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					</table><p>China-based photovoltaic-grade polysilicon manufacturer <a href="https://www.dqsolar.com/" target="_blank" rel="noopener">Daqo New Energy Corporation</a> reported revenue of $26.7 million in the first quarter (Q1) of 2026, down 78.5% year-over-year (YoY) from $123.9 million.</p>
<p>Revenue missed analysts’ expectations by $182.65 million.</p>
<p>The decrease in revenues was primarily due to lower sales volume, as the company reduced sales considering relatively low selling prices.</p>
<p>The company reported a loss of $88.4 million, compared with $71.8 million in Q1 2025.</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) reported a loss of $83.1 million, compared to a loss of $48.4 million the previous year.</p>
<p>Earnings per share (EPS) came to a loss of $1.31, compared to a loss of $1.07 in the same period the previous year.</p>
<p>As of March 31, 2026, the company had $559.4 million in cash, cash equivalents, and restricted cash, compared to $791.9 million as of March 31, 2025.</p>
<p>Polysilicon sales volume decreased by 84% to 4,482 metric tons in Q1 2025, down from 28,008 metric tons in Q1 2025.</p>
<p>The company said that with the solar market affected by seasonality around the Chinese New Year holidays and the lack of concrete updates on capacity-rationalization policies, polysilicon transactions and shipment volumes remained low during the quarter.</p>
<p>N-type polysilicon prices dropped from RMB48 (~$7.02) per kilogram at the end of 2025 to RMB35 (~$5.12) by the end of the first quarter.</p>
<p>The company’s total production volume at its two polysilicon facilities was 43,402 metric tons for the quarter, exceeding the guidance range of 35,000 metric tons to 40,000 metric tons.</p>
<p>With market prices for polysilicon falling below production costs during the quarter, the company adhered to the Chinese authorities&#8217; self-regulation guidelines by refraining from below-cost sales.</p>
<p>Xiang Xu, Chief Executive Officer at Daqo New Energy, commented, &#8220;In Q1 2026, market sentiment across the solar industry remained cautious amid seasonal softness and elevated inventory levels. It was further exacerbated by rising module prices, driven by higher costs of silver, aluminum, and glass, which led to a slowdown in China&#8217;s market. Geopolitical tensions in the Middle East also weighed on end-market demand in the region. Against this backdrop, persistent industry overcapacity continued to exert downward pressure on polysilicon prices, resulting in quarterly operating and net losses.”</p>
<p><strong>Outlook </strong></p>
<p>Daqo expects total polysilicon production volume in Q2 2026 to be approximately 35,000-40,000 metric tons. For the full year of 2026, it expects production volume to remain in the range of 140,000 MT to 170,000 metric tons.</p>
<p>“Looking ahead, we expect government authorities to strengthen the anti-involution policies necessary to address these industry-wide overcapacity issues. As an encouraging move, on April 17, the Ministry of Industry and Information Technology, the National Development and Reform Commission, the National Energy Administration, and other key national departments jointly held a symposium on regulating market competition within the solar sector, reinforcing the urgent need to address irrational competition and curb destructive involution,” Xu said.</p>
<p>Daqo New Energy <a href="https://www.mercomindia.com/lower-sales-restrict-daqos-q4-2025-revenue-growth-loss-narrows" target="_blank" rel="noopener">reported</a> revenue of $221.71 million in Q4 2025, up 13.5% YoY from $195.36 million, but missed analysts’ expectations by $55.23 million.</p>



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					</table><p>Solar module manufacturer <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies</a>’ revenue from operations for the fourth quarter (Q4) of the financial year (FY) 2026 rose 111.8% year-over-year (YoY) to ₹84.80 billion (~$894.34 million) from ₹40.04 billion (~$422.28 million).</p>
<p>The company attributed the revenue increase to strong module sales, advancing upstream integration, and consistent delivery through operational efficiency.</p>
<p>The company’s profit after tax (PAT) rose 74.8% YoY to ₹11.26 billion (~$118.75 million) from ₹6.44 billion (~$67.92 million).</p>
<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹15.77 billion (~$166.32 million), a 70.9% increase from ₹9.23 billion (~$97.34 million) in the same quarter of the previous year.</p>
<p>Module production capacity increased to 4.2 GW in Q4 FY 2026, up from 2.1 GW in the same period the previous year.  Cell production capacity grew from 100 MW to 700 MW.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Waaree-Q4-FY-2026.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-94192 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Waaree-Q4-FY-2026.png" alt="Waaree Q4 FY 2026" width="341" height="428" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Waaree-Q4-FY-2026.png 341w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Waaree-Q4-FY-2026-239x300.png 239w" sizes="auto, (max-width: 341px) 100vw, 341px" /></a></p>
<p>Jignesh Rathod, Director and Chief Executive Officer at Waaree Energies, said, “This year was defined by execution at scale, advancing backward integration and ensuring consistent delivery through operational excellence. Operating EBITDA increased by 117.10%, while total EBITDA and net profit stood at ₹66.17 billion (~$697.86 million) and ₹38.84 billion (~$409.63 million), respectively. The company exceeded its total EBITDA guidance of ₹55 billion (~$580.06 million)-₹60 billion (~$632.79 million).”</p>
<p>“As we enter FY 2027, the company is projecting an operating EBITDA range of ₹70 billion (~$738.26 million)-77 billion (~$812.08 million). Our focus is on deepening value chain integration, scaling next-generation growth engines, strengthening vertical capabilities, and expanding into high-potential adjacent segments,” he added.</p>
<p><strong>Financial Year 2026</strong></p>
<p>Waaree Energies posted revenue of ₹265.37 billion (~$2.79 billion) in FY 2026, up 83.7% YoY from ₹144.45 billion (~$1.52 billion).</p>
<p>The company posted a profit of ₹38.84 billion (~$409.63 million) in FY 2026, up 101.5% from ₹19.28 billion (~$203.34 million) the previous year.</p>
<p>EBITDA for the year stood at ₹59.09 billion (~$623.19 million), a 117.1% yoY increase from ₹27.22 billion (~$287.08 million).</p>
<p>Its module production capacity increased 71% YoY from 7.1 GW to 12.6 GW, and cell production capacity rose from 100 MW to 2.3 GW.</p>
<p><a href="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Waaree-FY-2026.png"><img loading="lazy" decoding="async" class="aligncenter wp-image-94193 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Waaree-FY-2026.png" alt="Waaree FY 2026" width="345" height="443" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Waaree-FY-2026.png 345w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2026/04/Waaree-FY-2026-234x300.png 234w" sizes="auto, (max-width: 345px) 100vw, 345px" /></a></p>
<p>The company has a total module capacity of around 26 GW and cell manufacturing capacity of 5.4 GW.</p>
<p>The company has a current order book of ₹530 billion (~$5.59 billion), and an order pipeline of over 100 GW.</p>
<p>The company is also planning to expand its battery storage capacity to 20 GWh by FY 2028.</p>
<p><strong>Operational Highlights</strong></p>
<p>Waaree commenced construction of a 10 GW integrated ingot-and-wafer facility in Nagpur and commissioned an additional 3 GW of module capacity at Samakhiali, Gujarat.</p>
<p>It is also planning capacity expansions in batteries, solar cells, ingot wafers, and green hydrogen electrolyzers.</p>
<p>Last month, the Board of Directors of Waaree Energies <a href="https://www.mercomindia.com/waaree-energies-to-increase-stake-in-transformer-solutions-subsidiary-to-75" target="_blank" rel="noopener">approved</a> an investment of ₹1.9 billion (~$20.32 million) in its transformer solutions subsidiary Waaree Transpower, increasing its stake in the company to 75.1%.</p>
<p>In February this year, Waaree Energies <a href="https://www.mercomindia.com/waaree-to-set-up-16-gwh-lithium-ion-battery-gigafactory-in-andhra-pradesh" target="_blank" rel="noopener">announced</a> plans to set up a 16 GWh integrated lithium-ion battery manufacturing plant in Rambili, Anakapalli, Andhra Pradesh, with an investment of ₹81.75 billion (~$901.26 million). The integrated greenfield lithium-ion manufacturing plant will cover the entire battery value chain, including cell manufacturing, battery packs, and large-scale battery energy storage systems.</p>
<p>The company’s revenue <a href="https://www.mercomindia.com/higher-solar-module-sales-boost-waaree-energies-revenue-in-q3-fy-2026" target="_blank" rel="noopener">rose</a> 118.8% YoY in Q3 FY 2026 to ₹75.65 billion (~$826.77 million) from ₹34.57 billion (~$377.84 million).</p>


Strong Solar Module Sales Drive Waaree Energies’ Revenue for Q4 FY 2026 Up 112%

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