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Informist, Monday, Jul. 27, 2026

 

By Ashutosh Pati

 

MUMBAI – Waaree Energies Ltd. is poised for an excellent June quarter, supported by robust growth in production of solar modules and cells and healthy execution of orders, according to analysts. However, a rise in prices of key commodities such as silver is likely to weigh on margins.

 

The company is expected to report a consolidated net profit of INR 9.81 billion for the June quarter, up around 32% on year, according to an average of estimates from nine brokerages. The highest estimate for the company's net profit is INR 11.41 billion from Kotak Securities Ltd., while the lowest is INR 8.59 billion from Nomura Equity Research.

 

Waaree Energies' consolidated revenue is seen rising over 83% on year to INR 81.18 billion, according to the average of estimates. Estimates for the company's revenue range from a high of INR 88.51 billion from Anand Rathi Share and Stock Brokers Ltd. to a low of INR 66.25 billion from Nomura. Sequentially, however, the company's net profit is expected to fall around 8% while the revenue is expected to decline over 4%.

 

Centrum Broking Ltd. expects the company's solar module production to rise nearly 74% on year to 4 gigawatts and solar cell output to rise to 900 megawatts during the quarter from 200 megawatts a year ago.

 

"Revenue is expected to grow 82.7% YoY (year-on-year), primarily led by 92.7% YoY growth in solar PV (photovoltaic) modules," Prabhudas Lilladher Pvt. Ltd. said in a report. "Furthermore, we anticipate Waaree (Energies) to likely outperform on revenue growth, while continuing to lead on profitability," the brokerage added.

 

An improvement in cell and module utilisation, particularly the 5.4 gigawatts cell facility, will also support the June quarter performance of Waaree Energies, according to brokerages. The company's top line growth will also be driven by the expansion of module manufacturing capacity to 25.8 gigawatts from 14.9 gigawatts in the year-ago quarter, along with improved cell capacity utilisation factors, Motilal Oswal Financial Services Ltd. said.

 

Waaree Energies is expected to report consolidated earnings before interest, tax, depreciation, and amortisation of INR 14.96 billion for the June quarter, up 28% on year, as per the average of seven estimates. The highest estimate for the company's EBITDA is INR 16.78 billion from Kotak Securities and the lowest is INR 12.50 billion from Nomura.

 

However, the solar equipment manufacturer's EBITDA margin will likely contract year-on-year due to a rise in silver prices, which is a key element used in the production of photovoltaic cells. Supply chain disruptions due to the West Asia war will also hurt the company's margin, which was under pressure in the March quarter as well.

 

Brokerages see Waaree Energies' EBITDA margin shrinking sharply to 18.5-19.4% for the June quarter from 25.42% in the year ago-quarter. "EBITDA margin is expected at 18.5%...supported by module price hikes, partly offset by higher raw material costs and weaker export realisations," brokerage Prabhudas Lilladher said.

 

In the March quarter, the company's margin had shrunk 445 basis points to 18.59% due to a sharp rise in input and logistics costs due to the war in West Asia. Its management expects EBITDA for financial year 2026-27 (Apr-Mar) to be in the range of INR 70 billion to INR 77 billion.

 

Nomura said investors will keep a watch on management's comments on competition in the industry, exports, and the impact of US tariffs.

 

Waaree Energies will detail its June quarter earnings Wednesday. Monday, its shares closed 1.5% higher at INR 2,741.40 on the National Stock Exchange. The company had reported a consolidated net profit of INR 10.61 billion for the March quarter on revenues of INR 84.80 billion. Since then, shares of the company have fallen 12%.

 

All 10 brokerage reports on the company available with Informist have a "buy" or equivalent recommendation on the stock with an average target price of INR 3,811 per share. This is 39% higher than the current market price.

 

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

 

Brokerage	Net sales	Net profit	EBITDA
Kotak Securities Ltd.	87.11	11.41	16.78
Centrum Broking Ltd.	85.56	10.64	--
Anand Rathi Share and Stock Brokers Ltd.	88.51	10.33	--
JM Financial Institutional Securities Pvt Ltd.	85.92	9.94	15.68
Emkay Global Financial Services Ltd.	78.63	9.55	15.25
Motilal Oswal Financial Services Ltd.	81.10	9.40	15.30
Elara Securities (India) Pvt Ltd.	76.68	9.26	14.24
Prabhudas Lilladher Pvt Ltd.	80.85	9.18	14.96
Nomura Equity Research	66.25	8.59	12.50
Average	81.18	9.81	14.96

End

 

Edited by Himanshi Gupta

 

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