Waaree Energies Limited, a leading solar module manufacturer, enters Q1 FY 2026-2027 following a record-breaking fiscal year that saw revenues surge 83.72% YoY. Investors are closely watching whether the company can sustain its margin trajectory as it navigates commodity price fluctuations and the ramp-up of its ambitious multi-vertical expansion strategy.
| Results date | July 29, 2026 |
|---|---|
| Quarter | Q1 FY 2026-2027 |
| Previous quarter revenue | Rs. 8,480 Cr |
| Previous quarter PAT | Rs. 1,126 Cr |
| Previous quarter EBITDA margin | 18.59% |
| Market cap | Rs. 77,727.69 Cr |
| CMP | Rs. 2702.0 |
The board meeting is scheduled for July 29, 2026, to approve the Q1 FY27 standalone and consolidated unaudited financial results.
Waaree Energies targets FY27 operating EBITDA in the range of Rs. 7,000–Rs. 7,700 Cr, which implies a required quarterly run-rate of Rs. 1,750–Rs. 1,925 Cr to meet the full-year goal. Management has highlighted the transition to G12R cell production as a key driver, anticipating a 10–15% margin upside as the 10 GW cell plant ramps up in H2 FY27. While Q4 FY26 margins were compressed to 18.59% by silver and copper price spikes, the structural decline in polysilicon costs serves as a potential tailwind for Q1 gross margins. The company's order book remains robust at Rs. 53,000 Cr, supported by strong domestic demand following the addition of 14.2 GW of solar capacity in India during Q1 2026. The upcoming earnings call will likely address the impact of preliminary US antidumping duties announced on April 23, 2026, and the operational progress of the newly commissioned BESS facility.
Performance vs Guidance Tracking: Monitoring progress toward the FY27 EBITDA target.
Operating metric trajectory: Key production and capacity milestones.
Strategic execution / capex updates: Updates on major growth projects.
Risks and headwinds to monitor: Regulatory and macroeconomic factors impacting operations.
Waaree Energies reported revenue of Rs. 8,480 Cr in Q4 FY26, which represented a 111.80% increase compared to the same period in the previous year. This performance was driven by strong domestic execution despite temporary margin pressure from commodity price spikes.
Management stated that the US remains a base market and that their diversified supply chain, including domestic US manufacturing, helps mitigate tariff risks. While preliminary antidumping duties were announced on April 23, 2026, the company continues to evaluate legal remedies and maintains that its US-based factories can serve projects tariff-free.
The BESS facility commenced operations on July 16, 2026, with a capacity of 5.15 GWh for containers, 5.15 GWh for battery packs, and 3.5 GWh for lithium cells. This is a critical step in the company's roadmap to reach 20 GWh of total BESS capacity by FY28.
The company successfully achieved its FY26 operating EBITDA guidance of Rs. 5,500–Rs. 6,000 Cr, with an actual result of Rs. 5,908.64 Cr. Management has subsequently issued FY27 guidance of Rs. 7,000–Rs. 7,700 Cr, which is currently being tracked against quarterly performance.
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