Earnings Review
Waaree Energies Q4 sales soar on high output; PAT below view
This story was originally published at 09:17 IST on 30 April 2026
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--Waaree Energies Jan-Mar consol net profit INR 10.61 bln
--Analysts saw Waaree Energies Jan-Mar consol net profit at INR 10.89 bln
--Waaree Energies Jan-Mar consol revenue INR 84.80 bln
--Analysts saw Waaree Energies Jan-Mar consol revenue at INR 75.69 bln
--Waaree Energies Jan-Mar consol PAT INR 10.61 bln vs INR 6.19 bln year ago
--Waaree Energies Q4 consol revenue INR 84.80 bln vs INR 40.04 bln year ago
--Waaree Energies to pay INR 2 per share final dividend
--Waaree Energies to raise up to INR 100 bln via QIP, others
--Waaree Energies FY26 consol PAT INR 37.11 bln vs INR 18.67 bln year ago
--Waaree Energies FY26 consol revenue INR 265.37 bln vs INR 144.45 bln
--Waaree Energies Q4 consol solar photovoltaic modules revenue INR 79.02 bln
--Waaree Energies Q4 EPC contracts sales INR 10.91 bln vs INR 4.65 bln yr ago
--Waaree Energies: See FY27 operating EBITDA at INR 70 bln-INR 77 bln
--Waaree Energies Q4 consol operating EBITDA INR 15.8 bln vs INR 9.2 bln YoY
--Waaree Energies Jan-Mar consol operating EBITDA margin 19% vs 23% year ago
--Waaree Energies current order book INR 530 bln vs INR 470 bln yr ago
By Ashutosh Pati
MUMBAI – Waaree Energies Ltd. posted robust growth in its bottom line and top line for the March quarter mainly due to higher production of solar cells and modules. The company's net profit was slightly below the Street's expectations while its revenue surpassed estimates by a wide margin. This was also the company's slowest growth in bottom line in the last four quarters.
Waaree Energies reported a consolidated net profit of INR 10.61 billion for the March quarter, up over 71% on year but down slightly from the previous quarter. It was below analysts' expectations of INR 10.89 billion. The company's revenue from operations more than doubled on year to INR 84.80 billion, surpassing expectations of INR 75.69 billion, Sequentially, the top line grew over 12%.
The company's revenue from solar photovoltaic modules more than doubled on year to INR 79.02 billion and was the biggest contributor to the company's top line at over 93%. Revenue from the engineering, procurement, and construction segment also more than doubled to INR 10.91 billion. The company's orderbook was at INR 530 billion, up from INR 470 billion in the year ago quarter.
The company's total expenses rose over twofold on year to INR 72.52 billion, led by a staggering rise in cost of raw materials and other expenses for manufacturing and engineering, procurement and construction projects. The company's cost of materials consumed surged nearly three times on year to INR 67.39 billion while expenses for the manufacturing and engineering, procurement and construction projects surged over four-fold to INR 4.73 billion.
The operating earnings before interest, tax, depreciation, and amortisation for the March quarter rose nearly 71% on year to INR 15.77 billion. The company's EBITDA margin was 18.59% compared to 23.04% in the year-ago period. The company expects its EBITDA for 2026-27 (Apr-Mar) to be in the range of INR 70 billion to INR 77 billion, Jignesh Rathod, whole-time director and chief executive officer of the company, said in a press release.
The company will pay a final dividend of INR 2 per share. It will also raise up to INR 100 billion by issuing equity shares, non-convertible debentures along with warrants, any other eligible securities, or an equivalent amount through one or more qualified institutional placements. For FY26, the company reported a consolidated net profit of INR 37.11 billion, up around 99% from the previous year. Revenue for the year was INR 265.37 billion, up 84%.
Waaree Energies announced its results late Wednesday. Shares of the company closed 1.4% higher at INR 3,502.90 on the National Stock Exchange. End
Edited by Ashish Shirke
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