Waaree Energies Q1FY27 Results: Revenue Surges 79.2% to ₹7,932 Cr; EBITDA at ₹1,440 Cr
Waaree Energies reported Q1FY27 revenue of ₹7,932 crore, up 79.2% YoY. Operating EBITDA rose 44.4% to ₹1,440 crore, and PAT was ₹892 crore, up 15.4%. The company has an order book of ~₹61,500 crore and module capacity of ~26 GW. Waaree reaffirmed its FY27 EBITDA guidance of ₹7,000-₹7,700 crore.
The significant revenue growth, strong EBITDA and PAT figures, substantial order book, and clear capacity expansion plans are material financial and operational developments that are likely to have a considerable impact on investor sentiment and the company's market position.
The company reported strong year-on-year growth in revenue, EBITDA, and PAT, along with a robust order book and capacity expansion plans, indicating positive financial performance and future outlook.
Waaree Energies Limited (WEL) announced its financial results for the first quarter ended June 30, 2026 (Q1FY27), reporting a significant year-on-year (YoY) revenue growth of 79.2% to ₹7,932 crore. The company's Operating EBITDA also saw a substantial increase of 44.4% YoY, reaching ₹1,440 crore, with a margin of 18.2%. Profit After Tax (PAT) for the quarter stood at ₹892 crore, marking a 15.4% YoY increase and maintaining an 11.0% margin.
The company highlighted a robust order book of approximately ₹61,500 crore and a module capacity of around 26 GW, positioning itself as the largest non-Chinese company globally in this segment. Its cell capacity stands at 5.4 GW, making it India's largest. Waaree also reported a healthy Net Debt to Equity ratio of -0.08x, alongside a ROCE of 28.5% and ROE of 24.8%.
For the quarter, Waaree reported a diversified revenue mix, with Utility/IPP/C&I accounting for 39.7%, Retail for 30.2%, Overseas for 21.2%, and EPC, O&M, and T&D for 8.9%. Retail revenue alone showed strong growth, heading towards ₹9,000-₹10,000 crore in FY27. The company is actively expanding its manufacturing capacities across modules, cells, inverters, transformers, and battery energy storage systems (BESS), with significant capex planned for the coming years to build an integrated energy transition platform.
Waaree reaffirmed its Operating EBITDA guidance for FY27 to be in the range of ₹7,000 – 7,700 crore. The company also provided updates on capacity expansion, including new module capacity commissioned in April 2026 and the commencement of BESS container capacity. Strategic acquisitions and partnerships were also highlighted, such as the equity stake acquired in Associated Power Structures Pvt. Ltd. (APSPL).
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