Waaree Energies Limited, a leading solar energy company in India, specializes in manufacturing high-efficiency solar PV modules, with a 15 GW capacity, the largest in the country. It operates a 5.4 GW cell factory and a 1.6 GW U.S. facility. With a robust INR 47,000 crore order book, Waaree drives sustainability, targeting net-zero emissions by 2030, and expands into battery storage, green hydrogen, and EPC services.
In this article we are going to discuss the summary of the management commentary that was delivered on Q4FY25 performance.
Opening Remarks & Strategic Overview – Amit Paithankar (CEO)
- 2025 has been a landmark year for Waaree. It was a year of exceptional performance, major
milestones, and solid execution across the board.
- Company’s revenues for FY25 reached INR14,846 crores with an EBITDA of INR3,123 crores. The order book remains robust at INR47,000 crores. And as of March 31, company had INR15,550 crores of funds available for capital deployment.
- Company’s module manufacturing capacity now stands at 15 gigawatts, making us the largest in the country.
- Company’s 5.4 gigawatt cell factory was inaugurated during the year, also the largest of its kind in India. In the U.S., company has operationalized 1.6 gigawatts manufacturing facility. Indosolar, which Waaree acquired, had its first year of operations in 2025 and posted a profit of INR55 crores.
- The company Ranked as Tier 1 PV Module Supplier by BNEF for the 38th consecutive quarter.
- The company won ecovadis gold medal, placing us in the top 3% of companies globally.
- CARE upgraded company’s rating from A+, for long term, and A1+, for short term.
- On the backward integration
- have already achieved 15 gigawatts of model manufacturing capacity and are targeting additional 4.8 gigawatts by FY27.
- 6 gigawatt integrated wafer cell and module factory remains on track for 27.
- 3.5 gigawatt battery storage facility and 300 megawatt green hydrogen electrolyzer plant are also scheduled to be operational by 2027.
- EPC business
- EPC business is growing with 3.2 gigawatts under execution. A 3 gigawatt inverter facility is on track to be on line late FY26.
- 14.1% share of India’s module manufacturing and over 400 channel partners across the country, company is able to reach to every nook and corner of our vast country.
Financial Performance
| Metric | Q4 FY25 | Q4 FY24 (YoY) | FY25 | FY24 | YoY Growth |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 4,140.92 | ~3,006.6 (est.) | 14,846.06 | ~11,690 (est.) | ~27% YoY |
| EBITDA (₹ Cr) | 1,059.57 | ~490.5 (est.) | 3,123.00 | ~1,809 (est.) | ~72.6% YoY |
| EBITDA Margin (%) | 25.59% | ~16.5% (est.) | 21.04% | 15.56% | +548 bps YoY |
| Profit After Tax (₹ Cr) | 644.47 | 475.00 | 1,928.00 | 1,275.00 | ~51.3% YoY |
| Order Book (₹ Cr) | — | — | 47,000.00 | — | — |
| Customer Advances (₹ Cr) | — | — | 4,300–4,400 | — | — |
| Available Funds (₹ Cr) | — | — | 15,550.00 | — | — |
- FY25 consolidated revenue grew 27% YoY to ₹14,846 Cr.
- EBITDA grew 72.6% YoY to ₹3,123 Cr, with margins expanding to 21.04%.
- PAT increased 51.3% to ₹1,928 Cr.
- Q4 revenue was ₹4,140.92 Cr, up 37.7% YoY.
- Q4 EBITDA doubled to ₹1,059.57 Cr, with margin at 25.59%.
FY26 Outlook
- company is projecting an EBITDA range of INR5,500 crores to INR6,000 crores, a substantial growth from FY25.
- Order book remains strong, with high visibility and customer advances (₹4,300–₹4,400 Cr in contract liabilities).
- Majority of FY26 performance will come from core solar manufacturing and EPC; batteries and hydrogen to contribute from FY27.
Question and Answer Session Highlights
Majority of FY26 performance will come from core solar manufacturing and EPC; batteries and hydrogen to contribute from FY27.
DCR is an extremely important strategy and like you rightly said, 5.4 gigawatts of self-manufacturing has commenced in our factory in Chikhli. So the DCR order book is getting built fast and furious.
One of the segments which is going to be a primary off-taker for that is going to be the retail segment. And that is a more book and ship kind of a segment where you book the order and in a fairly short period of time you ship it. And so that overall order book is looking very strong and actually is building up in a very fast manner
given that the recent uncertainty from the new US administration and recent tariff announcement, what kind of risk do you envisage, especially on the overseas order book, in terms of execution or postponement of the orders in F26 and F27?
So the good part for us in our business, as I was talking about in my opening commentary, is we have a INR47,000 crores of order book. And that’s a fairly certain and a stable order book for which we already have received advances for most of the line items. And we are in the process of delivering that order book, which is why our certainty for the EBITDA numbers are.
So from that perspective we — I would not say nobody can be completely insulated in the way in which things are moving around. But for the present year, for ‘2026 we are fairly confident of achieving our EBITDA guidance number that we have given, which is INR5,500 crores to INR6,000 crores.
Sir, on the FY26 guidance, if you can — because we are moving from a manufacturing, lead business to manufacturing plus like an IPP, if you can roughly give the breakup between what will come from our manufacturing, whether it’s cells and modules and batteries, etcetera., which will come in the future and from the IPP business.
So the primary business for 2026 will continue to be our manufacturing business, the core business, solar business. As you would have seen from our presentation as well as the comments that I gave right at the beginning, most of those, whether it’s batteries or whether it’s green hydrogen, these facilities will be up and running in our expectation in 2027. So 2026, it’s going to be a very similar set of businesses that we already have that is going to deliver the numbers.
on the order book breakup. And what kind of capacity utilizations are we looking at now and going forward? If you could throw some light on that.
So our order book at this point in time is roughly split about 47% from India or 45% from USA and the rest overseas. So that’s the number at this point in time. And from a CUF perspective, we have been constant. And that’s how if you see the revenue uplift that we have, a lot of it has actually come out of sweating the assets better. And every passing month, we keep getting better and better.
We have a bit of a spread depending on the type of lines that we have and several factories that we have. The CUF is actually ranging anywhere from 60% to in some cases even touching 90%. So it’s a mixed bag. But over a period of time, our endeavour will be to continue to keep pushing the CUF up. And which is also a significant portion of the EBITDA component that we are talking about.
I just wanted to understand this guidance of this 5,500 crores to 6,000 crores order. Does it also include other income in that?
So, the guidance that we have given, Mr. Subramaniam, is guidance that the EBITDA that is going to get generated out of our operations and really not any — I mean, there is no other exceptional, other income or anything of that sort included in that. This is pure play income that is going to come out of operations.
do you expect your realisation also to improve from here on? Currently when we look at your quarterly numbers, we are sitting somewhere around 21 cents on the module side. So, how do you see this developing over next year?
I think the number to look at is the gross margin management. And that’s what we have been focusing on throughout in Waaree. If you look at the pricing on solar over the years, the trend is coming down and rightly so because of technology changes and therefore the input price also changes, the main input ingredients. And that’s what we manage here in Waaree.
So, as the prices are coming down, you will see our raw material prices are coming down faster and therefore we are able to manage a good margin and that’s something that we hope to do as we continue into the future. The strategy to do this is, you can see our order book.
So, the moment we have an order, we try to see what kind of raw materials can be secured against that order. So, we kind of have a lock-in on the margin. Of course, we try to do that as much as possible and that’s what is a continuous effort in Waaree. So, you will see over the last — all the quarters this year, the margin, gross margin improvement has happened.