Waaree Energies Limited has delivered another stellar quarter with record-breaking financial performance in Q3 FY26, demonstrating exceptional growth across all key metrics. The company's revenue from operations reached Rs. 7,565.05 crores, marking a robust 118.81% year-on-year growth, while operating EBITDA surged 167.16% to Rs. 1,928.15 crores.

Outstanding Financial Performance

The company's financial metrics showcase remarkable growth momentum across multiple parameters:

For the nine-month period ended December 31, 2025, the company achieved revenue exceeding Rs. 18,000 crores with operating EBITDA reaching approximately Rs. 4,332 crores. The margin expansion was particularly impressive, growing to 24% compared to 17% in the corresponding period of the previous year. Nine-month profit after tax stood at Rs. 2,757.89 crores.

Record Production Milestones

Waaree Energies achieved several manufacturing milestones during the quarter, establishing new benchmarks in the Indian solar industry:

The company became the first Indian solar manufacturer to achieve over 1 gigawatt of module production in a single month, producing nearly 52 modules per minute. This demonstrates manufacturing excellence driven by advanced automation, strong engineering capabilities, and continuous innovation.

Strong Order Book and Market Position

Waaree Energies maintains a robust business pipeline with a solid order book of approximately Rs. 60,000 crores and a healthy order pipeline exceeding 100 gigawatts. The geographical revenue mix remains balanced with 67.4% contribution from the domestic market and the remainder from overseas operations. The order book composition shows approximately 35% domestic and 65% overseas split.

Within the domestic segment, roughly 80%-85% comprises non-DCR orders. The company's retail and EPC segments continue to gain traction, further diversifying revenue streams and strengthening market position.

US Market Performance and Expansion

The company's US operations delivered strong results with production of 275 megawatts and sales volume of 300 megawatts during the quarter. US revenue exceeded Rs. 2,000 crores for the quarter. The company booked approximately Rs. 80 crores in IRA (Inflation Reduction Act) incentives, recording 90% of the eligible Rs. 7 per watt-peak benefit.

US market realizations have improved significantly, with pricing moving from the earlier Rs. 24-25 range to north of Rs. 28, with some orders reaching approximately Rs. 30 per watt-peak. This improvement reflects successful tariff pass-through mechanisms and strong market demand.

Comprehensive Business Expansion Strategy

Waaree is transitioning from Waaree 1.0 (modules and cells) to Waaree 2.0, investing across the full solar value chain and energy transition ecosystem:

The company raised approximately Rs. 1,000 crores of equity for the 20 gigawatt-hour advanced lithium-ion battery and pack manufacturing facility. For transformers, Waaree has already secured an order book of Rs. 245 crores, including orders from global multinational majors.

Manufacturing Capacity Expansion

The company continues expanding on stated timelines across multiple manufacturing segments. Current cell capacity utilization has improved to approximately 80% on a daily basis, with expectations to reach north of 90% within the next 3-4 months following major upgrades to G12R cells.

Waaree expects to operationalize all planned expansions for modules, cells, and ingots & wafers plants by FY27. The company has secured non-Chinese fully traceable polysilicon supply chain through strategic investment in United Solar Holdings based in Oman, with production expected to commence in the current quarter.

Pricing and Market Dynamics

Current market realizations reflect strong demand across segments:

The company maintains gross margin stability through multiple levers including back-to-back cell procurement, operating leverage benefits, and dynamic pricing strategies. Silver content represents approximately 25% of cell production costs and less than 9% on a module basis.

Future Outlook and Guidance

Based on strong performance momentum and robust order book visibility, Waaree Energies expects to surpass its EBITDA guidance of Rs. 5,500 to Rs. 6,000 crores for FY26. The company continues to benefit from strong policy support and buoyant industry outlook both domestically and internationally.

The comprehensive expansion across the energy transition ecosystem positions Waaree for sustained growth, with execution of all projects across modules, cells, ingots & wafers, inverters, battery energy storage systems, and green hydrogen electrolyzers progressing as planned.

Waaree Energies Limited has announced the incorporation of a new step-down subsidiary, marking another expansion in its renewable energy portfolio. The company informed stock exchanges on January 23, 2026, about the formation of Decarbon X Projects Private Limited, which was incorporated on January 22, 2026.

Subsidiary Structure and Ownership

The new entity has been incorporated through Waaree Forever Energies Private Limited, which is a wholly-owned subsidiary of Waaree Energies Limited. This creates a step-down subsidiary structure where Waaree Forever Energies Private Limited holds 100% of the share capital in Decarbon X Projects Private Limited.

Business Focus and Operations

Decarbon X Projects Private Limited will operate in the Independent Power Producer (IPP) industry. The company has been incorporated specifically for facilitating and holding specific power projects under the IPP framework. As a newly incorporated entity, the subsidiary is yet to commence its business operations and currently has nil turnover.

Regulatory Compliance

The announcement was made pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows the requirements under SEBI circular SEBI/HO/CFD/PoD2/CIR/P/0155 dated November 11, 2024. The company has provided comprehensive details about the incorporation as mandated by regulatory guidelines.

Strategic Implications

The incorporation of this step-down subsidiary represents Waaree Energies' continued focus on expanding its presence in the renewable energy sector. By establishing a dedicated entity for Independent Power Producer operations, the company is positioning itself to develop and manage specific power projects more effectively within the IPP framework.