Waaree Energies
Listed Integrated — per-stock model.
Latest concall
Q4 FY26 · 30 Apr 2026- FY26 revenue ₹26,537 cr (+84%), PAT ₹3,884 cr (+101%); Q4 PAT ₹1,126 cr.
- Module capacity ~26 GW (24.15 India + 1.6 US); cell 5.4 GW; FY26 output record 12.6 GW.
- Q4 margin hit by high silver/copper, Mideast logistics, lower overseas mix.
- M10R→G12R (615W) transition lifts realisation 10-12%; retail revenue ₹5,515 cr (+84%).
~₹53,000 cr order book; 65-70% overseas long-range orders execute over next 3-4 years.
- FY27 operating EBITDA guided ₹7,000-7,700 cr (+20-25%); sustained margin 19-20%.
- 10 GW cell live H2 FY27 → cell 15.5 GW; Nagpur 10 GW ingot-wafer (₹6,200 cr) FY28.
- US capacity to 4.2 GW (add 2.6 GW ~6 months); Waaree 2.0 ~$3.5 bn capex; raising up to ₹10,000 cr.
Q4 FY26 earnings call (ScanX / SolarQuarter)
Order book
Revenue FY26E
EBITDA margin
P/E
Target price
Financials
Annual · ₹ crore · E = estimate.
Annual financials
₹ crore · FY25 → FY28E
Revenue, EBITDA & margin
Bars ₹cr (left) · margin % (right)
Quarterly
₹ crore · recent quarters.
Quarterly financials
₹ crore
Revenue & margin trend
Bars ₹cr (left) · margin % (right)
Valuation
As of 21 Aug 2026
P/E
EV / EBITDA
P/B
Operating metrics
What the rest of the dashboard tracks for Waaree Energies — capacity, auctions, offtake, manufacturing and returns.
Commissioning pipeline
Guided COD tracked from concalls, with slippage vs earlier guidance
| Project | Capacity | Original | Current | Slip | Status |
|---|---|---|---|---|---|
Chikhli 5.4 GW cell line (Gujarat) | 5.4 GW | Q3 FY25 | Q4 FY25 | +1Q | commissioned |
Policy exposure
Schemes whose impact note names this company
- Basic Customs Duty (BCD) on Cells/ModulesTradeActive
Shields all domestic makers (Waaree, Premier, Vikram, Adani) by pricing up Chinese imports; raises input costs for EPCs and developers (Sterling & Wilson, Tata Power) still reliant on imported cells.
- ALMM List-II (Solar Cells)ManufacturingEffective
A major win for domestic cell makers — Premier Energies, Websol, Waaree, Adani — who can sell scarce Indian cells at a premium; assemblers without their own cell lines must now buy domestic cells or lose ALMM eligibility.
- Domestic Content Requirement (DCR)ManufacturingActive
Creates a high-margin premium market for integrated makers with domestic cells (Waaree, Premier, Adani); rooftop installers and PM-KUSUM vendors must source the pricier DCR kit.
- Model Solar Village (under PM Surya Ghar)RooftopActive
Small but steady rooftop and EPC orders for regional installers and residential-kit makers (Tata Power Solar, Waaree, Luminous).
- PM Surya Ghar Muft Bijli YojanaRooftopActive
A demand engine for rooftop installers and residential-kit makers — Tata Power Solar, Waaree, Premier, Luminous; DCR rules steer the orders to domestic-cell makers.
- PLI - High Efficiency Solar PV ModulesManufacturingActive
Cash incentive for the awarded integrated players — Reliance, Adani, Waaree, Premier Energies, Vikram, Tata Power — tied to hitting local-manufacturing and output milestones (disbursement has lagged badly).
- ALMM List-I (Solar PV Modules)ManufacturingActive
Protects listed Indian module makers whose panels are ALMM-approved — Waaree, Premier Energies, Vikram Solar, Adani Solar, Tata Power Solar; foreign and unlisted makers are locked out of subsidised and government demand.
Operating & order mix
Unit economics and the order book.
Shareholding
% · as of 30 Jun 2026
Shareholding pattern
%