Waaree Energies Results- Q4 Revenues Up 38%, FY25 Profits Up 107%

India’s largest module , and now cell maker Waaree Energies Ltd has reported its Q4 FY25 results. The firm reported its best quarterly numbers yet, with revenues growing 38% YoY to a lifetime high of Rs. 4,141 Cr for the quarter. EBITDA grew faster on the back of improving margins, rising 116% YoY. Finally, profit after tax (PAT) grew a solid 255% as well. With an order book of over 25 GW in hand valued at Rs 47,000 crores, the firm remains well placed to deliver strongly in future quarters after operationalising a 5.4 GW cell facility in Gujarat during the quarter, easily India’s largest.

Key Performance Highlight for Q4 FY25:

• Production of 2.06 GW in Q4 FY25 vs 1.35 GW for Q4 FY24.
• Revenue for the quarter stood at Rs. 4,140.92 Cr reporting a growth of 37.69% YoY
• PAT of Rs. 648.49 Cr reported a substantial growth of 254.49% YoY

Key Performance Highlight for FY25:
• Production of 7.13 GW in FY25 vs 4.77 GW for FY24
• Revenue for the year stood at Rs. 14,846.06 Cr reporting a growth of 27.62% YoY
• PAT of Rs. 1,932.15 Cr reported a substantial growth of 107.08% YoY

On a quarter on quarter basis, when compared to its Q3 performance, revenues and net profits grew over 16% and 27% respectively.

Management Commentary

Commenting on the results Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd said:
“FY25 marks a pivotal inflection point in Waaree’s journey- a year where our strategy, scale, and execution converged to deliver industry-leading EBITDA performance of Rs. 3,123.20 crore.

We see encouraging demand trends, which bodes well for future growth. Waaree is focused on both backward and forward integration, reflected in our expansion and investment plans including cell, ingot and wafer manufacturing, battery energy storage system, power infrastructure and inverters.

Our 1.6 GW module manufacturing facility is operational in Brookshire, Texas, USA. This reinforces our commitment to the American market and underlines our local-for-local manufacturing philosophy. Our strategy of local manufacturing and supply chain management will help us navigate through the changing policy environment.

Furthermore, our EBITDA outlook for FY26 stands at Rs. 5,500 Cr to Rs.6,000 Cr. The quality of our order book and execution capabilities will enable us to achieve these numbers.”

Guidance for FY26

In guiding for an EBITDA growth of over 75%, the Waaree management seems to have been guided by its strong order book as well as favourable situation in key markets, especially the Indian market as well its top export market, the US.