Earnings Review
Waaree Energies Q3 PAT tops view despite one-time cost
This story was originally published at 21:33 IST on 21 January 2026
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--Waaree Energies Oct-Dec consol net profit INR 10.62 bln
--Analysts saw Waaree Energies Oct-Dec consol net profit at INR 10.43 bln
--Waaree Energies Oct-Dec consol revenue INR 75.65 bln
--Analysts saw Waaree Energies Oct-Dec consol revenue at INR 64.83 bln
--Waaree Energies Oct-Dec consol PAT INR 10.62 bln vs INR 4.93 bln year ago
--Waaree Energies Q3 consol revenue INR 75.65 bln vs INR 34.57 bln year ago
--Waaree Energies Oct-Dec net profit includes one-time cost of INR 2.95 bln
--Waaree Energies Oct-Dec profit excluding exceptional cost INR 13.57 bln
--Waaree Energies Apr-Dec consol PAT INR 26.50 bln vs INR 12.48 bln year ago
--Waaree Energies Apr-Dec consol sales INR 180.6 bln vs INR 104.4 bln yr ago
--Waaree Energies Q3 solar photovoltaic sales INR 69.90 bln vs INR 31.08 bln
--Waaree Energies Q3 EPC contract revenue INR 8.38 bln vs INR 3.51 bln yr ago
--Waaree Energies Oct-Dec consol EBITDA INR 19.28 bln vs INR 7.22 bln yr ago
--Waaree Energies Oct-Dec consol EBITDA margin 25.49% vs 20.88% year ago
--Waaree Energies current order book INR 600 bln vs INR 470 bln qtr ago
By Ashutosh Pati
MUMBAI – Waaree Energies Ltd.'s December quarter results were better than the Street's expectations, even after including a one-time cost of INR 2.95 billion, primarily because of robust growth in sales of solar photovoltaic modules and growth in the engineering, procurement, and construction segment. Both the top line and the bottom line more than doubled on year during the quarter.
Including the one-time cost, the company reported consolidated net profit of INR 10.62 billion in the December quarter, up around 116% on year and over 26% sequentially. Excluding the exceptional cost, the company's net profit was INR 13.57 billion, much higher than analysts' expectations of INR 10.43 billion. It earned consolidated revenues of INR 75.65 billion, up around 119% on year and around 25% sequentially. Analysts had expected the company to have earned revenues of INR 64.83 billion.
The one-time cost incurred was on account of legal advise obtained from external counsel in the US after the US Customs and Border Protection formally commenced an investigation against the company and its subsidiary Waaree Solar Americas, Inc. The investigation pertains to the origin of components used in solar modules manufactured by the company in India and exported to US and related duties applicable thereon since January 2021.
Revenue from the company's solar photovoltaic modules more than doubled on year to INR 69.90 billion in the December quarter and was the major contributor to the company's top line. Revenue from the company's engineering, procurement, and construction segment also more than doubled to INR 8.38 billion in the latest quarter. The company's current orderbook was at a record INR 600 billion from INR 470 billion in the trailing quarter.
The company's total expenses rose a whopping 110% on year to INR 59.97 billion in the December quarter, led by a rise in cost of raw materials and other expenses in the manufacturing and engineering, procurement and construction project. The company's cost of materials consumed rose around 111% on year to INR 40.11 billion while expenses in the manufacturing and engineering, procurement and construction project surged over eight-fold to INR 6.49 billion.
Waaree Energies' earnings before interest, tax, depreciation, and amortisation rose nearly three-fold to INR 19.28 billion in the December quarter. Its EBITDA margin rose to 25.49% in the latest quarter from 20.88% in the year-ago period. The company commissioned additional solar module manufacturing facilities of 2.1 gigawatts at Chikhli and 3 gigawatts at Samakhiali, both in Gujarat, during the quarter, it said in a release.
For the nine months ended December, the company's net profit rose around 113% on year to INR 26.50 billion and its revenue rose around 73% to INR 180.6 billion. "Waaree Energies has delivered another exceptional quarter, with Q3 FY26 marking record revenue and profitability...we have secured a record order inflow, strengthening our order book of ~ 60,000 Crores (INR 600 billion) ensuring sustained visibility for the years ahead...," Amit Paithankar, whole time director and chief executive officer of the company, said in a release.
Waaree Energies declared its December quarter earnings post market hours. On Wednesday, shares of the company closed 3.5% lower at INR 2,419 on the National Stock Exchange. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Akul Nishant Akhoury
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