Waaree Energies Limited — PPTs, 28-07-2025: Investor Presentation

1. **Financial Highlights:**

The company reported Q1FY26 revenue of ₹4,597 Cr (+31% YoY), with EBITDA at ₹1,169 Cr (+83% YoY) and a 25.4% margin. PAT surged 93% YoY to ₹773 Cr (16.8% margin). A robust order book stands at ~₹49,000 Cr (~25 GW). The balance sheet shows a strong debt-to-equity of -0.7x, with ROCE at 34.1% and ROE at 28.2%.

2. **Strategic Initiatives & Growth Drivers:**

Significant expansion is underway with an approved capex of ₹2,754 Cr for 4 GW additional cell capacity in Gujarat and 4 GW ingot-wafer capacity in Maharashtra. Total capacity targets by FY27 are 25.7 GW modules, 15.4 GW cells, and 10 GW ingot-wafers. The company is diversifying into Green Hydrogen (300 MW electrolyser), Battery Energy Storage Systems (3.5 GWh), and inverters (3 GW/annum).

3. **Business Developments:**

Q1FY26 saw a record quarterly production of 2.3 GW. The company secured ~2.23 GW in new orders, predominantly from US customers, indicating strong demand. Execution for 6 GW ingot-wafer, cell, and module facilities is on track, with ramp-up in the present cell facility progressing as expected.

4. **Market Position & Competitive Advantage:**

Benefiting from strong domestic industry tailwinds and government initiatives, the company maintains a robust 100+ GW order pipeline. It is strategically expanding its 'wallet share' from a module manufacturer to a comprehensive solution provider across the solar value chain and into emerging green energy sectors.

5. **Investor Implications:**

The company exhibits significant positive growth potential, driven by its aggressive capacity expansion, strong order book, and diversification into allied green energy segments. Investors should monitor the execution risk associated with these large-scale capex projects and evolving international trade dynamics.