Earnings Review
Waaree Energies Q1 consol PAT, sales highest since listing
This story was originally published at 21:25 IST on 28 July 2025
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--Waaree Energies Apr-Jun consol PAT INR 7.45 bln vs INR 3.94 bln year ago
--Waaree Energies Apr-Jun consol sales INR 44.26 bln vs INR 34.09 bln yr ago
--Waaree Energies Q1 consol solar photovoltaic modules revenue INR 38.72 bln
--Waaree Energies Q1 consol EPC contratcs sales INR 5.89 bln vs INR 2.26 bln
--Waaree Energies board OKs capex of INR 27.54 bln to set up 2 plants
--Waaree Energies to set up 4 GW cell plant in Gujarat
--Waaree Energies to set up 4 GW ingot wafer plant in Nagpur, Maharashtra
--Waaree Energies Apr-Jun consol EBITDA INR 11.69 bln vs INR 6.40 bln yr ago
--Waaree Energies Apr-Jun consol EBITDA margin 25.42% vs 18.30% year ago
--Waaree Energies: Maintain FY26 EBITDA guidance of INR 55-60 bln
By Arya S. Biju
MUMBAI – Waaree Energies Ltd. reported robust earnings for the June quarter, with its bottom line rising at its second-fastest pace on a year-on-year basis since the December quarter of the financial year 2023-24 (Apr-Mar). The company also reported its highest top line and bottom line since its shares debuted in the stock market in October. The company's total expenses rose at a slower pace compared to its net sales on a year-on-year basis, supporting its bottom line for the quarter.
The solar module manufacturer's consolidated net profit for the reporting quarter rose nearly 90% on year and over 20% on quarter to INR 7.45 billion. This was above the INR 6.49 billion net profit estimated by Kotak Institutional Equities and INR 6.53 billion estimated by Nuvama Wealth Management Ltd. Its consolidated revenue rose nearly 30% on year and over 10% on quarter to INR 44.26 billion. This was below the INR 44.69 billion net sales estimated by Nuvama and INR 44.97 billion estimated by Kotak.
The company's total expenses for the June quarter rose over 23% on year to INR 36.54 billion. This was led by a near 65% on-year rise in raw material cost to INR 29.62 billion and a near-threefold rise in expenses relating to purchase of stock-in-trade to INR 6.14 billion. During the quarter, raw material costs accounted for 81% of the company's total expenditure and expenses related to purchase of stock-in-trade accounted for 17%. The company's tax expense rose nearly 32% on year to INR 1.71 billion but fell over 15% on quarter.
Waaree Energies reported consolidated earnings before interest, tax, depreciation, and amortisation of INR 11.69 billion, up nearly 83% on year and over 10% on quarter. Its consolidated EBITDA margin for the quarter improved substantially to 25.42% from 18.30% a year ago. The company has maintained its EBITDA guidance of INR 55 billion-INR 60 billion for FY26.
During the reporting quarter, revenue from the company's largest segment, solar photovoltaic modules, rose nearly 22% on year to INR 38.72 billion. Revenue from this segment contributed over 87% of the company's total sales for the June quarter. Revenue from the engineering, procurement, and construction contracts segment for the quarter more than doubled on year to INR 5.89 billion, from INR 2.26 billion reported a year ago. However, revenue from the power generation segment fell 0.3% on year to INR 111.0 million.
During the quarter, the company achieved its highest-ever quarterly module production of 2.3 gigawatts, driven by strong operational focus, Waaree Energies said in its post-earnings press release. "Waaree Energies Ltd. continues to deliver strong operational performance in Q1 FY26 (Apr-Jun), building on the momentum of the previous fiscal. On the demand side, we have a robust order book of (about) 49,000 crore (INR 490.00 billion) and a global pipeline of 100+ GW, reflecting positive market segments across key geographies," Amit Paithankar, whole-time director and chief executive officer, said in the release.
Along with its June quarter earnings, the company's board approved capital expenditure of INR 27.54 billion to set up a 4 gigawatt cell plant in Gujarat and a 4 gigawatt ingot wafer plant in Maharashtra through its wholly-owned subsidiary Sangam Solar One Pvt. Ltd. The capital expenditure will be spread over FY26 and FY27 and will be financed through a combination of internal accruals and borrowed capital, Waaree Energies said. The board also approved the acquisition of full stake in its step-down subsidiary, Voltshift Energy Transition Pvt. Ltd. from Waaree Forever Energies Pvt. Ltd.
The company announced its earnings after market hours Monday. Shares of the company closed at INR 3,111.80 on the National Stock Exchange, down 2.7%. End
Edited by Rajeev Pai
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