Waaree Energies Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Waaree Energies Ltd filed with BSE on 06 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Waaree Energies reported Q1 FY27 consolidated revenue of Rs 7,932 crore, up 79.2% year-on-year, with operating EBITDA of Rs 1,440 crore at an 18.2% margin and profit after tax of Rs 892 crore. Management said the order book rose to approximately Rs 61,500 crore, the highest in the company's history, driven by Rs 16,000 crore of new orders won during the quarter. Management attributed quarter-on-quarter margin compression to higher raw material costs, softer export dispatches due to clearance delays, and capacity running ahead of dispatch-ready orders weighted to the second half.
Numbers mentioned
Order book: approximately INR61,500 crores (as of Q1 FY27)
p. 3
“Our order book stands at approximately INR61,500 crores, the highest in our history, up from INR50,000 crores just a quarter ago, with about INR16,000 crores in new orders won in this quarter alone.”
Jignesh Rathod, page 3 of the filed PDF · View the filing
Revenue from operations: INR7,932-odd crores (Q1 FY27)
p. 6
“Our revenue from operations for the quarter grew 79.2% year-on-year to INR7,932-odd crores worth of revenue.”
Abhishek Pareek, page 6 of the filed PDF · View the filing
Operating EBITDA: INR1,440-odd crores (Q1 FY27)
p. 6
“Operating EBITDA came in at INR1,440-odd crores, up 44.4% year-on-year at an operating EBITDA margin of 18.2%.”
Abhishek Pareek, page 6 of the filed PDF · View the filing
Profit after tax: INR892 crores (Q1 FY27)
p. 6
“Our profit after tax for the quarter stood at INR892 crores, up 15.4% year-on-year at a margin of 11%.”
Abhishek Pareek, page 6 of the filed PDF · View the filing
Module volumes sold: 3.6 gigawatts (Q1 FY27)
p. 6
“Our module volumes sold during the quarter grew 89% over the prior period from 1.9 gigawatts to 3.6 gigawatts.”
Abhishek Pareek, page 6 of the filed PDF · View the filing
Retail revenue: INR2,289-odd crores (Q1 FY27)
p. 6
“Retail grew 130% year-on-year from INR995 crores to INR2,289-odd crores of revenue this quarter.”
Abhishek Pareek, page 6 of the filed PDF · View the filing
Net debt to equity: minus 0.08x (as of 30th June 2026)
p. 6
“we continue to run a net cash balance sheet with a net debt to equity of minus 0.08x as on 30th of June, an ROCE of 28.5% and ROE of 24.8%.”
Abhishek Pareek, page 6 of the filed PDF · View the filing
Module manufacturing capacity: ~26 gigawatts (as of Q1 FY27)
p. 6
“Our module capacity continues to be at ~26 gigawatts, making us the largest non-Chinese module manufacturer in the world.”
Abhishek Pareek, page 6 of the filed PDF · View the filing
Cell manufacturing capacity: 5.4 gigawatts (as of Q1 FY27)
p. 6
“our cell manufacturing capacity remains at 5.4 gigawatts, looking ahead to add another 10 gigawatt over the next 6 months of time, making us the largest cell manufacturer as well outside of China.”
Abhishek Pareek, page 6 of the filed PDF · View the filing
Cash balance: around INR7,000 crores (as of 30th June 2026)
p. 15
“Right now, our balance sheet stands at around INR7,000 crores worth of cash available as of 30th of June.”
Abhishek Pareek, page 15 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Operating EBITDA — INR7,000 crores to INR7,700 crores · FY27
stated firmly by Abhishek Pareek
p. 8
“it is exactly this best of execution that gives us the confidence to reaffirm our operating EBITDA guidance of INR7,000 crores to INR7,700 crores of FY27.”
Abhishek Pareek, page 8 of the filed PDF · View the filing
Retail revenue — INR9,000 crores to INR10,000 crores · FY27
stated firmly by Abhishek Pareek
p. 7
“we are looking at this segment heading towards a range of INR9,000 crores to INR10,000 crores for the full year FY27.”
Abhishek Pareek, page 7 of the filed PDF · View the filing
Cell manufacturing quarterly output — 1,500+ megawatt output · Q3
stated firmly by Abhishek Pareek
p. 7
“which gives us a headroom of 1,100 to 1,200 megawatt worth of cell output in the current quarter, moving towards 1,500+ megawatt output over next Q3 and going ahead, more about that.”
Abhishek Pareek, page 7 of the filed PDF · View the filing
Cell-to-module integration ratio — around 65% · next two to three quarters
stated firmly by Abhishek Pareek
p. 9
“Our cell-to-module integration ratio is going to rise from roughly around 20% currently to around 65% in next two to three quarters, close to a threefold increase.”
Abhishek Pareek, page 9 of the filed PDF · View the filing
Module capacity utilization — 80%, 85% · next 2 to 3 quarters
stated conditionally by Abhishek Pareek
p. 15
“we are also assuming module offtake going up from 70%, 75% to around 80%, 85% over next 2 to 3 quarters of time.”
Abhishek Pareek, page 15 of the filed PDF · View the filing
U.S. module capacity utilization — 75% to 80% · upcoming quarters
stated as an aspiration by Abhishek Pareek
p. 7
“our modules capacity of 1.6 gigawatt is running at an annualized utilization of around 59%, which expected to move between 75% to 80% in upcoming quarters.”
Abhishek Pareek, page 7 of the filed PDF · View the filing
Total addressable market — approximately $2 trillion · by 2030
stated as an aspiration by Jignesh Rathod
p. 6
“Our integration across the entire energy value chain along the structural demand is expected to double our total addressable market from approximately $1 trillion today to approximately $2 trillion by 2030.”
Jignesh Rathod, page 6 of the filed PDF · View the filing
Capex deployment phasing — around 40% in FY28 and around 30% in FY29 · FY28-FY29
stated firmly by Abhishek Pareek
p. 8
“It is around 30% in FY27, roughly 40% in '28 and around 30% in FY29, which is milestone gated, ROCE and ROE accretive and backed by strong order visibility.”
Abhishek Pareek, page 8 of the filed PDF · View the filing
BESS cell facility commercial start — 3.5 gigawatt hour cell facility · within FY27
stated firmly by Abhishek Pareek
p. 19
“within FY '27, our entire 3.5 gigawatt hour of cell of BESS facility is expected to start commercially.”
Abhishek Pareek, page 19 of the filed PDF · View the filing
Revenue vision — near INR1 lakh crore · less than 5 years
stated as an aspiration by Varun Goenka
p. 20
“our aspiration, vision and execution towards in less than -- or maybe in 4 years or less than 5 years, the near INR1 lakh crore vision is what Waaree is building towards.”
Varun Goenka, page 20 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management attributed lower realizations to a mix of factors including lower IRA benefit from OEM-sourced U.S. dispatches, delayed non-DCR offtake, and softer export clearances, with recovery expected from Q2 onward.
Answered by Abhishek Pareek
Asked by Vishal: What is the margin explanation for the decline in gross margin at the module business level this quarter?
p. 11
“The U.S. local manufacturing now going up quarter-on-quarter. However, in Q1, a major portion of U.S. dispatches have also come in from the OEM manufacturing in U.S., leading to a lower IRA realization.”
Abhishek Pareek, page 11 of the filed PDF · View the filing
Management said the local 1.6 gigawatt U.S. capacity is ramping up and dispatches to U.S. markets restart from Q2 via a wider supply chain.
Answered by Abhishek Pareek
Asked by Kunal Shah: Given export revenue is down sharply year-on-year despite prior commentary that the export business would be unaffected by tariffs, what gives confidence in expedited recovery of the U.S. export/order book piece?
p. 12
“This gives us confidence that the dispatches to our local U.S. clients can continue to happen from our local facility.”
Abhishek Pareek, page 12 of the filed PDF · View the filing
Management quantified export margin around $0.04-0.05 per watt versus $0.07-0.08 per watt for U.S. local manufacturing including IRA incentives.
Answered by Abhishek Pareek
Asked by Sweta Jain (via Sahil Sheth line): What is the margin profile for exports from India versus local U.S. manufacturing, and for the retail segment?
p. 13
“around $0.25 is realization on a stand-alone basis against that $0.04 to $ 0.05 worth of EBITDA margin or margin is a good number to assume.”
Abhishek Pareek, page 13 of the filed PDF · View the filing
Management gave import price, manufacturing cost, and DCR market pricing figures.
Answered by Abhishek Pareek
Asked by Praveen Sahay: What is the current imported cell price versus locally manufactured cell price in India?
p. 14
“If you look at the current import price of around USD0.04 to USD0.045 per watt peak basis in local markets, our manufacturing cost is around USD0.07 to USD0.08 and the market pricing in terms of the DCR market is around USD0.12 to USD0.13 per watt peak.”
Abhishek Pareek, page 14 of the filed PDF · View the filing
Management said the Board approval covers about Rs 10,000 crore of fundraising including equity, though EBITDA guidance is broadly sufficient to fund projects, and the company is waiting for the right time to access the market.
Answered by Abhishek Pareek
Asked by Suyash Kela: What is the strategy and amount behind the planned QIP and other balance sheet strengthening measures?
p. 15
“Right now, our balance sheet stands at around INR7,000 crores worth of cash available as of 30th of June.”
Abhishek Pareek, page 15 of the filed PDF · View the filing
Management declined to give a specific figure but said cell-integrated supply generally commands a much higher margin range than module-only supply.
Answered by Abhishek Pareek
Asked by Nitin Kaushik: After full backward integration into ingots and wafers, what margin expansion should be expected?
p. 18
“one thing that I can tell you is compared to module only suppliers in India, let’s say, module plus cell integrated supply, the margin profile generally is between 35% to 41%.”
Abhishek Pareek, page 18 of the filed PDF · View the filing
Management said site construction is over 90-95% complete, all equipment has arrived, and the company has already secured a BESS EPC order that could cover the full year's cell production.
Answered by Abhishek Pareek
Asked by Sumit Kishore: What has been achieved with the Rs 1,400 crore capex spent so far on the 3.5 GWh Phase 1 BESS facility, and what is the contract visibility for initial revenue bookings?
p. 19
“We have done more than 90% -- 95% of site construction. All the equipments have already arrived either at the site or are lying at the ports.”
Abhishek Pareek, page 19 of the filed PDF · View the filing
Risks flagged
Rising raw material costs driven by metal indices and price movements out of China compressed industry-wide margins
p. 5
“First, raw material costs rose globally driven by the metal indices and price movement out of China, and that compressed margin across our industry, and we were not immune.”
Jignesh Rathod, page 5 of the filed PDF · View the filing
Export mix was softer as shipments and clearances took longer than expected
p. 5
“Second, our export mix were softer as some shipments and clearances took longer than we would have liked.”
Jignesh Rathod, page 5 of the filed PDF · View the filing
Capacity ran ahead of dispatch-ready orders as the order book is weighted to the second half
p. 5
“Third, a portion of our capacity ran ahead of dispatch ready orders since this year's book is weighted to the second half.”
Jignesh Rathod, page 5 of the filed PDF · View the filing
Delayed offtake from developers in the non-DCR market led to lower realization on spot market supplies
p. 11
“There was a delay in offtake from many developers in this quarter, leading to a lower realization on the on-spot market supplies that we have done.”
Abhishek Pareek, page 11 of the filed PDF · View the filing
U.S. tariff-related uncertainty caused a lull in installations as developers and utilities waited it out
p. 12
“if you track the U.S. market, there was a lull for six months in terms of installations because of a lot of tariff confusion, developers and utilities were trying to wait it out before.”
Varun Goenka, page 12 of the filed PDF · View the filing
Clearance delays in the U.S. took longer than usual, softening export dispatches
p. 11
“On export front also, this quarter, the dispatches are softer because the clearance in the U.S. took more than required time than it would generally take.”
Abhishek Pareek, page 11 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.