1. Opening Hook
Just when everyone thought Indian solar stocks were done showing off, Waaree walked in with a mic drop.
While most companies were busy blaming macros, Waaree decided to double revenue instead. Bold move.
Q3FY26 wasn’t about “steady execution” or “green shoots.” It was about brute-force scale, unapologetic capex, and management basically saying, “Yes, we’ll manufacture everything. What about it?”
From modules to cells, inverters to transformers, batteries to hydrogen—this concall felt less like earnings and more like a national infrastructure blueprint.
And just in case you missed the numbers, they didn’t whisper them—they shouted.
Stick around. It only gets more aggressive (and slightly unbelievable) from here.
2. At a Glance
- Revenue ₹7,565 Cr (+119% YoY) – Solar demand didn’t knock; it kicked the door down.
- EBITDA ₹1,928 Cr (+167% YoY) – Operating leverage finally woke up and chose violence.
- EBITDA Margin 25.5% – Manufacturing with luxury-brand margins, apparently.
- PAT ₹1,107 Cr (+118% YoY) – Profits decided to keep pace with ambition.
- Order Book ~₹60,000 Cr – Enough visibility to make Excel sheets feel secure.
- ROCE 40% / ROE 36.8% – Capital efficiency that makes bankers smile quietly.
3. Management’s Key Commentary
“We delivered our highest ever quarterly revenue and EBITDA.”
(Translation: Records are now a quarterly ritual. 😏)
“We
achieved 1 GW+ module production in a single month.”
(Factory machines clearly skipped tea breaks.)
“We have a strong pipeline of over 100 GW.”
(Future revenue already standing in line.)
“Our backward integration into ingots and wafers is progressing as planned.”
(China-proofing the supply chain, one furnace at a time.)
“BESS and electrolyser projects are on track.”
(Because solar alone wasn’t complicated enough.)
“We expect to overachieve our FY26 EBITDA guidance.”
(Under-promise? Never heard of her. 😏)
“Waaree is emerging as a fully integrated energy transition player.”
(Solar company? That label is officially retired.)
4. Numbers Decoded
Metric Q3FY26 What It Really Means
--------------------------------------------------------------
Revenue ₹7,565 Cr Scale kicking in hard
EBITDA ₹1,928 Cr Fixed costs surrendered
EBITDA Margin 25.5% Manufacturing nirvana
PAT ₹1,107 Cr Cash is finally obeying
Order Book ₹60,000