Waaree Energies earnings calls.

Waaree Energies delivered a standout Q2 FY26 with ₹6,226 croreCurrent reported value: ₹6,226 crore. No comparable prior figure is available in the source record. revenue (+70Current 70 crore vs previous available quarter 118.8 crore.% YoY) and ₹1,567 croreCurrent reported value: ₹1,567 crore. No comparable prior figure is available in the source record. EBITDA (+155% YoY), translating to a 900bps margin expansion to 25.17%. PAT of ₹878 croreCurrent reported value: ₹878 crore. No comparable prior figure is available in the source record. grew 134Current reported value: 134. No comparable prior figure is available in the source record.% YoY. The beat was driven by a record 2.6 GW module production and better-than-expected cell ramp-up. The order book stands at a robust ₹47,000 croreCurrent ₹47,000 crore. Reported change: +4.7x pipeline vs. Q2 shipments. (~24 GW), with 60% overseas and 40% domestic. Management reaffirmed FY26 EBITDA guidance of ₹5,500–6,000 crore, anchored by cell integration benefits in H2, retail segment expansion, and US operations ramp-up. A ₹8,135 crore additional capex was approved for BESS (to 20 GWh), electrolyzers (100 MW), and inverters (4 GW). The board declared an interim dividend of ₹2/share. Three strategic acquisitions—Reos Energy (72%), Cotson (64%), and Meyer Burger US assets—were completed. Risks include a live US Customs AD investigation, elevated inventory (~₹1,300 crore finished goods) expected to unwind in H2, and geopolitical tariff exposure on India-to-US shipments.