Waaree Energies, one of India’s leading renewable energy companies, announced its June-ending quarter results on July 28, reporting a 89% jump in consolidated net profit to ₹745 crore, compared to ₹394 crore in the same period last year.
The growth was driven by a sharp rise in solar photovoltaic (PV) module sales, with the company achieving its highest-ever quarterly module production of 2.3 GW in Q1 FY26, supported by strong operational focus. Cell production also continued to ramp up during the quarter, according to the company’s earnings’ report.
The revenue from solar PV modules rose to ₹3,872.35 crore, up from ₹3,178 crore in Q1 FY25, while revenue from the EPC segment jumped 160.50% YoY to ₹589.27 crore in Q1FY26.
Overall, the company’s consolidated revenue from operations improved 31.48% YoY to ₹4,597.18 crore. On the operating front, EBITDA surged 82.61% YoY to ₹1,168.67 crore, with EBITDA margins expanding by 712 basis points to 25.42%.
The company stated it remains on track to commission additional module manufacturing capacities of 1.6 GW in Texas (USA) and 3.2 GW in Chikhli (Gujarat). It is also increasingly focusing on green hydrogen, making significant investments in the sector, with green hydrogen, inverter, and battery energy storage system facilities under construction and progressing as planned, the company said.
In late January, the company’s wholly owned subsidiary, Waaree Clean Energy Solutions, received a Notification of Award (NOA) from Solar Energy Corporation of India Limited (SECI) to set up a production facility with a capacity of 90,000 MT per annum for green hydrogen.
The Board of Directors has additionally approved a capex of ₹2,754 crore to expand cell manufacturing capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra.
Commenting on the results, Dr. Amit Paithankar, Whole Time Director & CEO of Waaree Energies said, “Waaree continues to deliver strong operational performance in Q1 FY26, building on last year’s momentum. He highlighted a robust order book of ₹49,000 crore and a global project pipeline exceeding 100 GW, reflecting positive market sentiment across key geographies.”
Paithankar noted that achieving record module production of 2.3 GW underscores the company’s operational efficiency improvements, with factory build-out projects in India and the U.S. remaining on schedule. He added that cost discipline and profitability focus are clearly visible in the financial results, and the company maintains its FY26 EBITDA guidance of ₹5,500–6,000 crore.
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