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Informist, Thursday, Jan. 22, 2026

 

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--Waaree Energies: In power buy pact for 713 MW with creditworthy utilities 
--CONTEXT: Waaree Energies mgmt's comments at post-earnings analyst concall 
--Waaree Energies: Planned capex of INR 1.92 billion for transformers mfg 
--Waaree Energies: Set to surpass FY26 EBITDA aim of INR 55 bln-INR 60 bln 
--Waaree Energies:Polysilicon project in Oman at advanced stage of execution 
--Waaree Energies: 65% of order book from overseas clients, 35% domestic 
--CONTEXT: Waaree Energies consol order book at INR 600 bln as on Dec 31 
--Waaree Energies:Silver accounts for 25% production cost of each solar cell 
--Waaree Energies: Have strong desire to expand US operations 
--Waaree Energies: Considering making solar cells in US 

 

By Ashutosh Pati and Narayana Krishna

 

MUMBAI – Waaree Energies Ltd., which reported robust numbers for the December quarter, is confident of surpassing its earnings before interest, tax, depreciation, and amortisation guidance of INR 55 billion-INR 60 billion for the financial year 2025-26 (Apr-Mar), the management told analysts in a post-earnings conference call Thursday.

 

The company's EBITDA for the December quarter rose nearly threefold to INR 19.28 billion. The EBITDA margin rose to 25.49%. The top line and bottom line of Waaree Energies more than doubled on year to INR 10.62 billion and INR 75.65 billion, respectively. The company has signed a power purchase agreement with creditworthy utilities to develop renewable power infrastructure of 713 megawatts. It has also planned capital expenditure of INR 1.92 billion for the manufacturing of transformers, the management said.

 

The Waaree Energies management said it has a strong desire to continue to expand the company's operations in the US. The company is already expanding its facility in Texas, the management said. Currently, the company has a 60 megawatt module production facility in the US but does not have any cell manufacturing facility. "...at the right time, we will very actively consider doing cell manufacturing in the US as well," the management said. In the December quarter, the company's module production in the US was at 275 megawatts and sales volumes were at 313 megawatts.

 

Around 65% of the company's order book comprises orders from overseas clients with the remaining 35% from domestic clients. The Waaree Energies order book was at a record INR 600 billion in the December quarter, up from INR 470 billion in the trailing quarter. Its polysilicon project in Oman is at an advanced stage of execution and the management believes the project will start operations in the current quarter.

 

The rise in prices of commodities such as silver works on a contract-to-contract basis, where the cost is sometimes passed on to customers and sometimes borne by the company, the management said. With the recent sharp rise in silver price, the company did not rule out the possibility of raising prices. "...we will be definitely solving the case for margin and making sure that the margin is constant or getting better," it said. "And if it means, to some extent and to some measure, we need to increase the cost, we would." Silver accounts for around 25% of the company's cost of production of a solar cell.

 

Thursday, shares of Waaree Energies closed 9.2% higher at INR 2,641.70 on the National Stock Exchange. The company had detailed its earnings for the December quarter after market hours Wednesday.  End

 

Edited by Rajeev Pai

 

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