Waaree Energies delivered a strong Q1FY27, with revenue up 79.2% YoY to ₹7,932 Cr, Operating EBITDA jumping 44.4% to ₹1,440 Cr, and PAT growing 15.4% to ₹892 Cr.

Key growth came from retail revenue (+89% to ₹2,289 Cr) and overseas revenue (+130% to ₹1,609 Cr), highlighting a diversified business mix.

The company is strategically investing ~₹30,000 Cr in phased expansion across solar, BESS, inverters, and green hydrogen, aiming for full vertical integration and deeper client wallet share.

Recent highlights include commissioning 3 GW module capacity and 5.15 GWh BESS capacity, acquiring ~55% of APSPL for ~₹1,225 Cr to bolster T&D, and securing major EPC and HJT module orders.

With an order book of ~₹61,500 Cr, Waaree maintains its leadership as the largest non-Chinese module manufacturer (~26 GW capacity). Management reiterates its FY27 Operating EBITDA outlook of ₹7,000 – ₹7,700 Cr, expecting retail revenue to hit ₹9,000-₹10,000 Cr for the year.

The focus is on unlocking value through cell integration and leveraging its deep retail network.