Waaree Energies LimitedQ2 FY27 Results & Financial Update
Waaree Energies Limited: Q2 FY27 consolidated results and company financials – revenue ₹7,517.74 Cr, PAT ₹753.64 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Waaree Energies Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Waaree Energies recorded consolidated revenue from operations of INR 7,517.74 crore for the quarter ended September 30, 2026, marking a substantial sequential expansion from INR 6,332.49 crore in the preceding quarter (Q1 FY27). Profit after tax (PAT) for Q2 FY27 stood at INR 753.64 crore, reflecting a notable increase over the INR 614.18 crore reported in Q1 FY27. For the first half of the fiscal year (H1 FY27), aggregate revenue reached INR 15,449.50 crore with a PAT of INR 1,645.50 crore, supported by strong volume growth across its core manufacturing divisions.
The company's operating performance during the quarter was underpinned by robust momentum in its retail business and domestic US manufacturing footprint. Retail revenue demonstrated exceptional growth, surging to INR 5,753.00 crore in H1 FY27 compared to INR 1,976.80 crore in H1 FY26, representing a 191% year-on-year increase. The retail mix of total sales expanded to 46.1% in Q2 FY27 from 18.8% in the corresponding period of the previous year.
Manufacturing output showed steady operational scaling during the quarter. Solar PV module production reached 3.0 GW in Q2 FY27, bringing the H1 FY27 total to 6.3 GW. Solar cell production stood at 1.1 GW for the quarter with a capacity utilization factor (CUF) of 81%, taking the half-yearly cell production volume to 1.9 GW.
Financial results for the quarter included total income of INR 7,664.81 crore, profit before tax (PBT) of INR 779.35 crore, and basic earnings per share (EPS) of INR 24.98. Finance costs for the quarter were reported at INR 105.26 crore, depreciation and amortization at INR 347.26 crore, and tax expenses at INR 276.11 crore. Other income contributed INR 147.07 crore, alongside interest income of INR 203.98 crore and provisions amounting to INR 402.38 crore.
Operating cash flows for H1 FY27 improved significantly to INR 3,483.60 crore compared to INR 574.70 crore in H1 FY26, reflecting enhanced cash generation from operations. The company's total consolidated order book stood at approximately INR 59,200 crore at the end of the period.
Strategic developments during the quarter included board approval for an investment of approximately $37 million to expand the Meyer Berger facility in Arizona, USA, adding 0.6 GW of capacity to reach a total US capacity of 4.8 GW by March 2027. Additionally, the board approved the scheme of amalgamation for subsidiary Indosolar Limited with the company at an exchange ratio of 1 share of Waaree Energies for every 11 shares of Indosolar Limited.
The company also commenced advanced manufacturing operations for 5.15 GWh of automated Battery Energy Storage System (BESS) containers in Rola, Gujarat, positioning itself to capture future growth across emerging green energy verticals.
01 · Business model
What does Waaree Energies do?
Waaree Energies Limited is a leading integrated new-energy manufacturing, services, and infrastructure company serving domestic and international markets. The company specializes in photovoltaic solar systems and operates state-of-the-art manufacturing facilities with consolidated capacities spanning Solar PV and Solar Cells.
The company's revenue engines are anchored by solar PV module manufacturing, rapidly scaling retail distribution, and expanding domestic manufacturing operations in key international geographies such as the United States. Waaree is actively broadening its manufacturing capabilities across the clean energy value chain to encompass Ingot-Wafer, Battery Energy Storage Systems (BESS), Transformers, Inverters, and Green Hydrogen.
Waaree serves diverse customer segments including retail buyers, utility-scale developers, and international clients, backed by a significant global order book. Its operating model relies on scaling integrated production capacities to capture high operating leverage as utilization rates increase across its manufacturing ecosystem.
02 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹7,517.74 Cr | ₹1,185.25 Cr |
| Total income | ₹7,664.81 Cr | — |
| Profit before tax | ₹779.35 Cr | — |
| Profit after tax | ₹753.64 Cr | ₹139.46 Cr |
| EPS | ₹24.98 | — |
Financial interpretation
What the reported numbers mean
Profit after tax represented 10.0% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 10.4% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹147.07 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Retail revenue reached INR 5,753.00 crore in H1 FY27, up 191% year-on-year from INR 1,976.80 crore in H1 FY26, with the retail sales mix increasing to 46.1% in Q2 FY27.
Domestic US manufacturing operations recorded strong growth, registering a 113% year-on-year revenue increase in H1 FY27.
Quarterly production volumes reached 3.0 GW for solar PV modules and 1.1 GW for solar cells (at an 81% CUF) in Q2 FY27, driving top-line revenue expansion.
04 · Demand, customers & order book
Where demand is coming from
The company's consolidated order book stood at approximately INR 59,200 crore as of September 30, 2026.
05 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Module production reached 3.0 GW in Q2 FY27, contributing to an H1 FY27 total of 6.3 GW compared to 4.9 GW in H1 FY26.
Cell production reached 1.1 GW in Q2 FY27 with a capacity utilization factor (CUF) of 81%, taking H1 FY27 total cell production to 1.9 GW versus 0.8 GW in H1 FY26.
Projects, capex and execution
The board approved approximately $37 million for the expansion of the Meyer Berger facility at Arizona, USA, adding 0.6 GW to reach a total US capacity of 4.8 GW by March 2027.
06 · Strategy & new businesses
How the company is trying to change its growth mix
The board approved a scheme of amalgamation on September 23, 2026, to merge subsidiary Indosolar Limited with Waaree Energies Limited at an exchange ratio of 1 share of the company for every 11 shares of Indosolar Limited, subject to regulatory approvals.
Management highlighted strategic positioning in BESS, Transformers, Inverters, EPC T&D, and Green Hydrogen to drive future growth alongside solar manufacturing.
07 · Reported developments
What changed operationally
Reported H1 FY27 revenue of INR 15,449.50 crore (up 47.3% YoY), EBITDA of INR 2,775.10 crore (up 15.5% YoY), and PAT of INR 1,645.50 crore.
Maintained a large revenue visibility pipeline with an order book of approximately INR 59,200 crore.
08 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Operating cash flow for H1 FY27 rose to INR 3,483.60 crore, compared to INR 574.70 crore in H1 FY26.
09 · Management guidance & targets
What management is targeting from here
Management stated that by the entry of FY28, the company expects to be fully ready to execute on capacities including ~29 GW of Solar PV, 15.4 GW of Solar Cell, ~5 GWh of BESS Pack & Container, ~3.5 GWh of Battery Cell manufacturing, 4 GW of Inverter, 20,000 MVA of Transformers, and an integrated EPC entity.
10 · Beyond the numbers
What changed beyond the numbers
Reported update
Meyer Berger Facility Expansion Approval
Board approved approximately $37 million for expanding the Arizona, USA facility to 4.8 GW total capacity by March 2027.
Reported update
Indosolar Amalgamation Scheme
Board approved the merger of subsidiary Indosolar Limited with Waaree Energies at an exchange ratio of 1:11.
11 · Key Q&A
The quarter, answered directly
What does Waaree Energies do?
Waaree Energies Limited is a leading integrated new-energy manufacturing, services, and infrastructure company serving domestic and international markets. The company specializes in photovoltaic solar systems and operates state-of-the-art manufacturing facilities with consolidated capacities spanning Solar PV and Solar Cells.
What is the clearest takeaway from Q2 FY27?
Waaree Energies recorded consolidated revenue from operations of INR 7,517.74 crore for the quarter ended September 30, 2026, marking a substantial sequential expansion from INR 6,332.49 crore in the preceding quarter (Q1 FY27). Profit after tax (PAT) for Q2 FY27 stood at INR 753.64 crore, reflecting a notable increase over the INR 614.18 crore reported in Q1 FY27. For the first half of the fiscal year (H1 FY27), aggregate revenue reached INR 15,449.50 crore with a PAT of INR 1,645.50 crore, supported by strong volume growth across its core manufacturing divisions.
What drove revenue or demand?
Retail revenue reached INR 5,753.00 crore in H1 FY27, up 191% year-on-year from INR 1,976.80 crore in H1 FY26, with the retail sales mix increasing to 46.1% in Q2 FY27.
What mattered most for margins or profitability?
Operating cash flow for H1 FY27 rose to INR 3,483.60 crore, compared to INR 574.70 crore in H1 FY26.
What changed operationally beyond the headline numbers?
Module production reached 3.0 GW in Q2 FY27, contributing to an H1 FY27 total of 6.3 GW compared to 4.9 GW in H1 FY26.
What is management guiding or targeting from here?
Management stated that by the entry of FY28, the company expects to be fully ready to execute on capacities including ~29 GW of Solar PV, 15.4 GW of Solar Cell, ~5 GWh of BESS Pack & Container, ~3.5 GWh of Battery Cell manufacturing, 4 GW of Inverter, 20,000 MVA of Transformers, and an integrated EPC entity.
12 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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13 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
US Capacity Commissioning: Monitor the execution and commissioning of the Arizona facility expansion to reach 4.8 GW by March 2027.
- 02
Indosolar Merger Progress: Track regulatory approvals and completion of the amalgamation scheme for Indosolar Limited.
- 03
New Vertical Ramp-up: Observe production scaling and commercialization milestones in BESS container manufacturing at Rola, Gujarat, and other emerging product lines.
Learn the metrics
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.