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Strong Solar Module Sales Propel Waaree Energies’ Income Up 70% in Q2 FY26

Waaree Energies Ltd., one of India’s leading solar module manufacturers, has reported a strong financial performance for the second quarter of FY26, driven by robust module sales and growing domestic and international demand.

The company’s total income surged 69.96% year-on-year (YoY) to Rs 62.27 billion (~$708.4 million) from Rs 36.63 billion (~$416.8 million) in the same period last year. EBITDA climbed 155.29% YoY to Rs 15.67 billion (~$178.3 million), while net profit jumped 133.78% to Rs 8.78 billion (~$99.9 million), compared to Rs 3.76 billion (~$42.7 million) in Q2 FY25. Earnings per share rose to Rs 29.27 (~$0.33) from Rs 13.71 (~$0.16) in the year-ago quarter.

Operational Highlights: Waaree Energies reported module production of 2.6 GW during the quarter, up from 1.9 GW in Q2 FY25. The company’s current manufacturing portfolio includes 18.7 GW of solar modules and 5.4 GW of solar cells. Its order book now stands at approximately 24 GW, valued at Rs 470 billion (~$5.35 billion), supported by growing demand across utility-scale, rooftop, and export segments.

Capacity Expansion Plans: To meet rising market demand, Waaree is undertaking major capacity expansions across its solar value chain:

• Modules: Currently operating 16.1 GW in India and 2.6 GW in the U.S., with an additional 6 GW under the Production-Linked Incentive (PLI) scheme and 2.05 GW in the pipeline — including 1.5 GW in the U.S. This will raise total module capacity to 26.7 GW by FY26.
• Cells: Presently at 5.4 GW in India, with 6 GW under PLI and another 4 GW to be added domestically, taking total cell capacity to 15.4 GW by FY27.
• Ingots and Wafers: Plans to build upstream capacity of 10 GW by FY27, including 6 GW under PLI and 4 GW in India.

Half-Yearly Performance (1H FY26): For the first half of FY26, total income rose 51.17% YoY to Rs 108.24 billion (~$1.23 billion) from Rs 71.60 billion (~$814.6 million) in the same period last year. EBITDA increased 118.19% to Rs 27.36 billion (~$311.3 million), while net profit grew 112.56% to Rs 16.51 billion (~$187.9 million). Earnings per share for 1H FY26 stood at Rs 55.11 (~$0.63), up from Rs 28.65 (~$0.33) in 1H FY25.

Outlook and Investments: Waaree reaffirmed its FY26 EBITDA guidance in the range of Rs 55–60 billion (~$625–682 million), supported by a strong order pipeline, disciplined margin management, and strategic capital investments.

Recently, the company approved Rs 80 billion (~$901 million) in additional capital expenditure for its wholly owned subsidiary Waaree Energy Storage Solutions. The funds will be used to expand the lithium-ion cell and battery energy storage system (BESS) manufacturing plant from 3.5 GWh to 20 GWh.

Additionally, Waaree Clean Energy Solutions, another subsidiary, received approval for Rs 1.25 billion (~$14.1 million) in capex to increase the electrolyzer manufacturing plant’s annual capacity from 300 MW to 1,000 MW, furthering Waaree’s presence in the clean hydrogen value chain.

With strong quarterly performance, expanding capacity, and strategic investments in energy storage and electrolyzers, Waaree Energies continues to strengthen its position as a key player in India’s renewable energy manufacturing ecosystem.