Waaree Energies FY26 – Record Profit, ₹10,000 Cr Raise & Semiconductor Push

Waaree Energies Ltd reported strong FY26 results with consolidated revenue of ₹26,537 crore and net profit more than doubling to ₹3,884 crore (vs. ₹1,928 crore in FY25). Q4 FY26 alone delivered ₹8,480 crore revenue and ₹1,126 crore profit, reflecting robust execution. Key Announcements: 🔹 Dividend: Final dividend of ₹2/share recommended, signaling confidence in cash flows. 🔹 Capital Raise: Plans to raise up to ₹10,000 crore via equity, NCDs, or QIP to fund expansion — likely for capacity scaling, working capital, and strategic acquisitions. 🔹 Semiconductor Entry: Acquired 100% of Waaree Semicon Pvt Ltd to build OSAT (packaging & assembly) capabilities for power semiconductors (IGBTs, MOSFETs) — critical for EVs, solar inverters, and energy storage. This vertical integration aims to reduce import dependency and capture higher value in the clean-tech supply chain. Strategic Context: Waaree is India's largest solar module manufacturer; this move extends its footprint into adjacent high-growth hardware segments. Subsidiary Waaree Solar Americas benefits from US Inflation Reduction Act credits, supporting export growth. Governance remains strong with re-appointment of auditors. Outlook: The combination of record profitability, aggressive capital planning, and strategic diversification into semiconductors positions Waaree to capitalize on India's renewable energy and electronics manufacturing ambitions. However, successful execution of the ₹10,000 crore raise and semiconductor ramp-up will be critical to sustaining growth momentum and justifying valuation expectations. Watch for: Details of the capital raise structure, timeline for Waaree Semicon's commercial production, and margin trajectory amid competitive pricing in solar modules.