Waaree Energies Limited

Waaree Energies reported a robust financial performance for FY25, with revenue reaching ₹14,846 crores, marking a 27%+ year-on-year growth. EBITDA for the full year stood at ₹3,123 crores, a significant 72.59% increase, with margins expanding to 21.04% from 15.56% in the previous year. PAT also saw an impressive growth of 51.29% to ₹1,928 crores. For Q4 FY25, revenue was ₹4,140.92 crores (up 37.7% YoY), and EBITDA was ₹1,059.57 crores (up 116% YoY), with margins at 25.59%, expanding by 900 basis points.

The company achieved significant milestones in capacity expansion, reaching 15 gigawatts of module manufacturing capacity, making it the largest in India. The 5.4 gigawatt cell factory was inaugurated, and a 1.6 gigawatt manufacturing facility in the U.S. was operationalized. Waaree is targeting an additional 4.8 gigawatts of capacity by FY27 and has a 6 gigawatt integrated wafer cell and module factory on track for 2027, with a capex of ₹9,000 crores. Furthermore, a 3.5 gigawatt battery storage facility and a 300 megawatt green hydrogen electrolyzer plant are scheduled to be operational by 2027, alongside a 3 gigawatt inverter facility by late FY26.

Waaree Energies boasts a robust order book of ₹47,000 crores as of March 31, 2025, providing strong revenue visibility. The order book is split approximately 45-47% from India and 53-55% from overseas, primarily the US. The company is actively building its DCR (Domestic Content Requirement) order book, anticipating a quick ramp-up to over 1.5 gigawatts of requirement. The overall pipeline for module business exceeds 100 gigawatts, and the EPC subsidiary, Waaree Renewable, is chasing a pipeline of 30 gigawatts, indicating strong future demand.

Sustainability remains a core strategy for Waaree, with commitments to net-zero emissions for Scope 1 & 2 by 2030 and Scope 3 by 2040, aligned with UN Sustainable Development Goals. The company is the only Indian firm in its category to receive an Ecovadis gold medal and has environmental product declarations for its 600-watt peak and 550-watt peak modules. Waaree has maintained its ranking as a Tier 1 PV Module Supplier by BNEF for 38 consecutive quarters and achieved a bankability rating of A, the first Indian company to do so.

The company had ₹15,550 crores of funds available for capital deployment as of March 31, 2025. Strategic acquisitions include Indosolar, which posted a profit of ₹55 crores in 2025. The acquisition of ENEL, a power infrastructure business, is in progress with an equity value of approximately ₹790 crores and is expected to close within the current quarter. The company also noted contract liabilities (advances from customers) of ₹4,300-4,400 crores, reflecting strong customer commitment.

Waaree Energies provided confident guidance for FY26, projecting an EBITDA range of ₹5,500-6,000 crores, representing substantial growth from FY25. This confidence is grounded in the scale of its order book, integrated value chain, and proven execution engine. Key levers for achieving this target include efficient manufacturing, increased capacity utilization (with some lines already at 90%+), and effective cost management across both manufacturing and SG&A, driven by growing scale.