Synopsis:
Waaree Energies posts strong Q1 with 29.8% YoY revenue growth and a 92.8% profit surge and unveils Rs. 2,754 Cr capex to expand solar capacity.
Renowned for its leadership in India’s solar energy sector, this company continues to set benchmarks in renewable expansion and performance. In this article, discover how robust quarterly financials and an ambitious Rs. 2,754 Cr capital expenditure plan for large-scale manufacturing capacity upgrades have driven its stock price.
Waaree Energies Limited’s stock, with a market capitalisation of Rs. 93,858 crores, rose to Rs. 3,274, hitting a high of up to 5.2 percent from its previous closing price of Rs. 3,111.80. Furthermore, the stock over the past year has given a return of 40 percent.
Capex Guidance
The company is making major changes by seeking shareholders’ approval to shift its 6 GW manufacturing facility from Odisha to Gujarat for cells and modules and to Maharashtra for ingots and wafers. The execution of this move is on track. In addition, the Board of Directors has approved an extra investment of Rs. 2,754 crore for expanding cell capacity by 4 GW in Gujarat and increasing ingot-wafer capacity by 4 GW in Maharashtra.
The company is also progressing well with its plans to add 4.8 GW of module capacity by FY26. Order flow is strong at approximately 2.23 GW, with most orders coming from US customers, showing robust demand. The overall order pipeline remains healthy at over 100 GW.
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Q1 Financial Update
The company reported strong growth in Q1FY26, with revenue rising 29.8% YoY to Rs. 4,426 crore from Rs. 3,409 crore and up 10.5% QoQ from Rs. 4,004 crore. This performance reflects a robust three-year sales CAGR of 72%, highlighting consistent topline expansion over time.
Net profit surged 92.8% YoY to Rs. 773 crore compared to Rs. 401 crore in Q1FY25 and rose 20% QoQ from Rs. 644 crore in Q4FY25. The three-year profit CAGR stands at an impressive 192%, supported by a healthy ROE CAGR of 31%, underscoring strong operational efficiency and sustained value creation for shareholders.
Order Book
The company has shown strong production growth, increasing its module production from 1.4 GW in Q1 FY25 to 2.3 GW in Q1 FY26, which is a 64% rise and marks a record quarterly production. It also has a solid order book of around 25 GW worth approximately Rs. 49,000 crore, with 41.3% of orders from India and 58.7% from overseas. In terms of revenue, 68% comes from domestic business, including retail, EPC, and enterprise sectors, while 32% comes from overseas markets.
Written By Fazal Ul Vahab C H
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