Summary
Waaree Energies Limited - Q3 FY2026 Earnings Call Summary Thursday, January 22, 2026, 03:30 p.m. IST
Event Participants
Executives 5 Abhishek Pareek, Amit Paithankar, Neeraj Vinayak, Rohit Wade, Sonal Shrivastava
Analysts 10 Abhi Sehgal, Akshay Gattani, Aman Jain, Amitoj Singh, Deepak Krishnan, Dheeraj Kripalani, Dhruv Muchhal, Kunal Shah, Meet Katrodia, Nitin Arora, Prakhar Porwal, Shashank Jha, Umesh Raut
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue from Operations | ₹7,565.05 crores | +118.8% YoY; Driven by highest-ever module production and increased US sales. |
| Operating EBITDA | ₹1,928.15 crores | +167.2% YoY; Margin expanded to 25.5% due to scale and US realization. |
| PAT | ₹1,106.79 crores | +118.4% YoY; Strong operational performance offset by ₹294 crore provision. |
| Order Book | ₹60,000 crores | Record high; Provides multi-year visibility with a 65% export mix. |
| Module Production | 3.5 GW | +94% YoY; Achieved milestone of 1 GW production in a single month. |
| Cell Production | 0.8 GW | +35% QoQ; Ramping up to 80% utilization as of Jan 2026. |
| Net Cash/Liquidity | ₹1,000 crores | Fresh equity raised for 20 GWh battery manufacturing project. |
Geographic & Segment Commentary
- United States: Achieved 313 MW in sales and 275 MW production in Q3. Realizations in the US market have increased to ¢28-¢30 per watt-peak. The company booked ₹80 crores in IRA tax credits (45X) at a 90% recognition rate.
- India Domestic: Represents 67.4% of current revenue mix. DCR modules are realizing ₹23-₹24 per watt-peak, while non-DCR modules realize ₹14-₹15. Management noted massive growth in the retail and C&I segments.
- Renewable Power Infra: Secured 6.1 GW of connectivity and ~17,000 acres of land (owned/tied-up). This segment acts as an enablement platform for Waaree 2.0, targeting institutional investors and private equity.
Company-Specific & Strategic Commentary
- Waaree 2.0 Integration: Transitioning to a fully integrated energy platform including inverters (3 GW capacity), transformers (20,000 MVA), and BESS (20 GWh).
- Supply Chain Security: Invested in United Solar Holdings (Oman) for non-Chinese fully traceable polysilicon, with production expected to start in Q4 FY26.
- Inverter Expansion: Commissioned Phase 1 of a 3 GW inverter facility in Gujarat; Phase 2 (additional 1 GW) to be operational by FY27.
- Green Hydrogen: Setting up a 1 GW electrolyser facility with a ₹676 crore capex, supported by a ₹444 crore PLI allocation.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| EBITDA | >₹5,500 - ₹6,000 crores | FY26 guidance; Management expressed high confidence in surpassing the upper end. |
| Ingot & Wafer | 10 GW by FY27 | Vertical integration to mitigate supply chain risks and improve margins. |
| Cell Capacity | 15.4 GW by FY27 | Expanding from 5.4 GW to 15.4 GW to support full DCR requirement. |
| Net Zero | Scope 1 & 2 by 2030 | Commitment to sustainability and EPD certification for modules. |
Risks & Constraints
| Risk | Context |
|---|---|
| US Regulatory/Tariffs | Management provisioned ₹294 crores as an exceptional item following legal advice regarding US investigations/tariffs, despite no current formal demand. |
| Commodity Pricing | Silver represents ~9% of module costs and 25% of cell costs; management uses back-to-back tying of orders to mitigate volatility. |
| Execution Risk | Ramping up complex cell and ingot/wafer lines requires 4-6 months per line to reach 90% utilization. |
Q&A Highlights
US Market Realizations
- Question: What is driving the improvement in realizations and order book value? (Umesh Raut)
- Answer: US realizations have jumped to ¢28-¢30 per watt-peak. The mix shift toward the US and the pass-through of certain tariffs have significantly boosted the top line (Amit Paithankar).
Cell Utilization
- Question: Why was cell utilization only 56% in Q3? (Nitin Arora)
- Answer: It was a phased ramp-up. Current daily run rate is ~80%. We are upgrading to G12R cells in the next 3 months, which will push utilization above 90% (Amit Paithankar/Abhishek Pareek).
Battery Economics
- Question: What are the revenue/margin prospects for the 20 GWh BESS plant? (Akshay Gattani)
- Answer: A $1 billion investment could yield $1.5-$2 billion in revenue. US BESS pricing ($140/MWh) is nearly double Indian pricing ($80/MWh), offering significant export upside (Abhishek Pareek).
Chinese Export Rebates
- Question: How does the reduction in Chinese export rebates affect Waaree? (Dheeraj Kripalani)
- Answer: It is positive as it narrows the price gap. Chinese cell prices rose from ¢4.5 to ¢6 recently, making Indian manufacturing more competitive globally (Amit Paithankar).
Key Takeaway
Waaree Energies delivered a record-breaking Q3 FY26, characterized by a 118.8% YoY revenue surge to ₹7,565 crores and EBITDA margins exceeding 25%. The company achieved a landmark 1 GW monthly module production, supported by a massive ₹60,000 crore order book. Strategically, “Waaree 2.0” is taking shape through vertical integration into polysilicon (via Oman), ingots, and wafers, alongside diversifications into BESS (20 GWh) and GREEEN hydrogen. Despite a ₹294 crore precautionary provision for US regulatory risks, the company raised ₹1,000 crores for battery manufacturing and successfully ramped up its US Texas facility. Management guided to surpassing the FY26 EBITDA target of ₹6,000 crores, buoyed by strong US realizations and a growing domestic DCR mix. The company remains well-positioned to capitalize on global supply chain shifts and India’s burgeoning retail solar demand.
Want more insights like this?
Subscribe to get deep dives delivered to your inbox.
More Earnings Summaries
Explore more Q3 FY26 earnings call analyses: