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Informist, Tuesday, Apr. 28, 2026

By Ashutosh Pati

MUMBAI – Waaree Energies Ltd. is expected to have had an excellent March quarter, with significant year-on-year growth in both net profit and revenue, mainly because of an increase in module manufacturing capacity, healthy execution of orders, and a rise in sales volumes, according to analysts.

The company is expected to report a consolidated net profit of INR 10.89 billion for the March quarter, up around 75% on year, according to an average of estimates from nine brokerages. The consolidated revenue of Waaree Energies is seen at INR 75.69 billion, up 89% on year, according to the average of estimates. Sequentially, however, the company's net profit is expected to fall more than 20% while the revenue is expected to be steady.

The highest estimate for the company's net profit is INR 13.10 billion from Kotak Securities Ltd. while the lowest is INR 7.00 billion from Elara Securities (India) Pvt. Ltd. Estimates for the company's revenue range from a high of INR 89.99 billion from Kotak Securities to a low of INR 63.80 billion from Elara Securities.

Kotak Securities expects the top line of Waaree Energies to rise 125% on year because of "improvement in utilization of 5.4 GW (gigawatt) cell facility contribution from (its) US facility". Other reasons cited by the brokerage include scaling up of the company's recently commissioned solar module facilities and its new inverter and transformer business and a surge in prices of the modules.

Nuvama Wealth Management Ltd. expects Waaree Energies to post a revenue of INR 80 billion for the reporting quarter, which, like the Kotak Securities estimate, would be its highest ever quarterly revenue. The brokerage expects the company's revenue to double on year, driven by an 83% increase in solar module production and 5% rise in realisations. Motilal Oswal Financial Services Ltd. said the company's total module manufacturing capacity rose to around 23 gigawatts from 15 gigawatts a year ago.

In the March quarter, Waaree Energies won sizeable orders from across India and from the US. It got orders for the supply of 950 megawatts of solar modules, according to Nomura. This includes an order for the supply of 500 megawatt solar modules to a "solar power producer" in India. Waaree Forever Energies Pvt. Ltd., a wholly-owned subsidiary of Waaree Energies, received a letter of award from Solar Energy Corp. of India Ltd. for the development of a 300 megawatt wind power project in Dwarka, Gujarat.

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

Sequentially, however, Waaree Energies is likely not to have performed well because of the rise in input costs and lower solar cell output, according to analysts. Weaker exports and rising competition also hurt the company's performance when compared with December quarter.

According to YES Securities Ltd., module utilisation is expected to decline to 59% in the March quarter from 61% in the previous quarter. Similarly, cell utilisation is expected to fall to 53% from 55%. Anand Rathi Share and Stock Brokers Ltd. said the production of solar cells may decline around 9% sequentially to 691 megawatts, as the company's "cell line halts to transition to G12R cell technology". G12R solar panels use rectangular 210 millimetre G12 wafers. The rectangular format allows the manufacturer to pack more cells per module without increasing the panel size. This leads to higher wattage output per solar panel while maintaining compatibility with standard racking systems and string inverters.

The earnings before interest, tax, depreciation, and amortisation of Waaree Energies for the March quarter are seen at INR 17.04 billion, up around 61% on year but down nearly 12% from the trailing quarter, according to an average of estimates from eight brokerages. Kotak Securities has the highest estimate for the EBITDA at INR 19.74 billion while Elara Securities has the lowest estimate at INR 14.40 billion.

Nomura expects the company's EBITDA margin to expand by 28 basis points on year, supported by healthy realisations on solar modules, increased capacity utilisation, and improved operating leverage. Several brokerages, however, expect the company's EBITDA to fall from the trailing quarter because of a fall in cell production amid the transition to G12R technology. "EBITDA to fall 22% QoQ on 15% fall in cell output due to switchover to G12R," as per Nuvama.

"Waaree Energies is likely to see a QoQ (quarter-on-quarter) decline in EBITDA margins due to elevated input costs and suboptimal utilisation, although YoY (year-on-year) growth remains robust," Emkay Global Financial Services Ltd. said in a report.

All eight brokerage reports on the company available with Informist have a "buy" or equivalent recommendation on the stock with an average target price of INR 3,853, up nearly 17% from its current price. Monday, shares of Waaree Energies rose 1.6% to close at INR 3,358.30 on the National Stock Exchange. The company had reported a net profit of INR 10.62 billion for the December quarter on a revenue of INR 75.65 billion. Since Jan. 21, when the company released its December quarter results, the stock has risen nearly 39%. The company will detail its March quarter earnings Wednesday.

Following are the March quarter earnings estimates, in INR billion, for Waaree Energies from nine brokerages in descending order of the net profit estimate:

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Edited by Rajeev Pai

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