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- Q2 FY26 results
WAAREE ENERGIES Q2 FY26 results: net profit up 133.8% to ₹878.21 crore, revenue up 69.7%
WAAREE ENERGIES LIMITED reported consolidated revenue of ₹6,066 crore and a net profit of ₹878.21 crore for Q2 FY26, with EBITDA of ₹1,406 crore at a 23.2% margin. Revenue rose 69.7% from Q2 FY25, while profit after tax rose 133.8% and basic EPS increased to ₹29.33.
Key points
- Consolidated Q2 FY26 revenue was ₹6,066 crore, up ₹2,491 crore or 69.7% from Q2 FY25.
- EBITDA was ₹1,406 crore, up ₹881.55 crore or 168.0% year on year, with margin rising 8.5 percentage points to 23.2%.
- Net profit was ₹878.21 crore, up ₹502.55 crore or 133.8% from Q2 FY25; basic EPS rose to ₹29.33.
- In H1 FY26, revenue was ₹10,491.47 crore, total income was ₹10,823.72 crore and net profit was ₹1,651.1 crore.
- At 30 September 2025, total assets were ₹24,624.96 crore, total equity was ₹11,702.78 crore, borrowings were ₹2,390.42 crore and cash was ₹556.9 crore.
How did WAAREE ENERGIES perform in Q2 FY26?
Consolidated revenue for Q2 FY26 was ₹6,066 crore, compared with ₹3,574 crore in Q2 FY25 and ₹4,426 crore in Q1 FY26. EBITDA was ₹1,406 crore, with a 23.2% margin, against ₹524.85 crore and 14.7% in the year-ago quarter and ₹997.32 crore and 22.5% in the previous quarter. The results also include standalone revenue of ₹4,581.84 crore and standalone net profit of ₹1,159.53 crore.
Profit after tax was ₹878.21 crore, compared with ₹375.66 crore in Q2 FY25 and ₹772.89 crore in Q1 FY26. Basic EPS was ₹29.33, against ₹13.75 in the year-ago quarter and ₹25.94 in the previous quarter. Profit before tax was ₹1,231 crore, compared with ₹498.84 crore and ₹943.36 crore in the respective comparison periods.
| ₹ crore | Q2 FY26 | Q1 FY26 | Q2 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 6,066 | 4,426 | 3,574 | +69.7% | +37.1% |
| Other income | 160.90 | 171.35 | 89.09 | +80.6% | −6.1% |
| Total expenses | 4,995 | 3,654 | 3,165 | +57.8% | +36.7% |
| EBITDA | 1,406 | 997.32 | 524.85 | +168.0% | +41.0% |
| EBITDA margin | 23.2% | 22.5% | 14.7% | +8.5 pp | +0.7 pp |
| Profit before tax | 1,231 | 943.36 | 498.84 | +146.9% | +30.5% |
| Tax | 353.25 | 170.47 | 123.18 | +186.8% | +107.2% |
| Net profit | 878.21 | 772.89 | 375.66 | +133.8% | +13.6% |
| EPS (₹) | 29.33 | 25.94 | 13.75 | +113.3% | +13.1% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in WAAREE ENERGIES's costs and profit?
Total expenses increased by ₹1,830 crore year on year to ₹4,995 crore. Cost of materials rose by ₹1,050 crore to ₹3,199 crore, employee cost increased by ₹85.76 crore to ₹152.51 crore, finance costs rose by ₹65.25 crore to ₹96.08 crore, and depreciation increased by ₹155.49 crore to ₹239.76 crore. Other expenses were higher by ₹503.04 crore at ₹781.93 crore. There was no exceptional item.
Other income increased by ₹71.81 crore to ₹160.90 crore from ₹89.09 crore in Q2 FY25. Tax expense was higher by ₹230.07 crore at ₹353.25 crore, compared with ₹123.18 crore. EBITDA rose by ₹881.55 crore to ₹1,406 crore, while profit before tax increased by ₹732.62 crore to ₹1,231 crore; net profit rose by ₹502.55 crore to ₹878.21 crore. The filing does not state a reason for the movement in the cost lines.
| ₹ crore | Q2 FY26 | Q2 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 3,199 | 2,149 | +1,050 | +48.9% |
| Employee cost | 152.51 | 66.75 | +85.76 | +128.5% |
| Finance costs | 96.08 | 30.83 | +65.25 | +211.6% |
| Depreciation | 239.76 | 84.27 | +155.49 | +184.5% |
| Other expenses | 781.93 | 278.89 | +503.04 | +180.4% |
| Total expenses | 4,995 | 3,165 | +1,830 | +57.8% |
| Other income | 160.90 | 89.09 | +71.81 | +80.6% |
| Tax | 353.25 | 123.18 | +230.07 | +186.8% |
Source: Company's results filing (XBRL).
How did the first half of FY26 go?
For H1 FY26, consolidated revenue was ₹10,491.47 crore, compared with ₹6,983.28 crore in H1 FY25. Total income rose to ₹10,823.72 crore from ₹7,159.88 crore, while profit before tax increased to ₹2,174.82 crore from ₹1,029.37 crore. Net profit was ₹1,651.1 crore, compared with ₹776.78 crore, and basic EPS increased to ₹55.27 from ₹28.73.
Revenue in the first half was higher by ₹3,508.19 crore, or 50.2%, while total income rose by ₹3,663.84 crore, or 51.2%. Profit before tax increased by ₹1,145.45 crore, or 111.3%, and net profit rose by ₹874.32 crore, or 112.6%. Basic EPS increased by ₹26.54, or 92.4%.
| ₹ crore | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Revenue from operations | 10,491 | 6,983 | +50.2% |
| Profit before tax | 2,175 | 1,029 | +111.3% |
| Net profit | 1,651 | 776.78 | +112.6% |
| EPS (₹) | 55.27 | 28.73 | +92.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2025, total assets were ₹24,624.96 crore, against ₹19,747.38 crore at 31 March 2025, while total equity was ₹11,702.78 crore compared with ₹9,595.28 crore. Borrowings increased to ₹2,390.42 crore from ₹939.46 crore, and cash rose to ₹556.9 crore from ₹509.83 crore. Inventories were ₹4,708.82 crore, compared with ₹2,692.11 crore, and trade receivables were ₹1,310.36 crore against ₹1,184.77 crore.
H1 FY26 operating cash flow was ₹1,005.06 crore, compared with ₹1,493.16 crore in H1 FY25. Investing cash flow was ₹-2,807.95 crore against ₹-1,486.09 crore, while financing cash flow was ₹1,856.83 crore compared with ₹356.52 crore. Capital expenditure was ₹2,576.28 crore in H1 FY26, against ₹1,612.07 crore in H1 FY25; closing cash for H1 FY25 was ₹490.11 crore.
| ₹ crore | As of 30 September 2025 | As of 31 March 2025 |
|---|---|---|
| Total assets | 24,625 | 19,747 |
| Total equity | 11,703 | 9,595 |
| Borrowings | 2,390 | 939.46 |
| Cash and equivalents | 556.90 | 509.83 |
| Inventories | 4,709 | 2,692 |
| Trade receivables | 1,310 | 1,185 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY26 | H1 FY25 |
|---|---|---|
| Cash from operations | 1,005 | 1,493 |
| Cash from investing | −2,808 | −1,486 |
| Cash from financing | 1,857 | 356.52 |
| Capital expenditure | 2,576 | 1,612 |
Source: Company's results filing (XBRL).
How has WAAREE ENERGIES done over the last 5 quarters?
Revenue in the trend data rose from ₹3,574.38 crore in Q2 FY25 to ₹6,065.64 crore in Q2 FY26, with the highest quarterly revenue in Q2 FY26 and the lowest in Q3 FY25 at ₹3,457.29 crore. The direction has been upward across the reported quarters, including ₹4,425.83 crore in Q1 FY26 and ₹6,065.64 crore in Q2 FY26.
Net profit increased from ₹375.66 crore in Q2 FY25 to ₹878.21 crore in Q2 FY26, while the lowest reported profit was ₹375.66 crore in Q2 FY25 and the highest was ₹878.21 crore in Q2 FY26. EBITDA margin bottomed at 14.7% in Q2 FY25, rose to 23.0% in Q4 FY25, eased to 22.5% in Q1 FY26 and reached 23.2% in Q2 FY26.
Which businesses drove the quarter?
The reported Solar Photovoltic Modules segment generated revenue of ₹5,369.34 crore and EBIT of ₹1,064.83 crore, with an EBIT margin of 19.8%. The segment’s year-ago revenue and EBIT comparison figures were not provided in the supplied data.
Generation of power reported revenue of ₹7.42 crore and EBIT of ₹4.42 crore, with an EBIT margin of 59.6%. Engineering, procurement and construction contracts reported revenue of ₹763.72 crore and EBIT of ₹115.05 crore, with an EBIT margin of 15.1%. Year-ago comparison figures were not provided for these segments.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Solar Photovoltic Modules | 5,369 | 1,065 | 19.8% | |
| Solar Photovoltic Modules | 5,369 | 1,065 | 19.8% | |
| Generation of power | 7.42 | 4.42 | 59.6% | |
| Generation of power | 7.42 | 4.42 | 59.6% | |
| Engineering, procurement and construction (EPC) contracts | 763.72 | 115.05 | 15.1% | |
| Engineering, procurement and construction (EPC) contracts | 763.72 | 115.05 | 15.1% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2025, along with the limited review report. It also declared an interim dividend of ₹2 per equity share of face value of ₹10 each for the financial year ending 31 March 2026. The record date was fixed as 24 October 2025, with payment scheduled for 6 November 2025.
The company also filed an investor and earnings presentation for the quarter and half year ended 30 September 2025. The presentation stated that the order book was about ₹47,000 crore and that the company had approved an interim dividend of ₹2.00 per share. The board filing did not report a fund raise or any appointment.
What did WAAREE ENERGIES's management say?
On the earnings call, management reaffirmed FY26 EBITDA guidance of ₹5,500–6,000 crore and called the range its “North Star”. Management said module capacity was expected to reach 26.7 GW in FY26, cell capacity was targeted at 15.4 GW by 2027, and ingot and wafer capacity at 10 GW by 2027. It also said battery energy storage capacity would reach 20 GWh by FY28 and inverter capacity would reach 4 GW by FY27.
Management said the order book was ₹47,000 crore, with 60% overseas, and that the pipeline exceeded 100 GW. It said the company was expanding into cells, ingots and wafers, batteries, inverters, transformers and smart meters, with acquisitions involving Meyer Burger, Kotsons and Racemosa. The company expects its capex programme to exceed ₹25,000 crore over 24 months, with 10–15% in FY26, about 50% in FY27 and the balance in FY28.
Management identified the US AD/CVD investigation on cell sourcing, cybersecurity threats, regulatory changes, tariff effects on US order bookings and power supply instability at Indosolar’s Noida facility as risks. The company said it was cooperating with US Customs and Border Protection and had not quantified the investigation outcome. Management also said PLI benefits were not included in its stated business performance and would be “a cherry on the top” rather than the main business.
How did WAAREE ENERGIES shares react?
The results were released after market hours, with the stock at ₹3,650.00 against a prior close of ₹3,630.00. From the price when the filing appeared, it fell 1.3% after 5 minutes, 1.4% after 15 minutes and 2.3% after 30 minutes. On the reaction day it fell 2.7%, and by the next day’s close it was down 3.5% from the pre-results close. By five sessions later, it was down 1.3%.
The Other Electrical Equipment sector median fell 0.6% on the reaction day and 1.1% by the next day, while the Nifty Midcap 150 moved down 0.5% and up 0.1%, respectively. WAAREE ENERGIES underperformed the sector median by 2.2 percentage points on the reaction day and 2.4 percentage points by the next day’s close. Earlier results-day moves were 13.5% on 22 April 2025, 0.6% on 30 January 2025 and -7.2% on 18 November 2024.
| After the filing | Stock | Other Electrical Equipment median |
|---|---|---|
| 5 minutes | −1.3% | |
| 15 minutes | −1.4% | |
| 30 minutes | −2.3% | |
| Reaction day | −2.7% | −0.6% |
| Next day | −3.5% | −1.1% |
| 5 days | −1.3% | +1.3% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 22 April 2025 | +13.5% |
| 30 January 2025 | +0.6% |
| 18 November 2024 | −7.2% |
Source: MarketPing price-reaction measurement.
How did other Other Electrical Equipment companies do?
There were 42 Other Electrical Equipment peers compared for revenue growth, with a median revenue growth of 24.1%. Thirty peers grew more slowly than WAAREE ENERGIES and 12 grew faster than the company. Thirty-one of 43 peers with profit comparisons reported higher profit.
| WAAREE ENERGIES revenue growth (YoY) | +69.7% |
|---|---|
| Median of 42 other Other Electrical Equipment companies | +24.1% |
| Companies with slower revenue growth than WAAREE ENERGIES | 30 of 42 |
| Companies with faster revenue growth than WAAREE ENERGIES | 12 of 42 |
| Companies whose net profit rose | 31 of 43 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was WAAREE ENERGIES's revenue in Q2 FY26?
Revenue from operations was ₹6,066 crore, up 69.7% from ₹3,574 crore in Q2 FY25 (consolidated).
Did WAAREE ENERGIES make a profit in Q2 FY26?
Yes. Net profit was ₹878.21 crore, against a net profit of ₹375.66 crore in Q2 FY25.
What was WAAREE ENERGIES's EPS in Q2 FY26?
Basic earnings per share were ₹29.33, against ₹13.75 in Q2 FY25.
How did WAAREE ENERGIES shares react to the Q2 FY26 results?
On the reaction day the stock moved −2.7% from the previous close; the median Other Electrical Equipment stock moved −0.6%.
When did WAAREE ENERGIES announce its Q2 FY26 results?
On 16 October 2025, in a filing to the NSE.
Sources
- Outcome of Board Meeting (NSE, 16 October 2025) · PDF
- The earnings call (28 October 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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