Waaree Energies (WAAREEENER) Q1 26/27 earnings summary

Executive summary

• Achieved record order book of INR 61,500 crore as of July 2026, with INR 16,000 crore in new orders in Q1 FY27 and significant capacity expansions, including 3 GW module and 5.15 GWh BESS container production.

• Retail revenue more than doubled year-over-year, with the segment heading towards INR 9,000–10,000 crore in FY27 and rapid e-commerce scaling.

• U.S. manufacturing ramping up, with 125 MW HJT module orders secured and major BESS orders.

• Acquired 55% stake in Associated Power Structures for INR 1,225 crore, expanding into transmission and distribution.

• Unaudited consolidated and standalone financial results for Q1 FY27 reflect continued growth and operational expansion.

Financial highlights

• Revenue from operations grew 79.2% year-on-year to INR 7,932 crore in Q1 FY27, with operating EBITDA of INR 1,440 crore (18.2% margin) and PAT of INR 892 crore (11% margin).

• Retail revenue surged 130% year-on-year to INR 2,289 crore.

• Module volumes sold grew 89% year-on-year to 3.6 GW.

• Consolidated net profit attributable to owners was INR 850.22 crore, with EPS (basic) at INR 29.56.

• Standalone revenue from operations was INR 6,221.67 crore, with net profit at INR 739.10 crore for Q1 FY27.

Outlook and guidance

• Reaffirmed FY27 operating EBITDA guidance of INR 7,000–7,700 crore.

• Retail segment expected to reach INR 9,000–10,000 crore for FY27.

• Module and cell capacity ramp-up to drive margin expansion and higher utilization rates.

• IPO proceeds remain partially unutilized and are temporarily invested.

• Ongoing legal and regulatory matters in the US and India may impact future results.