Waaree Energies Delivers Record Q3 FY26 Results; Revenue Jumps 118.8% to ₹7,565 Crore

Waaree Energies Posts Blockbuster Q3 FY26 Results With Strategic Expansion Drive.

January 2026 | India

India’s solar manufacturing leader Waaree Energies Limited has reported a landmark performance for Q3 FY26, highlighting the rapid scale-up of domestic clean energy manufacturing and the company’s transformation into a fully integrated energy transition player.

For the quarter ended December 31, 2025, Waaree Energies posted revenue from operations of ₹7,565 crore, registering a robust 118.8% year-on-year growth. The strong topline growth was supported by record production volumes, higher capacity utilization, and sustained demand across domestic and international markets.

Profitability at All-Time High

Waaree’s operational strength translated into exceptional profitability. Operating EBITDA surged 167% YoY to ₹1,928 crore, with margins expanding to 25.5%, reflecting operating leverage and cost efficiency. Profit After Tax stood at ₹1,106 crore, up 118% YoY, reinforcing Waaree’s position as one of India’s most profitable renewable energy manufacturers.

The company’s order book reached a record ~₹60,000 crore, providing strong revenue visibility over the coming quarters. In addition, Waaree reported a strong order pipeline exceeding 100 GW, spanning solar modules, storage, transformers, and power infrastructure.

Manufacturing Scale: Setting New Benchmarks

Waaree Energies continues to set new benchmarks in solar manufacturing. During the quarter, the company became India’s first solar manufacturer to achieve over 1 GW of module production in a single month, operating at an industry-leading pace of 52 modules per minute.

Currently, Waaree operates ~23 GW of solar module manufacturing capacity and 5.4 GW of solar cell capacity across India and overseas. In Q3 FY26, the company commissioned 2.1 GW of module capacity at Chikhli and 3 GW at Samakhiali, Gujarat, while also commencing 3.05 GW of inverter manufacturing capacity at Sarodhi, Gujarat.

Looking ahead, Waaree has outlined a clear expansion roadmap:

Module capacity to rise from 23 GW to ~28.4 GW (India and the US)
Cell capacity expansion from 5.4 GW to 10 GW in India
10 GW ingot and wafer manufacturing facility under execution

This backward integration strategy aligns with India’s push for supply-chain resilience and reduced dependence on imports.

Building the New Energy Value Chain

Waaree is rapidly diversifying beyond modules to capture emerging clean energy opportunities. Its subsidiary Waaree Energies Storage has raised ~₹1,000 crore to develop a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility, positioning the group strongly in the fast-growing BESS market.

During Q3 FY26, Waaree secured:

5.3 GW of solar module orders from marquee customers
₹100 crore transformer supply order covering 1.27 GW
10 MWh BESS order from a major infrastructure company

On the power infrastructure side, the company has signed PPAs for 713 MW / 1,069 MWp with creditworthy utilities and global C&I customers and secured grid connectivity for ~6.1 GW of projects, strengthening its IPP and renewable asset platform.

₹25,000+ Crore Capex Driving Future Growth

Waaree Energies has planned ₹25,000+ crore of capital expenditure across solar manufacturing, energy storage, ingot-wafer facilities, inverters, transformers, and green hydrogen electrolysers. This investment positions Waaree as India’s only large-scale, fully integrated energy transition company, spanning polysilicon-to-module, storage, power electronics, and renewable infrastructure.

With record financial performance, industry-leading manufacturing scale, and aggressive backward integration, Waaree Energies is emerging as a cornerstone of India’s clean energy manufacturing ecosystem. As global supply chains diversify and India accelerates toward its 500-GW renewable energy target, Waaree’s Q3 FY26 performance signals sustained momentum and long-term leadership.