If there’s one company showing an all-round performance in Q1 FY26, it’s Waaree Energies Ltd. This leading solar company reported a total revenue of ₹4,597.18 crore, up 31.48% year-on-year compared to the same quarter last year. On a quarter-on-quarter basis, revenue rose 11.02% from Q4 FY25. Such strong YoY and QoQ growth is rarely seen in the solar industry.
Strong Surge in EBITDA and PAT
When it comes to profits, Waaree delivered an exceptional performance:
- EBITDA: ₹1,168.67 crore (82.61% YoY growth)
- EBITDA Margin: 25.42%
- PAT (Profit After Tax): ₹772.89 crore, up 93% YoY from ₹401.13 crore
- PAT Margin: 16.81%
This means not only did revenue grow significantly, but profitability also improved strongly across all parameters.
Production and Order Book
During this quarter, Waaree Energies achieved its highest-ever quarterly module production of 2.3 GW. The company’s total order book stands at approximately 25 GW, valued at a massive ₹49,000 crore — a clear sign of a “future-secured” business model.
Its subsidiary, Waaree Solar Americas Inc., has also bagged new international orders worth 2.23 GW, strengthening the company’s presence in global markets as well.
Capex Plans and New Facilities
Waaree has approved a capex of ₹2,754 crore, which includes:
- 4 GW cell capacity expansion in Gujarat
- 4 GW ingot-wafer capacity in Maharashtra
- 1.6 GW module facility in Texas, USA, and an additional 3.2 GW facility in Gujarat
In addition to solar modules, Waaree is expanding into green hydrogen, inverters, and battery storage solutions, positioning itself as a complete renewable energy ecosystem leader and a future powerhouse in clean tech.
Stock Performance
Following the Q1 results, Waaree Energies shares jumped 5.05%, trading at ₹3,268 on July 30.
- Year-to-date gain: +13.91%
- 3-month return: +22.17%
- Since IPO: +29.90% overall return
The consistent uptrend shows growing investor confidence in the company’s fundamentals and long-term vision.
Conclusion
Waaree Energies Ltd isn’t just manufacturing solar modules — it’s shaping India’s energy future. From record production and soaring profits to ambitious innovation and expansion plans, the company is operating at full power. For investors, this strong combination of growth, profitability, and diversification makes Waaree a potential long-term winner in the renewable energy sector.
