Waaree Energies delivered a record-breaking performance in FY26, with consolidated revenue from operations reaching ₹26,536.77 crores, reflecting a growth of 83.7% year-on-year. Profit after tax more than doubled, growing over 101% to ₹3,884 crores, while operating EBITDA surged 117% to ₹5,908.64 crores. The company's reported total EBITDA of ₹6,617 crores surpassed its earlier guidance range of ₹5,500 crores to ₹6,000 crores for FY26. Management highlighted that no single customer, market, or segment dominates the business, with retail, service, and overseas segments collectively contributing 60% to 70% of revenue.

Full-Year and Quarterly Financial Performance

The company's financial results for the full year and Q4 demonstrated strong momentum across key metrics. The following table summarises the consolidated performance:

For Q4 specifically, revenue from operations stood at ₹8,480 crores, marking a year-on-year increase of 111%. Operating EBITDA for the quarter came in at ₹1,576 crores, up 70%, while profit after tax was ₹1,126 crores compared to ₹644 crores in Q4 FY25. Management noted that Q4 margins were impacted by elevated silver and copper prices, logistics disruptions in the Middle East, and a lower share of overseas revenue relative to the prior quarter.

Capacity Leadership and Production Scale

Waaree Energies' total module manufacturing capacity now stands at approximately 26 gigawatts, positioning it as the largest non-Chinese module manufacturer in the world. Cell manufacturing capacity remains fully operational at 5.4 gigawatts, the largest cell manufacturing facility in India. Module manufacturing for the full year reached a record 12.6 gigawatts—a growth of 77% over FY25—equivalent to approximately 56,000 modules produced every single day. The company sold approximately 12 gigawatts of modules during the year.

For Q4, module production stood at 4.2 gigawatts, a 104% increase year-on-year, while cell production for the quarter was 0.7 gigawatt and module sales reached 4.1 gigawatts. The company has commenced a transition from M10R TOPCon to G12R technology across its cell lines, with G12R modules capable of producing 615-watt output compared to 580 watts for M10R, translating to an expected 10% to 12% improvement in realization per unit.

Revenue Mix and Order Book

The company's revenue mix for FY26 remained well diversified across segments:

The retail segment delivered revenue of ₹5,515 crores in FY26, a growth of 84% year-on-year. The order book stands at approximately ₹53,000 crores, up from approximately ₹47,000 crores at the end of Q4 FY25, with approximately 65% to 70% of the order book comprising overseas long-range orders to be delivered over the next three to four years. The retail portion, representing approximately 20% of total revenues, is not reflected in the stated order book figure.

Strategic Initiatives and Capacity Expansion

During the quarter, Waaree Energies announced and progressed several key strategic initiatives:

• Polysilicon Supply Chain: Completed acquisition of a strategic stake in United Polysilicon, an Oman-based company, securing long-term, fully traceable non-Chinese polysilicon supply.
• T&D Entry: Subsidiary WRTL announced acquisition of approximately 55% stake in Associated Power Structures Limited (APSL) for approximately ₹1,225 crores, marking entry into the transmission and distribution segment.
• PV Glass Manufacturing: Board approved a capex of ₹3,900 crores for a PV glass manufacturing facility with a capacity of 2,500 TPD, sufficient to produce approximately 16 to 17 gigawatts of modules per annum. Glass accounts for approximately 20% plus of module cost.
• Ingot Wafer Facility: Commenced construction of a 10-gigawatt ingot wafer facility at Nagpur with a capex of ₹6,200 crores, expected to be operational in FY28.
• Additional Module Capacity: Commissioned an additional 3-gigawatt module manufacturing capacity at Samakhiali, Kutch.
• US Manufacturing: The 1.6-gigawatt greenfield module manufacturing facility in the US is operational, with an additional 2.6 gigawatts expected to go live over the next six months, taking total US capacity to approximately 4.2 gigawatts.

Waaree 2.0: Adjacency Businesses and Energy Transition Vision

Management outlined the company's transition from Waaree 1.0 to Waaree 2.0, backed by approximately $3.5 billion of committed capex. Upon completion, Waaree 2.0 is expected to encompass:

For BESS, Phase 1 of 3.5 gigawatt hours is expected in the current financial year, with Phase 2 of 16.5 gigawatt hours targeted by the next financial year, at a total capex outlay of approximately ₹10,000 crores. The inverter business has commissioned Phase 1 of 3 gigawatts at the Sarodhi facility in Gujarat, with the remaining 1 gigawatt expected in the current financial year, at a capex outlay of approximately ₹180 crores. Transformer capacity is being expanded from approximately 4,000 MVA to 20,000 MVA at the Alwar facility in Rajasthan, with a capex outlay of approximately ₹192 crores. For green hydrogen, the company has secured electrolyser PLI of ₹444 crores and hydrogen PLI of approximately ₹510 crores, targeting a 1-gigawatt electrolyzer capacity at the Dungri facility in Gujarat at a planned capex of approximately ₹676 crores.

FY27 Guidance and Outlook

Management guided for operating EBITDA of ₹7,000 crores to ₹7,700 crores for FY27, representing approximately 20% to 25% growth over FY26's operating EBITDA of ₹5,908.64 crores. The guidance factors in pre-startup costs associated with new facilities going live during the year. Management indicated that the 10-gigawatt cell facility is expected to go live in H2 FY27, taking total cell capacity to 15.5 gigawatts, which is expected to significantly improve DCR mix and margin profile. The company also announced an enabling resolution to raise up to ₹10,000 crores, with details on objectives and timelines to be communicated to shareholders. For IRA benefits in the US, the company received approximately $40 million cumulatively in the last financial year at $0.07 per watt peak, with the benefit expected to scale as the additional 2.6-gigawatt US facility commences operations. Management maintained a long-range EBITDA margin guidance of 19% to 20% on a sustained basis, while noting that quarters with higher DCR, overseas, or retail mix could deliver materially higher margins.

Source: Company/INE377N01017/403ea4e3a4b4405c.pdf

Waaree Energies Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report has been prepared by CARE Ratings Limited, the appointed Monitoring Agency, and covers the utilisation of proceeds from the company's public issue of equity shares aggregating to Rs. 3600.00 crore. The IPO was open from October 21, 2024 to October 23, 2024, and the company's promoter is Mr. Hitesh Doshi and Family. The company operates in the solar equipment manufacturing sector.

IPO Issue Structure and Utilisation Overview

The total IPO proceeds of Rs. 3600.00 crore were earmarked across three primary objects as disclosed in the Offer Document. The table below summarises the original cost allocation:

As at the end of the quarter ended March 31, 2026, cumulative utilisation stood at Rs. 1937.08 crore, with Rs. 472.19 crore deployed during the quarter. The total unutilised amount as at quarter-end was Rs. 1662.92 crore.

Quarterly Progress in Fund Utilisation

The following table details the progress of fund deployment across each object of the issue for the quarter ended March 31, 2026:

During the quarter, Rs. 461.84 crore was utilised for development of the manufacturing projects, while Rs. 10.35 crore was deployed towards issue expenses. No utilisation was recorded under General Corporate Purposes during the quarter, as the entire Rs. 697.70 crore allocated to this head had already been fully utilised in prior periods. The Monitoring Agency noted that the remaining issue expenses of Rs. 36.61 crore are expected to be utilised in FY 2026-27, as informed by the management.

Deployment of Unutilised Proceeds

The unutilised IPO proceeds of Rs. 1662.92 crore (sub-total of Rs. 1684.78 crore, less interest earned on fixed deposits of Rs. 21.86 crore) have been parked across term deposits with scheduled commercial banks, a subsidiary bank account, and the monitoring account. The aggregate earnings on these deployments stood at Rs. 55.14 crore, with a market value of Rs. 1739.92 crore as at the end of the quarter. Key placements include:

• Axis Bank: Multiple term deposits maturing on June 12, 2026, at a return of 6.75% per annum
• Bank of Baroda: Term deposits maturing between May 22, 2026 and June 23, 2026, at returns ranging from 6.50% to 7.15%
• HDFC Bank: Term deposit of Rs. 98.01 crore maturing April 11, 2026, at 7.35%
• State Bank of India: Multiple term deposits across various maturities, at returns ranging from 4.50% to 7.50%
• Sangam Solar One Private Limited's Bank Account: Balance of Rs. 16.64 crore
• Monitoring Account: Balance of Rs. 21.92 crore

The Monitoring Agency noted that the provision for parking funds in the subsidiary account is not explicitly mentioned in the Offer Document. The company has provided its Board-approved policy of investing funds as term deposits only in scheduled commercial banks, dated October 28, 2023, valid for a period of three years.

Project Location Change and Implementation Delays

A significant development covered in the report pertains to the change in project location. The Board of Directors approved a proposal on June 20, 2025, to shift the manufacturing facilities from Dhenkanal, Odisha, to new locations, subject to shareholder approval. Shareholders approved the proposal through a postal ballot on August 01, 2025, with the change becoming effective from the same date. The revised project locations are as follows:

Alongside the location change, the project completion timelines were also revised:

Notably, with effect from April 6, 2026, the entire 6 GW solar module lines are fully operational. The Monitoring Agency observed that the original fund implementation schedule had timelines of March 31, 2025 and March 31, 2026 for deploying Rs. 275.00 crore and Rs. 2000.00 crore respectively. As the project timelines have been revised, the Monitoring Agency noted that no revised fund implementation schedule has been provided, making the exact number of days of delay not ascertainable. As per exchange filings dated July 03, 2025, the company has acquired land for its cell facility at Unn, Gujarat, and has entered into long-term lease agreements for module manufacturing at Samakhiali, Gujarat, and for ingot-wafer manufacturing in Nagpur, Maharashtra.

General Corporate Purposes Utilisation

The full Rs. 697.70 crore earmarked for General Corporate Purposes has been utilised, with funds transferred from the monitoring account to the company's cash credit and current accounts. The breakdown of utilisation under this head is as follows:

The Monitoring Agency confirmed no deviation from the objects of the issue, no change in the means of finance, and no major deviation observed over earlier monitoring agency reports. The report was submitted by Vinakshi Grover, Associate Director at CARE Ratings Limited, and filed with the stock exchanges by Rajesh Ghanshyam Gaur, Company Secretary & Compliance Officer.