Solar module manufacturer Waaree Energies’ total income for the fourth quarter (Q4) of the financial year (FY) 2025 rose 37.69% year-over-year (YoY) to ₹41.41 billion (~$484.52 million) from ₹30.07 billion (~$351.85 million).

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 116.27% YoY to ₹10.6 billion (~$124.03 million) from ₹4.9 billion (~$57.33 million).

Waaree Energies’ quarterly net profit grew 35.63% YoY to ₹6.44 billion (~$75.35 million) from ₹4.75 billion (~$55.58 million).

The company’s Earnings Per Share (EPS) came in at ₹21.51 (~$0.25) during the quarter compared to ₹17.85 (~$0.21) during the same period the previous year.

Waaree’s module and cell production for the quarter stood at 2.06 GW compared to 1.35 GW in the corresponding quarter last year.

The company’s manufacturing capacity includes 15 GW solar modules and 5.4 GW solar cells. It has an order book of around 25 GW worth about ₹470 billion (~$5.49 billion) stepping into FY26.

Full-year 2025

In FY 2025, Waaree Energies’ total income rose 27.62% YoY to ₹148.46 billion (~$1.73 billion) from ₹116.33 billion (~$1.36 billion).

The company’s EBITDA rose 72.59% YoY to ₹31.23 billion (~$365.49 million) from ₹18.1 billion (~$211.83 million).

Waaree Energies’ annual net profit grew 51.30% YoY to ₹19.28 billion (~$225.64 million) from ₹12.74 billion (~$149.1 million).

The company’s EPS came in at ₹67.96 (~$0.80) during the quarter compared to ₹47.86 (~$0.56) in the previous year.

Waaree’s solar module and cell production for the year stood at 7.13 GW compared to 4.77 GW last year.

The company expects its EBITDA for FY26 to range from ₹55 billion (~$643.67 million) to ₹60 billion (~$702.19 million).

Waaree Energies recently announced an expansion of its solar module manufacturing operations in the U.S. The company will set up an additional 1.6 GW capacity solar module manufacturing unit at its existing facility in Brookshire, Texas. With this move, Waaree’s total manufacturing capacity in the U.S. will increase to 3.2 GW.

Earlier this year, Waaree entered into a share purchase agreement with Enel Green Power Development to acquire 100% of the share capital of Enel Green Power India for ₹7.92 billion (~$91.73 million). Enel owns a solar and wind projects portfolio totaling 640 MWac (760 MWdc), including operational and projects under development in the country.