Waaree Energies shares rally 13% intraday after 118% jump in Q3 net profit

The shares closed 2.8% lower on Wednesday amid a broader market rout. The company posted robust earnings across the board with a multifold jump in the net profit owing to exceptional gains.

The company posted strong revenue growth of over 118% YoY to ₹7,565 crore, as against ₹3,457 crore in the same period last year, after the company achieved 3.51 GW module production in the quarter, driven by operational focus.

On the operational front, the EBITDA for the company jumped 167% YoY to ₹1,928 crore as against ₹921 crore in the same period last year. Consequently, the EBITDA margin for the quarter also expanded by over 500 bps to 25.4% vs 20.88% in the previous year’s same quarter.

Lastly, the company’s net profit for the quarter jumped 118% to ₹1,106 crore as compared to ₹506 crore in Q3FY25. This comes despite the one-time exceptional expense owing to a provision made worth ₹294 crore in relation to its ongoing investigation by the US Customs and Border Protection.

The company’s order book remained strong at ₹60,000 crore with ~23 GW module capacity and 5.4 GW cell capacity. The company wishes to maintain a capex of ₹25,000 crore. Additionally, the revenue mix for the quarter remained well diversified across geographies, with 38.1% from the utility, 32.6% from overseas, 18.6% from retail and 10% from EPC.

Other key highlights

• Raised ~₹1,003 Crores towards establishing a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility, as part of the announced Capex plan of ~₹10,000 Crores.

• First Indian solar manufacturer to achieve 1 GW+ of module production in a single month, with 52 modules produced per minute.

• Secured a long-term, fully traceable polysilicon supply chain with ~$30mn strategic investment in United Solar Holding (Oman)

Management commentary

Commenting on the results, Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd, said: "Waaree Energies has delivered another exceptional quarter, with Q3 FY26 marking record revenue and profitability."

Over the nine months, the CEO said the company has achieved significant growth in both topline and EBITDA, reflecting the resilience of its business model and the trust its customers place in it.

"I am pleased to share that Waaree is the first Indian manufacturer to achieve 1 GW+ of module production and sales in a single month with 52 modules produced per minute,"" the CEO added.