Waaree Q2 profit falls 15% to ₹719 crore as revenue rises 24%

Waaree Energies reported a 14.7% year-on-year decline in net profit for the second quarter of fiscal 2027, with earnings standing at ₹718.68 crore. This result was released alongside a 23.9% rise in revenue from operations, which reached ₹7,518 crore for the period.

The company’s EBITDA for the quarter was ₹1,336 crore, reflecting a 5% decrease compared to the same period last year.

Margin Compression

EBITDA margin fell to 18% in the current quarter, down from 23% a year earlier.

Data Centre Expansion

Waaree Energies is acquiring 100% shareholding in Waaree Green Data Centre Private Limited. The deal also includes subsidiaries Aurovault Data Centre Private Limited and Sunstar Data Centre Private Limited. These target entities operate in data centres, digital infrastructure, and cloud services. The acquisition is expected to complete during financial year 2026-27.

Transaction Details

• Seller: Waaree Renewable Technologies Limited, a subsidiary of Waaree Energies
• Transaction cost: ₹1 lakh cash for 10,000 equity shares
• Face value per share: ₹10
• Regulatory approvals: None required
• Waaree Green Data Centre incorporated: August 30, 2024
• Aurovault Data Centre incorporated: September 14, 2026
• Sunstar Data Centre incorporated: September 11, 2026

The transfer involves Waaree Renewable Technologies Limited, an existing subsidiary of Waaree Energies, selling its entire stake in the three target entities.

Market Reaction

Waaree Energies shares closed at ₹2,275 on Tuesday, marking a 1.90% drop from the previous close of ₹2,319. The stock traded within a range of ₹2,259 to ₹2,353.40 during the session. This latest dip extends the broader downward trend, with the share price falling approximately 23% since the start of 2026.

The current price sits at the bottom of the 52-week trading range, which spans from ₹2,259 to a high of ₹3,643. Despite the recent volatility and year-to-date losses, the company retains a market capitalisation of around ₹65,441 crore.

Capacity Utilization and Production Metrics

According to Saur Energy, Waaree Energies reported solar module production of 3.0 GW and solar cell production of 1.1 GW for the quarter, achieving an 81% capacity utilisation rate. The company’s solar cell output increased to 1.9 GW in the first half of fiscal 2027, a rise from 0.8 GW in the same period last year.

pv magazine India notes that Waaree’s total order book stood at approximately ₹59,200 crore as of September 30, 2026, with 89% of that value attributed to solar modules. The module-specific order book reached 25.6 GW in the second quarter of fiscal 2027, up from 25.2 GW in the preceding quarter. The company currently operates 25.8 GW of PV module manufacturing capacity, which includes 1.6 GW in the United States, alongside 5.4 GW of solar cell capacity.

Looking ahead, Waaree targets capacities of 29 GW for solar PV, 15.4 GW for solar cells, 5 GWh for BESS packs, 3.5 GWh for battery cells, and 4 GW for inverters by fiscal 2028. A board resolution dated September 23, 2026, approved the amalgamation of subsidiary Indosolar Limited with Waaree Energies, under which shareholders will receive one Waaree share for every 11 Indosolar shares held.

Additional reporting: Saur Energy, pv magazine India.