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📋 Filing Types Available on ForgeUp Filings Sourced from BSE corporate announcements (equity segment). Companies covered are BSE-listed and most are also listed on NSE. We show only material filings.
Financial Results Orders Dividend Buyback Merger / Acquisition Board Meeting Outcome Fundraise (QIP / Rights / FPO) Regulatory / Court Order Credit Rating Change Promoter Pledge Update Management Change Joint Venture / MOU Delisting Bonus Shares Stock Split
Data sourced from BSE India corporate announcements. More categories will be added over time.
Waaree Energies Ltd

Waaree Energies FY26 Revenue ₹26,536.77 Cr (+83.72% YoY), PAT ₹3,884.15 Cr (+101.45%)

RESULTS ▲ Positive Development MEDIUM RISK
📅 Filed on BSE: 29 Apr 2026, 10:12 PM IST  ·  BSE ID: 7d781c79-7f73-413f-be2e-e63748f971ce
View Original BSE Filing (PDF)
💡
In Simple Terms
Waaree Energies nearly doubled profits and revenues in FY26, hitting ₹26,536.77 Crores in sales and ₹3,884.15 Crores in net profit, while expanding manufacturing capacity.
🤖 AI Summary
  • FY26 revenue ₹26,536.77 Crores, up 83.72% YoY; PAT doubled at ₹3,884.15 Crores
  • Operating EBITDA ₹5,908.64 Crores (+117.10% YoY); total EBITDA ₹6,616.79 Crores exceeded guidance
  • Record module production 12.6 GW for FY26; Q4 capacity addition 3 GW at Samakhiali
  • Board approved ₹3,900 Cr glass plant capex and ₹6,200 Cr Nagpur integrated ingot-wafer facility
  • Final dividend ₹2 per share; total FY26 dividend ₹4 per share on ₹10 face value
🔢 Key Numbers — exact figures from BSE filing, not rounded
FY26 Revenue from Operations
₹26,536.77 Crores
83.72%
FY26 Operating EBITDA
₹5,908.64 Crores
117.10%
FY26 PAT
₹3,884.15 Crores
101.45%
FY26 Total EBITDA
₹6,616.79 Crores
Q4 FY26 Revenue from Operations
₹8,480.25 Crores
111.80%
FY26 Annual Module Production
12.6 GW
Q4 FY26 Module Production
4.2 GW
Final Dividend per Equity Share
₹2 per share (face value ₹10)
Total FY26 Dividend per Equity Share
₹4 per share
Capex: Glass Manufacturing Plant
₹3,900 Crores (2,500 TPD)
Capex: Nagpur Ingot-Wafer Facility
₹6,200 Crores (10 GW integrated)
FY27 Operating EBITDA Guidance
₹7,000-₹7,700 Crores
FY26 EBITDA Guidance (Issued)
₹5,500-₹6,000 Crores
🏢 How This Affects the Company
📈
Business Impact
Revenue scaled 83.72% to ₹26,536.77 Crores, driven by module production reaching record 12.6 GW. Backward integration accelerating through polysilicon acquisition in Oman and greenfield ingot-wafer facility in Nagpur signals strategic shift toward full supply chain control and adjacent segments including BESS, inverters, and green hydrogen.
💰
Financial Impact
Operating EBITDA surged 117.10% to ₹5,908.64 Crores, exceeding ₹5,500-₹6,000 Crore guidance. Total EBITDA ₹6,616.79 Crores. PAT growth of 101.45% to ₹3,884.15 Crores confirms operational leverage. Operating EBITDA margin compressed to 22.27% in FY26 from 23.04% in Q4 FY25, reflecting competitive pricing.
⚙️
Operational Impact
Module capacity scaled to 25.8 GW installed, cells to 5.4 GW. Q4 FY26 module production 4.2 GW. New 3 GW module line commissioned at Samakhiali. Upcoming glass facility (2,500 TPD capacity) and 10 GW integrated ingot-wafer plant in Nagpur represent significant capacity additions over next 2-3 years.
⚠️
Risk Impact
PAT margin declined to 14.26% in FY26 from 12.99% prior year, signaling margin compression despite volume growth. Operating EBITDA margin softening to 22.27% from 23.04% Q4 prior year reflects pricing pressure in solar module segment. Capital intensity rising with ₹10,100 Crore incremental capex planned.
👥 What This Means For Shareholders
✅
Action Required
Equity shareholders eligible for final dividend of ₹2 per share should ensure shares remain in demat account before record date announcement.
👤
Who Is Affected
All equity shareholders holding shares on record date will receive final dividend of ₹2 per share (₹10 face value), taking total FY26 dividend to ₹4 per share.
🔍
Management Signal
Board's ₹10,100 Crore capex approval and retained earnings deployment signal confidence in sustained demand and willingness to fund growth internally while returning ₹4 per share dividend.

For information only. Not investment advice. ForgeUp is not SEBI-registered.

👁 Watch List — track these upcoming events
FY27 Q1 results — track if Operating EBITDA run-rate sustains ₹7,000-₹7,700 Crore annual guidance
Nagpur ingot-wafer facility commissioning — monitor capex execution timeline and capacity ramp
Final dividend payment date — confirm ₹2 per share credited to shareholder demat accounts
MEDIUM RISK Operating EBITDA margin compression to 22.27% from 23.04% reflects solar module pricing pressure. High capex intensity (₹10,100 Crore planned) increases leverage and execution risk in new adjacencies.
💡 Investor Takeaway
Waaree achieved ₹26,536.77 Crores revenue (+83.72% YoY) and ₹3,884.15 Crores PAT (+101.45% YoY) in FY26, exceeding EBITDA guidance with ₹6,616.79 Crores total EBITDA. Record 12.6 GW module production. Management projects Operating EBITDA ₹7,000-₹7,700 Crores for FY27. Strategic capex ₹10,100 Crore signals vertical integration into polysilicon, cells, and glass.
⚖️ Strengths & Concerns

✅ Positives

  • Revenue growth 83.72% YoY to ₹26,536.77 Crores; PAT doubled at ₹3,884.15 Crores demonstrating operating leverage
  • Total EBITDA ₹6,616.79 Crores exceeded guidance ceiling of ₹6,000 Crore; record production 12.6 GW annual capacity

⚠️ Concerns

  • Operating EBITDA margin compressed to 22.27% FY26 from 23.04% Q4 FY25, indicating pricing pressure in solar modules
  • PAT margin 14.26% FY26 versus 12.99% FY25 — compression despite higher absolute profits signals thinning net margins
📅 Company Track Record
Waaree established 1990, now India's leading renewable energy manufacturer with 25.8 GW module and 5.4 GW cell installed capacity across 25+ countries. FY26 marks transition year into Waaree 2.0 strategy integrating battery storage, inverters, transformers, and green hydrogen electrolysers.

Based on publicly available historical data. For context only.

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⚠️ For Information Only — Not Investment Advice
ForgeUp Filings provides AI-generated summaries of public BSE exchange announcements (equity segment) for informational purposes only. Nothing here constitutes investment advice or a recommendation to buy, sell, or hold any security. ForgeUp is not a SEBI-registered investment advisor. All financial numbers are sourced directly from BSE filings and shown as-is. Past data is historical only. Please consult a qualified financial advisor before making investment decisions. Data sourced from BSE India public disclosures.
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