Waaree Energies’ Q2 FY26 total income rose 69.96% YoY to INR 62.27 billion
Quarterly PAT surged 133.78% YoY to INR 8.78 billion, which the manufacturer termed a record
Its module production during the quarter reached 2.64 GW while total module production capacity expanded to 18.7 GW in India and the US
Waaree plans 6 GW expansion under India’s PLI scheme, alongside BESS and electrolyzer scale-up
Indian solar PV manufacturer Waaree Energies Limited (WEL) expanded its Q2 FY26 (period ending September 30, 2025) total income by 69.96% year-on-year (YoY) to INR 62.27 billion, while increasing profit after tax (PAT) by 133.78% to INR 8.78 billion.
WEL’s Whole Time Director and CEO Amit Paithankar called it the ‘best ever quarter’ for the company in terms of revenue and profitability. Revenues were dominated by the domestic market with a 52.8% share, while overseas accounted for 47.2%. Its EBITDA of INR 15.67 billion was 155.29% increase over INR 6.14 billion in Q2 FY25.
During the reporting quarter, the manufacturer produced 2.64 GW of solar modules, a record quarterly production for the company and 600 MW of solar cells.
The company expanded its module capacity in India by 3 GW during Q2 FY26. Its total solar module PV manufacturing capacity stands at 18.7 GW and 5.4 GW for solar cells comprising 16.1 GW in India and 2.6 GW in the US with the acquisition of Mayer Burger assets (see Meyer Burger To Sell US Module Production Equipment To Waaree).
WEL is to undertake capacity expansion across its value chain which includes addition of 6 GW of wafer, cell and module manufacturing under India’s Production Linked Incentive (PLI) scheme (see India Allocates 39.6 GW PV Under PLI Tranche-II).
The manufacturer has reiterated its FY26 EBITDA guidance in the range of INR 55 billion to INR 60 billion, supported by strong orderbook, focused margin management, prudent capital investments and strategic acquisitions, added Paithankar.
At the end of the reporting period, WEL’s order book of around 24 GW was worth INR 470 billion. A large chunk of this with 59.5% share is for the India market, and 40.5% for the overseas.
Recently, the US Customs and Border Protection (CBP) initiated an investigation against Waaree Solar Americas for allegedly mislabeling Chinese solar modules as Indian (see Waaree On CBP Radar For Possible Evasion Of Duties).
Nevertheless, Paithankar sees strong potential in the US market where he said the ramp-up is progressing as per schedule.
Beyond solar supply chain, WEL is also investing in expanding its storage cell and battery energy storage system (BESS) capacity from 3.5 GWh to 20 GWh, electrolyzer manufacturing plant will also be expanded from 300 MW to 1 GW, while inverter production capacity will be increased from 3 GW to 4 GW.
