Waaree Energies delivered exceptional Q1FY27 results with consolidated revenue from operations growing 79.2% year-on-year to ₹7,932 crores, significantly outpacing the previous quarter's performance. The company's profit after tax (PAT) stood at ₹892 crores, up 15.4% year-on-year, resulting in a PAT margin of 11%. Operating EBITDA rose 44.4% to ₹1,440 crores with an operating EBITDA margin maintained at 18.2%. As reported by The Economic Times, the company had previously posted a 15.39% year-on-year rise in consolidated net profit to ₹891.87 crore in Q1 FY27, with revenue from operations increasing significantly to ₹7,931.79 crore from ₹4,425.83 crore in the same period last year.
The company achieved an all-time high order book of ₹61,500 crores as of July 28, 2026, adding ₹16,000 crores in new orders during the quarter alone. The revenue mix diversified significantly, with utility, IPP, and C&I segments contributing 39.7%, retail accounting for 30.2%, overseas sales at 21.2%, and EPC/O&M services at 8.9%. Customer concentration decreased substantially, with top five customers' share dropping from 33% in FY26 to 27.1% in Q1FY27. Retail revenue more than doubled year-on-year, rising 130% to ₹2,289 crores, driven by expanding franchisee networks and e-commerce channels, with management expecting the retail segment to achieve ₹9,000 crores to ₹10,000 crores in full-year FY27 revenue.
Module capacity in India stands at 24.2 gigawatts with cell capacity at 5.4 gigawatts, as the company continues its aggressive expansion strategy. Waaree Energies commissioned an additional 3 gigawatts of module capacity at its Samakhiali plant in April 2026. Cell production is ramping sharply, expected to reach 800 megawatts in Q1FY27, scaling to 1.5 gigawatts by Q3FY27. This backward integration is projected to increase the cell-to-module integration ratio from ~20% to ~65% over the next two to three quarters, significantly enhancing margins. The total announced capital expenditure program stands at ₹31,500 crores, with ₹9,450 crores deployed as of June 30, 2026, with the remaining outlay phased across FY27 (30%), FY28 (40%), and FY29 (30%).
Waaree Energies shares gained as much as 1.26% to ₹2,694.50 on the NSE in early trade on Friday, August 7, following the company's announcement about a new subsidiary incorporation. According to reports from The Economic Times, the stock rally was triggered by the company informing exchanges that its wholly owned subsidiary, Waaree Clean Energy Solutions Private Limited, has incorporated a new wholly owned subsidiary, WH Clean Mobility Systems Private Limited, on August 4, 2026. The company received the Certificate of Incorporation on August 6, 2026, as reported by Waaree Energies.
The company acquired a 55% stake in Associated Power Structures for ₹1,225 crores to expand into transmission and distribution, while Waaree Energy Storage Solutions commenced automated battery energy storage system (BESS) container production at 5.15 gigawatt-hours. Additionally, Waaree Transpower began commercial production of 17.6 MVA inverter-duty transformers. Management reaffirmed its FY27 operating EBITDA guidance of ₹7,000 crores to ₹7,700 crores, citing strong demand tailwinds and accelerated capacity utilization. Key upcoming additions include 10 gigawatts of solar cell capacity in India and 2.6 gigawatts of module capacity in the U.S.
