EBITDA for the quarter surged to Rs 1,928 crore, a 167.16% year-on-year jump from Rs 722 crore, with EBITDA margins expanding to 25.49% from 20.88% a year ago, reflecting improved operational efficiency.
The company also reported a record order book of around Rs 60,000 crore, providing strong revenue visibility for the coming years.
On the production front, Waaree clocked 3.51 GW of solar module output and 0.75 GW of solar cell production in Q3 FY26, supported by strong execution. During the quarter, it successfully commissioned new manufacturing facilities, including a 2.1 GW module plant at Chikhli, Gujarat, a 3 GW module facility at Samakhiali, Gujarat, and a 3.05 GW inverter capacity at Sarodhi, Gujarat.
Commenting on the results, Mr Amit Paithankar, Whole Time Director & CEO of Waaree Energies, said: “Waaree Energies has delivered another exceptional quarter, with record revenue and profitability in Q3 FY26. Over the nine months, we have achieved significant growth in both topline and EBITDA, reflecting the resilience of our business model and the trust of our customers.”
“With disciplined execution, prudent capital allocation and strategic diversification, we are confident of closing FY26 on a strong note. Waaree is on track to achieve its EBITDA target of Rs 5,500–6,000 crores while creating long-term value for stakeholders and contributing meaningfully to India’s clean energy transition,” Paithankar said.
He further added that Waaree is the first Indian manufacturer to achieve 1 GW+ of module production and sales in a single month, producing 52 modules per minute. “Our record order inflow strengthens our order book to ~Rs 60,000 crore, ensuring sustained visibility for the years ahead. Additionally, we have secured bankable PPAs backed by land and connectivity.”The stock is currently trading at Rs 2,713, giving the company a market capitalisation of about Rs 69,580 crore. Its 52-week high of Rs 3,865 suggests there may be scope for recovery from recent declines.
From a valuation perspective, the Price-to-Earnings (P/E) ratio is 21.28, suggesting the share price trades at about 21 times its earnings. The Price-to-Sales (P/S) ratio is 4.78, while the Price-to-Book (P/B) ratio stands at 7.25, reflecting the market’s premium on the company’s book value.
Looking at technical indicators, the 14-day Relative Strength Index (RSI) stands at 22.4. As an RSI below 30 is typically considered oversold, this suggests the share could be poised for a potential near-term rebound.
However, the Waaree Energies’ stock shows a bearish trend on moving averages, trading below six out of eight key Simple Moving Averages (SMAs). It is currently trading only above the short-term 5-day and 10-day SMAs, which indicates that while there might be short-term support, the medium- to long-term trend remains weak.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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