Waaree Energies Limited – Q2 & H1 FY27 EARNINGS
Ahmedabad, 28 October: Waaree Energies Limited is one of the leading integrated new-energy manufacturing, services and infrastructure company, serving both India and world markets, accelerating global energy transition. We operate state-of-the-art manufacturing facilities with consolidated capacities of Solar PV 25.8, Solar Cell 5.4 GW with further investment across vertical and horizontal integration. We are building capabilities and capacities across the value-chain for both vertical and horizontal integration in Ingot-Wafer, BESS, Transformers, Inverters and Green Hydrogen.
Key Financial Metrics (Consolidated) :
| Particulars | Q2FY27 | Q2FY26 | Y-o-Y Change | H1FY27 | H1FY26 | Y-o-Y Change |
| Revenue from Operations | 7,517.7 | 6,065.6 | 23.9% | 15,449.5 | 10,491.5 | 47.3% |
| Operating EBITDA | 1,335.2 | 1,406.4 | -5.1% | 2,775.1 | 2,403.7 | 15.5% |
| EBITDA Margin | 17.8% | 23.2% | 18.0% | 22.9% | ||
| PAT | 753.6 | 878.2 | -14.2% | 1,645.5 | 1,651.1 | -0.3% |
| PAT Margin | 9.8% | 14.1% | 10.4% | 15.3% | ||
| Operating Cash Flow | 3,483.6 | 574.7 | 506.1% |
(₹ in Crores)
| Financial: Revenue: H1’FY27 ₹15,449.5 Crores, YoY growth of 47.3% | Q2 FY27 ₹ 7,517.7 Crores Operating EBITDA: H1’FY27 ₹ 2,775.1 Crores, YoY growth 15.5% | Q2 FY27 ₹ 1,335.2 Crores Retail revenue: H1’FY27 ₹ 5,753.0 Crores vs H1’FY26 ₹ 1,976.8 Crores YoY growth 191.0% Operating: Module production: H1’FY27 6.3 GW vs H1’FY26 4.9 GW | Q2’FY27 3.0 GW Cell production: H1’FY27 1.9 GW vs H1’FY26 0.8 GW | Q2’FY27 1.1GW (CUF 81%) vs Q2’FY26 0.6 GW Retail mix: H1’FY27 37.2% vs H1’FY26 18.8% | Q2’FY27 46.1% The company taken board approval of ~ $ 37 Mn for expansion of Meyer Berger facility at Arizona, USA for additional 0.6 GW taking total USA capacity to 4.8 GW by March 2027 During the quarter, board resolution dated September 23, 2026, approved the Scheme of Amalgamation of subsidiary Indosolar Limited with the Company at exchange ratio of 1 share of company against 11 shares of Indosolar Limited. Merger scheme shall be subject to approval in accordance with applicable regulatory requirements. Commenced advanced 5.15 GWh of automated BESS container manufacturing in Rola, Gujarat |
Commenting on the results Mr. Jignesh Rathod, Whole Time Director & CEO, Waaree Energies Ltd said:
Our H1’ FY27 performance reflects the strength of our business fundamentals and consistent execution of our growth strategy. For H1’FY27 a 47% increase in revenues, coupled with 15% EBITDA growth and significant improvement in Operating Cashflows by almost 5x, demonstrates the resilience of our execution.
We are particularly encouraged by the strong momentum in our retail business and domestic US manufacturing, which recorded revenue growth of 191% and 113%, respectively in H1’FY27. These businesses are becoming important contributors to our growth trajectory. As we continue to expand our capabilities and strengthen our presence across the clean energy value chain, we expect our Battery Energy Storage System (BESS), Transformers, Inverters, EPC T&D and Green Hydrogen businesses to contribute to future growth.
As we will enter FY28, Waaree will be full ready to execute on capacities namely ~29GW of Solar PV, 15.4GW of Solar Cell, ~5 GWh of BESS Pack & Container, ~3.5 GWh Battery Cell manufacturing, 4GW of Inverter, 20,000 MVA of Transformers and a larger integrated EPC entity (Projects + T&D).
Waaree sits at the inflexion of becoming vertically and horizontally integrated with high operating leverage potential ahead, driven by increased utilization. With a clear strategic roadmap, expanding capabilities and a strong focus on execution, we are confident in our ability to deliver sustainable, long-term growth.
Disclaimer: The information provided here is investment advice only. Investing in the markets is subject to risks and please consult your advisor before investing)
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