Mumbai: Waaree Energies posted its highest-ever quarterly revenue of Rupees 7,565 crore in Q3 FY26, a 118.8 percent jump over Rupees 3,457.3 crore in Q3 FY25. Profit after tax also more than doubled year-on-year
to Rupees 1,106.8 crore, compared to Rupees 506.9 crore last year. Revenue has steadily risen through the year: Rupees 4,426 crore in Q1, Rupees 6,065.6 crore in Q2, and Rupees 7,565 crore in Q3. PAT followed a similar trend, climbing from Rupees 773 crore in Q1 to Rupees 878.2 crore in Q2 and Rupees 1,106.8 crore in Q3. The growth reflects the company’s expanded production capacity, robust order book, and cost discipline.
Sequential growth builds as margins expand
On a quarter-on-quarter basis, revenue rose 24.7 percent while net profit jumped 26.0 percent. Operating EBITDA came in at Rupees 1,928.2 crore, a 37.1 percent QoQ increase, with margins expanding to 25.5 percent from 23.2 percent in Q2. Material costs rose in line with volumes, but improved inventory management and a drop in stock-in-trade adjustment (Rupees 85.5 crore credit vs Rupees 406.8 crore debit in Q2) supported operating leverage. Manufacturing and EPC expenses also increased, aligning with the higher execution volumes.
Management commentary and key business drivers
While the presentation did not include direct quotes, management noted record module production of 3.5 GW and a growing order book nearing Rupees 60,000 crore. Major wins in Q3 included a 5.3 GW module order, Rupees 100 crore transformer order, and 10 MWh BESS deal. The company also commissioned 2.1 GW of new module capacity and 3 GW of inverter capacity in Gujarat. ROCE stood at 40 percent and ROE at 36.8 percent on a trailing 12-month basis. Waaree has raised Rupees 1,000 crore equity to fund a 20 GWh battery facility.
Nine-month performance underscores growth acceleration
For the nine months ended December 31, 2025, revenue rose 72.9 percent to Rupees 18,056.5 crore, while net profit more than doubled to Rupees 2,757.9 crore from Rupees 1,283.7 crore in the year-ago period. Operating EBITDA for 9M FY26 stood at Rupees 4,331.9 crore with a margin of 24 percent, indicating sustained margin strength. The company remains on track with its capex execution across solar, battery, inverter, and electrolyser segments, signaling strong momentum heading into the final quarter of FY26.
Disclaimer: This report is based on publicly disclosed financial results by Waaree Energies. It is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell.
