Waaree Energies Ltd7:40 am IST
Waaree Energies Q1FY27 revenue ₹7,932 Cr; order book ₹61,500 Cr; EBITDA ₹1,440 Cr
Business Overview
- Waaree is an integrated clean-energy company spanning solar manufacturing, EPC, and energy infrastructure.
- Strategic expansion includes BESS, transformers, inverters, and green hydrogen.
- Module capacity ~26 GW; cell capacity ~5.4 GW; inverter capacity ~4 GW by FY27.
- 125 MW HJT module order; APSPL stake acquired for ₹1,225 Cr.
Operational Highlights
- Capacity expansion: commissioned 3 GW module capacity at Samakhiali, Gujarat, April 2026.
- Waaree Energy Storage Solutions started 5.15 GWh automated BESS capacity.
- Waaree Transpower started production of 17.6 MVA inverter-duty transformer.
- BESS EPC order of 1,520 MWh; NZ solar+BESS project ECI; two 800 MWac solar EPC orders.
- FY27 EBITDA guidance reaffirmed at ₹7,000-₹7,700 Cr.
- Order book strength ~₹61,500 Cr.
- Total capacity expansion: module 26 GW; cells 5.4 GW; inverters 4 GW by FY27.
- Retail expansion: Radiance Kusum Agri Kit launches.
- Global footprint includes US and Oman manufacturing sites.
Financial Performance
- Revenue from operations ₹7,932 Cr in Q1 FY27, up 79.2% YoY.
- Operating EBITDA ₹1,440 Cr; margin 18.2%; YoY +44.4%.
- PAT ₹892 Cr; margin 11.0%; YoY +15.4%.
- Order book ~₹61,500 Cr.
- ROCE 28.5%; ROE 24.8%.
Capital Structure & Liquidity
- Net debt to equity at -0.08x (net cash position).
- Capex outlay ~₹10,000 Cr; equity raised ~₹1,000 Cr to date.
- Acquired ~55% stake in APSPL for ₹1,225 Cr.
Strategic Priorities & Outlook
- Reaffirm FY27 EBITDA guidance ₹7,000-₹7,700 Cr.
- Target 20 GWh BESS by FY28; Phase I 3.5 GWh by FY27; Phase II 16.5 GWh by FY28.
- Inverter capacity 4 GW by FY27; Phase I 3 GW active, Phase II 1 GW by FY27.
- Transformer capacity to 20,000 MVA; current 9,530 MVA; add 10,470 MVA; capex ₹192 Cr.
- Electrolyser capacity 1 GW by FY27; electrolyser PLI 300 MW; hydrogen PLI 90,000 TPA.
- Geographic expansion in US and Oman; strengthen India’s retail energy platform.
- Two new Waaree launches; Radiance Kusum Agri Kit expanding product line.
- PPA signed for 1,000+ MW; connectivity for ~10 GW projects; long-term visibility.
Governance & Leadership
- Board comprises experienced independent directors; no governance changes announced.
- Key leadership: Jignesh Rathod (CEO), Abhishek Pareek (CFO) among senior management.
Read the original filing ↗