Waaree Energies Reports 47.3 Percent Revenue Growth to INR 15,449.5 Cr in H1 FY27
Waaree Energies reported a 47.3 percent YoY increase in consolidated revenue to INR 15,449.5 crore in H1 FY27, while PAT stood at INR 1,645.5 crore and module production reached 6.3 GW.
October 28, 2026. By Mrinmoy Dey
For Q2 FY27, the company recorded revenue from operations of INR 7,517.7 crore, up 23.9 percent from INR 6,065.6 crore in Q2 FY26. Operating EBITDA declined 5.1 percent YoY to INR 1,335.2 crore, while PAT fell 14.2 percent to INR 753.6 crore from INR 878.2 crore in the corresponding quarter last year.
Waaree's operating cash flow increased to INR 3,483.6 crore in H1 FY27 from INR 574.7 crore in H1 FY26. The company's retail business recorded revenue of INR 5,753 crore during the first half, compared with INR 1,976.8 crore in the year-ago period, registering 191 percent YoY growth. Retail accounted for 37.2 percent of the company's business mix in H1 FY27, compared with 18.8 percent in H1 FY26, and contributed 46.1 percent in Q2 FY27.
On the operational front, solar module production increased to 6.3 GW in H1 FY27 from 4.9 GW in H1 FY26, with production of 3 GW during Q2 FY27. Solar cell production reached 1.9 GW in H1 FY27, compared with 0.8 GW in the corresponding period last year. In Q2 FY27, cell production stood at 1.1 GW, against 0.6 GW in Q2 FY26, with capacity utilisation of 81 percent.
During the quarter, Waaree's board approved an investment of USD 37 million to expand the Meyer Burger facility in Arizona, the US, by an additional 0.6 GW. The expansion is expected to take the company's total US manufacturing capacity to 4.8 GW by March 2027.
The board also approved a scheme of amalgamation of subsidiary Indosolar with Waaree Energies through a resolution dated September 23, 2026. Under the proposed scheme, shareholders of Indosolar would receive one share of Waaree Energies for every 11 shares held in Indosolar.
Waaree also commenced advanced automated battery energy storage system (BESS) container manufacturing with a capacity of 5.15 GWh at its facility in Rola, Gujarat.
Commenting on the results, Jignesh Rathod, Whole Time Director and CEO, Waaree Energies, said, “Our H1 FY27 performance reflects the strength of our business fundamentals and consistent execution of our growth strategy. For H1 FY27 a 47 percent increase in revenues, coupled with 15 percent EBITDA growth and significant improvement in Operating Cashflows by almost 5x, demonstrates the resilience of our execution.”
He further added, “We are particularly encouraged by the strong momentum in our retail business and domestic US manufacturing, which recorded revenue growth of 191 percent and 113 percent, respectively, in H1 FY27. These businesses are becoming important contributors to our growth trajectory. As we continue to expand our capabilities and strengthen our presence across the clean energy value chain, we expect our Battery Energy Storage System (BESS), Transformers, Inverters, EPC T&D and Green Hydrogen businesses to contribute to future growth.”
By FY28, Waaree will be fully ready to execute on capacities namely ~29 GW of Solar PV, 15.4 GW of Solar Cell, ~5 GWh of BESS Pack and Container, ~3.5 GWh of Battery Cell manufacturing, 4 GW of Inverter, 20,000 MVA of Transformers and a larger integrated EPC entity (Projects + T&D), Rathod said.
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