Waaree Energies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Waaree Energies Ltd filed with BSE on 08 May 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 full-year FY26 consolidated revenue of Rs 26,536.77 crores, up 83.7% year-on-year, with operating EBITDA of Rs 5,908.64 crores and PAT of Rs 3,884 crores, up 101%. Management said Q4 margins declined due to higher silver and copper commodity prices, logistics delays affecting export shipments, and a lower share of DCR cell production relative to module output. The company guided operating EBITDA of Rs 7,000 crores to Rs 7,700 crores for FY27 and detailed capex plans of approximately Rs 30,000 crores across new verticals including PV glass, transformers, battery storage, and green hydrogen.
Numbers mentioned
Revenue from operations: INR26,537 crores (FY26)
p. 3
“our revenue from operations in this year has recorded a growth of approximately 84% year-on-year, reaching INR26,537 crores”
Jignesh Rathod, page 3 of the filed PDF · View the filing
Operating EBITDA: INR5,909 crores (FY26)
p. 3
“Operating EBITDA grew 117% to INR5,909 crores with an operating EBITDA margin of 22.27%”
Jignesh Rathod, page 3 of the filed PDF · View the filing
PAT: INR3,884 crores (FY26)
p. 3
“our PAT for the year doubled, growing over 101% to INR3,884 crores”
Jignesh Rathod, page 3 of the filed PDF · View the filing
Total EBITDA: INR6,617 crores (FY26)
p. 3
“our reported total EBITDA of INR 6,617 crores has surpassed our guidance range which has given earlier INR5,500 crores to INR6,000 crores worth of financial year '26”
Jignesh Rathod, page 3 of the filed PDF · View the filing
Module manufacturing capacity: approximately 26 gigawatts
p. 3
“Our total module manufacturing capacity now stands at approximately 26 gigawatts, making Waaree the largest non-Chinese module manufacturer in the world”
Jignesh Rathod, page 3 of the filed PDF · View the filing
Order book: approximately INR53,000 crores
p. 3
“Our order book continues to remain robust to approximately INR53,000 crores”
Jignesh Rathod, page 3 of the filed PDF · View the filing
ROCE: 32.4% (FY26)
p. 3
“we continue to maintain a very healthy ROCE and ROE for 32.4% and 29.0% respectively”
Jignesh Rathod, page 3 of the filed PDF · View the filing
Module manufacturing volume: 12.6 gigawatts (FY26)
p. 4
“Our module manufacturing for the full year has reached a record 12.6 gigawatts”
Jignesh Rathod, page 4 of the filed PDF · View the filing
Retail segment revenue: INR5,515 crores (FY26)
p. 4
“our retail segment, which delivered revenue of INR5,515 crores in financial year '26”
Jignesh Rathod, page 4 of the filed PDF · View the filing
Q4 revenue from operations: INR8,480 crores (Q4 FY26)
p. 9
“we closed the quarter with revenue from operations of INR8,480 crores, marking year on year increase of 111%”
Abhishek Pareek, page 9 of the filed PDF · View the filing
Q4 Operating EBITDA: INR1,576 crores (Q4 FY26)
p. 9
“Operating EBITDA for the quarter stood at INR1,576 crores, up by 70% margins”
Abhishek Pareek, page 9 of the filed PDF · View the filing
Q4 PAT: INR1,126 crores (Q4 FY26)
p. 9
“Profit after tax for the quarter was INR1,126 crores, compared to INR644 crores in Q4 of 2025”
Abhishek Pareek, page 9 of the filed PDF · View the filing
Q4 module production: 4.2 gigawatt (Q4 FY26)
p. 4
“Module production stood at 4.2 gigawatt, a 104% increase year-on-year”
Jignesh Rathod, page 4 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 Jignesh Rathod
p. 9
“We continue to remain upbeat on our growth prospects and guiding for operating EBITDA of INR7,000 crores to INR7,700 crores for financial year 27”
Jignesh Rathod, page 9 of the filed PDF · View the filing
US manufacturing capacity — 4.2 gigawatt · next six months
stated firmly by Jignesh Rathod
p. 4
“We are also on track to expand our US manufacturing capacity to 4.2 gigawatt over the next six months, ensuring local supplies in the US”
Jignesh Rathod, page 4 of the filed PDF · View the filing
Total capex — approximately INR30,000 crores
stated firmly by Jignesh Rathod
p. 3
“We have planned a capex of approximately INR30,000 crores across verticals to fuel the next phase of our growth”
Jignesh Rathod, page 3 of the filed PDF · View the filing
BESS phase one capacity — 3.5 gigawatt hour · current financial year
stated firmly by Jignesh Rathod
p. 7
“Out of that, phase one, 3.5 gigawatt hour is expected in the current financial year, and phase two of 16.5 gigawatt hour by next financial year”
Jignesh Rathod, page 7 of the filed PDF · View the filing
PV glass production start — next 24 months
stated firmly by Abhishek Pareek
p. 18
“we are expecting the glass production over the next 24 months of time”
Abhishek Pareek, page 18 of the filed PDF · View the filing
EBITDA margin — 19%-20% · long-range, decade
stated as an aspiration by Abhishek Pareek
p. 19
“the safest assumption there will be is your 19%-20% margin consistent for a decade long at least”
Abhishek Pareek, page 19 of the filed PDF · View the filing
Cell capacity utilization — 80%-85% utilization · FY28
stated conditionally by Abhishek Pareek
p. 26
“For FY'28, we have entire 15.4-gigawatt cell capacity available for complete 12 odd months. The safe assumption could be to assume 80%-85%utilization on the full year scale for FY'28 on the cell capacity”
Abhishek Pareek, page 26 of the filed PDF · View the filing
Non-US, non-India revenue contribution — 15%-20% of revenue · three years
stated as an aspiration by Jignesh Rathod
p. 25
“Three years down the line, yes, but it is yes”
Jignesh Rathod, page 25 of the filed PDF · View the filing
Project ROCE/ROE — 20% to 25%
stated conditionally by Abhishek Pareek
p. 29
“historically, we have seen the projects of ROCE and ROE to the tune of 20% to 25% have been approved. Same is the case with current projects also”
Abhishek Pareek, page 29 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 the decline to higher silver and copper prices, elevated logistics/freight costs, and a lower share of overseas exports in the sales mix.
Answered by Abhishek Pareek
Asked by Arun Kailasan: Why did operating EBITDA margins decline steeply this quarter versus the previous quarter, and what are current DCR/non-DCR realizations?
p. 9
“Over the last quarter, the biggest impact which has taken up was the impact of silver pricing and copper pricing”
Abhishek Pareek, page 9 of the filed PDF · View the filing
Logistics delays and port congestion in the Middle East prevented shipment of manufactured export lots, inflating inventory and depressing the export revenue share.
Answered by Abhishek Pareek
Asked by Ravi Dharamshi: Why was export mix low this quarter and what is the outlook for order book accretion on exports?
p. 11
“a lot of lots which have been manufactured and prepared for the export market could not be shipped”
Abhishek Pareek, page 11 of the filed PDF · View the filing
Management said an enabling resolution of up to INR10,000 crore has been taken and details will follow with shareholder approval.
Answered by Abhishek Pareek
Asked by Ravi Dharamshi: What is the purpose of the fund raise?
p. 12
“We have taken the enabling resolution to raise up to INR10,000 odd crores”
Abhishek Pareek, page 12 of the filed PDF · View the filing
Management said the glass plant secures FEOC-compliant supply for the US, enables PLI eligibility in India, and improves cost curve control given glass is around 20% of module cost.
Answered by Abhishek Pareek
Asked by Aritra Banerjee: What benefits will the glass manufacturing plant bring to cost and margins?
p. 13
“Glass is around 20% plus of the total cost that we have”
Abhishek Pareek, page 13 of the filed PDF · View the filing
Management explained that duty depends on the country of cell origin, with Ethiopian cells facing lower duty than Indonesian cells for the US market, and clarified sourcing patterns by market.
Answered by Jignesh Rathod
Asked by Sweta Jain: How would cost dynamics change if importing cells from Ethiopia versus Indonesia given new anti-dumping duties?
p. 13
“Ethiopia cells will have a 10% duty on US, wherein Indonesia is having 34% plus 10%, like 44%”
Jignesh Rathod, page 13 of the filed PDF · View the filing
Management said cell production would recover and the new 10GW cell facility going live in H2 would raise captive cell capacity from 5.4GW to 15.5GW, driving margin expansion in H2.
Answered by Abhishek Pareek
Asked by Sabri Hazarika: How will the company achieve the FY27 EBITDA guidance given cell transition timelines?
p. 14
“in second half of this year our capacity -- which will be giving in cell for our own module production is not 5.4 gigawatts anymore. It is 15.5 gigawatts”
Abhishek Pareek, page 14 of the filed PDF · View the filing
Management confirmed that DCR/local cell production did not rise in line with higher module production, requiring cell purchases from external suppliers and diluting margin.
Answered by Abhishek Pareek
Asked by Prakhar Porwal: Is the margin moderation also due to a lower DCR cell mix as module production rose?
p. 15
“at the higher module production level, the cell, DCR cell or local cell production has not gone up. And hence there is some moderation because of this mix as well”
Abhishek Pareek, page 15 of the filed PDF · View the filing
Management attributed this to inventory build-up from unshipped export material due to logistics issues, saying normalized inventory would restore conversion to 70-100%.
Answered by Abhishek Pareek
Asked by Deep Sanghavi: Why did cash flow from operations conversion decline sharply versus EBITDA?
p. 15
“the cash flow operations percentage has significantly come down”
Abhishek Pareek, page 15 of the filed PDF · View the filing
Management said shipments exceeded new order intake, overseas orders deferred due to Middle East disruption, and domestic C&I decisions were held up pending ALMM II clarity.
Answered by Abhishek Pareek
Asked by Praveen Sahay: Why did the order book decline sequentially by about INR7,000 crores?
p. 17
“many decisions were pushed out to next quarter. And hence, the net offtake from the local market also was slowed down”
Abhishek Pareek, page 17 of the filed PDF · View the filing
Management confirmed all components besides cells for US supply must be non-FEOC sourced starting April 2026.
Answered by Abhishek Pareek
Asked by Nidhi Shah: Do other module components besides cells need to be sourced from non-China for US LPA compliance?
p. 17
“apart from the glass, junction box, EVA, back sheet, everything and anything, it has to come from a non-FEOC source starting this April '26”
Abhishek Pareek, page 17 of the filed PDF · View the filing
Management said the facility was expanded from 6GW to 10GW and relocated from Odisha to Gujarat and Nagpur, causing the delay.
Answered by Abhishek Pareek
Asked by Akshay Gattani: Why did wafer/ingot capex and timeline change from earlier plans?
p. 18
“we were originally putting up 6-gigawatt worth of facility versus now setting up 10 gigawatt of facility”
Abhishek Pareek, page 18 of the filed PDF · View the filing
Management said margins should improve from H2 once the 10GW cell facility ramps and in-house cell sourcing for the Indian market increases.
Answered by Abhishek Pareek
Asked by Amitoj: Is the margin decline structural or expected to bounce back?
p. 19
“our full throttle cell execution 15.4-gigawatt production and dispatches shall start. So, that will lead to a point wherein our entire requirement of cells for the Indian market, be manufactured and sourced in-house”
Abhishek Pareek, page 19 of the filed PDF · View the filing
Management gave a range assuming 90-95% utilization in H2 on existing 5.4GW capacity plus partial ramp-up contribution from the new 10GW facility.
Answered by Abhishek Pareek
Asked by Sushil Choksey: What is the cell production forecast for H2 and next year on established capacity?
p. 26
“You expect at least 90%- 95% of production in second half itself”
Abhishek Pareek, page 26 of the filed PDF · View the filing
Management said last year's US revenue was over 1 gigawatt with 85-90% manufactured locally, and cumulative IRA benefit was roughly $40 million.
Answered by Abhishek Pareek
Asked by Abhishek Kansara: How much module production came from the US arm and what was the IRA rebate this quarter?
p. 28
“last financial year, roughly around $40 million was our cumulative benefit from IRA”
Abhishek Pareek, page 28 of the filed PDF · View the filing
Management said the timing remains uncertain even to the government but expected clarity within a week.
Answered by Jignesh Rathod
Asked by Rahul Rohit: What is the on-ground clarity on ALMM II timing?
p. 28
“Very difficult to answer with government also not able to answer so far. Speculations are going on, but I think within a week we will have a clarity from government”
Jignesh Rathod, page 28 of the filed PDF · View the filing
Risks flagged
Commodity price volatility in silver and copper impacted margins
p. 9
“the biggest impact which has taken up was the impact of silver pricing and copper pricing”
Abhishek Pareek, page 9 of the filed PDF · View the filing
Logistics disruption and shipping delays due to Middle East conflict affecting exports
p. 10
“There was limited movement of ships inbound as well as outbound. Out of that, the cost of freight has gone through the roofs like never before”
Abhishek Pareek, page 10 of the filed PDF · View the filing
Anti-dumping and countervailing duties on Indian and Indonesian cells in the US market
p. 13
“you will have to pay up the recent announced duty of 123%-odd on India, while Ethiopian cells will not have those duties”
Abhishek Pareek, page 13 of the filed PDF · View the filing
Regulatory ambiguity around ALMM II timeline causing deferred customer decisions
p. 17
“many decisions in the C&I sector largely are held up because of the few people are citing that maybe there could be some extension, etc.”
Abhishek Pareek, page 17 of the filed PDF · View the filing
Lower DCR cell production relative to module output requiring external cell purchases and margin dilution
p. 15
“there are customers for which we have even to buy out cells from the local markets just to ensure that we are delivering to our customers on time”
Abhishek Pareek, page 15 of the filed PDF · View the filing
Aggressive pricing from smaller, less financially stable module players amid regulatory deferral
p. 30
“you may expect some cases wherein the players who are in the race or mode of survival may even get down to any point of price that can't be ignored”
Abhishek Pareek, page 30 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.