Waaree Energies Limited , a leading solar module manufacturer, reported robust financial results for the first quarter, with significant growth in revenue, EBITDA, and profit after tax (PAT). The company also announced plans for capacity expansion and diversification into new energy segments.

Financial Highlights

Operational Performance

• Record quarterly production of 2.3 GW, up 64% year-over-year
• Order book stands at 25 GW, equivalent to ₹49,000.00 crore
• Pipeline exceeds 100 GW

Capacity Expansion Plans

Waaree Energies outlined ambitious plans to expand its manufacturing capacity:

• Module capacity to reach 26 GW by FY27
• Solar cell capacity to increase to 16 GW
• New 10 GW ingot and wafer facility

The company is setting up a 6 GW module and cell facility in Gujarat and an ingot-wafer facility in Maharashtra. Additionally, the Board approved an outlay of ₹2,754.00 crore for expanding cell and ingot-wafer capacity by 4 GW each.

Diversification into New Energy Segments

Waaree is expanding into adjacent energy transition segments:

• 3.5 GWh battery energy storage system facility
• 3 GW inverter manufacturing plant
• 300 MW hydrogen electrolyzer plant

These new facilities are expected to be operational by FY27, positioning Waaree as a full-stack energy solutions provider.

Market Outlook

The company remains optimistic about growth prospects in both domestic and international markets:

• Strong demand in India, with 10.6 GW of solar capacity added in Q1 alone
• Robust growth in the U.S. market, driven by data center expansion, manufacturing reshoring, and transportation electrification
• Exploring opportunities in Europe, Middle East, and Africa

Management Commentary

Amit Paithankar, Whole Time Director and CEO, stated, "We have reported yet another stellar quarter with record-breaking numbers across production, revenue, EBITDA, and PAT. Our order pipeline remains extremely robust, providing a clear pathway for growth in the upcoming quarters and years."

Sonal Shrivastava, CFO, added, "We remain committed to long-term value unlocking across every segment. Our strong performance reflects our team's commitment, resilience, and strategic focus."

Waaree Energies maintains its EBITDA guidance of ₹5,500.00 - ₹6,000.00 crore for the current fiscal year, demonstrating confidence in its growth trajectory and operational efficiency.

As the company continues to expand its manufacturing capabilities and diversify its product portfolio, Waaree Energies is well-positioned to capitalize on the growing demand for solar and renewable energy solutions both in India and globally.

Waaree Energies , a leading player in the solar energy sector, has reported exceptional financial results for the first quarter, showcasing robust growth across key metrics.

Financial Highlights

The company's revenue soared to ₹4,597.00 crores, marking a significant 31% year-on-year growth. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a remarkable 83% surge, reaching ₹1,169.00 crores. This impressive performance led to EBITDA margins expanding by 700 basis points to 25.4%. Profit after tax (PAT) jumped by 93% to ₹773.00 crores, underscoring the company's strong financial health.

Operational Performance

Waaree Energies achieved a record production of 2.3 GW during the quarter, representing a 64% year-on-year increase. This production milestone highlights the company's growing manufacturing capabilities and its ability to meet increasing market demand.

Order Book and Pipeline

The company's order book remains robust, standing at 25 GW worth ₹49,000.00 crores. Additionally, Waaree Energies boasts an impressive pipeline exceeding 100 GW, indicating strong future growth potential. The revenue mix showed a balanced distribution, with one-third coming from international sales and two-thirds from domestic markets.

Expansion Plans

Waaree Energies has outlined ambitious expansion plans across multiple segments:

• Module capacity: Targeting 26 GW by FY27
• Cell capacity: Aiming for 16 GW by FY27
• Ingot-wafer capacity: Planning 10 GW by FY27

The company is also venturing into new areas with planned capacities of:

• 3.5 GWh for battery storage
• 3 GW for inverters
• 300 MW for hydrogen electrolyser

Additional Investments

The board has approved an additional investment of ₹2,754.00 crores for expanding cell and ingot-wafer capacities by 4 GW each.

US Market and New Orders

Waaree Energies secured 2.23 GW of new orders from the United States during the quarter. The company is closely monitoring anti-dumping investigations while leveraging its global manufacturing footprint to navigate potential challenges.

Management Guidance

The management has maintained its EBITDA guidance of ₹5,500.00-6,000.00 crores for the fiscal year, demonstrating confidence in the company's growth trajectory.

Analyst Call Highlights

During the earnings conference call, Waaree Energies' management provided additional insights:

• The company is on track to reach 25 GW of module manufacturing capacity in the next six months.
• Waaree is expanding its global footprint, with a focus on the US market and exploring opportunities in Europe and the Middle East.
• The company is actively managing its supply chain to maintain gross margins amidst fluctuating input costs.
• Waaree's US manufacturing facility is fully booked, with plans to double capacity to 3.2 GW in the next 6-9 months.

With its strong financial performance, robust order book, and strategic expansion plans, Waaree Energies appears well-positioned to capitalize on the growing demand for solar energy solutions both domestically and internationally.