Waaree Energies Reports 134 percent Profit Surge in Q2 FY26, Announces INR 8,175 Crore Capex
Waaree Energies posted a 69.96 percent YoY rise in Q2 FY26 income to INR 6,226.54 crore and a 133.78 percent jump in profit to INR 878.21 crore. In Q2 FY26, the company also announced investing INR 8,000 crore in increasing storage cell and BESS manufacturing capacity to 20 GWh.
October 21, 2025. By Mrinmoy Dey
The company reported a total income of INR 10,823.72 crore in H1 FY26, which is a 51.17 percent YoY increase from INR 7,159.88 crore posted in H1 FY25. PAT increased by 112.56 percent YoY to INR 1651.10 crore in H1 FY26 from INR 776.78 crore in H1 FY25.
Commenting on the results, Amit Paithankar, Whole Time Director and CEO, Waaree Energies, said, “Waaree Energies continues to deliver robust operational performance in Q2 FY26, building on the momentum of the previous quarter. This quarter is the best ever quarter in terms of revenue and profitability. Our EBITDA margin expanded by over 800bps, backed by a favourable revenue mix. Our order book stands strong, and we expect the operational momentum to be stronger in the second half as well.”
The company’s Indian module capacity has expanded by about 3 GW during Q2 to reach 16.1 GW, and US capacity now stands at 2.6 GW with the acquisition of Meyer Berger assets. “The demand outlook for the US market remains robust, and our ramp-up is progressing as per schedule. We continue to take strong strides towards building an integrated energy solution platform. The recent additional commitment of about 8,175 crores towards BESS, Inverter and Green Hydrogen Electrolysers, along with recent strategic acquisitions in transformer and smart meter, are steps towards that direction,” remarked Paithankar.
In October 2025, the company’s Board of Directors approved an additional capex of approximately INR 8,175 crore to expand capacity across multiple verticals. This includes increasing storage cell and BESS manufacturing capacity from 3.5 GWh to 20 GWh with an additional capex of INR 8,000 crore; scaling up the electrolyser manufacturing plant from 0.3 GW to 1 GW with an additional capex of INR 125 crore; and expanding the inverter manufacturing plant from 3 GW to 4 GW with an additional capex of INR 50 crore.
On the strategic acquisitions front, the company completed the acquisition of a 64 percent stake in Kotsons in October 2025, to strengthen its transformer business. It also acquired the assets of Meyer Burger in the USA for USD 18.5 million. Additionally, the company is in the process of acquiring a 76 percent stake in Racemosa Energy (India) to enhance its advanced metering portfolio.
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