Waaree Energies Ltd. reported strong financial performance for the first quarter of FY27, with revenue from operations rising 79.22% year-on-year to ₹7,931.79 crore, driven by higher module production, strong demand across domestic and international markets, and continued expansion under its “Waaree 2.0” growth strategy.
The company added new orders worth approximately ₹16,000 crore during the quarter, taking its total order book to around ₹61,500 crore.
Operating EBITDA increased 44.38% year-on-year to ₹1,439.92 crore, while profit after tax (PAT) rose 15.39% to ₹891.87 crore. Operating EBITDA margin stood at 18.15%, compared with 22.53% in the corresponding quarter last year, while PAT margin declined to 11.01% from 16.81%.
Waaree manufactured 3.24 GW of solar modules during the quarter, representing a 41.51% increase compared with Q1 FY26, supported by operational efficiencies and manufacturing scale.
The company said construction of its 10 GW solar cell manufacturing facility at Unn, Gujarat, is progressing as planned and is expected to begin production during the current financial year.
During the quarter, Waaree also expanded its clean energy portfolio by commencing automated battery energy storage system (BESS) container manufacturing with an annual capacity of 5.15 GWh at its Rola, Gujarat facility. In addition, it acquired a 55% equity stake in Associated Power Structures Pvt. Ltd. to strengthen its power infrastructure capabilities and support integrated renewable energy project execution.
The company also expanded its international presence by securing new business opportunities across Europe, the Middle East, New Zealand and Australia, further strengthening its global footprint.
Commenting on the results, Jignesh Rathod, Whole Time Director and CEO of Waaree Energies, said the company’s strong quarterly performance reflects the resilience of its integrated business model, disciplined execution and sustained demand across domestic and international markets. He added that Waaree’s record order book of approximately ₹61,500 crore provides strong revenue visibility while the company’s diversified clean energy businesses are beginning to contribute meaningfully alongside its core solar manufacturing operations.
Rathod said Waaree continues to transform into a broader energy transition company through investments in advanced manufacturing, energy storage, power infrastructure and global expansion. He added that the company’s strong balance sheet and expected cash flow generation position it well to fund its strategic growth plans while maintaining disciplined capital allocation.
Waaree reaffirmed its FY27 operating EBITDA guidance of ₹7,000 crore to ₹7,700 crore, supported by its growing order book and expanding portfolio of renewable energy businesses.
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