Overview
- Waaree Energies reported Q4 FY26 revenue of ₹8,480 crore, up about 112% year on year, with net profit at ₹1,126 crore, even as EBITDA fell quarter on quarter and margin narrowed to roughly 18.6%.
- Investors sold the stock after the results, with a roughly 10–11% drop as weaker operating margin undercut the strong top line.
- Chief financial officer Abhishek Pareek said Waaree plans about ₹30,000 crore of spending over two years for backward integration into cells, ingots and wafers, plus battery storage, solar glass and power infrastructure.
- To support the buildout, the company is seeking up to ₹10,000 crore via qualified institutional placement or other instruments subject to approvals, and rising working-capital days to about 90 signal tighter cash needs.
- Management guided operating EBITDA of ₹7,000–7,700 crore for FY27 and highlighted recent scale gains, including 4.2 GW of module output in the quarter, 12.6 GW in FY26, a 3 GW module addition at Samakhiali and a ₹1,200 crore T&D acquisition.