Overview

• Waaree Energies’ consolidated net profit for Q1 FY26 rose by 89% year-on-year to Rs 745 crore on a 30% increase in revenue to Rs 4,426 crore.
• The company achieved a record 2.3 gigawatts of module production while continuing to ramp up cell output.
• Its board approved a Rs 2,754 crore capital expenditure to add 4 GW of cell capacity in Gujarat and 4 GW of ingot-wafer capacity in Maharashtra.
• Shares climbed over 5% on July 29 after the results, and analysts at Kotak and Nuvama have raised profit forecasts and highlighted potential margin expansion.
• Management set an FY26 EBITDA target of Rs 5,500–6,000 crore underpinned by a Rs 49,000 crore order book and plans to double US manufacturing capacity to mitigate tariff risks.