WAAREE ENERGIES Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 7,565 Crs., 118.81% growth YoY, Total Income is Rs. 7,761 Crs., 118.91% growth YoY, EBITDA is Rs. 1,968 Crs., 160.38% growth YoY, EBITDA Margin is 26.02% Improved by 415 Basis points YoY, PBT Rs. 1,469 Crs, 112.96% growth YoY, PAT Rs. 1,107 Crs, 118.35% growth YoY (Which Includes Provision of ₹8.53 cr. due to newly notified labour codes). On QoQ basis Op. Revenue is up by 24.72%, Total Income is up by 24.64%, EBITDA is up by 36.97%, PBT is up by 19.29%, PAT is also up by 26.03% (Which Includes Provision of ₹8.53 cr. due to newly notified labour codes). Module Production in Q3FY26 is 3.5 GW (highest-ever quarterly module production), 94% growth YoY, Cell Production in Q3FY26 is 0.80 GW, 35% growth YoY. Total Order book Rs. 60,000 Cr., 35% growth YoY. Key new wins during the quarter: • 5.3 GW of modules order from renowned customers • ₹100 Cr of transformer supply order of 1.27GW • 10 MWh BESS order from major infrastructure company. Management expressed high confidence in beating FY26 EBITDA guidance (₹5,500–₹6,000 cr), supported by record production, strong US realizations, and expanding utilization.