Waaree Energies shares jump 12% after blockbuster Q3 results

Waaree Energies delivered a robust performance in Q3 FY26, underpinned by strong execution and progress towards becoming a fully integrated energy transition player. Revenue from operations surged 118.81% year-on-year to ₹7,565.05 crore, reflecting strong demand and improved scale.

Operating performance strengthened significantly, with EBITDA rising 167.16% YoY to ₹1,928.15 crore, while margins expanded to 25.49%. Profit after tax (PAT) for the quarter stood at ₹1,106.79 crore, marking a 118.35% YoY increase, even after accounting for exceptional items.

Operationally, the company achieved record production levels, with 3.51 GW of module production and 0.75 GW of cell production during the quarter. Waaree’s growth momentum is further supported by a record order book of around ₹60,000 crore, providing strong visibility for future revenues.

Overall, the quarter highlights Waaree Energies’ accelerating scale, improved profitability and execution strength across its expanding renewable energy portfolio.

Commenting on the results Mr. Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd said: "Waaree Energies has delivered another exceptional quarter, with Q3 FY26 marking record revenue and profitability. Over the nine months, we have achieved significant growth in both topline and EBITDA, reflecting the resilience of our business model and the trust our customers place in us. I am pleased to share that Waaree is First Indian Manufacturer to achieve 1 GW+ of module production and sales in single month with 52 modules produced per minute."

"We have secured a record order inflow, strengthening our order book of ~₹ 60,000 Crores ensuring sustained visibility for the years ahead, also we have secured bankable PPAs backed by land and connectivity. We are accelerating our transformation into an integrated clean energy solutions provider by strengthening adjacencies across BESS, inverter, transformer, Renewable Power Infrastructure and green hydrogen electrolyser creating a resilient and future-ready portfolio. Additionally, our recent acquisition strengthens our supply chain by ensuring secure and fully traceable access to polysilicon, supporting Waaree’s rapidly expanding manufacturing footprint in the U.S.A. and global markets."

"With disciplined execution, prudent capital allocation and strategic diversification, we are confident of closing FY26 on a strong note. Waaree is on track to achieve its EBITDA target of ₹5,500–6,000 crores while creating long-term value for stakeholders and contributing meaningfully to India’s clean energy transition."