WAAREEENER Q2 FY26 earnings call.
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Revenue
₹6,066 Cr
verified against source
Revenue YoY
70%
reported change
EBITDA
₹1,567 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Waaree Energies delivered a standout Q2 FY26 with ₹6,226 crore revenue (+70% YoY) and ₹1,567 crore EBITDA (+155% YoY), translating to a 900bps margin expansion to 25.17%. PAT of ₹878 crore grew 134% 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 crore (~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.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed full-year EBITDA guidance, expecting H2 benefits from cell integration (DCR segment), retail expansion, US operations ramp-up, and resolution of inventory build.
- ~50% of total ₹25,000+ crore capex to be spent in FY27; FY26 remaining two quarters will see ~10-15% spend. Heavy investment phase shifts to next fiscal year.
- Cell production currently sub-15% utilization; a key operational event occurred enabling dramatic ramp. Expected to reach 80-85% effective nameplate utilization within Q3 itself.
- Total module capacity of 18.7 GW currently; remaining expansion to be operationalized in FY26, targeting 26.7 GW by year-end.
Risks flagged
- A US Customs probe under CBP is active and early-stage regarding sourcing of cells used in modules exported to the US. Management states internal review shows limited potential liability, but the outcome is uncertain. The company confirmed it is NOT using India-manufactured cells for US modules currently, sourcing from compliant geographies to minimize tariff exposure.
- Finished goods inventory surged to ~₹1,300 crore (vs. normal ~₹300-400 crore) due to shipped-but-not-delivered export orders. This creates a working capital drag. Management expects this to unwind in H2, normalizing cash generation.
- Duty costs are partially passed through to customers via contracts (some with change-of-law clauses), but tariff minimization depends on sourcing geography. Higher export mix drove other expenses to 9% of revenue (vs. normal 6-6.5%), which should moderate but remains a negotiating risk.
- With ~35-40 GW of cell capacity expected in India by June 2026, pricing for DCR modules may face downward pressure. Management acknowledged this but expects margins to be maintained in the 22-25% range given favorable ALMM dynamics and cost structure.
Key quotes
- The way we manage margins is we always manage them at the gross margin level because the input costs also trend in the direction of prices. So if prices are going up, of course some material throw-up over a period of time, but not really; and then if it's coming down, we also manage the sourcing in a manner that we would like to maintain our gross margin.
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