Waaree Energies Q1 FY27 Results: Revenue Surges 79%, Order Book Crosses ₹61,500 Crore, FY27 EBITDA Guidance Reaffirmed

What Happened ?

Waaree continued executing its long-term strategy of becoming a fully integrated clean energy company rather than remaining only a solar module manufacturer.

During the quarter, the company expanded manufacturing capacity, strengthened its renewable infrastructure platform, increased retail and overseas sales, commissioned new battery storage facilities and entered adjacent businesses including transmission infrastructure, transformers, inverters, solar glass and green hydrogen.

Management believes these initiatives will diversify revenue sources while increasing wallet share across customers participating in the energy transition.

key details

Revenue Growth Driven by Diversified Business Mix:

Waaree’s business is becoming increasingly diversified across multiple customer segments.

Q1 FY27 revenue mix comprised:

• Utility, IPP & Commercial & Industrial (C&I): 39.7%
• Retail: 30.2%
• Overseas: 21.2%
• EPC, O&M & Transmission: 8.9%

The company also continued reducing customer concentration, with the contribution from its top customers declining compared to previous years, reflecting a broader and more diversified client base. 

Retail Business Emerges as a Major Growth Engine:

Retail remained one of the strongest-performing businesses.

Highlights include:

• Retail revenue increased to ₹2,289 crore, compared with ₹995 crore in Q1 FY26.
• Year-on-year retail revenue growth reached approximately 130%.
• Management expects retail revenue to reach ₹9,000–10,000 crore during FY27.

The retail channel continues benefiting from rising rooftop solar adoption, improved dealer networks and growing demand from residential and commercial customers.

Module Sales Continue to Accelerate:

Waaree significantly increased module shipments during the quarter.

Key operational metrics:

• Modules sold increased from 1.9 GW in Q1 FY26 to 3.6 GW in Q1 FY27.
• Shipment growth of approximately 89% YoY.
• Domestic and export demand both remained healthy.

The company continues to leverage its scale and manufacturing footprint to meet rising global solar demand. 

Order Book Crosses ₹61,500 Crore:

Waaree further strengthened revenue visibility through a large executable order book.

Order book movement during Q1:

• Opening order book: ₹52,700 crore
• Fresh orders received: ₹16,000 crore
• Orders executed: ₹7,300 crore
• Closing order book: ~₹61,500 crore

The module order book increased to 25.2 GW, providing strong execution visibility for future quarters. Retail cash-and-carry orders are largely excluded from this order book, indicating additional demand beyond reported figures.

Strong Global Presence Supports Growth:

The company’s order book is geographically diversified.

Order mix:

• Domestic India: 40%
• Domestic USA: 36%
• Export from India: 24%

International revenue remained strong, supported by continued demand in the United States and other overseas markets. This diversification reduces dependence on any single geography and helps mitigate regional demand fluctuations.

Manufacturing Capacity Continues to Expand:

Waaree further strengthened its manufacturing leadership during the quarter.

Current manufacturing capacities include:

• Solar Modules: ~26 GW
• Solar Cells: 5.4 GW
• USA Module Facility: 1.6 GW

During Q1 FY27, the company:

• Commissioned an additional 3 GW module manufacturing facility at Samakhiali, Gujarat.
• Continued ramping up production across India and the United States.
• Improved utilisation across manufacturing facilities.

Management highlighted that Waaree is now the largest non-Chinese solar module manufacturer globally based on internal assessment and BloombergNEF references.

Expanding Beyond Solar Modules:

Waaree continues transforming into an integrated energy infrastructure company.

Major expansion initiatives include:

• Battery Energy Storage Systems (BESS)
  • Commissioned 5.15 GWh automated BESS container capacity.
  • Long-term target of 20 GWh battery manufacturing.

• Transformers
  • Waaree Transpower commenced production of 17.6 MVA inverter-duty transformers.
  • Long-term manufacturing capacity planned at 20,000 MVA.

• Transmission & Distribution
  • Acquisition of approximately 55% stake in Associated Power Structures Pvt. Ltd. (APSPL) for about ₹1,225 crore.
  • Strengthens Waaree’s presence in renewable transmission infrastructure.

• Inverters
  • Long-term plan for 4 GW inverter manufacturing.

• Solar Glass
  • Planned investment in 2,500 TPD solar glass manufacturing.

• Green Hydrogen
  • Development of 1 GW electrolyser manufacturing capacity.

These businesses are expected to complement Waaree’s core solar operations while increasing participation across the renewable energy value chain.

EPC and Infrastructure Business Continues Growing:

Waaree RTL secured several important project wins during the quarter.

Key developments include:

• 1,520 MWh BESS EPC order.
• Engineering, procurement and construction agreement for a utility-scale solar plus BESS project in New Zealand.
• Two ground-mounted solar EPC projects totaling 800 MWac.

The EPC pipeline continues to support recurring revenue while expanding the company’s integrated offerings. 

Strategic Roadmap Targets Full Energy Ecosystem:

Management presented its long-term vision of transforming Waaree into India’s only fully integrated energy transition platform.

The roadmap includes expansion across:

• Solar modules
• Solar cells
• Ingots & wafers
• Polysilicon investment
• Battery storage
• Solar glass
• Inverters
• Transformers
• Green hydrogen
• Transmission & Distribution
• EPC services
• Renewable infrastructure

The company plans investments exceeding ₹30,000 crore to support this transformation and address a rapidly expanding global clean energy market.

Management Reaffirms FY27 Guidance:

Management reiterated confidence in achieving:

• FY27 Operating EBITDA: ₹7,000–7,700 crore

The guidance is supported by:

• Strong order book.
• Capacity additions.
• Higher retail contribution.
• Growing overseas business.
• Expansion into adjacent renewable energy businesses.
• Healthy execution pipeline.

Risk Analysis

Summary:

• Although Waaree continues delivering strong growth, investors should monitor execution risks related to its large capital expenditure programme, global solar pricing, policy changes and rapid expansion into multiple new businesses.

Key Risks:

• Global solar module price volatility.
• Delay in commissioning new manufacturing facilities.
• Changes in government incentives and trade policies.
• Execution risks associated with large capital expenditure.
• Demand fluctuations in export markets.
• Working capital requirements during expansion.

Worst Case:

• If global solar pricing weakens significantly or major capacity additions face delays, revenue growth and margins may come under pressure despite a strong order pipeline.

Risk Level: Medium

Company Commentary

• Management stated that Waaree is evolving from a solar manufacturing company into a comprehensive energy transition platform spanning manufacturing, EPC, battery storage, transmission infrastructure, transformers, inverters and green hydrogen.
• Backed by a robust order book, expanding capacities and diversified revenue streams, the company reaffirmed its FY27 Operating EBITDA guidance of ₹7,000–7,700 crore.