Waaree Energies delivers record quarterly performance
In a strong show of financial resilience and operational efficiency, Waaree Energies — India’s leading solar panel manufacturer — reported a 134% year-on-year surge in net profit for the quarter ended September 2025. The company’s stellar Q2 results have boosted investor sentiment, sending the Waaree Energies share up nearly 3% on the BSE, closing at ₹3,624.70.
The net profit for Q2 FY26 stood at ₹878 crore, compared to ₹375.66 crore in the same quarter last year. Total income rose by 69.9% year-on-year, reaching ₹6,226.54 crore from ₹3,663.47 crore, driven by robust demand for solar modules, rising export orders, and capacity expansion.
Waaree Energies share price reflects strong fundamentals
Following the announcement, the Waaree Energies share price gained ₹105.30, or 2.99%, on the Bombay Stock Exchange (BSE). Analysts attribute the rally to the company’s consistent growth trajectory and its leadership position in India’s solar manufacturing sector.
The stock has seen an impressive upward trend over the past year, outperforming broader market indices. Experts believe that Waaree’s aggressive expansion plans and increasing focus on renewable energy storage solutions will continue to support the waaree renewables share price in the long term.
EBITDA and margin expansion signal strong execution
Waaree Energies also reported a remarkable 155% jump in EBITDA to ₹1,567.30 crore, with margins improving to 25.17%, compared to 16.76% a year earlier. This sharp margin expansion highlights the company’s operational excellence and cost optimization across its manufacturing units.
For the first half of FY26, total income reached ₹10,823.72 crore, up 51.17% year-on-year, while EBITDA rose 118% to ₹2,735.97 crore. The company’s performance underscores the strength of India’s renewable energy sector and Waaree’s growing global presence.
Dividend announcement and expansion plans
The board of directors declared an interim dividend of ₹2 per share, reinforcing the company’s commitment to rewarding shareholders amid strong financial performance.
Additionally, Waaree announced a massive ₹8,175 crore capital expenditure plan aimed at expanding its manufacturing capabilities. This includes:
- Increasing lithium-ion battery and energy storage (BESS) capacity from 3.5 GWh to 20 GWh with an investment of ₹8,000 crore.
- Scaling electrolyser manufacturing from 0.3 GW to 1 GW with ₹125 crore investment.
- Expanding inverter manufacturing capacity from 3 GW to 4 GW with ₹50 crore allocation.
These strategic expansions align with India’s goal of accelerating renewable energy adoption and reducing import dependence.
Acquisitions strengthen Waaree’s energy ecosystem
In line with its diversification strategy, Waaree Energies completed multiple acquisitions in Q2 FY26. The company acquired a 64% stake in Kotsons Private Limited to strengthen its transformer business, enhancing backward integration and improving efficiency in power distribution.
Waaree also finalized the purchase of Meyer Burger’s U.S. assets for $18.5 million, a move that expands its footprint in the North American solar market. Furthermore, it is in the process of acquiring a 76% stake in Racemosa Energy (India) Pvt. Ltd., which will help scale its advanced metering and smart grid portfolio.
These acquisitions reflect Waaree’s ambition to become a fully integrated clean energy company, encompassing solar modules, energy storage, hydrogen, and power electronics.
Order book and production growth
Waaree Energies continues to maintain a robust order book of approximately 24 GW, valued at nearly ₹47,000 crore. The company’s Q2 production touched 2.64 GW, supported by the commissioning of an additional 3 GW solar module manufacturing facility at Chikhli, Gujarat.
This milestone positions Waaree among the top global solar module producers and strengthens its domestic dominance as India ramps up its renewable energy capacity to meet its 2070 net-zero target.
Waaree renewables share price outlook
With sustained earnings growth, healthy margins, and a strong order pipeline, analysts are optimistic about the waaree renewables share price maintaining momentum in the coming quarters. The company’s consistent profitability and diversification across solar, storage, and hydrogen technologies make it a preferred choice among institutional investors.
Market experts believe that if the company successfully executes its expansion roadmap, the Waaree Energies share could see further upside potential.
Conclusion: Bright future for India’s solar champion
The latest quarterly performance of Waaree Energies cements its position as India’s largest and most profitable solar manufacturer. With a growing focus on energy storage and green hydrogen, the company is not only shaping India’s clean energy transition but also positioning itself as a global renewable powerhouse.
As the Waaree Energies share price continues to attract investor interest, the company’s disciplined execution and forward-looking strategy may very well make it a cornerstone of India’s sustainable growth story.
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