Waaree Energies Limited — Investor Meet, 28-10-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Waaree Energies delivered record Q2 FY'26: Revenue INR 6,227 Cr (+70% YoY), EBITDA INR 1,567 Cr (+155% YoY, 25.17% margin), PAT INR 878 Cr (+134% YoY). An interim dividend of INR 2/share was approved.

Current module capacity stands at 18.7 GW, with cell capacity at 5.4 GW. The order book is strong at INR 47,000 Cr (~24 GW). Management reaffirmed its FY'26 EBITDA guidance of INR 5,500-6,000 Cr, driven by robust solar demand, strategic capacity expansions (BESS, electrolysers, inverters), and a focus on backward integration into ingots/wafers. The company is confident in its integrated growth strategy.