Waaree Energies Share Price Hits Upper Circuit; Delivers Record-Breaking Q3 FY26 Performance, Order Book Touches ₹60,000 Crore

The shares closed 2.8% lower on Wednesday amid a broader market rout. The company posted robust earnings across the board with a multifold jump in the net profit owing to exceptional gains.

Waaree Energies Limited (WAAREE), one of India’s leading renewable energy companies, has announced exceptional financial results for the third quarter of FY26, reflecting the company’s aggressive expansion, operational excellence, and strategic positioning as a fully integrated energy transition player.

Explosive Revenue Growth; Profitability Hit an All-time High

Waaree posted a remarkable 118.81% year-on-year (YoY) jump in revenue, clocking in at ₹7,565.05 Crores for the quarter ended December 31, 2025. 

The profit trajectory has kept pace with revenue growth. During Q3 FY26, EBITDA surged 167.16% YoY to ₹1,928.15 Crores, backed by improved scale, better realisations, and higher-value product offerings. EBITDA margins also saw significant uplift, expanding from 20.88% in Q3 FY25 to 25.49% in the current quarter.

Profit After Tax (PAT) for the period also climbed sharply, registering ₹1,106.79 Crores, an increase of 118.35% YoY. Over the nine-month period (9M FY26), the company reported ₹18,056.52 Crores in revenue and a ₹2,757.89 Crores PAT, showcasing consistent high growth.

Key Operational Milestones and Production Achievements

Alongside financial achievements, Waaree delivered major operational breakthroughs. The company became the first Indian manufacturer to surpass 1 GW of solar module production and sales in a single month, marking a historic milestone. At peak rates, the company operated at a speed of 52 modules per minute, demonstrating strong manufacturing agility and scalability.

Major operational highlights for the quarter include:

• 3.51 GW of module production
• 0.75 GW of cell production
• Commissioning of 2.1 GW module facility in Chikhli
• Commissioning of 3 GW module facility in Samakhiali, Gujarat
• Addition of 3.05 GW inverter capacity at Sarodhi, Gujarat

Waaree Energies is positioning itself beyond just solar modules, expanding into Battery Energy Storage Systems (BESS), inverters, transformers, and green hydrogen electrolyzers. As part of its forward-looking roadmap, the company has raised approximately ₹1,003 Crores toward developing a cutting-edge 20 GWh lithium-ion cell and battery pack manufacturing facility, forming part of a larger ₹10,000 Crore capex program.

This strategic diversification aligns with global decarbonization trends and strengthens Waaree’s role in the clean energy value chain.

Global Integration and Supply Chain Security

On the international front, Waaree is fortifying its supply chain with upstream investments. The company has announced a $30 million investment in United Solar Holding Inc., a polysilicon manufacturer based in Oman. This move ensures access to traceable polysilicon, a critical raw material, supporting Waaree’s expanding manufacturing footprint in the United States and other global markets.

The investment highlights Waaree’s strategy of securing critical resources while ensuring geopolitical and supply-chain resilience.

Waaree Energies Order Book and Market Outlook

Waaree enters the upcoming fiscal quarters with solid visibility, backed by a record order book of approximately ₹60,000 Crores. With project execution and manufacturing pipelines working in sync, the management remains confident of concluding FY26 on a strong note.

The company is targeting an annual EBITDA of ₹5,500-6,000 Crores, supported by bankable Power Purchase Agreements (PPAs), secured land banks, and connectivity approvals.

Currently, Waaree operates with an installed capacity of:

• 22.8 GW for solar PV modules
• 5.4 GW for solar cells

The company maintains a presence in more than 25 countries, reinforcing its status as a global clean energy player.

Conclusion

Waaree Energies’ Q3 FY26 performance highlights a pivotal phase in its evolution, from a solar module manufacturer to a fully diversified energy transition leader. With robust financial metrics, aggressive global expansion, secured supply chains, and a transformation-oriented portfolio, the company is firmly positioned to capitalize on the surging global demand for clean energy solutions.

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