Waaree Energies Reports Strong Financial Performance Amid U.S. Investigation
Waaree Energies Limited reported significant financial improvements for Q2 FY2026. Revenue from operations increased by 44.58% to ₹4,581.84 crore, while net profit surged by 224.38% to ₹1,159.53 crore compared to Q2 FY2025. EBITDA grew by 207.44%. The company faces a U.S. Customs investigation into the origin of components used in solar modules exported to the United States since January 2021. Waaree Energies is cooperating with the investigation and maintains compliance with applicable laws. The Board declared an interim dividend of ₹2 per equity share for FY2026, with the record date set for October 24, 2025, and payment scheduled for November 6, 2025.
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Waaree Energies Limited , a prominent player in the solar energy sector, has reported significant improvements in revenue and profitability for the quarter ended September 30, 2025, while simultaneously facing a U.S. customs investigation.
Financial Highlights
For the quarter ended September 30, 2025, Waaree Energies reported impressive financial results:
| Particulars (in ₹ Crore) | Q2 FY2026 | Q2 FY2025 | YoY Growth |
|---|---|---|---|
| Revenue from Operations | 4,581.84 | 3,169.07 | 44.58% |
| Net Profit | 1,159.53 | 357.46 | 224.38% |
| EBITDA | 1,776.64 | 577.89 | 207.44% |
The company's standalone revenue from operations surged by 44.58% year-over-year, reaching ₹4,581.84 crore in Q2 FY2026. More notably, the net profit for the quarter saw a substantial increase of 224.38%, climbing to ₹1,159.53 crore from ₹357.46 crore in the same quarter of the previous year.
U.S. Customs Investigation
On September 25, 2025, the U.S. Customs and Border Protection (CBP) initiated a formal investigation into Waaree Energies and its subsidiary, Waaree Solar Americas, Inc. The investigation, conducted under the Trade Facilitation and Trade Enforcement Act of 2015 (known as the Enforce and Protect Act or EAPA), focuses on the origin of components used in solar modules manufactured by Waaree in India and exported to the United States since January 2021.
The company has stated that it is cooperating with the investigation and has submitted the requested information to the CBP. However, due to the ongoing nature of the investigation, Waaree Energies is currently unable to determine its outcome. The company maintains that it has complied with applicable laws set by the CBP.
Corporate Actions
Waaree Energies' Board of Directors has declared an interim dividend of ₹2 per equity share for the financial year ending March 31, 2026. The record date for determining shareholder eligibility is set for October 24, 2025, with the dividend payment scheduled for November 6, 2025.
Future Outlook
While the U.S. investigation adds an element of uncertainty, Waaree Energies' strong financial performance suggests a positive outlook for the company. The solar energy sector continues to grow, driven by increasing global demand for renewable energy solutions.
As the investigation progresses, investors and industry observers will be closely monitoring its potential impact on Waaree Energies' operations and future growth strategies in the U.S. market. The company's ability to navigate this regulatory challenge while maintaining its growth trajectory will be crucial in the coming months.
Waaree Energies remains focused on strengthening its position in the solar energy market, both domestically and internationally.
Historical Stock Returns for Waaree Energies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +3.10% | +8.45% | +1.35% | +62.69% | +55.09% | +55.09% |
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