| Particulars | Q1 FY27 | Q1 FY26 | % Change Y-o-Y |
| Revenue from Operations | 7,931.79 | 4,425.83 | 79.22% |
| Operating EBITDA | 1,439.92 | 997.32 | 44.38% |
| Operating EBITDA Margin | 18.15% | 22.53% | |
| PAT | 891.87 | 772.89 | 15.39% |
| PAT Margin | 11.01% | 16.81% |
Key Performance Highlight for Q1 FY27:
- Achieved module production of 3.24 GW in Q1 FY27 (a growth of 41.51% YoY), supported by strong operational efficiency and scale advantages
- Reported quarterly revenue of ₹7,931.79 Crores delivering a strong 79.22 % YoY growth
- Operating EBITDA for the quarter stood at ₹ 1,439.92 Crores marking a growth of 44.38% YoY with margins of 18.15%
- Quarterly PAT reached ₹891.87 Crores, advancing 15.39% YoY
Other Key Highlights:
- 10 GW Cell facility at Unn, Gujarat is progressing as per plan & expected to start production in current financial year
- Strategic acquisition of 55% equity stake in Associated Power Structures Private Limited enhances power infrastructure capabilities and supports integrated renewable energy project execution
- Commenced advanced 5.15 GWh of automated BESS container manufacturing in Rola, Gujarat.
Commenting on the results Mr. Jignesh Rathod, Whole Time Director & CEO, Waaree Energies Ltd said: Waaree Energies delivered another quarter of strong operational and financial performance in Q1 FY27, reflecting the resilience of our integrated business model, disciplined execution and sustained demand across domestic and international markets. As on date we have achieved a record order book of approximately ₹61,500 crore.
The performance underscores Waaree’s ability to consistently deliver profitable growth while strengthening our manufacturing ecosystem, expanding our global footprint and building multiple high-growth clean energy businesses.
The quarter also marks the continued evolution of ‘Waaree 2.0’—the Company’s transformation from a leading solar module manufacturer into a diversified energy transition enterprise with multiple growth engines across the renewable energy value chain. We are now witnessing the early outcomes of this strategy. While our core solar manufacturing business continues to perform strongly, our newer businesses are beginning to contribute meaningfully to revenue, creating multiple growth levers for the future. Through continued investments across advanced manufacturing, energy storage, power infrastructure and global markets, we are building a diversified clean energy platform designed for long-term, sustainable value creation.
During the quarter, we expanded our manufacturing footprint, commenced India’s advanced automated BESS container manufacturing and strengthened our power infrastructure capabilities through the acquisition of Associated Power Structures. We also expanded our international presence with new business opportunities across Europe, the Middle East, New Zealand and Australia, reinforcing Waaree’s position as a trusted global energy transition partner.
Our robust and diversified order book provides strong revenue visibility and reflects the confidence customers place in Waaree’s manufacturing excellence and execution capabilities. Our strong balance sheet phased capital deployment and expected cash flow generation from our core business over the next two years place us in a comfortable position to fund and execute our strategic expansion plans while maintaining disciplined capital allocation. Supported by our integrated energy transition platform and growing contribution from diversified businesses, we remain confident in our long-term growth trajectory and reaffirm our FY27 Operating EBITDA guidance of ₹7,000–7,700 crore.