Waaree Energies Limited reported revenue from operations of ₹15,449.53 crore in the first half of FY2027, registering a 47.26% year-on-year increase. The company’s performance was supported by higher domestic retail sales, increased solar module shipments and expansion across its renewable energy and energy storage businesses.
For the second quarter of FY2027, revenue from operations rose 23.94% year-on-year to ₹7,517.74 crore, compared with ₹6,065.64 crore in the corresponding quarter of the previous financial year. Operating EBITDA stood at ₹1,335.20 crore, with a margin of 17.76%, while profit after tax (PAT) reached ₹753.64 crore.
The company’s operating cash flow increased to ₹3,483.56 crore in the first half of FY2027, compared with ₹574.73 crore during the same period last year.
Domestic Retail Sales Drive Revenue Growth
Domestic retail sales recorded significant growth during the second quarter. Revenue from the segment increased 252.9% year-on-year to ₹3,464 crore from ₹982 crore in Q2 FY2026. Retail accounted for 46.1% of Waaree Energies’ total revenue during the quarter.
Solar module sales also increased, reaching 3 GW in Q2 FY2027 compared with 2.4 GW in the corresponding quarter of the previous year. Cumulative solar module shipments for the first half of FY2027 stood at 6.6 GW.
As of October 26, 2026, the company’s consolidated order book was valued at approximately ₹59,200 crore. The order book included 25.6 GW of solar module orders, along with projects in renewable energy engineering, procurement and construction (EPC) and transmission and distribution.
Solar Manufacturing Capacity Expansion
Under its Waaree 2.0 roadmap, the company is expanding its operations beyond solar module manufacturing into an integrated clean energy business.
Waaree currently operates 25.8 GW of solar module manufacturing capacity across India and the United States. Its expansion plans include increasing domestic solar cell manufacturing capacity to 15.4 GW, establishing a 10 GW silicon ingot and wafer manufacturing facility in Nagpur, and developing a solar glass manufacturing plant with a capacity of 2,500 tonnes per day.
In the United States, Waaree Solar Americas Inc. announced an investment of US$37 million to upgrade its solar module manufacturing facility in Arizona to 1.6 GW. The company is working towards a planned US manufacturing capacity of 4.8 GW.
Battery Storage and Inverter Manufacturing Plans
Waaree Energies is also expanding its manufacturing capabilities in energy storage and related technologies. The company’s plans include increasing inverter manufacturing capacity to 4.15 GW and developing a 20 GWh battery energy storage system (BESS) manufacturing facility in Gujarat.
Additionally, the company is establishing a 1 GW electrolyser manufacturing facility for green hydrogen applications. Its transformer manufacturing capacity in Alwar is being expanded towards 20,000 MVA.
These developments form part of the company’s broader strategy to expand across solar manufacturing, battery storage, power equipment and emerging clean energy technologies.
Solar and Battery Storage Project Portfolio
Waaree Energies has secured a Letter of Award to develop 700 MW of solar power capacity integrated with 2,800 MWh of battery storage. Following this award, its solar power purchase agreement portfolio exceeded 1,778 MW.
The company reported a net-debt-to-equity ratio of -0.2 times. It also reaffirmed its FY2027 operating EBITDA guidance in the range of ₹7,000 crore to ₹7,700 crore, reflecting its financial outlook for the current financial year.
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