Waaree Energies Limited Earnings Summary — Q4 FY2026
Waaree Energies Posts Record Revenue and Robust Profit Gains in Q4 FY2026 Amid Capacity Expansion
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 6.5% sequentially in Q1 FY2027.
- Revenue of ₹7,932 Cr is 79.2% higher year-on-year.
- Revenue has compounded at 55.5% annualised over the last 10 quarters.
- Net profit of ₹850 Cr is 14.1% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 31.2% annualised across the period.
- Operating margin stands at 18.1% in Q1 FY2027.
- Operating margin compressed by 438 bps year-on-year.
- Over the last two years operating margin has expanded by 194 bps.
- PBT margin is 15.3%.
- Expenses grew 89.3% against revenue growth of 79.2%.
- Operating profit of ₹1,440 Cr is 44.4% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 67/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Strong Uptrend | 7,932 | 8,480 | 7,565 | 6,066 | 4,426 | 4,004 | 3,457 | 3,574 | 3,409 | 2,936 |
| Expenses | Improving | 6,492 | 6,904 | 5,637 | 4,659 | 3,429 | 3,081 | 2,736 | 3,050 | 2,856 | 2,518 |
| Operating Profit | Improving | 1,440 | 1,577 | 1,928 | 1,406 | 997 | 923 | 722 | 525 | 552 | 418 |
| Operating Margin | Improving | 18.1% | 18.6% | 25.5% | 23.2% | 22.5% | 23.0% | 20.9% | 14.7% | 16.2% | 14.3% |
| Other Income | Volatile | 171 | 180 | -99 | 161 | 171 | 133 | 88 | 89 | 88 | 364 |
| Interest | Volatile | 70 | 48 | 93 | 96 | 43 | 57 | 31 | 31 | 34 | 48 |
| Depreciation | Strong Uptrend | 330 | 301 | 267 | 240 | 182 | 153 | 89 | 84 | 76 | 75 |
| Profit Before Tax | Improving | 1,210 | 1,408 | 1,469 | 1,231 | 943 | 845 | 690 | 499 | 531 | 659 |
| Tax | Improving | 319 | 282 | 362 | 353 | 170 | 201 | 183 | 123 | 129 | 183 |
| Net Profit | Improving | 850 | 1,061 | 1,062 | 843 | 745 | 619 | 493 | 362 | 394 | 462 |
| Net Margin | Stable | 10.7% | 12.5% | 14.0% | 13.9% | 16.8% | 15.5% | 14.3% | 10.1% | 11.6% | 15.7% |
Key Takeaways
- Waaree Energies achieved a record quarterly revenue of ₹8,480 crore in Q4 FY2026, more than doubling year-on-year.
- Net profit saw a robust 75% YoY growth to ₹1,126 crore, though sequential growth moderated to 1.7%.
- Operating Profit Margin (OPM) contracted to 19% from 25% in the previous quarter, likely due to higher raw material costs or aggressive scaling.
- The company continues its aggressive capital expenditure, with Fixed Assets rising sharply to ₹7,329 crore by fiscal year-end.
- Cash flow from operations declined significantly in FY26 to ₹1,627 crore compared to ₹3,158 crore in FY25, leading to negative free cash flow.
- Borrowings have spiked to ₹3,213 crore to fund massive capacity expansions and working capital requirements.
- Depreciation saw a sharp rise to ₹301 crore in Q4, reflecting the commissioning of new manufacturing capacities.
Management Guidance
Management remains focused on maintaining its position as the largest non-Chinese solar manufacturer, transitioning towards higher value-add TopCon modules and scaling operational capacity to meeting global decarbonization demand.
Sentiment Shift
Stable
While revenue and profit growth remain exceptionally strong, the contraction in margins and negative free cash flow due to heavy capex are points of observation.
Outlook
The outlook remains highly positive due to structural tailwinds in solar energy and a dominant market position; however, the company's ability to navigate silicon price fluctuations and manage high leverage from expansion will be critical.
From the Annual Report (Key Quotes)
“Waaree Energies Limited (WEL) is the largest non-Chinese solar PV module manufacturer globally, exhibiting explosive growth.”
“Operating margins have expanded significantly from 5% in FY20 to 22% in FY26, suggesting significant operating leverage.”
“The recent resignation of the Chief Procurement Officer in June 2026 is a monitorable event for management stability.”
Official Quarterly Documents
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This summary is AI-generated from Waaree Energies Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.