Waaree Energies order book hits ₹61,500 crore as Q1FY27 profit rises 15%
Waaree Energies delivered strong Q1FY27 results with PAT rising 15.39% to ₹891.87 crore and revenue jumping 79.22% to ₹7,931.79 crore. Operating EBITDA grew 44.38% to ₹1,439.92 crore. The company's order book reached ~₹61,500 crore, supported by new orders and strategic acquisitions.
*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 15.39% year-on-year from ₹772.89 crore in the corresponding period of FY26. The growth was driven by a 79.22% surge in consolidated revenue from operations to ₹7,931.79 crore, supported by strong demand for solar photovoltaic modules and significant income from reciprocal duty refunds. Operating EBITDA reached ₹1,439.92 crore, up 44.38% year-on-year, though the margin contracted to 18.15% from 22.53%. The company’s total order book expanded to approximately ₹61,500 crore, bolstered by new orders worth ~₹16,000 crore during the quarter.
The Board of Directors approved the unaudited standalone and consolidated financial results on July 29, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. S R B C & CO LLP, the statutory auditors, reviewed the results under Standard on Review Engagements (SRE) 2410. The trading window for directors and key management personnel reopened 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. Profit before tax reached ₹1,210.38 crore, against ₹943.36 crore in the previous year's quarter. Tax expense was ₹318.51 crore. Standalone net profit rose 12% to ₹739.10 crore from ₹659.89 crore, with standalone revenue increasing 85% to ₹6,221.67 crore.
| Metric | Q1FY27 | Q1FY26 | Change |
|---|---|---|---|
| Revenue from Operations | ₹7,931.79 crore | ₹4,425.83 crore | +79.22% |
| Operating EBITDA | ₹1,439.92 crore | ₹997.32 crore | +44.38% |
| Operating EBITDA Margin | 18.15% | 22.53% | -438 bps |
| Net Profit (PAT) | ₹891.87 crore | ₹772.89 crore | +15.39% |
| Basic EPS | ₹29.56 | ₹25.94 | +14% |
Operational Highlights
Waaree achieved module production of 3.24 GW in Q1FY27, a 41.51% increase year-on-year. The company commenced advanced automated battery energy storage system (BESS) container manufacturing of 5.15 GWh capacity in Rola, Gujarat. Additionally, the 10 GW cell facility in Unn, Gujarat, is progressing as planned with production expected to start in the current financial year. Solar PV Modules remained the primary revenue driver, contributing ₹7,399.82 crore to segment revenue.
Strategic Developments
The company completed the acquisition of a 55% equity stake in Associated Power Structures Private Limited on June 18, 2026, enhancing its power infrastructure capabilities. This move supports integrated renewable energy project execution. Jignesh Rathod, Whole Time Director & CEO, stated that the performance reflects the resilience of the integrated business model and the early outcomes of the 'Waaree 2.0' strategy, which aims to transform the company into a diversified energy transition enterprise.
Regulatory Uncertainties
S R B C & CO LLP highlighted two key uncertainties. First, an investigation by U.S. Customs and Border Protection (CBP) regarding the origin of components in solar modules exported to the USA continues, with certain entries flagged for review under AD/CVD orders. Waaree had previously recognized a provision of ₹294.78 crore during FY25-26. 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.
What the Numbers Show
The disproportionate growth in revenue versus net profit highlights the impact of non-operational income and margin compression. Revenue surged 79.22%, while net profit grew 15.39% and the operating EBITDA margin narrowed to 18.15% from 22.53% year-on-year. This indicates 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. Despite margin pressure, the robust order book of ~₹61,500 crore provides strong revenue visibility for future quarters.
Historical Stock Returns for Waaree Energies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.15% | +0.26% | -5.35% | -6.93% | -11.93% | +14.37% |
How will the ongoing U.S. CBP investigation into component origins impact Waaree's export strategy and future revenue projections for the American market?
What specific measures is Waaree implementing to reverse the 438 bps contraction in operating EBITDA margins amidst rising cost escalations?
Will the commencement of the 10 GW cell facility in Gujarat significantly improve vertical integration and reduce dependency on external suppliers in FY27?
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