Waaree Energies Limited has announced a record-breaking financial performance for the fourth quarter and full financial year ended March 31, 2026, driven by strong operational execution, manufacturing expansion, and accelerated progress under its “Waaree 2.0” transformation strategy.
The company reported revenue from operations of ₹26,536.77 crore in FY26, registering an 83.72% year-on-year growth compared to ₹14,444.50 crore in FY25. Profit After Tax (PAT) surged 101.45% YoY to ₹3,884.15 crore, while Operating EBITDA more than doubled to ₹5,608.64 crore, reflecting a 117.10% increase over the previous financial year.
For Q4FY26, Waaree reported quarterly revenue of ₹8,480.25 crore, up 111.80% YoY. Quarterly PAT stood at ₹1,126.26 crore, marking a growth of 74.76%, while Operating EBITDA reached ₹1,576.76 crore.
During FY26, the company achieved its highest-ever annual module production of 12.6 GW, including 4.2 GW production during Q4 alone. Waaree also surpassed its previously issued EBITDA guidance of ₹5,500 crore–₹6,000 crore for the fiscal year.
As part of its expansion strategy, the company completed the acquisition of a strategic stake in United Solar Holding Inc., Oman’s polysilicon leader, strengthening its global supply chain capabilities. The Board also approved a ₹3,900 crore capex investment for a 2,500 TPD solar glass manufacturing plant and commenced construction of a 10 GW integrated ingot and wafer facility in Nagpur with a planned investment of ₹6,200 crore. Additionally, Waaree commissioned an extra 3 GW module manufacturing capacity at its Samakhiali facility in Gujarat.
Commenting on the performance, Jignesh Rathod stated that FY26 marked a defining year for the company with significant progress in backward integration, manufacturing scale-up, and operational excellence. He further emphasized that the company’s “Waaree 2.0” strategy aims to position Waaree as a fully integrated global clean energy solutions provider, expanding into battery energy storage systems, inverters, transformers, green hydrogen electrolysers, and transmission infrastructure.
For FY27, the company has projected an Operating EBITDA range of ₹7,000–₹7,700 crore as it continues to deepen value-chain integration and strengthen its position in the renewable energy sector.
