Waaree Energies Limited has informed the Exchange about Transcript
WAAREEENER · price
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Awaiting price reaction for this filing.
Waaree Energies reported strong FY25 results with revenue of INR 14,846 crore (up ~27% YoY), EBITDA of INR 3,123 crore (up 72.6% YoY) at 21.04% margins (vs 15.56% prior year), and PAT of INR 1,928 crore (up 51.3% YoY). Q4 alone delivered revenue of INR 4,141 crore and EBITDA of INR 1,060 crore, with margins expanding ~900 basis points to 25.59%. Management gave FY26 EBITDA guidance of INR 5,500–6,000 crore, anchored on an INR 47,000 crore order book (split roughly 45% India / 55% overseas) and INR 15,550 crore of funds available. Capacity now stands at 15 GW modules and 5.4 GW cells in India, plus 1.6 GW operational in the US. DCR market is expected to scale from 3–4 GW to 10–15 GW; US tariff exposure is manageable at 17–20% of revenue given dual-country manufacturing footprint.
Strong FY25 print with margin expansion and confident FY26 EBITDA guidance of ~75–90% growth over FY25 should be supportive for the stock. Key positives: rising cell self-sufficiency, robust advance-backed order book, and disciplined dual-shore manufacturing strategy that cushions tariff risk. Investors should watch US tariff evolution and ramp-up of the 6 GW integrated PLI project (INR 9,000 crore capex, target 2027) for execution.