Waaree Energies is India's largest solar module maker, with a fast-expanding footprint across cells, battery energy storage, inverters, transformers and US manufacturing. This quarter's print will speak to whether operating margins stabilise after Q1's 18.15% compression on rising raw material costs, and how the US business shapes up after the adverse AD/CVD outcome.
| Results date | October 27, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 7,931.79 Cr |
| Previous quarter PAT | Rs. 891.87 Cr |
| Previous quarter EBITDA margin | 18.15% |
| Market cap | Rs. 68,315.72 Cr |
| CMP | Rs. 2,374.95 |
The board will meet on October 27, 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The trading window for designated persons has been closed from October 1, 2026 until 48 hours after the declaration.
The quarter's central question is whether the 18.15% Operating EBITDA margin of Q1 FY27 inflects as captive cell output rises, or compresses further after copper set successive records through the July-September window and silver averaged well above its July trough before correcting late. Domestic demand flow stayed firm — 20,790.76 MW of solar was added in India between April 1 and September 30, 2026 — supporting conversion of the ~Rs. 61,500 Cr order book, while the US leg is the swing factor after Commerce's final affirmative determinations of September 11, 2026 imposed combined duties of ~249.13% on Indian cells and modules. Management reaffirmed the FY27 Operating EBITDA guidance of Rs. 7,000–7,700 Cr on the July 29, 2026 call, which implies a step-up from Q1's Rs. 1,439.92 Cr, resting on the volume rebound from Q1's 3.2 GW module production, the 80–85% utilisation path and the US resumption. The retail run-rate of Rs. 2,289 Cr in Q1 against the Rs. 9,000–10,000 Cr FY27 target and BESS Phase-I milestones are the other guided paths to verify on the call.
FY27 Operating EBITDA guidance tracking
Margin trajectory and captive cell contribution
Cell capacity milestones and ALMM-II status
US business and AD/CVD follow-through
BESS ramp and order book conversion
CFO Sonal Shrivastava has said the IRA is production and sale related income and she would not like to exclude it, noting the number will persist as the US operation ramps up for at least 2030. IRA benefits were booked at $0.07/Wp with 87–88% of eligible value factored in FY26.
Management has laid out a bridge of ~$0.25/Wp realisation on India exports with $0.04–0.05 EBITDA margin, versus local US manufacturing adding $0.07/Wp of IRA for a net $0.055–0.06/Wp. With the new 1.6 GW line, conversion cost of $0.06/Wp is expected to fall by $0.01–0.02, taking US net EBITDA margin to $0.07–0.08/Wp.
No. Management has called the BESS segment 'very nascent' and declined to give a forward-looking revenue prediction when analysts sought a two-year contribution.
Management reaffirmed the FY27 Operating EBITDA guidance of Rs. 7,000–7,700 Cr on the July 29, 2026 Q1 call, saying 'we affirm and reaffirm our 2027 operating EBITDA guidance'. Q1 FY27 delivered Rs. 1,439.92 Cr, so the remaining quarters need a materially higher run-rate.
Q1 FY27 consolidated revenue rose 79.22% YoY to Rs. 7,931.79 Cr, with module sales up 89% YoY from 1.9 GW to 3.6 GW and retail revenue up 130% YoY to Rs. 2,289 Cr. Revenue was, however, down 6.47% QoQ from Q4 FY26's Rs. 8,480.25 Cr.