WAAREEENER Q3 FY26 earnings call.
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Revenue
₹7,565 Cr
verified against source
Revenue YoY
118.8%
reported change
EBITDA
Pending
latest reported figure
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Where this quarter sits.
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What the record says.
Waaree Energies delivered exceptional Q3 FY26 results with revenue, EBITDA, and PAT each growing over 115% YoY, driven by accelerated module production (94% YoY growth) and 35% QoQ cell production ramp-up. The company achieved a landmark milestone as the first Indian solar manufacturer to produce over 1 GW of modules in a single month. With a robust order book of Rs 60,000 crore and pipeline exceeding 100 GW, visibility remains strong into FY27. Management is executing its "Waaree 2.0" strategy, expanding into batteries (20 GWh facility), inverters (3 GW phase 1 commissioned), transformers (20,000 MVA), and green hydrogen (1 GW electrolyzer). The equity raise of Rs 1,000 crore for the battery facility signals strong capital markets confidence. Domestic markets contribute 67.4% of revenue, providing some geographic balance. Key risks include execution on the aggressive capex program across multiple new facilities, and the absence of explicit margin guidance despite strong growth rates. The company also secured non-Chinese supply chain traceability through its Oman investment, positioning it favorably for US and export markets.
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Guidance to track
- 20 GWh advanced lithium-ion battery and pack manufacturing facility expected to be ready by FY28, with Rs 1,000 crore equity already raised for the project.
- Phase 2 comprising 1 GW addition to inverter facility to be operational by FY27, complementing the 3 GW phase one already commissioned at Surroodi, Gujarat.
- 1 GW electrolyzer facility for green hydrogen expected to be operationalized by FY27, backed by Rs 444 crore PLI scheme.
- Expanding transformer capacity to 20,000 MVA with planned capex of Rs 192 crore across distribution, inverter duty and extra high voltage transformers.
Risks flagged
- The company is simultaneously ramping up battery storage (20 GWh), inverters (4 GW total), transformers (20,000 MVA), and electrolyzers (1 GW), creating execution complexity across multiple new facilities with different technology domains.
- Management provided strong revenue growth guidance but notably absent was any explicit EBITDA margin guidance or commentary on margin trajectory despite EBITDA growing 167% YoY, raising questions about sustainability of margins as the company scales rapidly.
- While Waaree secured non-Chinese polymeric supply chain through Oman investment, questions remain about other critical raw material sourcing stability and pricing volatility given the company's massive production ramp.
- With the battery gigafactory requiring significant capital and multiple expansion programs underway simultaneously, analyst questioned how management prioritizes capital allocation across competing strategic initiatives and maintains balance sheet strength.
Key quotes
- VI has become the first Indian solar manufacturer to achieve over 1 gigawatt of module production in a single month producing nearly 52 modules per minute.
- We are now investing in full solar value chain from polysilicon ingots and wafers cells and modules. We are also investing across the energy transition ecosystem to build a fully integrated multi-energy global platform.
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