Waaree Energies Limited is India’s largest solar module manufacturer with an integrated presence across modules, solar cells, ingots, wafers, and adjacent businesses such as inverters, hydrogen electrolysers, and battery energy storage. The company operates India’s largest solar giga complex with 10 GW of module capacity and 5.4 GW of solar cell capacity, supported by strong domestic and international demand. Waaree is focused on providing full-stack clean energy solutions to global customers.
Management Commentary
Amit Paithankar – CEO
- Highlighted Waaree’s record-breaking quarter with 31% YoY revenue growth, 83% EBITDA growth, and 93% PAT growth.
- Production rose 64% YoY to 2.3 GW, the highest ever quarterly output.
- Order book remains strong at 25 GW (₹49,000 Cr), with a healthy pipeline of over 100 GW.
- Geographical mix: ~41% domestic, 59% international. Q1 revenue split was two-thirds domestic, one-third exports.
- India added 10.6 GW solar capacity in Q1 FY26 alone, nearly half of last year’s total. ALMM policy on solar cells (effective June 2026) to further boost domestic manufacturing.
- Secured 2.23 GW of orders in the U.S., aided by AI-driven data centers, reshoring of manufacturing, and EV electrification. FEOC compliance and U.S. presence safeguard against policy risks.
- Announced 6 GW module & cell facility in Gujarat, ingot-wafer facility in Maharashtra, and additional Rs 2,754 Cr capex to scale ingot & cell capacities to 10 GW each by FY27.
- Targeted overall FY27 capacity: 26 GW modules, 16 GW cells, 10 GW ingot-wafers.
- Expanding adjacencies: 3.5 GWh battery storage, 3 GW inverters, 300 MW hydrogen electrolyser, and renewable infrastructure (₹650 Cr equity outlay, 170 MW PPAs signed, pursuing 5 GW connectivity).
- Aim: Become a one-stop full-stack energy transition provider, increasing wallet share from 40–45% in core solar to 85–90% with integrated offerings.
Sonal Shrivastava – CFO
- Reported Q1 FY26 revenue of ₹4,597 Cr, up 31.5% YoY.
- EBITDA at ₹1,169 Cr, up 82–83% YoY, with 25.4% margin (+700 bps expansion).
- PAT at ₹773 Cr, up 93% YoY.
- Highlighted strong margin expansion due to operational efficiency, cost control, and premium product mix.
Closing Guidance
- Waaree expects FY26 EBITDA of ₹5,500–6,000 Cr.
- In next six months, module manufacturing capacity will reach 25 GW.
- All capex and diversification projects are on track.
Question and Answer Session Highlights
Q: What are the plans for Indosolar acquisition?
- CEO & CFO: Indosolar (1.3 GW capacity) is used for module manufacturing in North India. Q1 revenue: ₹196 Cr, EBITDA: ₹65 Cr. Ramp-up continues with strong efficiency.
Q: Current technology mix – TOPCon vs Mono PERC?
- CEO: Transitioning rapidly to TOPCon; will dominate in 3–7 months. Mono PERC only for older orders. Incremental capex to shift from Mono PERC to TOPCon: ~15–20%.
- CFO: Focus on maintaining gross margins despite input price fluctuations from China.
Q: Solar cell facility utilization?
- CEO: 5.4 GW plant operational. Older lines at ~80% utilization, newer at 40–50%. DCR cells used in PM Surya Ghar & Kusum schemes.
Q: Impact of ALMM policy timeline (June 2026)?
- CEO: Deadline unchanged. Grandfathering extended, adding ~10 GW to the earlier ~110 GW projects. Waaree’s capacity ramp-up ensures readiness.
Q: Shift of integrated facility from Odisha to Gujarat & Maharashtra?
- CEO: Land already secured. Gujarat (modules), Maharashtra (ingot-wafer), and Gujarat-Unn (cells). Construction progressing; commissioning by FY27.
Q: IPP/Infrastructure strategy?
- Group Head Finance: Expanding beyond modules into EPC, inverters, batteries, land & connectivity to increase wallet share from 45% to ~90%. Signed 170 MW PPAs; pursuing 5 GW pipeline.
Q: U.S. expansion & tariffs?
- CEO: Texas plant (1.6 GW) fully booked, expanding to 3.2 GW in 6–9 months. FEOC compliance ensures no Chinese inputs for U.S. supplies. Investigations/tariffs manageable due to local footprint and margin-protection clauses.
Q: Margins – module vs cell?
- CFO: Module EBITDA margins ~17–18%. Cells add 300–400 bps, supported by backward integration.
Q: Future capacity outlook?
- CEO: By FY27 – 26 GW modules, 16 GW cells, 10 GW wafers, 3.5 GWh BESS, 3 GW inverters. Confident demand from India & U.S. supports multi-decadal growth.
Highlight Sheet
- Revenue: ₹4,597 Cr (+31.5% YoY, record high)
- EBITDA: ₹1,169 Cr (+83% YoY, margin 25.4%, +700 bps)
- PAT: ₹773 Cr (+93% YoY, record high)
- Production: 2.3 GW (+64% YoY, highest ever)
- Order Book: 25 GW (₹49,000 Cr), pipeline >100 GW
- Capex Announced: ₹2,754 Cr (4 GW each in cells & ingots expansion)
- Capacity Targets (FY27): 26 GW modules, 16 GW cells, 10 GW ingots, 3.5 GWh BESS, 3 GW inverters, 300 MW electrolysers
- Geography Mix: 41% India, 59% overseas; revenue split 2/3 domestic, 1/3 international
- U.S. Orders: 2.23 GW booked in Q1 FY26
- Policy Support: ALMM deadline (June 2026), FEOC compliance for U.S., Indian government push for Atmanirbhar Bharat
- Guidance: FY26 EBITDA ₹5,500–6,000 Cr; module capacity to reach 25 GW in 6 months