Solar module manufacturer Waaree Energies’ revenue from operations for the fourth quarter (Q4) of the financial year (FY) 2026 rose 111.8% year-over-year (YoY) to ₹84.80 billion (~$894.34 million) from ₹40.04 billion (~$422.28 million).

The company attributed the revenue increase to strong module sales, advancing upstream integration, and consistent delivery through operational efficiency.

The company’s profit after tax (PAT) rose 74.8% YoY to ₹11.26 billion (~$118.75 million) from ₹6.44 billion (~$67.92 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹15.77 billion (~$166.32 million), a 70.9% increase from ₹9.23 billion (~$97.34 million) in the same quarter of the previous year.

Module production capacity increased to 4.2 GW in Q4 FY 2026, up from 2.1 GW in the same period the previous year.  Cell production capacity grew from 100 MW to 700 MW.

Jignesh Rathod, Director and Chief Executive Officer at Waaree Energies, said, “This year was defined by execution at scale, advancing backward integration and ensuring consistent delivery through operational excellence. Operating EBITDA increased by 117.10%, while total EBITDA and net profit stood at ₹66.17 billion (~$697.86 million) and ₹38.84 billion (~$409.63 million), respectively. The company exceeded its total EBITDA guidance of ₹55 billion (~$580.06 million)-₹60 billion (~$632.79 million).”

“As we enter FY 2027, the company is projecting an operating EBITDA range of ₹70 billion (~$738.26 million)-77 billion (~$812.08 million). Our focus is on deepening value chain integration, scaling next-generation growth engines, strengthening vertical capabilities, and expanding into high-potential adjacent segments,” he added.

Financial Year 2026

Waaree Energies posted revenue of ₹265.37 billion (~$2.79 billion) in FY 2026, up 83.7% YoY from ₹144.45 billion (~$1.52 billion).

The company posted a profit of ₹38.84 billion (~$409.63 million) in FY 2026, up 101.5% from ₹19.28 billion (~$203.34 million) the previous year.

EBITDA for the year stood at ₹59.09 billion (~$623.19 million), a 117.1% yoY increase from ₹27.22 billion (~$287.08 million).

Its module production capacity increased 71% YoY from 7.1 GW to 12.6 GW, and cell production capacity rose from 100 MW to 2.3 GW.

The company has a total module capacity of around 26 GW and cell manufacturing capacity of 5.4 GW.

The company has a current order book of ₹530 billion (~$5.59 billion), and an order pipeline of over 100 GW.

The company is also planning to expand its battery storage capacity to 20 GWh by FY 2028.

Operational Highlights

Waaree commenced construction of a 10 GW integrated ingot-and-wafer facility in Nagpur and commissioned an additional 3 GW of module capacity at Samakhiali, Gujarat.

It is also planning capacity expansions in batteries, solar cells, ingot wafers, and green hydrogen electrolyzers.

Last month, the Board of Directors of Waaree Energies approved an investment of ₹1.9 billion (~$20.32 million) in its transformer solutions subsidiary Waaree Transpower, increasing its stake in the company to 75.1%.

In February this year, Waaree Energies announced plans to set up a 16 GWh integrated lithium-ion battery manufacturing plant in Rambili, Anakapalli, Andhra Pradesh, with an investment of ₹81.75 billion (~$901.26 million). The integrated greenfield lithium-ion manufacturing plant will cover the entire battery value chain, including cell manufacturing, battery packs, and large-scale battery energy storage systems.

The company’s revenue rose 118.8% YoY in Q3 FY 2026 to ₹75.65 billion (~$826.77 million) from ₹34.57 billion (~$377.84 million).