Waaree Energies Ltd, India’s leading solar module manufacturer, reported stellar results for the second quarter of FY26, showcasing strong operational and financial performance. The company’s net profit surged 134% year-on-year to ₹878 crore for the quarter ended September 30, 2025, compared to ₹375.66 crore in the same period last year. The sharp profit growth was supported by a significant rise in revenue and improved operating margins.
Revenue and Margin Expansion
Waaree Energies’ total income jumped 70% YoY to ₹6,226.54 crore, up from ₹3,663.47 crore in Q2FY25, reflecting sustained demand for solar modules and the company’s growing global presence. The company’s EBITDA rose 155% YoY to ₹1,567.30 crore, with EBITDA margins improving to 25.17%, compared to 16.76% a year ago.
The profit after tax (PAT) margin for the quarter stood at 14.10%, underscoring the company’s improved cost efficiencies and strong pricing power amid rising capacity utilisation. Production during the quarter reached 2.64 GW, supported by enhanced operational efficiency and commissioning of new capacities.
For the first half of FY26, Waaree Energies reported total income of ₹10,823.72 crore, up 51% year-on-year, while EBITDA climbed 118% to ₹2,735.97 crore, demonstrating consistent growth momentum.
Robust Order Book and Capacity Expansion
As of September 30, 2025, Waaree Energies’ order book stood at around 24 GW, valued at approximately ₹47,000 crore, ensuring healthy revenue visibility for the coming quarters.
During the quarter, the company commissioned an additional 3 GW solar module manufacturing facility at Chikhli, Gujarat, expanding its total manufacturing footprint. Further strengthening its production capabilities, the board of directors approved a capital expenditure (capex) plan worth ₹8,175 crore on October 1, 2025.
The expansion includes:
- Increasing battery storage and BESS capacity from 3.5 GWh to 20 GWh, with an investment of ₹8,000 crore.
- Enhancing electrolyser manufacturing capacity from 0.3 GW to 1 GW, with an outlay of ₹125 crore.
- Scaling up inverter manufacturing from 3 GW to 4 GW, with an investment of ₹50 crore.
These initiatives align with Waaree’s long-term vision to strengthen its clean energy ecosystem and support India’s transition towards renewable power independence.
Strategic Acquisitions Strengthen Business Portfolio
On the inorganic growth front, Waaree Energies has been actively expanding its presence across complementary business verticals. The company completed the acquisition of a 64% stake in Kotsons Private Limited on October 7, 2025, marking its entry into the transformer manufacturing space.
In addition, Waaree acquired the assets of Meyer Burger in the United States for $18.5 million, a move aimed at expanding its global manufacturing footprint. It is also in the process of acquiring a 76% stake in Racemosa Energy (India) Private Limited to bolster its position in the advanced metering and smart energy solutions market.
Dividend Declaration and Shareholder Returns
To reward shareholders, the board declared an interim dividend of ₹2 per share on October 16, 2025, reflecting the company’s strong cash generation and commitment to returning value to investors.
Outlook
Waaree Energies continues to build on its position as one of India’s fastest-growing renewable energy companies, with a strong pipeline, expanding manufacturing base, and diversified portfolio across solar, storage, and grid solutions. The company’s aggressive expansion and acquisitions underscore its ambition to emerge as a global leader in integrated clean energy manufacturing.
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