Waaree Energies Q4FY26: Strong Growth, Margins Cool Off

Key Highlights • Revenue: ₹8,480.25 Cr (↑111.8% YoY, ↑12.1% QoQ) • EBITDA: ₹1,576.75 Cr (↑70.9% YoY, ↓18.2% QoQ) • EBITDA Margin: 18.59% (vs 23.04% YoY, 25.49% QoQ) • PBT (ex-exceptional): ₹1,407.95 Cr (↑65.7% YoY, ↓20.2% QoQ) • PAT: ₹1,126.26 Cr (↑74.8% YoY, ↑1.76% QoQ) • PAT (Post Minority): ₹1,061.10 Cr (↑71.45% YoY, flat QoQ) Additional Details • Other Income: ₹179.73 Cr (↑ YoY, slightly ↓ QoQ) • Previous quarter (Q3) had exceptional loss of ₹294.78 Cr • Q4FY25 had minimal exceptional impact What Stands Out • Massive topline growth (>100% YoY) driven by strong demand • Strong profit growth YoY, reflecting scale benefits • Margins declined sequentially, indicating cost or mix pressure Why It Matters Waaree continues to benefit from the renewable energy boom, but margin sustainability will be key as the business scales. Learning Outcome In high-growth sectors like solar, rapid expansion can pressure margins. Investors should track both growth and profitability trends together.