Waaree Energies Limited has announced its best-ever quarterly performance, reporting a 69.96% year-on-year (YoY) increase in total income to ₹6,226.54 crore for Q2 FY26. Profit After Tax (PAT) surged 133.78% YoY to ₹878.21 crore, marking a significant leap from ₹375.66 crore in Q2 FY25.
The company’s EBITDA for the quarter stood at ₹1,567.30 crore, reflecting a 155.29% YoY growth, with margins expanding to 25.17%. These results underscore Waaree’s strong operational focus and robust demand across its product portfolio.
Key Highlights:
- Module Production: Achieved 2.64 GW of solar module production in Q2 FY26.
- Order Book: Maintained a strong order book of approximately 24 GW, valued at ₹47,000 crore.
- Interim Dividend: Declared an interim dividend of ₹2.00 per share.
Strategic Investments and Acquisitions:
- Manufacturing Expansion: Commissioned an additional ~3 GW solar module manufacturing facility at Chikhli, Gujarat.
- Capex Approval: Board approved a capital expenditure of ₹8,175 crore for expanding capacity across multiple verticals:
- Storage Cell and BESS: Increase manufacturing capacity from 3.5 GWh to 20 GWh with an investment of ₹8,000 crore.
- Electrolyser Plant: Scale up from 0.3 GW to 1 GW with an investment of ₹125 crore.
- Inverter Plant: Expand from 3 GW to 4 GW with an investment of ₹50 crore.
- Acquisitions:
- Acquired a 64% stake in Kotsons Private Limited on October 7, 2025, to strengthen its transformer business.
- Acquired assets of Meyer Burger in the USA for $18.5 million.
- Ongoing acquisition of 76% stake in Racemosa Energy (India) Private Limited to enhance its advanced metering portfolio.
Commenting on the results, Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd, said, “Waaree Energies Limited continues to deliver robust operational performance in Q2 FY26, building on the momentum of the previous quarter. This quarter is the best ever quarter in terms of revenue and profitability. Our EBITDA margin expanded by over 800bps, backed by a favourable revenue mix. Our order book stands strong, and we expect the operational momentum to be stronger in the second half as well.
The company continues to expand its operations capacity both In India and the US. The Indian module capacity has expanded by ~3 GW during Q2 to reach 16.1 GW, and US capacity now stands at 2.6 GW with the acquisition of Meyer Berger assets outlining our strong commitment towards the US market. The demand outlook for US market remains robust, and our ramp-up is progressing as per schedule. We continue to take strong strides towards building an integrated energy solution platform.
The recent additional commitment of ~ ₹8,175 crores towards BESS, Inverter and Green Hydrogen Electrolysers, along with recent strategic acquisitions in transformer and smart meter, are steps towards that direction.
I am pleased to inform that the Board has approved a dividend of ₹ 2.00 per share, marking an affirmation of our exemplary financial performance and robust cash flow generation. Moving forward, Waaree reaffirms its FY26 EBITDA guidance of ₹5,500 to ₹6,000 crores. This outlook is supported by a strong order book, focused margin management, prudent capital investments and strategic acquisitions.”