WAAREEENERNSEMay 08, 2026

Waaree Energies Limited

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20analyst exchanges

5executives

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Management on call

Jignesh Rathod

WHOLE-TIME DIRECTOR AND

Abhishek Pareek

CHIEF FINANCIAL OFFICER

Varun Goenka

PRESIDENT, GROWTH AND

Neeraj Vinayak

VICE PRESIDENT, INVESTOR

Nikunj Jain

MUFG INTIME INDIA PRIVATE LIMITED

Key numbers — 40 extracted

rs,

be forward-looking in nature and may involve risks and uncertainties. For more detailed disclaimers, kindly refer to the Investor Presentation and other filings that can be found on companies' websit

84%

full fiscal year, our revenue from operations in this year has recorded a growth of approximately 84% year-on-year, reaching INR26,537 crores. Operating EBITDA grew 117% to INR5,909 crores with an op

INR26,537 crore

from operations in this year has recorded a growth of approximately 84% year-on-year, reaching INR26,537 crores. Operating EBITDA grew 117% to INR5,909 crores with an operating EBITDA margin of 22.27%. And ou

117%

rded a growth of approximately 84% year-on-year, reaching INR26,537 crores. Operating EBITDA grew 117% to INR5,909 crores with an operating EBITDA margin of 22.27%. And our PAT for the year doubled, g

INR5,909 crore

rowth of approximately 84% year-on-year, reaching INR26,537 crores. Operating EBITDA grew 117% to INR5,909 crores with an operating EBITDA margin of 22.27%. And our PAT for the year doubled, growing over 101% t

22.27%

NR26,537 crores. Operating EBITDA grew 117% to INR5,909 crores with an operating EBITDA margin of 22.27%. And our PAT for the year doubled, growing over 101% to INR3,884 crores. I want to highlight that

101%

crores with an operating EBITDA margin of 22.27%. And our PAT for the year doubled, growing over 101% to INR3,884 crores. I want to highlight that our reported total EBITDA of INR 6,617 crores has

INR3,884 crore

th an operating EBITDA margin of 22.27%. And our PAT for the year doubled, growing over 101% to INR3,884 crores. I want to highlight that our reported total EBITDA of INR 6,617 crores has surpassed our guidan

INR 6,617 crore

bled, growing over 101% to INR3,884 crores. I want to highlight that our reported total EBITDA of INR 6,617 crores has surpassed our guidance range which has given earlier INR5,500 crores to INR6,000 crores wort

INR5,500 crore

eported total EBITDA of INR 6,617 crores has surpassed our guidance range which has given earlier INR5,500 crores to INR6,000 crores worth of financial year '26, which reflects the strength and consistency of o

INR6,000 crore

A of INR 6,617 crores has surpassed our guidance range which has given earlier INR5,500 crores to INR6,000 crores worth of financial year '26, which reflects the strength and consistency of our execution. Mov

26 gigawatt

d the scale we have achieved. Our total module manufacturing capacity now stands at approximately 26 gigawatts, making Waaree the largest non-Chinese module manufacturer in the world. Our cell manufacturin

Guidance — 20 items

Jignesh Rathod

opening

“If you have the Presentation handy, it will be great to follow the conversation.”

Jignesh Rathod

opening

“I want to highlight that our reported total EBITDA of INR 6,617 crores has surpassed our guidance range which has given earlier INR5,500 crores to INR6,000 crores worth of financial year '26, which reflects the strength and consistency of our execution.”

Jignesh Rathod

opening

“The traction in our B2C business continues to be very strong and this is a segment we are very excited going forward.”

Jignesh Rathod

opening

“We are also on track to expand our US manufacturing capacity to 4.2 gigawatt over the next six months, ensuring local supplies in the US.”

Abhishek Pareek

opening

“The global solar inverter market is currently approximately $16 billion annually and is expected to grow at roughly 11% CAGR over the next decade, reaching approximately $46 billion by 2035.”

Abhishek Pareek

opening

“The global transform market is currently approximately $68 billion annually, growing at roughly 7% CAGR, expected to reach around $130 billion by 2035.”

Abhishek Pareek

opening

“Our target segments include refineries, fertilizers, chemicals, steel plants, specialty chemicals and mobility.”

Abhishek Pareek

opening

“And our target is our landed cost undercut by Chinese supply, building a structural margin cushion into the current pricing.”

Abhishek Pareek

opening

“And currently, our acquisition of APSL is ongoing, with which we will be extending the same discipline into transmission and distribution EPC as well.”

Abhishek Pareek

opening

“Domestic front, India adds 44.6 gigawatt of solar capacity in FY'26, taking cumulative solar capacity to around 150-odd gigawatts.”

Risks & concerns — 15 flagged

We continue to de-risk our business by ensuring no single customer, market, or segment define us.

— Jignesh Rathod

And we are taking it further throughout online sales, market expansion, and strategic technology tie-ups, continuously broadening our revenue base and reducing concentration risk.

— Jignesh Rathod

I just wanted to know why there was a very steep decline in the operating EBITDA margins in this quarter versus the previous quarter?

— Arun Kailasan

Over the last quarter, the biggest impact which has taken up was the impact of silver pricing and copper pricing.

— Abhishek Pareek

Also, I just wanted to know, like, you know, granted that, you know, Waaree is considerably shielded from the impact of any of the anti-dumping duties per se in the US market.

— Arun Kailasan

So, that insulates us from the impact of import duties on tariffs.

— Abhishek Pareek

Now, for us to both in terms of increase the customer wallet share, de-risk our supply chain, localize our BOM, our entire materials, and the support of government in terms of policies.

— Varun Goenka

So, which means the impact of margin expansion because of the regulatory and DCR reasons will start coming in big way in H2.

— Abhishek Pareek

Sequentially, if I look at, there is a INR7000 crores of order decline.

— Praveen Sahay

So, needless to say, it's difficult to quantify, but the ex-China market is a very high growth trajectory for several years now.

— Varun Goenka

But the margin impact has been very severe this quarter, 590 bps decline.

— Amitoj

So, that could be the main reason for our EBITDA margin decline.

— Amitoj

This is an over and above the addition of the impact of commodity price.

— Abhishek Pareek

Is it only going to one particular market which takes care of the overall revenue and margin mix, or is it segregated to various pockets where you can really play out on the margin and also de- risk your customer segments.

— Abhishek Pareek

Answer to your question number two around lower production on DCR as you have explained in the earlier questions as well, that since we have been transitioning now from M10 to G12R size of cells, hence there have been some drag in the production of cells.

— Abhishek Pareek

Q&A — 20 exchanges

Yes, hi. Thank you for allowing me to ask this question and congratulations on the numbers management. I just wanted to know why there was a very steep decline in the operating EBITDA margins in this quarter versus the previous quarter? And that will be my first question and if you could also give us some colour on the realizations of the, current run rate of realizations for the DCR, non-DCR modules as well? Thank you.

Abhishek Pareek

Thank you for the question, Mr. Arun. So, on the question about the margins this quarter compared to last quarter. Over the last quarter, we have seen two things which no one envisaged. The war in the Middle East and the crisis of commodity prices. Over the last quarter, the biggest impact which has taken up was the impact of silver pricing and copper pricing. Which has in a way taken some weight off our margins. Also, more important to note here, because last quarter, there was also some impact on logistics cost. There was limited movement of ships inbound as well as outbound. Out of that, th

Okay. Thank you.

Management

Yes. Hi. I wanted to check on the G12R transition which you were doing in the last quarter. So, my understanding is there was a bit of a shutdown on some of the lines in the last quarter. So, is that complete or there could be some spill over in the first quarter as well?

Jignesh Rathod

Yes. So, we have converted three lines to G12R. So, currently, , eleven lines are working. Three lines are Mono PERC. Three lines we have converted to G12R. It is in ramp-up phase. And five lines continue running into the M10R TOPCon. Okay. So, these five will probably get converted in the first quarter, right? Yes. Phase manner. Once the three lines will get stabilized, runs fully, slowly we are ramping up. So, I mean, it could be 1Q, it could be 2Q depending on when this goes through? Yes. One quarter. Abhishek, for you to take a note of one thing which is very important here is we are expec

Yes. Hi. Thanks for taking my question. Just want to understand why was the export mix so low in this particular quarter and would that still be the case going forward and also a little bit on the outlook for order book accretion on the export front?

Abhishek Pareek

Hi, Ravi ji. So, the question of export being lower this quarter. So, last quarter between Jan to Feb, we have seen a lot of impact on the logistics delays all across. So, ships were getting delayed. The stack to load material on ships are also getting lower because of the congestion of these large ships in the Middle East markets. So, because of that, what has happened is a lot of lots which have been manufactured and prepared for the export market could not be shipped. If you look at our balance sheets also, you will realize that the inventory overall has gone up largely because of the logis

Yes, I hope I'm audible?

Management

Yes. So, thank you for taking my question. My first question is on the glass manufacturing side. I just wanted to understand what benefits we can expect from the glass manufacturing side in terms of manufacturing cost and will it help in any sort of boost on the margin front?

Abhishek Pareek

Thanks for the question, Mr. Banerjee. I think before I jump up on the commercial benefit, the more important element here is first is that for our entire supplies in the States market, we require FEOC compliant material. This glass manufacturing will ensure that we have continuous supply under controlled environment from India, which will enable the US glass feed-in for the factory. Secondly, for our India factory also, since we have PLI benefits from the government, the localization of glass is going to ensure that we start getting our PLIs soon. And thirdly, the current ROCE and ROE in glas

So just wanted to understand the two things. One is, how would the cost metrics change if we're importing cells from Ethiopia or any other African market versus Indonesia?

Jignesh Rathod

So, on the day of announcement of duties by the US government, my Chairman has addressed this question, although I'm repeating here. So, it depends on the US duties on to each country. So, in US, the fee on the solar module is based on the solar cells where it produces. Where the junction has been produced, that country will be considered as the origin of the solar modules. So, Ethiopia cells will have a 10% duty on US, wherein Indonesia is having 34% plus 10%, like 44%. For you to understand in a way, Sweta, I think I'll try to make it a little easier for you. For example, if you're importing

Yes, good afternoon. So just wanted to get some more colour on the guidance that you have given, INR7,000 crores to INR7,700 crores. So, looking at what you have mentioned that the cell will take probably one or two quarter to convert fully to G12R. And I think module capacity also we are like close to 26 gigawatt, which will probably go up by another 2 gigawatt. So how does, I mean, how do we achieve this 20%, 30% growth, a breakup between how the revenue would be, how the production volume should be. What kind of margins, some colour on that? Thanks.

Abhishek Pareek

So, hi Sabri, thanks for the question. I think for someone to understand how it works is, like FY26 are operating EBITDA was INR5,908 crores. The guidance is INR7,000 crores to INR7,700 crores, a range of around 20% to 25% of growth on the absolute level of EBITDA numbers. In terms of the cell production the current, as our CEO just mentioned over call, that in a quarter's time. The cell production will not just normalize to what it was a quarter back. If it will actually have an effect of upside of 10%, 15% as well. Additionally, in H2, our 10-gigawatt cell is also going live, which means in

Just one question on margins. I wanted to understand, like you mentioned 4.1 gigawatt of module sold. I understand exports mix have gone down to 21% from last quarter at 32%. Is the margin moderation also a reason, another reason maybe that your DCR mix has gone down in India? Because your cell production, if I see which is 700 megawatt. So largely is it safe to assume that that would be your DCR mix or would you also be buying a lot of cells from outside to cater to that segment from basically other cell manufacturers in India?

Abhishek Pareek

I think you have hit the nail right at the centre. The understanding is very clear that at the higher module production level, the cell, DCR cell or local cell production has not gone up. And hence there is some moderation because of this mix as well. Yes, there are customers for which we have even to buy out cells from the local markets just to ensure that we are delivering to our customers on time. But when you do that, you are putting the money on the table to the other side where you are procuring the cells from.

And congratulations on a great set of numbers for the quarter as well as the year. So, my first question was regarding the gap between the EBITDA and the cash flow from operations with the CFO conversation declining I think around 100 plus percentage to about 27.5, I guess, around that number. So, could you help me understand the key factors behind this diversion?

Abhishek Pareek

Sure. So, if you look at our cash flow statement also, you are pointing out very right that the cash flow operations percentage has significantly come down. As I mentioned in my earlier reply as well that because the inventory build-out has happened in Q4, largely because a lot of material has kept on the shores, could not be shipped out because of the logistics issue. Had that been the case, we would have realized the cash into our balance sheet. That would have changed the number altogether. The inventory levels in the balance sheet also reflects the same. If you keep the inventory at normal

So, just could you give some colour on this entity, Waaree Semicon. And how are we thinking of this business? And what would be the status of this entity in terms of, let us say, talent acquisition, government PLI, capex timing. And also, the rationale to get into this segment? Thank you.

Abhishek Pareek

Well, I think I would really want to take this opportunity to clarify to all. The company that you saw yesterday, Waaree Semicon, is a company which is going to only manufacture to start with the components which we are consuming in the inverter manufacturing at our facility in Sarodhi, Gujarat. So, we are manufacturing inverters at our facility and we are getting the complete lockdown and we are building the inverters in a factory. We require diodes for the same. This company is going to build out diodes, procure diodes globally. And get the localization of diodes within the umbrella of Waare

My question is related to the order book. Sequentially, if I look at, there is a INR7000 crores of order decline. So, can you give some colour? Is that some order domestically because of challenges related to the procurement or as you had highlighted, you had domestically also cell procure. There is some depletion in the order book domestically.

Abhishek Pareek

So, if you look at the order book, around INR53,000 odd crores, we have delivered more than INR8400 crores of revenue already. So, on a quarter-on-quarter basis, there is an intake of orders, but then the ship-out of orders is much higher than the build-out. So, last quarter, largely because of the disruption in the Middle East. The new order from the overseas market have deferred from maybe a quarter to a quarter's time. Similarly, there's a lot of dispatches which are happening in the local market. And in the local market, if you see there is an ALMM II which is coming up. So, many decisions

Yes. Thank you so much for taking my question. So, my question mainly pertains to our supply in the U.S. So, we already know that because of the restrictions on Chinese cells, we cannot use that in the U.S. But my question mainly remains on other components of the solar module as well, which is the solar glass, the junction box, the wafer, and any other components. In order to satisfy the U.S. LPA guidelines, do we have to also procure those from non-China sources?

Jignesh Rathod

Except cells , no need. Okay. Do you think that this could come in the future? No. We do not think so. But as a matter of principle and policy, we are not using Chinese polysilicon wafers for USA. And this is all from India to U.S. Where in U.S. manufacturing, we have to procure all the material from the non-FEOC countries. So, what that means for you, Nidhi, is that if you are going to supply components to U.S. market, let's say for manufacturing in U.S. also, be it glass, be it, the cell is already restricted. So, apart from the glass, junction box, EVA, back sheet, everything and anything,

Hi, sir. Thank you for the opportunity. So, my question is related to wafers and ingots. There has been some revision, both in revision to the cost of capex and timelines also. Like capex has been moved up to INR62 billion versus INR51 billion earlier. And timelines are now FY28 versus FY27. So, why does it change? Like some technology-related change or any other reason to this change in both capex and timelines?

Abhishek Pareek

So, if you look at the plan now, we were originally putting up 6-gigawatt worth of facility versus now setting up 10 gigawatt of facility. Because of that and other reasons, we also shifted our locations as well from earlier mentioned locations in Odisha to now Gujarat and Nagpur. So, that's how some delay in the overall timeline. But this revised timeline is for the 10-gigawatt facility altogether, including the earlier 6 gigawatt and the additional 4 gigawatts. Hope that helps. Got it. Thank you, sir. And what will be your timeline for glass manufacturing plant? So, we have mentioned in our

Yes. Thank you, sir, for taking my question. And a few questions. First, on the copper and silver commodity pricing, I think the silver and copper pricing has been on an upward trend since the past year. But the margin impact has been very severe this quarter, 590 bps decline. So, is there any other factor? Now, of course, you mentioned that we have been also procuring DCR cells from other third parties domestically to cater to our DCR order book. So, that could be the main reason for our EBITDA margin decline. Or is this more structural and we should see EBITDA margins at 20 percent levels co

Abhishek Pareek

So, as we have said, one thing you already covered that since the overall cell production or the cell dispatch, to be precise, has been in line with last quarter, but overall production of modules was way higher. Hence, the percentage wise DCR number was lower. And in fact, since we had to procure some cells and supply to our customers, that also diluted the number. This is an over and above the addition of the impact of commodity price. At the same time, I mentioned in my earlier reply as well that the change in overall sales mix from the overseas revenue to more of utility also had an impact

Yes. Thank you That’s alright.

Management

Hello, sir. Can you hear me?

Management

Yes. So, I just have two questions. One is more or less like a clarification with respect to the margins. You have guided the EBITDA level to be around INR7,000 crores to INR7,700 crores for the financial year FY27. So, if possible, can you just let us know whether are you sticking to your initial guidance of maintaining the EBITDA margin of 20%? One of that and a follow-up on that is due to the increase in commodity prices, have you taken any price hike during this quarter or are you planning to take any price hike in the future quarters?

Abhishek Pareek

I think I'll again re-emphasize on our earlier calls also. And as mentioned by you that you've been guiding over all that on a long-range basis, if you really wish to see what is there in for the next 5 to 10 odd years, the safest assumption there will be is your 19%-20% margin consistent for a decade long at least. Secondly, because of the effect of cells in H2 and more cells coming up in the quarter beyond that, the margin profile compared to this quarter could be different because there'll be more cells manufactured and sourced in-house. So, that completely uplifts the overall margin profil

Sure

Management

Hello. So, firstly, congratulations on the great set of numbers. Could you explain the current margins in your module and cell business and how we expect them going forward? And also, there are concerns about the overcapacity in the module segment. So, how do you see the demand versus supply shaping up? And are the government policies like ALMM and PLI supporting in demand and pricing? That's it.

Abhishek Pareek

Let me take up the second question first to answer. So, the definition of supplies in the country is changing. With ALMM II coming in place, the real available supply for the sector asking for DCR is not, let's say, 160 gigawatt of (ALMM) I approved module. It is rather (ALMM) II approved solar cell capacities integrated with module capacity. So, relevant capacity to note is 30 gigawatt today for new regulations kicking in from June 26. While the demand, like in last financial year you've seen, 50-gigawatt, 55 gigawatts of module were consumed to install 44.6-gigawatt worth of ACsite of solar

Speaking time

Abhishek Pareek

Moderator

Jignesh Rathod

Varun Goenka

Abhishek Nigam

Aritra Banerjee

Sushil Choksey

Arun Kailasan

Amitoj

Raman KV

Opening remarks

Nikunj Jain

Thank you, Michelle. Good afternoon, ladies and gentlemen. I welcome you to the Q4 and FY '26 Earnings Conference Call of Waaree Energies Limited. To discuss this quarter and full year's performance, we have from the management, Mr. Jignesh Rathod, Whole-Time Director and CEO, Mr. Abhishek Pareek, Chief Financial Officer, Mr. Varun Goenka, President, Growth and Strategy, and Mr. Neeraj Vinayak, Vice President, Investor Relations. Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more detailed disclaimers, kindly refer to the Investor Presentation and other filings that can be found on companies' websites and Stock Exchanges. Without further ado, I would like to hand over the call to the management for their opening remarks and then we will open the floor for Q&A. Thank you and over to you, sir.

Jignesh Rathod

Thank you, Nikunj. Good afternoon, ladies and gentlemen. This is Jignesh. Thank you for joining us for the Q4 and full-year financial year '26 earnings call of Waaree Energies Limited. I shall be referring to the Investor Presentation that has been uploaded yesterday on stock exchange. If you have the Presentation handy, it will be great to follow the conversation. Let's start with the Slide number 3. I'm delighted to share that Waaree Energies Limited has delivered yet another year of record-breaking performance. This time across the full fiscal year, our revenue from operations in this year has recorded a growth of approximately 84% year-on-year, reaching INR26,537 crores. Operating EBITDA grew 117% to INR5,909 crores with an operating EBITDA margin of 22.27%. And our PAT for the year doubled, growing over 101% to INR3,884 crores. I want to highlight that our reported total EBITDA of INR 6,617 crores has surpassed our guidance range which has given earlier INR5,500 crores to INR6,000

Abhishek Pareek

Thank you, Jignesh sir. Good afternoon, everyone on the call. I will now take you through the next set of slides, which cover our adjacent businesses, demand outlook, quality credentials, and retail engine, all of which together are building the foundation of Waaree 2.0. Let me begin with slide number 10, which our CEO has briefly introduced. This slide captures the full picture of our transition. Today, Waaree is not just a solar module company. We are systematically building out every critical component of the new energy value chain. From entire solar value chain to BESS, electrolysers, inverters, transformers, solar glass, smart meters, and T&D, we are constructing an energy transition ecosystem that no other company in India offers today. We are deploying three and a half billion dollars of capex over the next two years to scale core capacity, expand into adjacent value pools. This positions us to capture a TAM that is expected to expand roughly four times from approximately $1 tri

Jignesh Rathod

Thank you, Abhishek. Looking ahead, our priorities are very clear. Continue scaling capacity in line with the demand, deepen integration to improve the cost competitiveness, expand across markets, and keep investing in technology and innovation. To sum up, financial year 26 has been a year of strong progress. We have delivered on growth, strengthened our position, and built a solid platform for the future. With strong industry tailwinds and a clear strategy, we remain focused on consistent execution and long-term value creation. We continue to remain upbeat on our growth prospects and guiding for operating EBITDA of INR7,000 crores to INR7,700 crores for financial year 27. Thank you for your continued trust and for being with us on this journey. With that, I would now like to request the operator to open the floor for questions.

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