Waaree Energies Ltd Share Price Falls Over 10% Despite Strong Q4FY26 Earnings

Waaree Energies Q4FY26 Financial Performance

Waaree Energies delivered robust performance for the quarter under review, reporting an impressive 111.8% YoY increase in revenue from operations to ₹8,480.25 crore from ₹4,003.93 crore in the corresponding quarter last fiscal year. The total income was recorded at ₹8,659.98 crore, representing a YoY growth of 109.1%.

The profit before tax witnessed a growth rate of 66.5% YoY to ₹1,407.95 crore, but on a sequential basis, the profit was seen to fall from ₹1,469.02 crore in the previous quarter. Profit after tax attributable to owners of the parent witnessed an impressive growth of 71.5% YoY to ₹1,061.10 crore from ₹618.91 crore in the previous year, but remained almost flat QoQ from ₹1,062.46 crore. EPS came in at ₹36.91, growing from ₹21.59 YoY.

Operating EBITDA stood at ₹1,576.76 crore, marking a 70.91% increase from ₹922.57 crore last year. However, EBITDA margin contracted to 18.59% from 23.04%, which turned out to be a key negative trigger for the stock.

Waaree Energies FY26 Annual Performance

Waaree Energies registered substantial growth for the entire fiscal year ending March 31, 2026. Revenue from Operations witnessed a jump by 83.7% YoY, coming at ₹26,536.77 crore as opposed to ₹14,444.50 crore in FY25. Total income was recorded at ₹27,244.92 crore versus ₹14,846.06 crore.

Earnings Before Tax increased to ₹5,051.79 crore (YoY Growth - 96.98%), whereas Earnings After Tax registered an impressive hike of 98.7% at ₹3,711.

Margin Pressure and Earnings Miss Impact

Though there was impressive growth in both revenues and profits, the share did not respond well because of low margins. The company’s EBITDA margins were very low, at 18.6%, compared to analysts’ expectations of approximately 21.9%.

In addition to this, the profits were lower than the analysts’ estimates. Analysts expected the company to make revenues of about ₹8,999.2 crore, with profits of ₹1,310.3 crore. They also expected EBITDA margins of ₹1,974.4 crore. However, the results were poor.

There was higher volume trade too during the period.

Dividend Announcement and Fundraising Plan

It was suggested by the board that the final dividend for the FY26 be ₹2 per equity share, provided it receives the necessary approval from the shareholders.

This company made an important decision in that it agreed to raise up to ₹10,000 crore through the QIP or any other available route. The main motive behind such an initiative was to fuel future growth.

Strategic Semiconductor Acquisition

In addition, Waaree Energies also approved the acquisition of 100% equity shareholding in Waaree Semicon Private Limited by its subsidiary Waaree Power Private Limited.

The acquisition of this company shows the step taken by the company to enter the power semiconductors segment, which includes PV diodes, IGBTs, and MOSFETs. These products can be used in renewable energy, inverters, electric vehicles, and energy storage systems.

Operational Highlights and Outlook

In Q4FY26, the company reported production of modules at 4.2 GW, while its annual production stood at a record high of 12.6 GW. Management noted that the results in FY26 were largely due to the company’s ability to deliver at scale, operate efficiently, and lead on cost.

For FY27, the management guidance is for EBITDA of ₹7,000 to ₹7,700 crore.

Conclusion

In the fourth quarter of fiscal year 2026 (Q4 FY26) and FY26, Waaree Energies has posted healthy top-line as well as bottom-line numbers, with revenue having grown by more than 100% during the quarter as well as nearly doubling from the previous year. Yet, due to the decline in EBITDA margin and earnings missing estimates, the stock price of the company has seen a drastic decline.