The Q1 FY27 revenue for Waaree Energies Limited climbed 79% YoY, led by utility-scale projects
It expanded its order book with about INR 16,000 crore in fresh orders and continued investments in cells, modules, storage, and upstream manufacturing
The company has reaffirmed its FY27 EBITDA guidance even as margins declined and it continued to diversify beyond solar modules
Waaree Energies Limited (WEL) says higher module production and order inflows helped it increase its Q1 FY2027 (ended June 30, 2026) revenue by 79.22% year-on-year (YoY). Yet, its profit growth lagged revenue amid lower margins.
For WEL, revenue from operations for the reporting quarter rose to INR 7,931.79 crore from INR 4,425.83 crore a year earlier. Utility-scale, independent power producers (IPPs), and commercial and industrial (C&I) projects accounted for 39.7% of the quarterly revenue, while the retail segment contributed 30.2%, overseas business 21.2%, and EPC, O&M and transmission and distribution (T&D) made up 8.9%.
The company’s operating EBITDA increased 44.38% YoY to INR 1,439.92 crore, while profit after tax (PAT) grew 15.39% to INR 891.87 crore.
Operating EBITDA margin, however, declined to 18.15% from 22.53% in the corresponding quarter last year, while PAT margin fell to 11.01% from 16.81%.
The company manufactured 3.24 GW of solar modules during the quarter, ‘supported by strong operational efficiency and scale advantages’, up 41.51% YoY, but lower than the 4.2 GW it produced in Q4 FY26 (see Waaree Energies FY26 Revenue Jumps 84% On Strong Demand).
It also received new orders worth about INR 16,000 crore, including 90% for solar modules, taking its total order book to approximately INR 61,500 crore as of July 28, 2026. According to management, 40% of the orders are for domestically produced modules in India, 36% are for domestically produced modules in the US, and 24% are to be exported from India.
One of the largest solar PV manufacturers in India, WEL operates 25.8 GW of module and 5.4 GW of cell production capacity. By the end of the current financial year, it aims to commission a 10 GW solar cell manufacturing facility in Unn, Gujarat. It is also working to bring 2.6 GW of module capacity online.
The company is venturing further into backward integration with a 10 GW ingot-and-wafer facility. WEL plans to enter glass production with a capacity of 2,500 tons per day (TPD). To secure non-Foreign Entity of Concern (FEOC) polysilicon, the company has invested in Oman-based United Solar Holding.
In June 2026, WEL and its US subsidiary, Waaree Solar Americas, were found to have evaded US antidumping and countervailing duties (AD/CVD) on certain solar imports in a US Customs and Border Protection (CBP) final determination. WEL said it is evaluating all legal remedies with its US trade counsel (see Waaree Hit By US Duties; South Korea AD/CVD Probe Sought).
Nevertheless, Jignesh Rathod, Whole Time Director and CEO of Waaree Energies, said that Q1 FY27 “marks the continued evolution of ‘Waaree 2.0’—the company's transformation from a leading solar module manufacturer into a diversified energy transition enterprise.”
During the quarter, the company also started operations at its 5.15 GWh battery energy storage system (BESS) container manufacturing facility in Rola, Gujarat, through its subsidiary Waaree ESS (see Waaree ESS Starts 5.15 GWh BESS Container Facility In India).
Another WEL subsidiary, Waaree Renewable Technologies Limited (WRTL), completed the acquisition of a 55% stake in Associated Power Structures Private Limited, expanding into transmission infrastructure (see Waaree Renewable’s Q1 FY27 Revenue Jumps Over 53% YoY).
Rathod added that the company's newer businesses had started contributing meaningfully to revenue alongside its core solar manufacturing business, thus creating multiple growth levers for the future.
“Through continued investments across advanced manufacturing, energy storage, power infrastructure and global markets, we are building a diversified clean energy platform designed for long-term, sustainable value creation,” added Rathod. The company said it expanded its manufacturing footprint during the quarter and pursued new business opportunities in Europe, the Middle East, New Zealand, and Australia.
It also reaffirmed its FY27 operating EBITDA guidance of INR 7,000 crore to INR 7,700 crore.
