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Informist, Thursday, Jul. 30, 2026

 

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--Waaree Energies: Order book stands at INR 615 billion as on Jun.30 
--CONTEXT: Waaree Energies mgmt's comments in post-earnings analyst call 
--Waaree Energies: Accumulated orders worth INR 160 bln in Apr-Jun 
--Waaree Energies: Retail solar business to touch INR 100 bln in FY27 
--Waaree Energies: Export shipment clearances took longer than usual in Q1 
--Waaree Energies: Demand tailwinds are strong now 
--Waaree Energies: Will add another 10GW cell mfg capacity in next 6 months 
--Waaree Energies: Expect to complete large part of capex by FY27 end 
--Waaree Energies: FY27 EBITDA seen around INR 70 bln 
--Waaree Energies:FY27-FY28 EBITDA growth to be driven by capacity expansion 
--Waaree Energies: Order flows, enquiries in US significantly up 
--Waaree Energies: Cell integration with modules to aid margin expansion

 

By Ashutosh Pati and Narayana Krishna

 

MUMBAI/HYDERABAD – Waaree Energies Ltd. expects its retail solar business to fetch INR 100 billion in revenues in the financial year 2026-27 (Apr-Mar), with expansion of battery energy storage system lending further growth, its management said Thursday in a post-earnings conference call with analysts.

 

The solar equipment manufacturer's revenue from retail sales more than doubled on year to INR 22.89 billion in the June quarter. Retail sales now account for a shade over 30% of the company's overall revenues. "...our franchise and channel partner network widens and deepens, taking Waaree (Energies) into towns and villages where solar demand is...only just beginning, and where brand trust alone decides to sell," the managment said, adding that the e-commerce business is also scaling up rapidly.

 

Waaree Energies' total order book was INR 615 billion as of Jun. 30, with INR 160 billion added in the June quarter. "Together, those two engines (retail and e-commerce) give us a granular high-quality demand base that is genuinely hard to replicate, and they come with a better realisation and deeper, stickier customer relationship," the management said. 

 

 

The company is rapidly expanding its solar cell and module manufacturing capacities, and expects to complete a major chunk of its capacity expansion in FY27. It will add another 10 gigawatts of solar cell capacity in India in the next six months to the current 5.4 gigawatts capacity. It will also add 2.6 gigawatts of module capacity to its US arm Waaree Solar Americas, the management said. The company is witnessing strong flow of orders and enquiries for it US operations. 

 

It plans to end FY27 with 28 gigawatts of module capacity, 15.4 gigawatts of solar cell capacity, and complete the first phase of 4 gigawatts inverters and 20,000 megavolt-ampere transformer capacity. Waaree Energies has retained its earnings before interest, tax, depreciation, and amortisation guidance of INR 70 billion to INR 77 billion for FY27, but expects the actual figure to be at the lower end of the outlook. EBITDA growth for FY27 and FY28 will mainly be driven by capacity expansion, as per the management.

 

However, the company's EBITDA margin has been reeling under pressure from high commodity costs amid the war in West Asia, with the June quarter margin contracting to 18.15% from 22.53% a year ago. The management expects a "structural change of margin" to begin around December, when its cell facilities will be fully integrated. "By the time we land up in December till which the extension is live, we should also be having start-off with a capacity of 10 gigawatt in Gujarat solar cell manufacturing, which should give us complete integration of module with the cell capacity for Indian markets," the management said.

 

Waaree Energies' June quarter margin was also hurt by lower exports. "...our export mix was softer, as some shipments and clearances took longer than we would have liked. The hardest part (is) behind us. From August, our new US lines also mean a growing share of American demand is served from American soil," the management said.

 

Waaree Energies reported a consolidated net profit of INR 8.50 billion for the June quarter, up 14% on year. Its revenue for the quarter was up over 79% at INR 79.32 billion. At 1358 IST, shares of the company traded 4% lower at INR 2,625.10 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Avishek Dutta

 

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