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Informist, Tuesday, Jan. 20, 2026

By Ashutosh Pati

MUMBAI – Waaree Energies Ltd.'s net profit for the December quarter is likely to double and revenue nearly double, boosted by rise in sales volumes, healthy execution of books, and capacity expansion, according to analysts. The company's profitability is also expected to rise significantly on healthy realisations from modules, the start of its solar cell manufacturing facility, and growth in the engineering, procurement, and construction segment.

The company is expected to report a consolidated net profit of INR 10.43 billion for the December quarter, up around 112% on year and around 24% on quarter, according to the average of estimates from five brokerages. The highest estimate for the company's net profit is INR 11.85 billion from Kotak Securities Ltd. while the lowest estimate is INR 9.96 billion from Prabhudas Lilladher Pvt. Ltd.

The consolidated revenue of Waaree Energies for the December quarter is seen at INR 64.83 billion, according to the average of five estimates. This would be an around 88% on-year rise in revenue and nearly 7% rise from the trailing quarter. Estimates for the company's revenue range from a high of INR 68.81 billion by Kotak Securities to a low of INR 60.50 billion by Nomura.

Kotak Securities cites several reasons for the sharp growth expected in the company's revenue such as commissioning of new module facilities, scaling up of production at the 5.4 gigawatt cell facility, contributions from the US facility, and contribution from the new inverter and transformer business. However, the brokerage expects the growth in revenue to be partly limited by weak prices of modules and cells in the domestic market.

Prabhudas Lilladher said revenue growth of Waaree Energies will be driven by an around 94% growth in solar photovoltaic modules. The company's exports will account for 30% of the total revenue, it said.

Waaree Energies won sizeable orders across India and the US in the December quarter. The company got total orders for supply of 2.98 gigawatt solar modules in the reporting quarter, according to Nomura. This includes an order for supply of 1.5 gigawatt solar modules from a renowned customer who is engaged in the business of power generation, transmission, and distribution. The company also received an order for supply of 220 megawatt, 210 megawatt, and 140 megawatt solar modules from renowned customers engaged in the business of owning, developing, and operating renewable power projects.

The company's earnings before interest, tax, depreciation, and amortisation for the December quarter are seen at INR 15.52 billion, up around 92% on year but down marginally from the trailing quarter, the estimates showed. Estimates for the company's EBITDA range from a high of INR 16.51 billion by Kotak Securities to a low of INR 14.41 billion by Nomura.

Nuvama Wealth Management Ltd. expects the EBITDA margin to rise to 25% in the reporting quarter, a rise of 415 basis points on year, supported by the start of its solar cell manufacturing facility. Similarly, Nomura expects the company's EBITDA margin to rise 293 bps on year on account of healthy realisations on modules, increased capacity utilisation, and improved operating leverage.

Nomura said investors will closely track the management's comments on the impact of US tariffs and investigations and updates on new business verticals.

All four brokerage reports on the company available with Informist have a 'buy' or equivalent recommendation on the stock with an average target price of INR 4,244. This is around 70% higher than the current market price.

At 1452 IST, shares of Waaree Energies were nearly 2% lower at INR 2,514 on the National Stock Exchange. The shares are down more than 29% since the company reported its September quarter earnings. The company will detail its December quarter earnings Wednesday.

Following are the Oct-Dec earnings estimates for Waaree Energies from five brokerages in descending order by the estimate of net profit in INR million:

End

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Ashish Shirke

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