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Waaree Energies
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The Quarter story
The two most recent quarterly results, compared side-by-side.
Waaree Energies drives strong revenue growth and a robust order book, though heavy capital spending and cost pressures are squeezing profit margins.
Revenue grew from ₹4,597 Cr in Q1 FY26 to ₹7,932 Cr in Q1 FY27, showing strong top-line momentum.
EBITDA margin slipped from 25.4% in Q1 FY26 to 18.2% in Q1 FY27, reflecting pricing and cost pressures.
Order book expanded from ₹24 Cr in Q2 FY26 to ₹61,500 Cr in Q1 FY27, ensuring clear revenue visibility.
PAT margin contracted from 16.8% in Q1 FY26 to 11.0% in Q1 FY27, highlighting margin erosion.
Module capacity increased from 18.7 GW in Q2 FY26 to 26 GW in Q1 FY27, confirming manufacturing scale-up.
Depreciation expense climbed from ₹182 Cr in Q1 FY26 to ₹330 Cr in Q1 FY27, weighing on profits due to heavy asset growth.
Retail revenue share rose from 18.6% in Q3 FY26 to 30.2% in Q1 FY27, highlighting successful channel diversification.
ROCE declined from 41.8% in Q2 FY26 to 28.5% in Q1 FY27, showing the impact of capital-intensive expansion.
Inventory changes improved from -₹760 Cr in Q1 FY26 to +₹97 Cr in Q1 FY27, signaling destocking completion.
Material costs rose from ₹2,962 Cr in Q1 FY26 to ₹4,844 Cr in Q1 FY27, adding pressure on operating margins.
Company insights, generated from the most recent coverage.
Waaree's 1 GW electrolyser ambition towers over its ₹152 Cr India order book (including a 2.5 MW contract) — capacity is being built years ahead of confirmed demand.
Board authorisation to raise up to ~₹10,000 Cr is the real swing factor — deploying it would dilute the net-cash balance sheet that currently lets Waaree outspend levered peers.
Capex is self-funding on paper: ~₹7,000 Cr cash at 30 June, ~30% already spent, and FY27 EBITDA guidance of ₹7,000–7,700 Cr covers most of the remaining ~₹22,000 Cr over three years.