Waaree Energies Stock Jumps 5% After Q1FY26 PAT Surges 93% YoY; Revenue Crosses ₹4,597 Cr

Mumbai, July 29, 2025 – Waaree Energies Ltd (NSE: WAAREEENER) shares rallied 5.34% to ₹3,278.10 in Tuesday morning’s trade following a robust Q1FY26 earnings report. The solar equipment manufacturer posted a 92.68% year-on-year (YoY) jump in PAT and a 31.48% rise in revenue, propelling strong investor sentiment.

As of 11:00 a.m. IST, the stock had gained ₹140.20, trading at ₹ 3,252.00, up 4.51% from its previous close of ₹3,111.80. The share is trading between 3,291.00 and 3,158.00, representing the high and low prices.

This led to a recent recovery to its 52-week low of 1863 (April 2025), which was closing in on its peak of 3743 (November 2024). With a market cap of ₹ 94,174.31 crores, a P/E ratio of 38.82, and a 29% delivery volume, it belongs to the NIFTY MIDCAP 150 index.

Q1FY26 Financial Performance

In Q1FY26, the company registered good financial results in terms of Total Income of Rs 4,597.18 crore, which is an increase of 31.48% YoY and 11.02% QoQ. EBITDA increased radically by 82.61% YoY to Rs. 1,168.67 crore, which indicates better cost control and higher efficiency in operations.

Margins also enhanced to 25.42%. PAT grew YoY by nearly twice, i.e., 92.68% to 772.89 crores, whereas the PAT margin increased to a 16.81% level, reflecting strong profitability and strong bottom-line growth, which is crucial for long-term investors.

Key Operational Highlights

In Q1 FY26, the company exceeded its previously best module production of 2.3 GW, and the order book stood at ~25 GW, with a value of ₹ 49,000 crore. Its U.S subsidiary won 2.23 GW of new orders. A shift in manufacturing location is underway due to an IPO clause change, resulting in relocation to Gujarat and Maharashtra.

Expansion plans include:

• 1.6 GW module capacity in Texas (USA)
• 3.2 GW in Chikhli (Gujarat)
• Green hydrogen, inverter, and battery storage units are under development
• An additional ₹2,754 crore capex has been approved to expand 4 GW cell capacity in Gujarat and wafer line in Maharashtra.

Management Commentary

Dr. Amit Paithankar, Whole-Time Director & CEO, stated, “Waaree continues to deliver strong operational performance in Q1FY26, with our highest-ever module production and robust order inflow. We maintain our FY26 EBITDA guidance of ₹5,500 to ₹6,000 crore. Our India and U.S. expansion projects remain firmly on track.”

Company Overview

Founded in 1990, Waaree Energies Ltd. is India’s leading renewable energy player, specialising in solar PV module and cell manufacturing. The company has a total installed capacity of ~15 GW for modules and 5.4 GW for cells, with operations spanning 25+ countries. Waaree is listed on the NSE and BSE and is part of the Nifty Midcap 150 index.

REF: https://nsearchives.nseindia.com/corporate/WAAREE_28072025190916_Intimationofpressrelease_signed.pdf

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