Waaree Energies Q2 FY27 Results: Revenue Rises 24% to ₹7,518 Crore, Order Book at ₹59,200 Crore

Key Takeaways

Waaree Energies reported consolidated revenue from operations of ₹7,518 crore for Q2 FY27, an increase of 24% year-on-year.

Operating EBITDA stood at ₹1,335 crore, with an operating margin of 17.8%, while profit after tax reached ₹754 crore.

The company's investor presentation disclosed an order book of approximately ₹59,200 crore as of October 26, 2026, alongside solar module capacity of about 26 GW.

Waaree Energies Limited reported consolidated revenue from operations of ₹7,518 crore for the quarter ended September 30, 2026, marking a 24% increase from the corresponding quarter of the previous financial year.

The solar energy manufacturer disclosed its Q2 FY27 financial and operational performance in an investor presentation submitted to the stock exchanges on October 28, 2026.

Operating EBITDA stood at ₹1,335 crore, representing a margin of 17.8%. Consolidated profit after tax was ₹754 crore.

The company's presentation also placed its order book at approximately ₹59,200 crore as of October 26, 2026, covering its solar manufacturing business, Waaree Renewable Technologies and other activities, including transformers, batteries, inverters and electrolysers.

Waaree Energies Q2 FY27 Financial Highlights

The results reflect higher revenue during the quarter, supported by increased solar module sales and growth across business channels.

The company reported solar module sales of approximately 3.0 GW during Q2 FY27, compared with 2.4 GW in the corresponding quarter a year earlier.

Its presentation reported year-on-year growth of 27.4% in module sales volumes, based on its underlying figures.

Retail Revenue More Than Triples

Retail revenue increased to ₹3,464 crore during the September quarter from ₹982 crore in the year-earlier period, representing growth of 252.9%.

Retail accounted for approximately 46.1% of the company's reported quarterly revenue mix.

The remaining business mix included Utility, Independent Power Producers and Commercial & Industrial customers at 22.9%, overseas business at 18.5%, and Engineering, Procurement and Construction, Operations and Maintenance, and Transmission and Distribution activities at 12.6%.

The figures indicate that retail was the largest component of Waaree Energies' revenue mix during the quarter.

Customer concentration also declined compared with the previous financial year. The contribution of the company's ten largest customers decreased to 20.4% in Q2 FY27 from 33.0% in FY26.

The top five customers accounted for 15.2% of revenue in the September quarter, compared with 20.8% during FY26.

Order Book and Manufacturing Capacity

Waaree Energies reported an order book of approximately ₹59,200 crore as of October 26, 2026.

The figure represents orders across the businesses included in its presentation. It should not be treated as revenue already recognised or as orders exclusively attributable to solar module manufacturing.

The company also reported solar module manufacturing capacity of approximately 26 GW and cell manufacturing capacity of 5.4 GW.

These capacity figures provide a measure of its manufacturing infrastructure, although installed capacity does not by itself establish actual production or utilisation rates.

The investor presentation also disclosed net debt of negative ₹3,224 crore against net worth of ₹16,020 crore as of September 30, 2026. The negative net debt position indicates that cash and cash-equivalent resources exceeded the debt included in the company's calculation.

Waaree Energies' Financial Position

For the trailing 12-month period, Waaree Energies reported return on capital employed of 28.7% and return on equity of 24.2%.

The company stated that these calculations were adjusted for the unutilised portion of IPO proceeds. They should therefore be read using the methodology specified in the presentation.

The combination of quarterly revenue growth, retail expansion and a sizeable order book provides several measures of the company's operating scale. The timing of order execution, revenue recognition and future profitability will depend on project schedules, customer requirements and business conditions.

Waaree Energies submitted the presentation under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. It was prepared for an earnings call with analysts and institutional investors scheduled for October 28, 2026, at 2 pm IST.

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