Newsletter
Waaree Energies had a blowout quarter, with profits more than doubling as solar demand surged and project execution picked up serious pace.
By the numbers:
- Revenue up 118% YoY at ₹7,565 crore
- Net profit up 125% YoY at ₹1,107 crore
- EBITDA margin at 25.5%, sharply higher YoY
The how: the company’s strong quarter was driven by a sharp jump in solar module production and faster execution of EPC projects.
Higher volumes, better capacity utilisation, and improved pricing lifted revenues, while operating leverage kicked in, pushing margins higher. At the same time, a swelling order book and secured PPAs gave the company visibility to scale, helping Waaree convert demand into profits efficiently.
Big theme: India’s installed renewable energy capacity has already crossed 180 GW, making India one of the world’s top clean energy markets. Solar leads the pack with 90+ GW installed, while wind stands at 45+ GW, with the rest coming from hydro and bioenergy.
Looking ahead, India is targeting 500 GW of non-fossil capacity by 2030, which implies adding 35–40 GW every year this decade. The country’s clean energy sector is expected to attract $250–300 billion in investments by 2030, turning renewables into one of the country’s biggest long-term growth engines.
