Waaree Energies has posted a blockbuster financial year, more than doubling both profit and operating earnings while scaling production to record levels. This signals a major leap in its transformation into a global clean energy powerhouse.
The company reported revenue from operations of Rs. 26,536.77 crore for FY26, an 83.72% jump year-on-year, while net profit surged 101.45% to Rs. 3,884.15 crore. Operating EBITDA more than doubled, rising 117.10% to Rs. 5,908.64 crore, beating its own annual guidance.
The March quarter capped off the year with explosive growth. Revenue soared 111.80% year-on-year to Rs. 8,480.25 crore, while quarterly profit climbed 74.76% to Rs. 1,126.26 crore. Operating EBITDA rose nearly 71% to Rs. 1,576.76 crore.
Behind the numbers is a rapid scale-up in manufacturing. Waaree produced 4.2 GW of solar modules in the fourth quarter alone, taking total annual production to a record 12.6 GW—its highest ever.
The company is also moving aggressively to secure its supply chain and expand upstream capabilities. During the quarter, it acquired a strategic stake in Oman-based polysilicon producer United Solar Holding Inc., approved a Rs. 3,900 crore glass manufacturing plant, and began construction of a massive 10 GW ingot and wafer facility in Nagpur. It also added 3 GW of module capacity in Gujarat.
A final dividend of Rs. 2 per share has been recommended, taking the total FY26 payout to Rs. 4 per share.
Commenting on the results Jignesh Rathod, Whole Time Director & CEO, Waaree Energies Ltd said: "Waaree Energies Ltd. has delivered a record-breaking performance in FY26, reaching total revenue from operations of Rs. 26,536.77 crore.
"Our operational milestones have been equally significant, as we have scaled our production across module and cell. This year was defined by execution at scale, advancing backward integration and ensuring consistent delivery through operational excellence."
"FY26 performance lays a strong foundation for our stated roadmap towards becoming one of the largest non – Chinese energy transition enablers. With expansions into battery energy storage systems, inverters, transformers, transmission and distribution and electrolysers for green hydrogen, Waaree 2.0 – the company’s strategic transformation into a fully-integrated, global clean energy provider."
He added: "Our ability to deliver end-to-end renewable solutions and positions us as a technology-driven energy company powering global clean energy ambitions.
"As we enter FY27, company is projecting an Operating EBITDA range of Rs. 7,000 - 7,700 crore. Our focus is on deepening value chain integration while scaling next-generation growth engines, strengthening Waaree’s vertical capabilities and expanding into high-potential adjacent segments. Waaree is not just a participant in renewable energy; we are actively driving India's path to energy independence."
Looking ahead, Waaree expects operating EBITDA to rise further to Rs. 7,000–Rs. 7,700 crore in FY27 as it doubles down on integration and expands into adjacent clean energy segments including storage, hydrogen, and power infrastructure.
