Solar module manufacturer Waaree Energies’s total income for the second quarter (Q2) of the financial year (FY) 2026 rose 69.96% year-over-year (YoY) to ₹62.27 billion (~$708.41 million) from ₹36.63 billion (~$416.80 million).

The company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 155.29% YoY to ₹15.67 billion (~$178.32 million) from ₹6.14 billion (~$69.85 million) in Q2 FY25.

Waaree Energies’ quarterly net profit grew 133.78% to ₹8.78 billion (~$99.92 million) from ₹3.76 billion (~$42.74 million) in the same quarter of the previous year.

Its earnings per share came in at ₹29.27 (~$0.33) compared to ₹13.71 (~$0.16) during the same period the preceding year.

Waaree quarterly module production stood at 2.6 GW, compared to 1.9 GW in Q2 FY 2025.

The company’s manufacturing capacity includes 18.7 GW of solar modules and 5.4 GW of solar cells. It has an order book of approximately 24 GW, worth approximately ₹470 billion (~$5.35 billion).

Waaree plans a significant capacity expansion across its solar value chain to meet rising demand. In modules, it currently operates 16.1 GW in India and 2.6 GW in the U.S. Future additions include 6 GW under production-linked incentive (PLI) and an additional 2.05 GW, with 1.5 GW of this capacity located in the U.S., taking the total module capacity to 26.7 GW by FY26.

In cells, the company has 5.4 GW in India and will add 6 GW under PLI plus another 4 GW domestically, taking total cell capacity to 15.4 GW by FY27.

Waaree will also build upstream capacity in ingots and wafers, adding 6 GW under PLI and 4 GW in India to reach 10 GW by FY 2027.

1H FY26

Waaree Energies’ total income for the first half (1H) of FY 2026 rose 51.17% YoY to ₹108.24 billion (~$1.23 billion) from ₹71.60 billion (~$814.60 million).

The company’s EBITDA rose 118.19% to ₹27.36 billion (~$311.28 million) from ₹12.54 billion (~$142.66 million) in 1H FY 2025.

Waaree Energies’ net profit grew 112.56% YoY to ₹16.51 billion (~$187.85 million) from ₹7.77 billion (~$88.38 million).

Its earnings per share came in at ₹55.11 (~$0.63) during the quarter compared to ₹28.65 (~$0.33) during the same period the previous year.

Waaree reaffirmed its FY 2026 EBITDA guidance of ₹55 billion (~$625.83 million) to ₹60 billion (~$682.16 million). A strong order book, focused margin management, prudent capital investments, and strategic acquisitions support this outlook.

Waaree Energies recently announced the approval of an additional capital expenditure of ₹80 billion (~$901.47 million) in its wholly owned subsidiary Waaree Energy Storage Solutions. This investment aims to expand the production capacity of its lithium-ion advanced chemistry storage cell and battery energy storage system manufacturing plant from 3.5 GWh to 20 GWh.

The company also approved an additional capital expenditure of ₹1.25 billion (~$14.09 million) in its wholly owned subsidiary Waaree Clean Energy Solutions to increase the annual production capacity of its electrolyzer manufacturing plant from 300 MW to 1,000 MW.