**1. Business Performance:** Waaree Energies recorded a strong Q2 FY26. Total Income surged 70% YoY to ₹6,227 Cr.

Profit After Tax jumped 134% YoY to ₹878 Cr, and EBITDA grew 155% YoY to ₹1,567 Cr, with 2.6 GW module production (up 37% YoY). Domestic sales led revenue (52.8%). **2. Growth Drivers or Strategy:** The company is transforming into a comprehensive green energy solution provider.

Major capacity expansions are planned: Modules to 26.7 GW, Cells to 15.4 GW, and Ingot-Wafers to 10 GW.

Strategic capex of ~₹8,175 Cr will boost Storage Cell & BESS to 20 GWh, Electrolyser to 1 GW, and Inverter to 4 GW, driven by robust market demand. **3. Recent Developments:** An interim dividend of ₹2.00 per share was approved.

Waaree added 2.75 GW module capacity at Chikhli and acquired 64% of Kotsons Transformers (₹192 Cr), Meyer Burger US assets ($18.5 Mn), and 76% of Racemosa Energy Meters (₹53 Cr). **4. Key Financial Metrics:** Q2 FY26 highlights include 70% YoY Total Income growth, 134% YoY PAT growth, and 155% YoY EBITDA growth.

ROCE was 41.8% and ROE 34.8%. **5. Management Commentary / Outlook:** Waaree reaffirms its FY26 EBITDA guidance of ₹5,500-₹6,000 Cr.

With a strong order book of ~₹47,000 Cr and a 100+ GW pipeline, management expects a significantly stronger second half, with major module capacity coming online by early 2026.