Waaree Energies Q1 FY27 Results (NSE: WAAREEENER)
Signal: Margin pressure
The read
The trajectory remains expansionary, with revenue of ₹7931.79 crore up 79.22% YoY and module production up 41.51% to 3.24 GW, but EBITDA margin fell 223bps YoY to 20.3% and PAT growth of approximately 10.0% lagged revenue sharply; the key thesis question is whether Waaree 2.0's new BESS, cell and infrastructure businesses can scale without prolonging margin dilution.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,931.79 Cr | 79.22% | N/A |
| EBIT | ₹1,280.75 Cr | N/A | |
| Net profit | ₹850.22 Cr | 10.0% | |
| EPS | ₹29.56 | 14.0% | |
| EBIT margin | 20.3% |
P&L walk
Consolidated revenue was ₹7931.79 crore, up 79.22% YoY, and EBITDA was ₹1610.73 crore, up approximately 61.5% YoY; EBITDA margin was 20.3%, 223bps below the 22.53% year-ago margin, while PAT was ₹850.22 crore, up approximately 10.0% YoY.
Segments
No segment results table was disclosed, but standalone PAT of ₹739.10 crore versus consolidated PAT of ₹850.22 crore indicates that subsidiaries and other group entities contributed ₹111.12 crore to consolidated profit.
Key positives
- Revenue reached ₹7931.79 crore, up 79.22% YoY, while module production increased 41.51% YoY to 3.24 GW, supporting evidence of substantial scale-up.
- The order book stands at approximately ₹61,500 crore after approximately ₹16,000 crore of new orders, providing substantial stated revenue visibility.
- EBITDA was ₹1610.73 crore, approximately 61.5% above ₹997.32 crore in Q1FY26, despite the margin decline, showing positive operating profit growth on a much larger revenue base.
- Waaree commenced automated BESS container manufacturing at 5.15 GWh and expects its 10 GW Unn cell facility to start production in the current financial year, adding new capacity vectors.
Key concerns
- EBITDA margin declined from 22.53% in Q1FY26 to 20.3% in the verified financials, while PAT growth of approximately 10.0% materially trailed revenue growth of 79.22%; the filing does not disclose the specific cause of the margin compression.
- The company must execute a large expansion program across solar cells, BESS and power infrastructure while maintaining the reaffirmed FY27 Operating EBITDA guidance of ₹7,000–7,700 crore.
- Standalone EBITDA margin was 19.8%, below the consolidated 20.3%, indicating that group subsidiaries currently improve rather than dilute the consolidated margin.
Research and educational content only. Not investment advice.