Waaree Energies Q2 Profit Surges 134% YoY to ₹878 Cr On Strong Operational Growth

Mumbai-based Waaree Energies reported an impressive 69.96% year-on-year (YoY) growth in Q2 FY26, with quarterly income of ₹6,226.54 crore. the numbers will no doubt reassure investors who have been spooked by the volatility in the US market, a key export destination for Waaree. The company’s EBITDA for the quarter stood at ₹1,567.30 crore, marking a 155.29% YoY increase with margins of 25.17%. It also recorded a Profit After Tax (PAT) of ₹878.21 crore, reflecting a substantial 133.78% YoY surge. Additionally, the company achieved a production of 2.64 GW in Q2 FY26, driven by a strong operational focus.

Other Key Highlights:

• On 16th October 2025, the Board of Directors have approved an Interim Dividend of ₹ 2.00 per share. Perhaps the first possible sign of a period of relatively slower growth but strong margins coming up?

• Successfully commissioned additional ~3 GW solar module manufacturing facility at Chikhli, (Gujarat)

• The Board of Directors had earlier approved an additional capex of ~ ₹ 8,175 crores on October 1, 2025 to expand capacity o Storage Cell and BESS manufacturing capacity from 3.5 GWh to 20 GWh with an additional Capex of ~ ₹ 8,000 crores for an Electrolyser manufacturing plant from 0.3 GW to 1GW with an additional Capex of ~ ₹ 125 crores o Inverter manufacturing plant from 3 GW to 4 GW with an additional Capex of ~ ₹ 50 crores

• The company also completed the following acquisitions: 

o Completed acquisition of 64% stake in Kotsons Private Limited on 7 October 2025 to expand transformer business

o Assets of Meyer Burger in USA acquired for $18.5 million, mainly manufacturing plant and machinery for its US manufacturing.  

o Acquisition underway for 76% stakes in Racemosa Energy (India) Private Limited to enhance advanced metering portfolio.

Leadership View

Commenting on the results, Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd, said, "Waaree Energies Limited continues to deliver robust operational performance in Q2 FY26, building on the momentum of the previous quarter. This quarter is a best ever quarter in terms of revenue and profitability. Our EBITDA margin expanded by over 800bps backed by favourable revenue mix. Our order book stands strong, and we expect the operational momentum to be stronger in the second half as well. The company continue to expand its operations capacity both In India and US." 

On the company's market growth he said, "The Indian module capacity has expanded by ~3 GW during Q2 to reach 16.1 GW, and US capacity now stands at 2.6 GW with acquisition of Meyer Berger assets outlining our strong commitment towards the US market. The demand outlook for US market remains robust and our ramp-up is progressing as per schedule. We continue to take strong strides towards building an integrated energy solution platform. The recent additional commitment of ~ ₹8,175 crores towards BESS, Inverter and Green Hydrogen Electrolysers, along with recent strategic acquisitions in transformer and smart meter, are steps towards that direction. I am pleased to inform that the Board has approved a dividend of ₹ 2.00 per share marking an affirmation of our exemplary financial performance and robust cashflow generation."