Waaree Energies Q1 Results: Net Profit Rises 15% YoY, EBITDA at ₹1,440 Crore
Waaree Energies reported Q1 consolidated net profit of ₹891.87 crore (+15% YoY) on revenue of ₹7,931.79 crore (+79% YoY). EBITDA rose to ₹1,440 crore from ₹990 crore, but EBITDA margin contracted to 18.14% from 22.53% YoY. Solar PV Modules led segment revenue at ₹7,399.82 crore, while regulatory scrutiny from U.S. CBP and Indian Income Tax authorities continues.
*this image is generated using AI for illustrative purposes only.
Waaree Energies Limited reported a consolidated net profit of ₹891.87 crore for the quarter ended June 30, 2026, rising 15% year-on-year from ₹772.89 crore in the corresponding period of FY26. The surge was driven by a 79% jump in consolidated revenue from operations to ₹7,931.79 crore, bolstered by strong demand for solar photovoltaic modules and significant income recognized from reciprocal duty refunds following a U.S. Supreme Court verdict. EBITDA for the quarter stood at ₹1,440 crore, compared to ₹990 crore in the year-ago period, though the EBITDA margin contracted to 18.14% from 22.53% year-on-year, reflecting rising cost pressures relative to revenue growth.
The Board of Directors approved the unaudited standalone and consolidated financial results on July 29, 2026, pursuant to Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The results were reviewed by S R B C & CO LLP, the statutory auditors, who issued a limited review report under Standard on Review Engagements (SRE) 2410. The trading window for directors and key management personnel will reopen on August 1, 2026.
Financial Performance
Consolidated revenue from operations stood at ₹7,931.79 crore, compared to ₹4,425.83 crore in Q1FY26. Other income contributed ₹170.81 crore, while total expenses amounted to ₹6,892.22 crore. Profit before tax reached ₹1,210.38 crore, against ₹943.36 crore in the previous year's quarter. Tax expense for the period was ₹318.51 crore, comprising current tax of ₹297.81 crore and deferred tax of ₹20.70 crore. The following table summarises key consolidated financial metrics:
| Metric | Q1FY27 | Q1FY26 | Change |
|---|---|---|---|
| Revenue from Operations | ₹7,931.79 crore | ₹4,425.83 crore | +79% |
| EBITDA | ₹1,440 crore | ₹990 crore | +45.45% |
| EBITDA Margin | 18.14% | 22.53% | -439 bps |
| Net Profit | ₹891.87 crore | ₹772.89 crore | +15% |
| Earnings Per Share (Basic) | ₹29.56 | ₹25.94 | +14% |
Standalone net profit rose 12% to ₹739.10 crore from ₹659.89 crore in Q1FY26. Standalone revenue from operations increased 85% to ₹6,221.67 crore from ₹3,369.92 crore. Basic earnings per share stood at ₹25.69, up from ₹22.97 in the prior year.
Segmental Analysis
Solar Photovoltaic Modules remained the primary revenue driver, contributing ₹7,399.82 crore to segment revenue, a sharp increase from ₹3,872.35 crore in Q1FY26. The segment delivered a result of ₹1,002.22 crore. Engineering, procurement, and construction (EPC) contracts generated ₹913.99 crore in revenue with a segment result of ₹122.59 crore. Power generation contributed ₹9.86 crore in revenue. The table below provides a segment-wise breakdown:
| Segment | Revenue | Segment Result |
|---|---|---|
| Solar PV Modules | ₹7,399.82 crore | ₹1,002.22 crore |
| EPC Contracts | ₹913.99 crore | ₹122.59 crore |
| Power Generation | ₹9.86 crore | — |
Regulatory Developments
S R B C & CO LLP highlighted two key uncertainties in its review report. First, an investigation by U.S. Customs and Border Protection (CBP) regarding the origin of components in solar modules exported to the USA continues. While CBP affirmed Waaree's position on not using Chinese cells, it flagged certain entries for further review under AD/CVD orders. Waaree had previously recognized a provision of ₹294.78 crore during FY25-26 based on legal advice. Second, Income Tax authorities conducted investigations at the company's offices in November 2025, issuing summons under Section 131(1A) of the Income Tax Act. Waaree has submitted requested documents and is responding to further queries.
What the Numbers Show
The disproportionate growth in revenue versus net profit highlights the impact of non-operational income and margin compression. Revenue surged 79%, while net profit grew 15% and the EBITDA margin narrowed to 18.14% from 22.53% year-on-year, indicating that cost escalation outpaced top-line expansion. The revenue growth was partly attributable to the recognition of ₹349.28 crore in income related to refunds of reciprocal duties levied under IEEPA tariffs, classified as other operating revenue. Additionally, the company completed the acquisition of a 55% stake in Associated Power Structures Private Limited on June 18, 2026, integrating its results from that date forward.
Historical Stock Returns for Waaree Energies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +1.56% | +0.15% | -5.19% | -0.49% | -12.07% | +16.99% |
How will the ongoing U.S. CBP investigation into solar module component origins impact Waaree's future export volumes and potential liability beyond the existing ₹294.78 crore provision?
Given the 439 bps contraction in EBITDA margins, what specific cost-control measures or pricing strategies is Waaree implementing to offset rising input costs in the PV module segment?
To what extent will the recent acquisition of a 55% stake in Associated Power Structures contribute to Waaree's revenue diversification and margin stability in subsequent quarters?
16
Access Market Heat-map & Insights 
Create, Save & Share your Screener 
Use 200+ Screening Filters 
