Overview
- Q2FY26 profit doubled year on year as production rose 42%, underscoring recent operating momentum.
- Waaree kept FY26 EBITDA guidance at Rs 5,500–6,000 crore, while Nuvama models a 43% EBITDA CAGR over FY25–FY28.
- The company reported a 24 GW order book valued at about Rs 47,000 crore, with EPC arm WRTL holding 3.5 GW.
- Nuvama highlights Rs 5,100 crore net cash and expects operating cash flows to support roughly Rs 25,000 crore in planned capex.
- Tailwinds include an expected H2 cell ramp, GST reduction to 5%, expanding exports, and diversification into inverters, electrolysers, green hydrogen and BESS, with US margins aided by pass‑through terms and diversified sourcing.