Earnings Review
Waaree Energy Q2 PAT grows fastest in 3 qtrs but misses view
This story was originally published at 21:44 IST on 16 October 2025
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By Akash Mandal
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--Waaree Energies Jul-Sept consol net profit INR 8.43 bln
--Analysts saw Waaree Energies Jul-Sept consol net profit at INR 9.06 bln
--Waaree Energies Jul-Sept consol revenue INR 60.66 bln
--Analysts saw Waaree Energies Jul-Sept consol revenue at INR 51.70 bln
--Waaree Energies Jul-Sept consol PAT INR 8.43 bln vs INR 3.62 bln year ago
--Waaree Energies Q2 consol revenue INR 60.66 bln vs INR 35.74 bln year ago
--Waaree Energies Apr-Sept consol PAT INR 15.88 bln vs INR 7.56 bln year ago
--Waaree Energies Apr-Sept consol revenue INR 104.91 bln vs INR 69.83 bln
--Waaree Energies to pay INR 2 per share interim dividend
--Waaree Energies interim dividend record date is Oct 24
--Waaree Energies Q2 consol solar photovoltaic modules revenue INR 53.69 bln
--Waaree Energies Q2 consol EPC contratcs sales INR 7.64 bln vs INR 5.17 bln
MUMBAI – Waaree Energies Ltd.'s consolidated net profit for the September quarter fell short of analysts' estimates despite the top line beating the view by a wide margin. Despite falling short of expectations, Waaree Energies' bottom line accelerated on year. The top line and bottom line both grew at the fastest on-year pace in three quarters, driven by robust growth in the company's solar module manufacturing segment.
The battery maker's consolidated net profit more than doubled on year in the September quarter to INR 8.43 billion from INR 3.62 billion, but missed analysts estimate of INR 9.06 billion. Sequentially, the bottom line rose 13%. The company's consolidated revenue rose 70% on year and 37% sequentialy to INR 60.66 billion, beating the Street's consensus view of INR 51.70 billion by a wide margin. Its other income rose 81% to INR 1.61 billion.
The company's total expenses skyrocketed 58% on year and 37% sequentially to INR 49.95 billion in the reporting quarter. Cost of material consumed, which made up 64% of the company's total expenses during the quarter, rose 49% on year and 8% sequentially to INR 31.99 billion. Purchases of stock in traded almost doubled on year to INR 9.33 billion.
Revenue from the company's solar photovoltaic model rose 76% on year to INR 53.69 billion and was the major contributor to the company's surge in the top line. Revenue from the power generation vertical rose 17% on year but fell 33% sequentially to INR 74.20 million. Revenue from the engineering, procurement, and construction segment surged 48% on year to INR 7.64 billion.
The company's consolidated net profit in the six months through September rose 110% on year to INR 15.88 billion. The top line for the same period rose 50% to INR 104.91 billion. The company declared an interim dividend of INR 2 per share, with the record date fixed on Oct. 24. Thursday, the stock closed 3.1% higher at INR 3,627.40 on the National Stock Exchange. End
Edited by Akul Nishant Akhoury
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