Waaree Energies Q4 Results: Profit Surges 34% to ₹619 Cr, EBITDA Margin Expands to 23%

Waaree Energies Ltd. shares had closed over 7% in the  green on the run-up to its March quarter earnings on 22 April 2024, buoyed by the recent move by the United States to impose anti-dumping duties on solar equipment imported from Southeast Asian countries including Vietnam, Malaysia, Cambodia, and Thailand. Investor confidence is further set to be validated as the company reported a strong financial performance for the fourth quarter of FY25.

Strong Revenue and Profit Growth

Waaree Energies Ltd., India’s leading solar module manufacturer, posted a solid set of numbers for the March quarter of FY25, aided by a sharp rise in production volumes and improved operational efficiencies. The company’s consolidated net profit for the quarter stood at ₹619 crore, marking a year-on-year growth of 34%, according to its regulatory filing.

Revenue for the quarter increased 36.4% to ₹4,004 crore, up from ₹2,936 crore reported in the same period last year. The uptick in topline performance was primarily driven by a significant ramp-up in production, which rose to 2.06 GW in Q4 FY25, compared to 1.35 GW in Q4 FY24.

Margins Expand Significantly

Profitability saw even sharper gains. Operating Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) jumped 121% to ₹923 crore from ₹418 crore, reflecting a strong margin expansion. EBITDA margin for the quarter stood at 23%, a substantial improvement from 14.2% recorded in the corresponding period last year.

The performance highlights not only volume-led growth but also underlying cost efficiencies and operating leverage. The combination of higher capacity utilisation and a favourable product mix appears to also have contributed to the step-up in margins.

Order Book Signals Continued Momentum Going Into FY26

At the end of the March quarter, Waaree’s order book stood at an impressive 25 GW, with a cumulative value of ₹47,000 crore. This robust pipeline provides a clear runway for growth and indicates healthy demand visibility.

Looking ahead, the company has offered bullish guidance on its operating performance. For FY26, Waaree Energies expects Ebitda in the range of ₹5,500 crore to ₹6,000 crore. Amit Paithankar, Whole-Time Director and CEO, expressed confidence that the firm’s existing order book, coupled with its execution capabilities, will be instrumental in achieving this target.

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