Transcript of Analysts/Institutional Investors Meeting call on Financial Results for the quarter and year ended March 31, 2025
Awaiting price reaction for this filing.
Waaree Energies reported FY25 revenue of INR14,846 crores, up 27% YoY, with EBITDA at INR3,123 crores (up 72.59%) and PAT at INR1,928 crores (up 51.29%). Q4 was even stronger with revenue of INR4,141 crores (up 37.7%) and EBITDA of INR1,060 crores (up 116%) at 25.59% margins. The company has an order book of INR47,000 crores and guided for FY26 EBITDA of INR5,500–6,000 crores, driven by scale, higher capacity utilization, and rising share of in-house cells. Management disclosed plans to add 3.2 GW at Chikhli (3–4 months), expand U.S. capacity by 1.6 GW, and complete a 6 GW integrated wafer/cell/module project (~INR9,000 crores capex) by 2027. The ENEL acquisition is expected to close this quarter with INR790+ crores equity commitment. DCR order book is building rapidly toward 1.5+ GW with PM Surya Ghar driving 10–15 GW demand.
Strong earnings beat with confident FY26 EBITDA guidance nearly doubling from FY25 levels should support the stock; the robust order book and capacity expansion pipeline indicate sustained growth visibility, while U.S. tariff exposure is partially hedged by local manufacturing.