Waaree Energies Q1 results 2025 delivered a spectacular performance that many in the solar sector had eyes on. From booming revenues to record production, this quarter sets the tone for FY26—and beyond. Let’s unpack it all, from key numbers to strategic expansion, investor sentiment, and why it matters.
About Waaree Energies – Brief Overview
Founded in 1990 and headquartered in Mumbai, Waaree is a major player in India’s rapidly growing renewable energy space. It manufactures solar PV modules and cells, delivers EPC services, and is expanding into storage, inverters, and green hydrogen.
Q1 FY 26 Results in Focus
Results for the quarter ended June 30, 2025 were revealed on July 28–29: the company exceeded expectations with strong top-line and bottom-line growth alongside operational milestones.
Financial Performance Highlights
Revenue Growth & Total Income
Revenue from operations reached ₹4,425.8 cr (total income ~₹4,597.18 cr), reflecting a YoY rise of ~30–31% from ₹3,408.9 cr in Q1 FY25.
EBITDA & EBITDA Margin
EBITDA jumped 82.6% YoY to ₹1,168.7 cr, and margins expanded sharply to ~25.4% from 18.3% the prior year, indicating better operating efficiency
Net Profit (PAT) Surge
PAT surged between ₹745 cr (consolidated) to ₹772.9 cr depending on reporting, representing YoY growth of ~89–93%
Operational & Production Highlights
Record Module Production (2.3 GW)
Waaree achieved its highest-ever quarterly module output at 2.3 GW—a 64% increase over 1.4 GW in Q1 FY25—demonstrating execution excellence
Cell Manufacturing Ramp‑Up
Cell capacity continues ramping up steadily, supporting future integration with module production lines and expansion plans
Segment‑Wise Performance
Solar PV Modules Segment
Module segment revenue stood at ₹3,872.35 cr, up from ₹3,178 cr in Q1 FY25—a ~22% YoY increase—remaining the dominant contributor to overall revenue
EPC Segment Growth
EPC revenue surged ~160% YoY to ₹589.27 cr from ₹226.22 cr as Waaree rolled out more projects successfully
Power Generation Segment
Revenue from power generation remained flat or marginal, roughly ₹11 cr, contributing modestly to overall performance
Strategic Expansion & Capacity Plans
India Manufacturing Shift & Capex Approval
The board approved ₹2,754 cr capex to expand cell capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra. They also proposed relocating manufacturing from Odisha to Gujarat/Maharashtra (shareholders’ approval pending)
U.S. Expansion: Texas Facility
Waaree plans to commission 1.6 GW of module capacity in Texas, alongside 3.2 GW in Chikhli, Gujarat—boosting global manufacturing footprint
Green Hydrogen, Inverters & Storage Plans
Besides modules, Waaree is investing in green hydrogen (300 MW electrolyzer), solar inverters (3 GW), and battery energy storage systems (3.5 GWh) as new verticals under construction
Market & Investor Reaction
Share Price Movement
Following the earnings report, shares soared ~4–5% intraday to trade around ₹3,240–₹3,274 on BSE/NSE
Analyst Sentiment & Valuation Outlook
Despite strong results, analyst consensus remains cautious—average 12-month target implies ~16% downside with a ‘Sell’ rating consensus
Key Shareholder Moves
Notably, investor Madhuri Madhusudan Kela exited her stake after a ~112% rally since listing—possibly booking profits amid strong performance
Industry & Competitive Context
Solar Sector Tailwinds in India & Globally
India’s policy support, PLI schemes, and rising solar demand globally are propelling upstream solar manufacturers like Waaree forward.
U.S. Tariff Risks & Strategic Positioning
Despite recent U.S. trade petitions on Indian solar imports, Waaree’s manufacturing in Texas and global pipeline of 100+ GW equip it to navigate potential tariff pressures
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