Waaree Energies Limited reported strong financial and operational performance in the second quarter and first half of FY2027, supported by growth in domestic retail sales, higher solar module shipments and expansion across the clean energy value chain.
The company’s revenue from operations increased 23.94% year-on-year to ₹7,517.74 crore in Q2 FY2027, compared with ₹6,065.64 crore in the corresponding quarter of the previous financial year. Operating EBITDA stood at ₹1,335.20 crore, with a margin of 17.76%, while profit after tax (PAT) reached ₹753.64 crore. For the first half of FY2027, revenue grew 47.26% year-on-year to ₹15,449.53 crore.
Waaree also recorded a significant improvement in operating cash flows, which increased to ₹3,483.56 crore in H1 FY2027 from ₹574.73 crore in the same period last year. The company attributed its growth to expanding domestic demand and the development of its broader clean energy business.
Domestic retail emerged as a key growth driver during the quarter. Revenue from this segment surged 252.9% year-on-year to ₹3,464 crore from ₹982 crore in Q2 FY2026. Retail contributed 46.1% of the company’s total revenue during the quarter. Solar module sales rose to 3 GW from 2.4 GW a year earlier, taking cumulative shipments for the first half of FY2027 to 6.6 GW.
As of October 26, 2026, Waaree’s consolidated order book stood at approximately ₹59,200 crore. This included 25.6 GW of solar module orders, alongside projects in renewable energy engineering, procurement and construction (EPC) and transmission and distribution.
Under its Waaree 2.0 roadmap, the company is expanding beyond solar module manufacturing into an integrated clean energy business. It currently operates 25.8 GW of solar module manufacturing capacity across India and the United States. Its expansion plans include increasing domestic solar cell capacity to 15.4 GW, establishing a 10 GW ingot-wafer facility in Nagpur and developing a solar glass plant with a capacity of 2,500 tonnes per day.
In the United States, Waaree Solar Americas Inc. announced a US$37 million investment to upgrade its Arizona module manufacturing facility to 1.6 GW, as the company moves towards a planned US capacity of 4.8 GW.
The company is also expanding inverter manufacturing to 4.15 GW, developing a 20 GWh battery energy storage system (BESS) plant in Gujarat and establishing a 1 GW electrolyser facility for green hydrogen. Transformer manufacturing capacity in Alwar is being expanded towards 20,000 MVA.
Waaree has also secured a Letter of Award to develop 700 MW of solar capacity and 2,800 MWh of battery storage, taking its solar power purchase agreement portfolio above 1,778 MW. With a net-debt-to-equity ratio of -0.2 times, the company reaffirmed its FY2027 operating EBITDA guidance of ₹7,000 crore to ₹7,700 crore.
