→ROE and ROCE for FY26 were 29% and 32% respectively, showcasing high returns expected to continue.
→EPS growth is aligned with revenue and profit growth driven by increased integration, capacity scaling, and market expansion.
→BESS and new verticals are anticipated to contribute progressively, maintaining healthy returns (ROC and ROE around 20%-25%).

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Fundraise plans

Yes

→Waaree Energies Limited has taken an enabling resolution to raise up to approximately INR 10,000 crores.
→The company plans to come out soon with detailed objectives and timelines for this fundraise.
→The fundraise will support the Waaree 2.0 transition, involving expansion into core and adjacent businesses to deepen integration and improve cost competitiveness.
→Capital raised will be used to localize Bill of Materials (BOM), support government policies, expand manufacturing capabilities (including glass manufacturing), and extend the growth curve.
→The company emphasizes that every rupee deployed will be backed by confirmed demand and clear return paths.
→No specific split between debt or equity was mentioned; the resolution covers both possibilities.

Order book

Yes

→Current order book stands at approximately INR 53,000 crores.
→Around INR 8,400 crores of revenue has already been delivered against this order book.
→Sequentially, there was a decline of INR 7,000 crores in the order book due to:
→ - Higher shipment compared to new order intake.
→ - Deferral of new orders from overseas markets, influenced by disruptions in the Middle East.
→Domestic order intake continues but is outpaced by shipments.
→Some depletion in domestic orders due to cell procurement challenges was indicated.
→Export orders were impacted by logistics delays and congestion, affecting exports and order inflows temporarily.
→Overall, order book remains strong but subject to market and geopolitical factors affecting timing and intake pace.

Capex plans

Yes

→Waaree is undertaking a $3.5 billion (approx. INR 26,000 crores) committed capex over the next two years to scale core capacity and expand into adjacent value pools as part of its transition to Waaree 2.0.
→Key projects and capex include:
→ - Battery Energy Storage System (BESS) plant with planned capacity of 20 GWh: Phase 1 (3.5 GWh) in the current FY and Phase 2 (16.5 GWh) next FY, capex around INR 10,000 crores.
→ - Green hydrogen electrolyser manufacturing unit with 1 GW capacity in Gujarat, capex approx. INR 676 crores.
→ - Photovoltaic (PV) glass manufacturing with 2,500 TPD capacity (16-17 GW modules per annum), capex approx. INR 3,900 crores.
→ - Inverter manufacturing plant (4 GW capacity) in Gujarat, capex approx. INR 180 crores.
→ - Transformer manufacturing expansion to 20,000 MVA capacity, capex approx. INR 192 crores.
→ - Completion of core solar module and cell manufacturing expansion by FY27, ingot and wafer and battery expansion by FY28.
→These investments aim to build an integrated energy transition platform capturing large market opportunities.

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