Waaree Energies Reports Strong Q1 FY27 Results with 79% Revenue Growth; Order Book Crosses ₹61,500 Crore
Waaree Energies Limited has announced a strong financial and operational performance for the quarter ended June 30, 2026 (Q1 FY27). The company delivered robust growth across revenue, profitability, and solar module sales, supported by strong demand, expanding manufacturing capacity, and a healthy order pipeline.
Key Financial Highlights (Q1 FY27)
Waaree Energies reported revenue from operations of ₹7,932 crore, registering a 79.2% year-on-year (YoY) increase compared to the same quarter last year. Higher solar module sales and continued execution of large-scale projects drove the impressive growth.
Operating EBITDA rose 44.4% YoY to ₹1,440 crore, with the company reporting a healthy EBITDA margin of 18.2%, reflecting improved operating efficiency despite industry competition.
Profit After Tax (PAT) increased 15.4% YoY to ₹892 crore, while the net profit margin stood at 11.0%, demonstrating the company’s ability to maintain profitability alongside rapid business expansion.
Waaree also delivered strong return ratios, with Return on Capital Employed (ROCE) at 28.5% and Return on Equity (ROE) at 24.8%, highlighting efficient capital utilization and shareholder value creation.
Strong Order Book and Operational Performance
The company continued to strengthen its leadership in the renewable energy sector through higher production, expanding manufacturing capabilities, and a growing order pipeline.
Order Book Crosses ₹61,500 Crore
As of July 28, 2026, Waaree Energies’ consolidated order book stood at approximately ₹61,500 crore. The order pipeline includes business across:
- Solar manufacturing
- Waaree Renewable Technologies Limited (WRTL)
- Transformers
- Battery energy storage systems
- Inverters
- Electrolyzers
The diversified order book provides strong revenue visibility for the coming years.
Solar Module Sales Nearly Doubled
Solar module sales reached 3.6 GW during Q1 FY27, compared to 1.9 GW in the corresponding quarter of the previous fiscal, reflecting robust demand from both domestic and international markets.
Manufacturing Capacity Remains Strong
Waaree maintained one of the industry’s largest manufacturing footprints with:
- Approximately 26 GW of solar module manufacturing capacity
- 5.4 GW of solar cell manufacturing capacity
The expanded capacity positions the company to capitalize on rising global demand for solar energy solutions.
Retail Business Delivers Exceptional Growth
The company’s retail segment recorded outstanding performance during the quarter. Retail revenue surged 150% YoY to ₹1,322 crore, up from ₹530 crore in Q1 FY26, driven by increasing adoption of rooftop solar solutions and distributed energy systems.
Strong Balance Sheet Supports Future Expansion
Waaree Energies continues to maintain a strong financial position. As of June 30, 2026, the company reported a net debt-to-equity ratio of -0.08x, indicating a net cash position. This healthy balance sheet provides significant financial flexibility to support capacity expansion, technology investments, and execution of its large order book.