Financial Highlights

Waaree Energies reported a significant surge in its consolidated performance for Q2 FY26:

Key Developments

Dividend Announcement

• The Board of Directors has declared an interim dividend of ₹2 per equity share for FY26.
• Record date: October 24, 2025
• Dividend payout date: November 6, 2025

Operational Performance

• Robust growth across key financial metrics
• EBITDA margin improved from 17.09% in Q2 FY25 to 25.84% in Q2 FY26

Government Incentives

• Waaree Solar Americas Inc., a wholly-owned subsidiary, recognized ₹162.22 crore as other operating income from Advanced Manufacturing Production Credits (AMPC) under the U.S. Inflation Reduction Act.

Strategic Developments

• Discussions ongoing regarding the potential acquisition of Enel Green Power India Private Limited
• Completed acquisition of a 64% stake in Kotsons Private Limited on October 7, 2025, for ₹192 crore
• Waaree Power Private Limited plans to acquire a 76% stake in Racemosa Energy (India) Private Limited for approximately ₹53 crore

Regulatory Investigation

• U.S. Customs and Border Protection has initiated an investigation into Waaree Energies and its U.S. subsidiary
• Investigation concerns the origin of components used in solar modules exported to the United States since January 2021

Market Implications

The strong financial performance and strategic acquisitions may position Waaree Energies for potential growth in the renewable energy sector. However, the ongoing U.S. investigation could impact the company's operations in the American market.

The interim dividend announcement may be viewed positively by income-focused investors, reflecting the company's commitment to shareholder returns amidst robust financial performance.

As the solar energy sector continues to expand globally, Waaree's strategic moves and financial strength could provide it with a competitive edge, subject to favorable resolution of regulatory challenges.

Note: Investors are advised to conduct their own research and consider market risks before making investment decisions.

Waaree Energies Limited , a prominent player in the solar energy sector, has announced its financial results for the quarter, marking its best quarterly performance to date, along with an interim dividend declaration.

Financial Performance Highlights

Waaree Energies reported the following consolidated financial results:

EBITDA margins expanded to 25.17%.

Operational Highlights

• Achieved 2.64 GW production
• Maintains an orderbook of approximately 24 GW valued at ₹47,000 crores

Interim Dividend and Capex Approval

• The Board approved an interim dividend of ₹2.00 per share
• Additional capex of ₹8,175 crores approved for expanding:
  • Storage cell manufacturing capacity
  • BESS (Battery Energy Storage System) capacity
  • Electrolyser manufacturing capacity
  • Inverter manufacturing capacity

Strategic Acquisitions

• Acquired a 64% stake in Kotsons Private Limited
• Purchased Meyer Burger assets in the USA for $18.5 million

Future Outlook

The company has reaffirmed its guidance of ₹5,500 to ₹6,000 crores EBITDA for the fiscal year, demonstrating confidence in its continued growth trajectory.

US Customs Investigation

On September 25, 2025, the U.S. Customs and Border Protection (CBP) initiated an investigation into Waaree Energies and its subsidiary, Waaree Solar Americas, Inc. The investigation concerns:

• The origin of components used in solar modules manufactured by the company in India and exported to the United States
• Related duties applicable since January 2021

Waaree Energies has stated that it is cooperating with the investigation and has submitted the requested information. The company maintains that it has complied with applicable laws set by the CBP. However, the outcome of the investigation remains uncertain at this stage, and no adjustments have been made to the financial results pending the investigation's conclusion.

While the company's financial performance shows strong growth, the ongoing CBP investigation introduces an element of uncertainty. The resolution of this investigation may have implications for Waaree Energies' operations and exports to the United States, a key market for solar products.

The interim dividend declaration, coupled with the robust financial results, signals the company's confidence in its financial position and commitment to shareholder returns. However, prudent management of the ongoing regulatory challenges will be crucial for maintaining this positive momentum in the coming quarters.