Waaree Energies Q1 Profits Rise 89%, EBITDA Margins Expand to 22.5%

Solar equipment manufacturer, Waaree Energies, reported a strong Q1 performance for the April–June quarter of FY26, with consolidated net profit rising 20.3% sequentially to ₹745 crore, compared to ₹394 crore in Q1FY25. 

The firm's revenue from operations rose 30% to Rs 4,426 crore in Q1FY26 as against Rs 3,409 crore in Q1FY25. Sequentially, it managed to grow revenue by 10.5% over Q4, when it had logged Rs 4003 crores.  

Major Capex Announced for Manufacturing Expansion 

The company also announced that its board has approved capex of Rs 2,754 crore to set up two new manufacturing plants.

"Board approved Capex for setting up of 4 GW Cell plant in Unn, Dist: Navsari in the State of Gujarat, and 4 GW Ingot Wafer plant in Nagpur in the state of Maharashtra for a total amount of Rs 2,754 Crores through its wholly owned subsidiary Sangam Solar One Private Limited. The Capex will be spread over FY 2026-27 and will be financed through a combination of internal accruals and borrowed capital," the company said in a stock exchange filing.

During the quarter, the company improved EBITDA margin to 22.5%, compared to 14.3% in the previous quarter, underscoring strong demand and efficiencies internally. The firm remains geared for a strong FY26 show, thanks to a strong order book in hand. 

Specifically for module sales, the firm grew sales by over 21% to Rs 3872 crores from RS 3178 crores in Q1 FY25. Sequentially, module sales grew 7% over Rs 3616 crores in the Quarter ending March 2025. 

Despite the strong financial print, Waaree shares ended the day lower, closing at ₹3,097.40 on the NSE, down 3.15%. Nevertheless, the company's robust Q1 numbers certainly place the firm well to weather the downward pressure it has seen on the markets today, linked mostly to the lack of the US-India trade deal so far. Watch this space for a more detailed report on management commentary soon.