Waaree Energies Limited has announced its unaudited financial results for the first half of the fiscal year 2027, showcasing substantial growth across key financial metrics. The company reported a significant 47.3% year-on-year increase in revenue, reaching ₹15,449.5 crores for H1 FY27. This growth is attributed to the company’s strategic execution and diversified business operations, which have bolstered its financial standing despite challenging market conditions.
The company’s operating EBITDA for the first half of FY27 rose by 15.5% year-on-year to ₹2,775.1 crores, demonstrating strong operational efficiency. However, the EBITDA margin saw a decline from 22.9% in H1 FY26 to 18.0% in H1 FY27. Meanwhile, the profit after tax (PAT) for H1 FY27 stood at ₹1,645.5 crores, showing a marginal decrease of 0.3% compared to the previous year. The PAT margin also decreased from 15.3% to 10.4% over the same period.
A notable highlight of Waaree Energies’ performance is the substantial improvement in operating cash flow, which surged by 506.1% year-on-year to ₹3,483.6 crores in H1 FY27. The company also reported a robust order book of approximately ₹59,200 crores, indicating strong future business prospects. The retail revenue for H1 FY27 experienced a remarkable 191.0% increase, reaching ₹5,753.0 crores compared to ₹1,976.8 crores in H1 FY26, reflecting the growing demand in this segment.
In operational terms, Waaree Energies achieved significant production milestones, with module production increasing to 6.3 GW and cell production to 1.9 GW in H1 FY27. The company also announced plans for expansion, including a $37 million investment in its Meyer Berger facility in Arizona, USA, to increase capacity to 4.8 GW by March 2027. Furthermore, Waaree Energies has commenced advanced manufacturing of Battery Energy Storage Systems (BESS) in Gujarat, enhancing its capabilities in the clean energy sector.
Analysts note that Waaree Energies’ strategic focus on expanding its capabilities and presence across the clean energy value chain positions it well for sustainable long-term growth. The company’s efforts to integrate vertically and horizontally, coupled with its strong financial performance, suggest a promising outlook as it continues to navigate the evolving energy landscape.
