Waaree Energies Limited reported a record-breaking performance for the third quarter of FY26, underscoring its progress toward becoming a fully integrated energy transition player. The company’s strong execution across manufacturing and adjacent clean energy segments drove sharp growth in revenue, profitability, and operational output.
Revenue from operations for Q3 FY26 stood at ₹7,565.05 crore, registering a 118.81% year-on-year increase compared to ₹3,457.29 crore in the same quarter last year. EBITDA for the quarter surged to ₹1,928.15 crore, up 167.16% YoY, with EBITDA margins improving to 25.49% from 20.88% a year earlier.
Profit after tax (PAT) for the quarter rose 118.35% YoY to ₹1,106.79 crore, reflecting strong operating leverage and scale benefits. The company also reported a record order book of approximately ₹60,000 crore, providing strong long-term revenue visibility.
For the nine months ended FY26, Waaree Energies posted total revenue from operations of ₹18,056.52 crore, up 72.95% YoY, while EBITDA rose to ₹4,331.88 crore, representing 140.79% growth over the corresponding period last year. PAT for the nine-month period stood at ₹2,757.89 crore, marking a 114.84% year-on-year increase. (Q3 and 9M FY26 PAT figures are after exceptional items.)
On the operational front, the company achieved 3.51 GW of solar module production and 0.75 GW of solar cell production during Q3 FY26, driven by strong manufacturing execution and capacity utilisation.
During the quarter, Waaree successfully commissioned additional solar module manufacturing capacity of 2.1 GW at Chikhli, Gujarat, and 3 GW at Samakhiali, Gujarat. The company also commissioned 3.05 GW of inverter manufacturing capacity at Sarodhi, Gujarat, further strengthening its vertically integrated manufacturing ecosystem.
As part of its long-term expansion strategy, Waaree raised approximately ₹1,003 crore toward setting up a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility, under its broader ₹10,000 crore capex plan. In addition, Waaree Group’s USD 30 million investment in United Solar Holding Inc., a polysilicon producer in Oman, is aimed at securing a fully traceable supply chain while supporting the group’s expanding manufacturing footprint across the U.S. and global markets.
With strong financial momentum, expanding capacities, and a growing presence across the clean energy value chain, Waaree Energies continues to strengthen its position as one of India’s leading integrated renewable energy players.
Commenting on the results Mr. Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd said, “Waaree Energies has delivered another exceptional quarter, with Q3 FY26 marking record revenue and profitability. Over the nine months, we have achieved significant growth in both topline and EBITDA, reflecting the resilience of our business model and the trust our customers place in us. I am pleased to share that Waaree is First Indian Manufacturer to achieve 1 GW+ of module production and sales in single month with 52 modules produced per minute.”
“We have secured a record order inflow, strengthening our order book of ~₹ 60,000 Crores ensuring sustained visibility for the years ahead, also we have secured bankable PPAs backed by land and connectivity. We are accelerating our transformation into an integrated clean energy solutions provider by strengthening adjacencies across BESS, inverter, transformer, Renewable Power Infrastructure and green hydrogen electrolyser creating a resilient and future-ready portfolio. Additionally, our recent acquisition strengthens our supply chain by ensuring secure and fully traceable access to polysilicon, supporting Waaree’s rapidly expanding manufacturing footprint in the U.S.A. and global markets.”
He further said, “With disciplined execution, prudent capital allocation and strategic diversification, we are confident of closing FY26 on a strong note. Waaree is on track to achieve its EBITDA target of ₹5,500–6,000 crores while creating long-term value for stakeholders and contributing meaningfully to India’s clean energy transition.”
