1. Opening Hook
While most Indian companies are still blaming El Niño, geopolitics, and the RBI for “temporary headwinds,” Waaree Energies just casually posted its best quarter ever. Again. Revenue doubled, profits followed, and management spoke like they’d unlocked a cheat code called “scale + integration.” Somewhere, a spreadsheet cried tears of joy.
This wasn’t a defensive concall. This was a victory lap with PowerPoint slides. Modules flew out faster than excuses in a bad quarter, EBITDA margins crossed 25%, and the order book swelled to a number that needs commas and courage.
Of course, nothing says confidence like announcing ₹25,000+ Cr of capex while promising even higher profitability. Either this is execution excellence… or the boldest solar flex we’ve seen in years.
Stick around. It gets louder, bigger, and more ambitious further down.
2. At a Glance
- Revenue up 119% YoY – Apparently, doubling revenue is now routine business.
- EBITDA up 167% YoY – Operating leverage entered god mode.
- EBITDA margin at 25.5% – Solar manufacturing, but make it luxury-grade.
- PAT up 118% YoY – Profits sprinted, didn’t jog.
- Order book ~₹60,000 Cr – Visibility so strong it needs sunglasses.
- ROCE 40% – Capital efficiency that would make bankers blush.
3. Management’s Key Commentary
“We delivered our best-ever quarterly performance across all metrics.”
(Translation: Yes, we’re showing off 😏)
“This quarter marks record module production of 3.5 GW.”
(Translation:
Factories are running hotter than Twitter debates.)
“Our integrated business model provides cost leadership and supply-chain security.”
(Translation: We don’t panic when China sneezes.)
“We expect to overachieve our FY26 EBITDA guidance of ₹5,500–6,000 Cr.”
(Translation: Guidance is a floor, not a ceiling.)
“Our capex plans across BESS, electrolyser, and ingot-wafers are progressing on schedule.”
(Translation: Wallet is open, execution helmet is on.)
“Waaree is emerging as India’s only fully integrated energy transition player.”
(Translation: ‘Solar company’ label is officially retired.)
4. Numbers Decoded
Metric Q3 FY26 YoY Change
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Revenue ₹7,565 Cr +119%
Operating EBITDA ₹1,928 Cr +167%
EBITDA Margin 25.5% +460 bps
PAT ₹1,107 Cr +118%
Order Book ~₹60,000 Cr Massive
ROCE ~40% Elite
What this really says:
Waaree isn’t just scaling volumes; it’s scaling profitability. That’s rare in manufacturing, rarer in solar, and almost illegal in cyclical industries.
5. Analyst Questions
- Q: Are margins sustainable at these levels?
A: Yes,
