Transcript of Analyst/Institutional Investor Meeting for Audited Financial Results (Standalone and Consolidated) for the Quarter and Year ended March 31, 2026 held on Thursday, April 30, 2026.
WAAREEENER · price
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Waaree Energies delivered record FY26 performance with revenue of INR 26,537 crores (84% YoY growth), operating EBITDA of INR 5,909 crores (117% growth, margin 22.27% vs 18.84% prior year), and PAT of INR 3,884 crores (101% growth). The company is the largest non-Chinese solar module manufacturer globally with 26 GW capacity and 5.4 GW cell capacity in India. Management guided for FY27 operating EBITDA of INR 7,000-7,700 crores (20-25% growth). Key strategic moves include acquiring polysilicon supply in Oman, entering transmission and distribution via APSL acquisition (INR 1,225 crores), and approving INR 3,900 crores for PV glass manufacturing. The company plans INR 30,000 crores capex to build out Waaree 2.0 with battery, inverter, transformer, and green hydrogen capabilities. Q4 margin moderated due to silver/copper price volatility, logistics disruptions from Middle East crisis, and lower export mix. G12R technology transition is underway with full ramp-up expected in one quarter.
Strong execution with margin expansion positions Waaree for continued growth. The INR 10,000 crores fundraise will fuel Waaree 2.0 expansion across adjacencies, with benefits expected to materialize from H2 FY27 as new capacities (15.5 GW cell, battery) come online.