Waaree Energies Limited · NSE:WAAREEENER
Waaree Energies — Q3 FY26 Earnings Presentation
34 slides from Waaree Energies's earnings presentation, Jan 22, 2026
Slide 1: Exchange filing cover letter for investor presentation
January 22, 2026 To To The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Exchange Phiroze Jeejeebhoy Towers Plaza, C-1 Block G, Dalal Street, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 544277
Slide 2: Waaree Energies Limited Earnings Presentation Q3FY26
WAAREE ENERGIES LIMITED Earnings Presentation | Q3FY26
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Energies Limited (WEL) (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation, or invitation to purchase or subscribe for a
Slide 4: Quarterly Overview
Quarterly Overview WAAREE mzsun
Slide 5: Record Performance Delivered – Q3 FY26
Record Performance Delivered – Q3 FY26 ₹ 7,565 Cr | +118.8% YoY ₹ 1,928 Cr | +167.2% YoY ₹1,106 Cr | +118.4% YoY Revenue from Operations Operating EBITDA PAT 25.5% Margin 14.3% Margin ~23 GW 5.4 GW ~₹ 60,000 Cr Module Capacity Cell Capacity Order Book ₹ 25,000+ Cr 40.0% 36.8% Capex Planned ROCE * RO
Slide 6: Strong Production Ramp-up Supported By A Robust Order Book
Strong Production Ramp-up Supported By A Robust Order Book Strong Production Growth Solid Order Book Revenue Mix Module Production (GW) Order Book1: ~₹60,000 Cr Geographical Revenue Mix (Q3 FY26) +94% 3.5 1.8 ~60,000 ~50,000 18.6% Q3 FY25 Q3 FY26 ~47,000 32.6% Cell Production (GW) 10.7% +35% 0.8 0.6
Slide 7: Maximizing Our Momentum: Key Company Updates
Maximizing Our Momentum: Key Company Updates Growth & Investment Cell Plant, Unn First Indian solar manufacturer to achieve 1 GW+ of module production in a single month, with 52 modules produced per minute Secured a long-term, fully traceable polysilicon supply chain with ~$30mn strategic investment
Slide 8: Beyond Solar – Building the New Energy Value Chain
Beyond Solar – Building the New Energy Value Chain
Slide 9: Emerging as India’s Only Fully Integrated Energy Transition Player
Emerging as India’s Only Fully Integrated Energy Transition Player Increasing Wallet share Waaree 2.0* RE - Power Infrastructure Electrolyser/ ~28 GW Green Hydrogen Largest Module ~15 GW Cell Facility BESS ₹ 2,250+ Cr Manufacturer Transformers Committed Inverters / ~₹ 676 Cr Outlay Strategic EPC, O&
Slide 10: Inverters: Building the Backbone of India’s Energy Ecosystem
Inverters: Building the Backbone of India’s Energy Ecosystem Sarodhi, Gujarat Global power inverter market to reach $209Bn by 2032 ($47Bn 2023) India power inverter market to reach $25Bn by 2035 ($6Bn 2025) Industry Outlook India is seen as a reliable alternative to China for US/EU buyers due to geo
Slide 11: Transformers as the Backbone of Grid Expansion and Energy Transition
Transformers as the Backbone of Grid Expansion and Energy Transition Alwar, Rajasthan Global transformer market to reach $92Bn by 2030 ($65Bn 2025) India transformer market to reach $4.5Bn by 2030 ($3Bn 2025) Industry Outlook Total outlay of ₹3+ lakh Cr under Revamped Distribution Sector Scheme (RDS
Slide 12: BESS as a Core Enabler of Grid Stability and Renewable Integration
BESS as a Core Enabler of Grid Stability and Renewable Integration Rola, Gujarat Annual global BESS addition ~972 GWh by 2035E (247 GWh 2025) 236 GWh BESS Requirement by 2032E (0.57 GWh 2025) Industry Outlook Grid stability and curtailment is increasing demand for BESS. Increasing Demand for local i
Slide 13: Renewable Power Infrastructure: Powering India’s Journey toward a 500GW Future
Renewable Power Infrastructure: Powering India’s Journey toward a 500GW Future Utilities and Corporations seeking renewable energy solutions (like IPP-driven PPAs) to increase RE generation mix in their energy portfolio Industry Robust frameworks allowing bankable power purchase agreements Outlook (
Slide 14: Electrolyser Scale-Up Driving the Global and India Green Hydrogen Market
Electrolyser Scale-Up Driving the Global and India Green Hydrogen Market Dongri, Gujarat Electrolyser manufacturing to grow 5x to 186 GW/yr by 2030 globally NGHM targets green hydrogen production of 5 MMTPA, equivalent to 40-60GW of electrolyser Industry Outlook Expected investment of ~₹8 lakh cr to
Slide 15: Solar: Demand Outlook Set for Sustained Long-Term Stability
Solar: Demand Outlook Set for Sustained Long-Term Stability Domestic International India added 30.2 GW of solar capacity in 9MFY26, exceeding FY25’s Global solar demand expected to reach 7.1 TW by 2030 with annual full-year addition of 23.8 GW within nine months, taking cumulative addition expected
Slide 16: Solar Energy - Planned Expansion to Cater to Growing Demand
Solar Energy - Planned Expansion to Cater to Growing Demand Module Cell Ingot-Wafer 21.2 GW India Capacity Present 5.4 GW1 India 1.6 GW USA 3 GW Capacity India Future 10 GW 10 GW India India 2.6 GW US Capacity 28.4 GW 15.4 GW 10 GW Timeline FY2027 FY2027 FY2027 1. Commercial operation initiated from
Slide 17: The Only Indian Player in the Global Top Tier Solar Module Rankings
The Only Indian Player in the Global Top Tier Solar Module Rankings Highest Achiever Across performance, reliability, and quality test categories, solidifying our position as the only Indian company to receive this prestigious honour Top Performer PVEL’s scorecard identifies top performing PV Bankab
Slide 18: Responsible Growth for a Sustainable Future
Responsible Growth for a Sustainable Future
Slide 19: Sustainable Actions, Measurable Impact
Sustainable Actions, Measurable Impact Educational Support | • Supported with school materials to over 8,200+ students Mumbai and Gujarat • Strengthened school infrastructure for 300+ students Strategic Partnership with • Enabling 3,000+ students to gain industry relevant skills IIT Bombay in solar
Slide 20: Demonstrable Commitment Towards Sustainability
Demonstrable Commitment Towards Sustainability Net Zero Scope #1 and #2 by 2030 First Indian Module Manufacturer to Gold Medal in EcoVadis and Scope #3 by 2040 Receive EPD Certifications Sustainability Rating • Strong scores across indices • 100% renewable energy sourcing for • Industry-leading effi
Slide 21: Quarterly Financials
Quarterly Financials WAAREE
Slide 22: Demonstrating Sustainable Growth Over Quarters
Demonstrating Sustainable Growth Over Quarters Revenue from Operations (₹ Cr) Operating EBITDA (₹ Cr) 7,565 1,928 6,006 1,406 4,426 4,004 997 3,457 923 722 Q3 FY205 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY205 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Operating EBIDTA Margin Profit After Tax (₹ Cr) 26% 1,107 23%
Slide 23: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Particulars (₹ Cr) Q3 FY26 Q3 FY25 Y-O-Y Q2 FY26 Q-O-Q 9M FY26 9M FY25 Y-O-Y Revenue from Operation 7,565.05 3,457.29 118.81% 6,065.64 24.72% 18,056.52 10,440.57 72.95% Cost of materials consumed 4,010.92 1,908.48 3,198.96 10,172.31 5,853.62 Purchases of stock-
Slide 24: Clear Visibility Of Surpassing EBITDA Guidance
Clear Visibility Of Surpassing EBITDA Guidance • Record quarterly module production of 3.5 GW • Highest ever quarterly Revenue from Operations of ₹ 7,565 Cr Strong Operating • Best ever quarterly Operating EBITDA of ₹ 1,928 Cr with margin exceeding 25% Performance • Record EBITDA of ₹ 2,124.34 Cr fo
Slide 25: Appendix
Appendix WAAREE the Sun
Slide 26: Waaree’s Edge Our Key Differentiators
Waaree’s Edge Our Key Differentiators Integrated Speed to Execute Cost & Capex Technology Diversification Business Model Efficiency Leadership / R&D Backward to forward Fastest capacity ramp- Benchmark efficiency Next-gen cells, AI Channel Mix across integration ups in India and margins automation,
Slide 27: Strong Domestic Presence and Diversified Product Portfolio
Strong Domestic Presence and Diversified Product Portfolio Diverse Product Range serving the varying needs of retail customer Solar Kit Solar Panels Batteries Inverters India’s Growth Levers for Rooftop Solar Grid connected rooftop PM Surya Ghar Muft Bijli PM KUSUM – for solar programmes for C&I Bus
Slide 28: 30 MW to 22.8 GW | High Growth by Creating Consistent Value for Shareholders
30 MW to 22.8 GW | High Growth by Creating Consistent Value for Shareholders Aggregate Installed 2007: 30MW 2023: 12GW Present: 22.8 GW Historical Growth Capacity (Module) 2024 - 2025 • Largest module manufacturer with 22.8 GW • Commenced Phase-1 inverter capacity of 2021 – 2023 3.05 GW capacity at
Slide 29: Annual Financial Overview (1/2)
Annual Financial Overview (1/2) Revenue from Operations (₹ Cr) Operating EBITDA (₹ Cr) 14,445 2,722 11,398 1,574 6,751 835 2,854 1,953 85 111 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 Operating EBIDTA Margin Profit After Tax (₹ Cr) 19% 1,928 14% 12% 1,274 4% 4% 500 48 80 FY21 FY22 FY23 FY24
Slide 30: Annual Financial Overview (2/2)
Annual Financial Overview (2/2) ROCE 1 ROE 34% 30% 32% 28% 26% 26% 22% 18% 16% 14% FY21 FY22 FY23 FY24 FY25 * FY21 FY22 FY23 FY24 FY25 * Cash Conversion Ratio Net Debt to Equity (x) 325% 0.41 147% -0.12 118% 112% 47% -0.72 -0.80 -0.85 FY 21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 28 *FY25 numbe
Slide 31: Corporate Structure
Corporate Structure Waaree Energies Limited 100% 75% 100% 100% 100% 90% 100% 74.5% 100% 64% Waaree Waaree Waaree Waaree Clean Waaree Waaree Waaree Sangam Solar Energy Indosolar Waaree Solar Energies Forever Energy Renewable Power Transpower One Private Storage Limited Americas Inc. Middle East Energ
Slide 32: Accomplished Board of Directors
Accomplished Board of Directors Dr. Hitesh Chimanlal Doshi Viren Chimanlal Doshi Hitesh Pranjivan Mehta Dr. Amit Paithankar Chairman and MD Whole Time Director Whole Time Director Whole Time Director and CEO • Founded the Group in 1990 and has • Associated with the Company since • Associated with th
Slide 33: Experienced Senior Management Team
Experienced Senior Management Team Dr. Amit Paithankar Jignesh Rathod Sonal Shrivastava Sunil Rathi Whole Time Director and CEO CEO Designate, Solar Chief Financial Officer Exec. Director, Sales Previously associated with Responsible for overseeing the Previously associated with Vedanta Responsible
Slide 34: THANK YOU
THANK YOU Waaree Energies Limited MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of CIN: U29248MH1990PLC059463 MUFG Pension & Market Services Mr. Neeraj Vinayak Mr. Rohit Wade Ms. Mamta Nehra Mr. Prathmesh Parab VP Investor Relations General Manager Investor Relations