Waaree Energies Limited — Investor Meet, 29-01-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Waaree Energies delivered a stellar Q3 FY26. Revenue more than doubled, EBITDA surged over 167% with margins expanding past 25%, and PAT also doubled. Management is confident of exceeding its FY26 EBITDA outlook.

The company hit record quarterly module production of 3.5 GW, backed by an all-time high Rs 60,000 Cr order book. Cell production utilization is now 80-81%, targeting over 90% soon. Waaree is building "Waaree 2.0," a fully integrated energy platform including polysilicon, batteries, inverters, and green hydrogen. Management sees strong underlying factors for margin stability and robust solar demand in India, suggesting overcapacity fears are unfounded.