Shares of Waaree Energies tumbled as much as 9% to their day's low of Rs 3,184 on the BSE on Thursday. The company reported its March quarter and FY26 numbers, along with multiple strategic and capacity expansion announcements.
For Q4 FY26, the company reported revenue of Rs 8,840.25 crore, marking a sharp 111.8% year-on-year rise. Profit after tax for the quarter stood at Rs 1,126.26 crore, reflecting a 74.76% increase from a year ago. Operating EBITDA came in at Rs 1,576.76 crore, up 70.91% YoY, with margins at 18.59%, it said in a regulatory filing.
On a full-year basis, total revenue from operations rose to Rs 26,536.77 crore, up 84% from Rs 14,444 crore in the previous financial year. Total EBITDA for FY26 came in at Rs 6,616.79 crore, exceeding the company’s guidance range of Rs 5,500 crore to Rs 6,000 crore.
Looking ahead, the company has guided for an operating EBITDA range of Rs 7,000 crore to Rs 7,700 crore for FY27. It said the focus remains on deepening value chain integration, scaling new growth areas and expanding into adjacent segments such as battery energy storage systems, inverters, transformers, transmission and distribution, and electrolysers for green hydrogen.
Operationally, Waaree reported module production of 4.2 GW in Q4, taking FY26 production to a record 12.6 GW, supported by scale and efficiency gains.
During the year, the company also completed the acquisition of a strategic stake in United Solar Holding Inc., a polysilicon player based in Oman. The move is aimed at securing a traceable supply chain and supporting global expansion, including in the U.S.
The board approved a capital expenditure of Rs 3,900 crore for a 2,500 TPD glass manufacturing facility. In addition, construction has commenced on a 10 GW integrated ingot and wafer facility in Nagpur, involving an investment of Rs 6,200 crore, as part of efforts to strengthen upstream capabilities and improve supply chain self-reliance. The company also commissioned an additional 3 GW module capacity at Samakhiali in Gujarat.
Waaree’s board also recommended a final dividend of Rs 2 per equity share, taking the total FY26 dividend to Rs 4 per share on a face value of Rs 10.
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