Solar module manufacturer Waaree Energies reported revenue of ₹79.38 billion (~$831.06 million) in the first quarter (Q1) of the financial year (FY) 2027, up 79.2% year-over-year (YoY) from ₹44.26 billion (~$463.72 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 44.4% YoY to ₹14.4 billion (~$151 million) from ₹9.97 billion (~$104.5 million).

Profit after tax (PAT) increased 15.4% YoY to ₹8.92 billion (~$93.45 million).

Waaree Energies attributed the performance to higher module sales, strong domestic and international demand, a record order book, and rapid growth in its retail business. The company also cited its diversified revenue mix, capacity expansion, and contributions from its energy storage, transmission, engineering, procurement, and construction (EPC), and international businesses.

Waaree Energies’ revenue from operations for the fourth quarter of FY 2026 rose 111.8% YoY to ₹84.80 billion (~$894.34 million) from ₹40.04 billion (~$422.28 million).

Business Updates

During Q1, Waaree’s solar module production increased 41.5% YoY to 3.24 GW, while module sales reached 3.6 GW.

The company had 25.8 GW of installed solar module manufacturing capacity and 5.4 GW of solar cell capacity. Capacity utilization at its U.S. module manufacturing facility stood at 59%.

Waaree’s order book reached approximately ₹615 billion (~$6.44 billion) after the company added orders worth around ₹160 billion (~$1.7 billion) during the quarter.

The company said construction of its 10 GW solar cell manufacturing facility at Unn, Gujarat, remained on schedule, with production expected to begin in FY 2027.

Waaree began operations at its 5.15 GWh automated battery energy storage system container manufacturing facility in Rola, Gujarat. It also commissioned 3 GW of module manufacturing capacity at Samakhiali, also in Gujarat.

The company acquired a 55% equity stake in Associated Power Structures to expand its power infrastructure and integrated renewable project execution capabilities.

Waaree’s retail revenue increased 130% YoY to ₹22.89 billion (~$239.7 million), accounting for 30.2% of total revenue.

Jignesh Rathod, Whole-Time Director and Chief Executive Officer at Waaree Energies, said the company expanded its operations across Europe, the Middle East, New Zealand, and Australia.

“Our new lines in the U.S. are expected to begin commercial production in the next few months,” he said.

Rathod stated that global efforts to diversify solar supply chains away from China present an opportunity for Indian manufacturers. He added that customers in the U.S. and Europe increasingly seek suppliers with transparent and traceable supply chains.

The company said delayed U.S. clearances affected exports, which it expected to resume in August 2026. Its U.S. subsidiary also secured a 125 MW heterojunction module order during the quarter.

Rathod said higher raw material costs and lower exports affected margins during the quarter. Increasing captive solar cell production, reducing costs, and improving the export mix are expected to support margin recovery.

Abhishek Pareek, Chief Financial Officer at Waaree Energies, said increasing captive solar cell production would be the company’s primary margin expansion driver in FY 2027. Higher integration is expected to reduce dependence on externally sourced cells and increase supplies to the higher-realization domestic content requirement market.

He said integrated solar cell and module sales generally generate margins from 35% to 41%. He added that new manufacturing lines are expected to lower conversion costs and improve yields as utilization increases.

He said modules manufactured in the U.S. could generate EBITDA margins of approximately $0.07/W to $0.08/W, compared with $0.04/W to $0.05/W for modules exported from India. Higher utilization and U.S. manufacturing incentives are expected to support profitability.

Waaree Transpower began producing 17.6 MVA inverter-duty transformers during Q1.

Waaree Renewable Technologies secured EPC orders for 1,520 MWh of battery energy storage systems.

Pareek said commissioning the company’s battery cell, pack, and container facilities would create an integrated energy storage manufacturing platform. Commercial supplies have begun from the container facility, while the company is developing its energy storage order pipeline.

Waaree began construction of a 10 GW ingot and wafer manufacturing facility in Nagpur. The company plans to commission 20 GVA of transformer capacity, 4 GW of inverter capacity, and 1 GW of electrolyzer capacity during FY 2027.

Varun Goenka, President, Growth and Strategy at Waaree Energies, said India’s solar module manufacturing costs are broadly competitive with China. He expects the remaining cost differential to narrow as domestic solar cell and wafer manufacturing capacity expands.

He said data center growth could create 15 GW to 20 GW of additional demand for solar and battery energy storage systems.

Outlook

Waaree maintained its FY 2027 operating EBITDA guidance of ₹70 billion (~$734.02 million) to ₹77 billion (~$807.43 million). It expects retail revenue of ₹90 billion (~$943.75 million) to ₹100 billion (~$1.05 billion).

Solar cell production is projected to reach 1.2 GW in Q2 and exceed 1.5 GW in Q3. The company expects cell-to-module integration to increase to nearly 65% over the next two to three quarters.

Module capacity utilization in India is expected to reach 70% to 75% during the second half of FY 2027. Utilization at the company’s U.S. facility is projected to rise to 75% to 80%.

Rathod said confirmed dispatch schedules could take the company’s capacity utilization close to full levels during the second half of FY 2027.

Waaree plans capital expenditure of ₹315 billion (~$3.3 billion), of which it had deployed ₹94.5 billion (~$991 million) by June 2026. The company expects to spend the balance from FY 2027 to FY 2029.

Waaree also has approval to raise up to ₹100 billion (~$1.05 billion) through equity and other instruments.

During FY 2027, the company plans to add 2.6 GW of U.S. module capacity, 10 GW of solar cell capacity, 20 GVA of transformer capacity, 4 GW of inverter capacity, and 1 GW of electrolyzer capacity.

Its 3.5 GWh energy storage cell manufacturing facility is expected to begin production during the current financial year.

Goenka said FY 2027 would focus primarily on capital expenditure deployment and operating efficiency. The benefits of the expanded manufacturing base are expected to become more visible in FY 2028.

The company plans to commission 10 GW of ingot and wafer capacity in FY 2028, followed by 2,500 tons per day of solar glass capacity and 16.5 GWh of battery energy storage system capacity by FY 2029.

Recently, Waaree Energies received EPC letters of award for two ground-mounted solar projects with a combined capacity of 800 MW.