Synopsis:- Solar stock hit a 10% upper circuit after strong Q3 momentum, backed by a ₹60,000 crore order book and 100+ GW pipeline. Capacity stands at 22.8 GW modules and 5.4 GW cells, with expansion plans to 28.4 GW modules and 15.4 GW cells by FY27.
The shares of the renewable energy solution provider gained up to 10 percent in today’s trading session after the company reported a skyrocketing Q3FY26 earnings with a record orderbook of Rs 60,000 crore.
With a market capitalization of Rs 77,435.81 crore, shares of Waaree Energies Limited were trading at Rs 2,690 apiece, up nearly 11%, after breaking 10% the upper circuit, compared to the previous close of Rs 2,415.80.
Q3FY26 Highlights
The shares of Waaree Energies Ltd have seen significant movement after announcing its financial performance in Q3FY26, in which revenue increased by 119 percent on a year-on-year basis from Rs 3,457 crore in Q3FY25 to Rs 7,565 crore in Q3FY26. However, on a Quarter-on-Quarter basis, revenue zoomed by 25 percent from Rs 6,066 crore in Q2FY26 to Rs 7,565 crore in Q3FY26.
Moreover, net profit increased by 118 percent on a yearly basis from Rs 507 crore in Q3FY25to Rs 1,107 crore in Q3FY26, meanwhile, on a quarter-on-quarter basis, net profit increased by 26 percent from Rs 878 crore in Q2FY26 to Rs 1,107 crore in Q3FY26.
Waaree Energies Limited significantly strengthened its manufacturing footprint by commissioning 2.1 GW solar module capacity at Chikhli and 3 GW at Samakhiali, along with 3.05 GW inverter capacity at Sarodhi, all in Gujarat. Fundraising of ~ Rs 1,003 crore supports a 20 GWh lithium-ion battery project, while the USD 30 million U.S. polysilicon investment enhances supply security and global expansion plans.
The company delivered a strong operational performance in Q3 FY26, achieving 3.51 GW module production and 0.75 GW cell production, driven by improved execution and higher capacity utilisation. Operating efficiency translated into sharp EBITDA growth of 167.16% with healthy 25.49% margins, reflecting better cost control, scale benefits, and strengthening core profitability momentum.
Order Book
Waaree Energies Limited delivered a sharp production ramp-up in Q3 FY26, with module output rising 94% YoY and cell production up 35%. A strong Rs 60,000 crore order book and 100+ GW pipeline underpin visibility, while a diversified mix led by utility/IPP (38.1%) and overseas (32.6%) supports sustained growth.
Waaree Energies Limited maintained strong momentum by achieving 1 GW module production in a single month, supported by a secure polysilicon supply chain and Rs 1,000 crore equity raise for its battery venture. Capacity additions across modules and inverters progressed on schedule, while fresh module, transformer, and BESS orders strengthened near-term revenue visibility.
Waaree Energies Limited is emerging as a fully integrated energy transition player with a leadership of 22.8 GW module capacity and 5.4 GW cell capacity. The company spans polysilicon to EPC, O&M, inverters, transformers, and smart meters, supported by a capex of Rs 11,804 crore in the solar value chain and a growing EPC portfolio of 4.6 GW.
Under Waaree 2.0, the group is expanding into new-age segments with 20 GWh BESS capacity (~ Rs 10,000 crore capex), 1 GW electrolyser plant ( Rs 676 crore), 20,000 MVA transformer capacity, and 10 GW ingot & wafer facility. With Rs 2,250+ crore committed outlay in power infrastructure, Waaree is scaling wallet share and long-term clean-energy leadership.
Waaree Energies Limited has laid out a clear solar capacity expansion roadmap to meet rising demand. Module capacity is set to increase from 22.8 GW to 28.4 GW by FY27, with additions in India and the US. Cell capacity will scale from 5.4 GW to 15.4 GW, while 10 GW ingot-wafer capacity is planned, strengthening backward integration.
Waaree Energies Limited is one of India’s largest solar manufacturers, known for its strong presence across the renewable energy value chain. From solar modules and cells to EPC, storage, and green hydrogen, the company plays a key role in supporting India’s clean energy transition with scale, innovation, and global reach.
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