Waaree Energies Posts 84 Percent Revenue Growth to INR 26,537 Cr in FY26, PAT Doubles
Waaree Energies reported 83.72 percent YoY revenue growth to INR 26,536.77 crore and 101.45 percent rise in PAT to INR 3,884.15 crore in FY26, supported by strong capacity expansion and operational scale.
April 30, 2026. By Mrinmoy Dey
In Q4 FY26, the company reported a quarterly revenue of INR 8,840.25 crore, delivering a 111.80 percent YoY growth. Quarterly PAT reached INR 1,126.26 crore, advancing 74.76 percent YoY.
Achieved module production of 4.2 GW in Q4 FY26 and the highest ever annual production of 12.6 GW for FY26, supported by strong operational efficiency and scale advantages.
During the quarter, Waree also commissioned additional module capacity of 3 GW at Samakhiali, Gujarat. The board approved an INR 3,900 crore capex for a 2,500 TPD glass manufacturing plant.
The company also commenced construction of India’s largest 10 GW integrated ingot and wafer facility in Nagpur with INR 6,200 crore capex, strengthening upstream solar manufacturing and supply chain self-reliance.
Commenting on the results, Jignesh Rathod, Whole Time Director & CEO, Waaree Energies, said, “This year was defined by execution at scale, advancing backward integration and ensuring consistent delivery through operational excellence. Scale expansion improved efficiency and cost leadership, supporting strong demand. We have exceeded our previously issued total EBITDA guidance of INR 5,500-6,000 crore, demonstrating the effectiveness of our growth strategy and disciplined execution.”
He further added, “With expansions into battery energy storage systems, inverters, transformers, transmission and distribution and electrolysers for green hydrogen, Waaree 2.0, the company's strategic transformation into a fully-integrated, global clean energy provider. Our ability to deliver end-to-end renewable solutions and positions us as a technology-driven energy company powering global clean energy ambitions.”
The company is projecting an operating EBITDA range of INR 7,000-7,700 crore in FY27. “Our focus is on deepening value chain integration while scaling next-generation growth engines, strengthening Waaree's vertical capabilities and expanding into high-potential adjacent segments,” stated Rathod.
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