Waaree Energies Shares Rise Ahead of Q2 FY26 Results: Key Highlights You Need to Know

Waaree Energies Shares Rise Ahead of Q2 FY26 Results: Shares of Waaree Energies Ltd, India’s leading solar panel manufacturer, gained more than 1% in early trade today, ahead of the company’s Q2 FY26 (September quarter) financial results. The stock rose to ₹3,566 apiece on the NSE, showing positive investor sentiment before the results announcement.

Let’s look at the five key things investors should know about Waaree Energies, its recent business developments, and what to expect from the upcoming results.

🌞 1. Waaree Energies – A Year Since Market Debut

Waaree Energies made its stock market debut on October 28, 2024, exactly a year ago. The company’s IPO was one of the most successful listings of the year.

• IPO price band: ₹1,427 – ₹1,503 per share
• Listed price on NSE: ₹2,500 (up 66%)
• Listed price on BSE: ₹2,550 (up 69%)

The IPO saw a massive subscription of 76.34 times, mainly due to strong demand from institutional investors. The issue raised ₹4,321 crore, including ₹3,600 crore through fresh equity shares and ₹721 crore via an offer-for-sale (OFS).

Since its debut, Waaree Energies’ share price has more than doubled, showing strong confidence from investors and the growing importance of renewable energy in India.

⚡ 2. Q1 FY26 Results Showed Strong Growth

In the first quarter of FY26, Waaree Energies delivered impressive financial performance.

• Net Profit: ₹745 crore (up 89% YoY)
• Revenue from Operations: ₹4,426 crore (up 30% YoY)
• Operating Profit (EBITDA): ₹997 crore (up 80% YoY)
• EBITDA Margin: 22.53%, higher by 630 basis points

The company’s performance was supported by strong demand for solar panels, large project orders, and cost efficiency in operations.

🌍 3. Global Expansion – Focus on the U.S. Market

Waaree Energies has expanded its presence in the United States, where it began operations at its solar module manufacturing facility in Houston, Texas, earlier this year. The plant has a 1.6 GW capacity, which is expected to double to 3.2 GW by FY27.

Despite a U.S. Customs investigation related to solar tariff rules, the company stated that there has been no operational or financial impact. Waaree confirmed that its operations are fully compliant with U.S. trade regulations and that customer deliveries continue as normal.

The company also plans to set up solar cell manufacturing in the U.S. to strengthen its backward integration and reduce import dependency.

🔋 4. Subsidiary Waaree Renewable Reports Record Profit

Waaree’s subsidiary, Waaree Renewable Technologies, also reported strong results for Q2 FY26.

• Net Profit: ₹116.34 crore (up 117% YoY)
• Revenue: ₹774.78 crore (up 47.7% YoY)
• Order Book: 3.48 GWp (to be executed in 12–15 months)
• Bidding Pipeline: Over 27 GWp

The subsidiary continues to grow rapidly with expansion into battery energy storage systems and data center energy projects, helping India move closer to its clean energy goals.

🏭 5. Strategic Acquisition of Kotsons Pvt. Ltd.

In October 2025, Waaree Energies acquired a 64% stake in Kotsons Private Limited for ₹192 crore. Kotsons is known for manufacturing advanced transformers used in power and renewable energy systems.

This acquisition will help Waaree strengthen its presence in the power infrastructure segment and support its goal of becoming a fully integrated clean energy company.

💬 Company’s Stand on U.S. Investigation

In response to the ongoing U.S. Customs inquiry, Waaree said it is cooperating fully and has provided all necessary documents. The company added that its internal assessment shows no material duty exposure and no disruption in operations.

Waaree reiterated its commitment to expanding its U.S. footprint, creating local jobs, and investing in technology and capacity expansion.

📈 Outlook: What Investors Should Watch

Investors are now waiting for Q2 FY26 results to be announced on October 16, 2025. Analysts expect strong numbers backed by continued demand for solar modules, capacity expansion, and stable margins.

Given India’s rising renewable energy targets and Waaree’s strong order book, the company is expected to remain a key player in the solar manufacturing industry.