How Much Modules & Cells Did Waaree Energies Produce In Q2? Read Here

Indian solar module and cell manufacturing company Waaree Energies claimed that its cumulative annual solar module manufacturing capacity (including its US line) has reached 18.7 GW, the highest in India. This is in addition to its new vertical of solar cells, which is creating another revenue stream for the firm.

For Waaree, the expansion in production and diversification of products has led to a record-breaking quarterly performance. The firm said that its revenue for the quarter grew 70% year-on-year, while its EBITDA rose by 155%, and PAT for Q2 reported a 135% growth.

The company now claims that while its total module production capacity stands at 18.7 GW, its functional and operational cell capacity has reached 5.4 GW. It said this is the largest cell manufacturing facility of its kind in India. Waaree Energies’ order book remains strong at ₹47,000 crore as of September 30, 2025.

Module & Cell Production in Q2

The company said it produced 2.6 GW of solar modules and 0.6 GW of solar cells during Q2. It added that around 60% of its orders are overseas, providing insights into the firm’s order book.

“The production is ramping up, and we expect it to further improve in the second half of the year. As we mentioned, the order book stands roughly at 24 GW, of which approximately 60% is overseas and the remaining 40% is domestic. Our order pipeline remains healthy at over 100 GW. The revenue contribution of the domestic market was 53% for the quarter,” Amit Paithankar, CEO of Waaree Energies, said.

Waaree Energies has also commenced and commercialised an additional 2.75 GW of solar module manufacturing capacity at its Chikhli facility. It is now planning to augment its Battery Energy Storage System (BESS) capacity from 3.5 GW to 20 GW.

Other Key Takeaways

An interesting takeaway from Waaree’s conference call was the emphasis on the growing retail market. It is notable that retail demand is not included in the company’s reported order book position. This means that retail sales and demand exist beyond the ₹47,000 crore order book. Leading module makers, including Waaree, have highlighted that this provides them with an added cushion against unforeseen disruptions in the project pipeline.

Waaree also remains confident of further expanding its margins as its cell manufacturing ramp-up progresses. These cells will primarily cater to the strong demand for DCR modules, which currently command a significant market premium.

Addressing concerns about overcapacity in India, Waaree’s management explained the dynamics by factoring in the DC versus AC capacity conversion. CEO Amit Paithankar explained it as follows:

“There is DC capacity and then there is AC capacity, and what we need to provide to the grid differs by about 1.3 to 1.4 times. So, let’s say I need to add 40 gigawatts to the grid—it actually translates to around 60 to 65 gigawatts of solar panels. Then, if you consider the capacity utilization of a typical plant, you have to add another factor of around 15% to 20%. So, from a module perspective, demand in capacity terms translates to around 70–75 gigawatts.

“Secondly, if you consider the 237 gigawatts of solar capacity India aims to deploy by 2030, demand is only going to rise. In the coming years, it could reach 50 to 60 gigawatts or even higher annually. What is not factored in yet is the additional demand expected from two emerging segments—data centers and green hydrogen. These will further drive demand.

“Looking ahead, the demand is likely to be much higher than what we currently see. On the supply side, most upcoming projects will require cells made in India, and increasingly, ingots and wafers that are also manufactured domestically. This will completely reshape market dynamics.”