Waaree Energies' Q3 FY2026 revenue rose 118.8% YoY to INR 75.65 billion, backed by 3.6 GW of module sales
It produced 3.5 GW of modules and 800 MW of cells in the quarter and commissioned new module, cell, and inverter capacities in Gujarat
The company reported an order book of about INR 600 billion across multiple clean energy segments
Waaree Energies Limited has reported its highest-ever quarterly revenue of INR 75.65 billion for Q3 FY2026 (ended December 2025), representing an increase of 118.81% year-over-year (YoY).
The company also reported growth in EBITDA and profit after tax (PAT) for the period.
Its EBITDA for the quarter rose 167.16% YoY to INR 19.28 billion with margins of 25.49%, while PAT grew by 118.35% to INR 11.07 billion. The company attributes its strong financials to higher module sales of 3.6 GW during the quarter.
Waaree produced 3.5 GW of solar modules and 800 MW of cells in Q3, representing an annual improvement of 94% and 35%, respectively.
During the reporting quarter, it commissioned an additional 2.1 GW of module capacity at Chikhli and 3 GW at Samakhiali, along with 3.05 GW of inverter production capacity at Sarodhi, all in Gujarat. At the end of December 2025, Waaree’s cumulative installed solar module manufacturing capacity reached 23 GW, and that of cells 5.4 GW. Management said its execution of cells and ingot-wafer facilities remains on track.
The company’s order inflow also improved. Its order book totaled INR 600 billion at the end of the quarter, with an order pipeline of 100 GW – across solar manufacturing, renewable energy generation, transformers, batteries, inverters, and electrolyzers – providing it with sustained visibility for the years ahead.
“With disciplined execution, prudent capital allocation and strategic diversification, we are confident of closing FY26 on a strong note. Waaree is on track to achieve its EBITDA target of ₹5,500–6,000 crores while creating long-term value for stakeholders and contributing meaningfully to India’s clean energy transition,” said Waaree Energies’ Whole Time Director and outgoing CEO, Amit Paithankar (see Waaree Energies Announces Chief Executive Officer Transition).
Waaree is also strengthening its US solar PV manufacturing. It recently announced a $30 million investment in United Solar Holding, which is building a 100,000-tonne polysilicon plant in Oman (see Waaree Solar Americas Invests In Polysilicon Producer).
Paithankar stated that this investment strengthens the company’s supply chain by ensuring secure and fully traceable access to polysilicon, backing its access to global markets. Recently its US subsidiary Waaree Solar Americas landed a 2 GW module order from a US utility scale solar and storage developer.
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