Waaree Energies to Invest INR 15,000 Crore, Targets 26 GW Module and 16 GW Cell Capacity by FY27

Waaree Energies Ltd. has announced an ambitious INR 15,000 crore investment plan over the next two years to significantly expand its manufacturing footprint and diversify into new energy segments.

Speaking at its Institutional Investors Meeting for Q1 FY26, the company outlined its goal to increase module manufacturing capacity from 10 GW to 26 GW and solar cell capacity from 5.4 GW to 16 GW by FY27.

The expansion blueprint also includes establishing 10 GW of ingot-wafer capacity, a 3.5 GWh battery energy storage system (BESS) facility, 3 GW inverter production, and a 300 MW hydrogen electrolyser plant. These moves aim to position Waaree as an integrated “full-stack energy solutions provider,” capturing up to 90 percent of the customer wallet share.

Waaree’s order book currently stands at 25 GW worth INR 49,000 crore, with a project pipeline exceeding 100 GW. In Q1, 67 percent of revenue came from the Indian market and 33 percent from exports. The company is also ramping up its U.S. operations, expanding local manufacturing from 1.6 GW to 3.2 GW, to meet demand driven by AI data centers, EV adoption, and manufacturing reshoring. The strategy ensures compliance with Foreign Entity of Concern (FEOC) rules and maintains eligibility for 45X tax credits.

The company reported profit after tax surged 93 percent year-on-year to INR 773 crore, revenue rose 31.5 percent to INR 4,597 crore, and EBITDA jumped 83 percent to INR 1,169 crore, with margins improving 700 basis points to 25.4 percent. Quarterly production hit an all-time high of 2.3 GW.

Besides, Approved List of Models and Manufacturers (ALMM) for solar cells effective June 2026, are expected to further boost domestic demand, especially in DCR-focused schemes like PM Surya Ghar and KUSUM. Waaree sees a 14–15 GW untapped opportunity in the commercial and industrial (C&I) segment once ALMM clarity is in place.

The recent Indosolar acquisition has added 1.3 GW of module capacity in Northern India, contributing INR 196 crore in revenue and INR 65 crore in EBITDA during Q1. The company is also transitioning from Mono PERC to TOPCon technology within three to seven months, requiring only a 15–20 percent incremental capex.

Financially, Waaree remains strong with zero net debt and INR 7,500 crore in cash reserves. The expansion will be funded through internal accruals and tied-up debt. Management has guided for FY26 EBITDA in the range of INR 5,500–6,000 crore, reflecting confidence in sustained growth.