Waaree Energies reported a strong financial performance in the first quarter of FY26, with total revenue crossing ₹4,597 crore 31% increase compared to the same period last year. This significant growth highlights the company’s ability to either increase sales volume or command better pricing for its products. A key highlight of the quarter was the production of 2.3 gigawatts of solar panels, marking the highest output ever achieved by the company in a single quarter. This milestone reflects Waaree’s expanding manufacturing capabilities and its growing role in the solar energy sector.
Currently, the company boasts an installed capacity of 15 gigawatts for solar photovoltaic (PV) module manufacturing, positioning it as one of the major players in the renewable energy space. Additionally, it has a solar cell production capacity of 5.4 gigawatts, enabling Waaree to produce the core components of solar panels in-house, thereby improving efficiency and cost control.
On the business front, Waaree has secured orders worth ₹49,000 crore, signaling a healthy and reliable order book. Moreover, the company is actively pursuing a global pipeline exceeding 100 gigawatts, which indicates rising international demand for its products and services. For the full fiscal year FY 26, Waaree Energies has maintained a positive outlook, with EBITDA (operating profit) projected to be in the range of ₹5,500 to ₹6,000 crore — reflecting strong operational confidence and consistent performance.
Waaree Energies Q1 FY26 Results – Data Summary
| Category | Q1 FY26 | YoY Change |
| Net Profit (₹ Crore) | ₹773.00 Cr | ↑ 92.74% |
| Total Revenue (₹ Crore) | ₹4,597.18 Cr | ↑ 31.52% |
| Module Production (GW) | 2.3 GW | Highest-ever |
| Installed PV Module Capacity | 15 GW | – |
| Installed Solar Cell Capacity | 5.4 GW | – |
| Order Book Value | ₹49,000 Cr | Strong pipeline |
| Global Pipeline | 100+ GW | Positive outlook |
| FY26 EBITDA Guidance | ₹5,500 – ₹6,000 Cr | Maintained |
Capex and Expansion Plans
aaree Energies has announced a major investment plan to expand its manufacturing capacity further. The company will spend ₹2,754 crore over FY26 and FY27 to strengthen its production infrastructure. A large part of this investment will go into setting up a new solar cell manufacturing facility in Gujarat, which will add 4 gigawatts (GW) to its current capacity. In addition, Waaree also plans to expand its ingot-wafer manufacturing capacity by another 4 GW in Maharashtra. This will help the company produce the raw materials needed for solar cells in-house, reducing dependency on imports and lowering production costs.
The total investment for both projects is bundled under the same ₹2,754 crore plan and will be funded through a mix of the company’s own earnings (internal accruals) and borrowed money. This strategic expansion will not only boost Waaree’s production capabilities but also support its long-term growth plans and increase its contribution to India’s solar manufacturing ecosystem.
| Capex Purpose | Location | Capacity Expansion | Investment (₹ Cr) | Timeline | Funding Source |
| Solar Cell Manufacturing | Gujarat | 4 GW | ₹2,754 Cr | FY26–FY27 | Internal + Borrowed Funds |
| Ingot-Wafer Manufacturing | Maharashtra | 4 GW | Included above | FY26–FY27 | Internal + Borrowed Funds |
Waaree Energies has also taken a strategic step to streamline its corporate structure. The company has approved the acquisition of 100% ownership of Voltshift Energy Transition Private Limited, which was previously held by its wholly owned subsidiary, Waaree Forever Energies Private Limited. This move is considered an internal acquisition, meaning it’s a reshuffling within the group rather than an external purchase. Voltshift will now become a direct step-down subsidiary of Waaree Energies. Such internal restructuring helps improve operational efficiency, simplify management, and ensure better alignment of business units under the parent company.
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