Waaree Energies Q2 & H1 FY'27 Earnings Call Transcript Released
Waaree Energies released its Q2 & H1 FY'27 earnings call transcript. H1 FY'27 revenues grew 47% to ₹15,449.5 Cr with EBITDA up 15%. Q2 revenue was ₹7,517.7 Cr. The company has a ₹59,500 Cr order book and affirmed FY'27 EBITDA guidance of ₹7,000-₹7,700 Cr. Expansion plans include significant capacity additions in modules, cells, and BESS.
The announcement provides a detailed update on financial performance, significant capacity expansions, strategic business developments, and future guidance, which are material information for investors and stakeholders.
The company reported strong revenue growth, increased order book, and affirmed EBITDA guidance, indicating positive financial performance and future outlook. Expansion plans and strategic initiatives also contribute to a positive sentiment.
Waaree Energies Limited has released the transcript of their conference call held on October 28, 2026, discussing the Unaudited Financial Results for the Quarter and Half Year ended September 30, 2026. The call featured management including Mr. Jignesh Rathod (Whole-Time Director and CEO), Mr. Abhishek Pareek (CFO), and Mr. Varun Goenka (President, Growth and Strategy).
During the call, the management provided business updates, highlighting India's solar installation figures and the growth potential in areas like solar plus battery, green hydrogen, and green ammonia. Waaree's module dispatch reached 37 gigawatts since February 2008, and they sold 1 lakh kits since starting the kit business in April 2025. For H1 FY'27, revenues increased by 47% with a 15% EBITDA growth, and the order book stood at ₹59,500 crores. The retail business showed strong momentum, contributing ₹5,753 crores in H1 FY'27, nearly doubling year-on-year.
Expansion plans include increasing module manufacturing capacity in the USA to 4.8 gigawatts and a 10 gigawatt cell manufacturing expansion in India at the Unn facility. They also plan to commission a 5 gigawatt-hour BESS containerization facility and 3.5 gigawatt-hour battery cell manufacturing in Q3 FY'27. The company affirmed its FY'27 operating EBITDA guidance of ₹7,000 to ₹7,700 crores.
Financially, Q2 revenue was ₹7,517.7 crores (up 23.9% YoY), with operating EBITDA at ₹1,335.2 crores (17.8% margin) and PAT at ₹753.6 crores. H1 revenue was ₹15,449.5 crores (up 47.3% YoY), with operating EBITDA at ₹2,775.1 crores (18% margin) and PAT at ₹1,645.5 crores. The company remains net debt-free with ₹3,224 crores in net cash. ROCE was 28.7% and ROE was 24.2%.
The discussion also touched upon the rationalization of export orders due to US Section 232 regulations, the growth of the retail business, and the strategic importance of the US market with its new pricing dynamics. Management also addressed capacity utilization, margin trends, and the revenue contribution from new business verticals like BESS, transformers, and inverters, projecting them to contribute 30-35% of revenue in the next 2-3 years. The Ingot and Wafer plant is expected to be operational by September 2027, and the solar glass facility by FY'29.
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