Solar module manufacturer Waaree Energies’ total income for the first quarter (Q1) of the financial year (FY) 2026 rose 31% year-over-year (YoY) to ₹45.97 billion (~$529.19 million) from ₹34.96 billion (~$402.44 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 83% to ₹11.68 billion (~$134.45 million) from ₹6.39 billion (~$73.55 million) in Q1 FY 2025.

Waaree Energies’ quarterly net profit grew 93% YoY to ₹7.72 billion (~$88.86 million) from ₹4.01 billion (~$46.16 million).

Its earnings per share came in at ₹25.84 (~$0.3) during the quarter compared to ₹14.93 (~$0.17) during the same period the previous year.

Waaree achieved the highest ever quarterly module production of 2.3 GW in this quarter, compared to 1.4 GW in the corresponding quarter last year.

The company’s manufacturing capacity includes 15 GW of solar modules and 5.4 GW of solar cells. It has an order book of approximately 25 GW, worth approximately ₹490 billion (~$5.64 billion).

Waaree stated that it is on track to commission an additional 1.6 GW module manufacturing facility in Texas and 3.2 GW in Gujarat. Green hydrogen, inverter, and battery energy storage system facilities under construction are also on track.

The board of directors has approved an additional capital expenditure of ₹27.54 billion (~$317.02 million) to expand cell capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra.

Waaree maintains its FY 2026 EBITDA guidance of ₹55 billion (~$633.13 million) to ₹60 billion (~$690.69 million).

Waaree Energies announced an expansion of its solar module manufacturing operations in the U.S. The company will establish an additional 1.6 GW solar module manufacturing unit at its existing facility in Brookshire, Texas. With this move, Waaree’s total manufacturing capacity in the U.S. will increase to 3.2 GW.

Earlier this year, Waaree entered into a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.