Waaree Energies surge up to 9% on 36% net profit growth in Q4 and FY25 Results

On the NSE, the Waaree Energies share price jumped upto 9 percent to a day’s high of Rs. 2,855 per share after reporting a strong set of financial and operational results for the fourth quarter (Q4) and full fiscal year 2025 (FY25). The growth is driven by increased demand for solar photovoltaic (PV) modules and strategic capacity expansions. 

Q4FY25 Results Overview

In Q4FY25, the company posted a consolidated net profit of Rs. 644.47 crore, reflecting a 35.63 percent year-on-year (YoY) increase from Rs. 475.16 crore in the same quarter last year. Revenue from operations surged 36.4 percent YoY to Rs. 4,004 crore. The EBITDA more than doubled, rising 116.27 percent YoY to Rs. 1,060 crore, with margins improving significantly to 25.59 percent from 16.29 percent a year ago.

FY25 Results, Operational Highlights, and Order Book Status

For FY25, profit after tax rose by 51.30 percent to Rs. 1,928.13 crore, while operational revenue increased by 26.73 percent to Rs. 14,444.50 crore. EBITDA for FY25 rose 72.6 percent to Rs. 3,123.20 crore, with margins expanding to 21.04 percent from 15.56 percent YoY. Operationally, Waaree produced 2.06 GW of solar modules in Q4FY25, up from 1.35 GW in the previous year, and 7.13 GW in FY25 compared to 4.77 GW in FY24, reflecting strong capacity utilization. As of March 2025, the company’s order book stood at approximately 25 GW, valued at around Rs. 47,000 crore, with 43 percent from India and 57 percent from overseas markets. Waaree holds a 14.1 percent share in India’s module shipments.

Capacity Expansion Plans

As of 25th March 2025, Waaree has approved capacity expansions, including a 1.6 GW module line in Texas, USA, and 3.2 GW additional capacity at its Chikhli plant in India. It also began operations at India’s largest solar cell facility in Gujarat with a capacity of 5.4 GW. These expansions align with Waaree’s backward integration strategy, alongside investments in cell, ingot, and wafer manufacturing, battery energy storage, power infrastructure, and inverters.

To strengthen backward integration, Waree plans a 6 GW ingot facility by FY27 and aims to expand module capacity by 4.8 GW from the current 15 GW.  A 3.5 GWh lithium-ion battery facility and a 300 MW electrolyzer facility, awarded under the PLI scheme, are also planned to be operational by FY27. For forward integration, its acquisition of EGPIPL is in progress, 3.2 GW of EPC projects are under execution, and a 3 GW inverter facility is expected to be operational by Q4FY26.

Company Outlook and Guidance

The company’s management highlighted FY25 as a pivotal year marked by scale, execution, and EBITDA margin expansion. For FY26, Waaree projects EBITDA in the range of Rs. 5,500 crore to Rs. 6,000 crore, supported by a strong order backlog and operational execution. CEO and Whole-Time Director Amit Paithankar said Waaree’s commitment to local-for-local manufacturing in the U.S. aligns with evolving global policies.

Overall, Waaree Energies' robust FY25 financial performance, driven by demand, operational efficiencies, and strategic capacity expansions, positions the company to manage global uncertainties while sustaining growth and expanding margins in the years ahead.