Waaree Energies says its revenue and profit more than doubled YoY in FY2026, supported by strong demand across utility, C&I, and export markets
Its total EBITDA exceeded guidance, owing to better scale, efficiency, and backward integration efforts
It remains on track for its capacity expansion, new manufacturing investments
Waaree Energies Limited (WEL) exited FY 2026 (ended March 31, 2026) with its revenue increasing 83.72% year-on-year (YoY) to INR 26,536 crore. This includes INR 8,480 crore reported for Q4 FY26, which was an improvement of 111.80% YoY.
The increase in annual revenue was driven by the utility/IPP/C&I segment, accounting for 34.7% of the total, followed by overseas markets at 33%. Retail business and EPC accounted for 20.8% and 11.6% of the total, respectively.
The company’s operating EBITDA for the year improved by 117.10% to INR 5,908 crore (excluding exceptional items), whereas the total reported EBITDA of INR 6,617 crore exceeded guidance of INR 5,500 crore to INR 6,000 crore. Q4 FY26 contributed EBITDA of INR 1,576 crore to the total, which was a 70.91% YoY improvement.
For FY27, the management expects operating EBITDA in the range of INR 7,000 crore to INR 7,700 crore.
“This year was defined by execution at scale, advancing backward integration and ensuring consistent delivery through operational excellence. Scale expansion improved efficiency and cost leadership, supporting strong demand,” said WEL’s Whole Time Director and CEO Jignesh Rathod.
On an annual basis, profit after tax (PAT) rose 101.45% to INR 3,884 crore, with Q4 contributing INR 1,126 crore, representing a 74.76% YoY jump.
WEL also announced FY2026 as the year with the highest-ever annual module production of 12.6 GW (4.2 GW in Q4), and 2.3 GW of solar cell production. It sold around 12 GW of modules during the year. Recently, a company subsidiary, Sangam Solar One Private Limited, set up 4 solar module lines with 750 MW annual capacity, all adding up to an annual capacity of 3 GW at its Samakhiali-Kutch factory in Gujarat.
“FY26 performance lays a strong foundation for our stated roadmap towards becoming one of the largest non – Chinese energy transition enablers,” added Rathod. “Our focus is on deepening value chain integration while scaling next-generation growth engines, strengthening Waaree’s vertical capabilities and expanding into high-potential adjacent segments.”
Construction of a 10 GW integrated ingot and wafer facility in Nagpur, worth INR 6,200 crore in CapEx, is also on track. Following approval from the company board, WEL is also set to venture into solar glass manufacturing with an investment of INR 3,900 crore, targeting a capacity of 2,500 tons per day (TPD).
As of date, WEL’s order book exceeds 100 GW (spread across business verticals including solar, transformers, inverters, batteries, and electrolyzers as well as EPC projects), valued at INR 53,000 crore.
On the US imposing a 126% preliminary countervailing duty (CVD) on Indian solar imports, WEL says it will not significantly impact its US business since it is expanding local manufacturing and using a diversified supply chain, including non-Chinese polysilicon.
It shared that tariffs depend on where solar cells are produced, not where modules are assembled. Since the company sources its cells from lower-tariff regions with a tariff rate of about 10%, the 126% duty on India-based cells does not currently apply to it. Notably, the US Department of Commerce has determined a 125.87% CVD and an over 123% antidumping duty (ADD) on imports from India into the country (see US: Up To 123% ADD On Solar Imports From India, Laos, Indonesia).
