Waaree Energies Posts Record Q3 Profit As Solar Manufacturing Ramps Up

Indian solar module and cell manufacturer Waaree Energies Limited today issued the financial results for the third quarter (Q3) of FY26. It also announced the financial results for the nine months of the ongoing fiscal. 

The company reported a 118 percent jump in its Profit After Tax (PAT) on a Year-on-Year (YoY) basis. It also reported a jump in its total revenue on a YoY basis. Revenue from operations for the Mumbai-based firm more than doubled to ₹7,565.05 crore in the third quarter of fiscal 2026, up 118.8% from ₹3,457.29 crore a year earlier.

As per the details furnished by the company, the earnings before interest, taxes, depreciation and amortisation (EBITDA) surged 167.2% year-on-year to ₹1,928.15 crore, while the EBITDA margin expanded to 25.49% from 20.88%.

Net Profit 

The company, spearheaded by Hitesh Doshi, reported a Profit After Tax (PAT) of ₹1,106.79 crore in the third quarter. This was a 118% jump on a YoY basis. 

For the first nine months of FY26 also, the revenues saw an upward trend. Waaree Energies' revenue also increased 72.95% to ₹18,056.52 crore, while EBITDA jumped 140.79% to ₹4,331.88 crore. Net profit for the period more than doubled to ₹2,757.89 crore, compared with ₹1,283.67 crore a year earlier.

Module & Cell Manufacturing

During the quarter, the company achieved solar module production of 3.51 gigawatts (GW) and solar cell production of 0.75 GW, supported by expanded manufacturing capacity and operational efficiencies.

Waaree Energie said its order book stood at about ₹60,000 crore. The company also commissioned additional solar module manufacturing capacity of 2.1 GW at Chikhli and 3 GW at Samakhiali in Gujarat, along with 3.05 GW of inverter manufacturing capacity at Sarodhi.

As part of its ongoing capital expenditure programme of around ₹10,000 crore, the company raised about ₹1,003 crore to set up a 20 gigawatt-hour advanced lithium-ion cell and battery pack manufacturing facility. It also invested $30 million in United Solar Holding Inc., a polysilicon producer in Oman, to secure a traceable supply chain for its expanding domestic and overseas manufacturing footprint.

Management Response 

Amit Paithankar, Whole Time Director and CEO of Waaree Energies, said the company’s performance reflected strong demand and disciplined execution, adding that Waaree became the first Indian manufacturer to achieve monthly solar module production and sales exceeding 1 GW.

"With disciplined execution, prudent capital allocation and strategic diversification, we are confident of closing FY26 on a  strong note. Waaree is on track to achieve its EBITDA target of ₹5,500–6,000 crores while creating long-term value for stakeholders and contributing meaningfully to India’s clean energy transition," Paithankar said. 

Waaree said it was expanding into adjacent clean energy segments including battery energy storage systems, inverters, transformers, renewable power infrastructure and green hydrogen electrolysers, as it targets full-year EBITDA of ₹5,500–6,000 crore.