Solar module manufacturer Waaree Energies reported revenue from operations of ₹75.18 billion (~$783.13 million) in the second quarter (Q2) of the financial year (FY) 2027, a 23.9% year-over-year (YoY) increase from ₹60.66 billion (~$631.88 million).

Operating earnings before interest, taxes, depreciation, and amortization (EBITDA) fell 5.1% YoY to ₹13.35 billion (~$139.06 million) from ₹14.06 billion (~$146.46 million). The operating EBITDA margin narrowed to 17.8% from 23.2%.

The company’s profit after tax (PAT) declined 14.2% YoY to ₹7.54 billion (~$78.54 million) from ₹8.78 billion (~$91.46 million).

Diluted earnings per share (EPS) declined 14.8% YoY to ₹24.94 (~$0.26) from ₹29.27 (~$0.30).

Solar module sales increased 27.4% YoY to 3 GW from 2.4 GW. Module production totaled 3 GW across its Indian and U.S. operations, while cell production increased to 1.1 GW from 600 MW in the corresponding quarter last year. Cell capacity utilization stood at 81% on an annualized basis.

Jignesh Rathod, Whole Time Director and Chief Executive Officer at Waaree Energies, said, “Our 1H FY27 performance reflects the strength of our business fundamentals and consistent execution of our growth strategy. For 1H FY27, a 47% increase in revenues, coupled with 15% EBITDA growth and significant improvement in Operating Cashflows by almost 5x, demonstrates the resilience of our execution.”

“We are particularly encouraged by the strong momentum in our retail business and domestic US manufacturing, which recorded revenue growth of 191% and 113%, respectively, in 1H FY27. These businesses are becoming important contributors to our growth trajectory,” he added.

First Half FY 2027

Waaree Energies’ revenue from operations for the first half (1H) of FY 2027 stood at ₹154.50 billion (~$1.61 billion), up 47.3% YoY from ₹104.91 billion (~$1.09 billion).

Operating EBITDA rose 15.5% YoY to ₹27.75 billion (~$289.06 million) from ₹24.04 billion (~$250.42 million). The operating EBITDA margin declined to 18% from 22.9% in the corresponding period last year.

The company’s PAT marginally declined 0.3% YoY to ₹16.46 billion (~$171.46 million) from ₹16.51 billion (~$171.98 million).

Diluted EPS declined 1.2% YoY to ₹54.44 (~$0.57) from ₹55.11 (~$0.57).

Module production increased to 6.3 GW from 4.9 GW in 1H FY 2026, while cell production rose to 1.9 GW from 800 MW.

Waaree’s consolidated module manufacturing capacity stood at 25.8 GW, comprising 24.2 GW in India and 1.6 GW in the U.S. Its solar cell manufacturing capacity stood at 5.4 GW.

The company’s order book stood at approximately ₹592 billion (~$6.17 billion) as of October 26, 2026, with solar module orders totaling 25.6 GW.

Waaree plans to expand its consolidated solar module manufacturing capacity to approximately 29 GW and its solar cell manufacturing capacity in India to 15.4 GW by the end of FY 2027. It also targets 20 GWh of battery cell manufacturing capacity by FY 2029, along with about 20 GWh each in battery pack and container manufacturing capacity.

Operational Highlights

Waaree Solar Americas plans to invest about $37 million to increase capacity at its Arizona solar module manufacturing facility from 1 GW to 1.6 GW. The company expects its total U.S. module manufacturing capacity to reach 4.8 GW by March 2027.

The company commissioned an additional 1.1 GW of inverter manufacturing capacity at Sarodhi, Gujarat, taking its total inverter capacity to 4.15 GW.

It also commenced operations at its 5.15 GWh automated battery energy storage system (BESS) container manufacturing facility in Rola, Gujarat.

Waaree’s renewable power infrastructure business received a letter of award for developing 700 MW of solar capacity and 2,800 MWh of BESS. This increased its power purchase agreement portfolio to 1,778 MW of solar capacity and 2,800 MWh of BESS.

The company also commissioned 118.8 MW of a 170 MW solar park in Neemuch, Madhya Pradesh.

In September 2026, Waaree’s board approved the proposed amalgamation of subsidiary Indosolar with Waaree Energies at a share exchange ratio of one Waaree share for every 11 Indosolar shares. The merger remains subject to regulatory approvals.

Waaree is also developing a 10 GW ingot and wafer manufacturing facility in Nagpur, Maharashtra, a 10 GW solar cell manufacturing facility in Gujarat, and a 1 GW green hydrogen electrolyzer manufacturing facility at Dungri, Gujarat.

Outlook

The company reaffirmed its operating EBITDA guidance for FY 2027 at ₹70 billion (~$729.17 million) to ₹77 billion (~$802.08 million).

In the previous quarter, Waaree Energies’ revenue from operations rose 79.2% YoY to ₹79.38 billion (~$831.06 million), while its profit after tax increased 15.4% to ₹8.92 billion (~$93.45 million).