Waaree Energies (WAAREEEN IN) – Q3FY26 Result Update – Strong execution and order momentum – BUY
Published on 23 Jan 2026
Waaree Energies (WAAREEEN) reported strong realization in Q3FY26 supported by strong execution with module/cell production of 3.51GW/0.75GW and an order book of ~Rs600bn, which showed strong sequential growth. The company also commissioned 2.1GW (Chikhli) and 3.0GW (Samakhiali) module capacity, and 3.1GW inverter capacity (Sarodhi), and saw strong order intakes of ~Rs1bn transformers (~1.3GW) and 10MWh BESS. US manufacturing progressed with ~275MW produced locally and ~Rs800mn IRA booked in 3QFY26. Oman polysilicon plant investment to secure a non-China supply chain, is at an advanced stage with production expected to start from Q4FY26. The company has continues to drive an integrated growth roadmap with targeted solar manufacturing capacity of 28.4GW modules, 15.4GW cells and 10GW ingots/wafers by FY27, BESS scale-up to 20GWh by FY28 with ~Rs100bn capex and ~Rs10bn equity raised so far. We estimate revenue/EBITDA/PAT CAGR of 21.7%/17.9%/ 8.0% over FY26-28E.We upward revise our FY27/FY28 earning estimate by 5.7%/1.2% Maintain ‘BUY’, with TP of Rs3,600 (earlier 4,084) valuing at 12x EV of Mar’28E EBITDA with an implying PE of 21x FY28E.
