Waaree Energies Q3 FY26 Results: Record Revenue, Margin Expansion and Rs 60,000 Crore Order Book

Waaree Energies Limited released its Q3 FY26 results on 21 January 2026, delivering one of the strongest quarterly performances seen in India’s renewable manufacturing sector.

The Waaree Energies Q3 FY26 Results firmly establish the company as the scale leader in solar manufacturing, supported by record revenues, sharp margin expansion, and multi-year order visibility. This analysis is written for equity investors, analysts, and long-term portfolio builders tracking solar stocks, clean energy manufacturing leaders, and structurally compounding renewable businesses.

The Waaree Energies Q3 Results demonstrate how execution at scale, supply chain control, and disciplined capital allocation can translate into sustained profitability rather than cyclical spikes.

Table of Contents:

1. Waaree Energies Q3 FY26 Results at a Glance
2. Financial Performance: What Drove the Surge
3. Operating Metrics and Capacity Expansion
4. Waaree Energies Order Book and Revenue Visibility
5. Strategic Expansion Beyond Solar Modules
6. Brokerage View on Waaree Energies Q3 Results and Key Risks
7. Stock Market Reaction and Valuation
8. Bull Case vs Bear Case for Investors
9. What These Quarterly Results Mean for Long-Term Investors
10. FAQs on Waaree Energies Q3 FY26 Results

Waaree Energies Q3 FY26 Results at a Glance

The Waaree Energies Q3 FY26 Results delivered triple-digit growth across all key financial metrics, driven by strong domestic and export demand for solar modules.

Key Financial Highlights

These numbers make the Waaree Energies Q3 Results a clear outperformance within the renewable manufacturing universe.

Financial Performance: What Drove the Surge

The latest Waaree Energies quarterly results highlight how volume-led growth is now translating into operating leverage.

Revenue Growth Drivers

• Sharp rise in solar module shipments across global markets

• High utilisation of newly commissioned manufacturing lines

• Strong export demand, particularly from the US

Margin Expansion Explained

• Better fixed cost absorption due to scale

• Improved operational efficiency across facilities

• Higher contribution from premium export-grade modules

The Waaree Energies Q3 FY26 results analysis indicates that margin expansion is increasingly structural rather than purely cyclical.

Operating Metrics and Capacity Expansion

Manufacturing at Global Scale
Execution on the ground remains the backbone of the Waaree Energies Q3 FY26 Results.

Key Operating Achievements

• Production speed of 52 solar modules per minute

• First Indian manufacturer to cross 1 GW of module production and sales in a single month (November 2025)

• Commissioning of 5.1 GW additional module capacity during the quarter

Installed Capacity Snapshot

This manufacturing scale strengthens Waaree’s positioning across utility, C&I, retail, and export-focused solar projects.

Waaree Energies Order Book and Revenue Visibility

One of the strongest signals from the Waaree Energies Q3 Results is the unprecedented order book strength.

Order Book Highlights

• Order book close to ₹60,000 crore

• Revenue visibility for the next 2 to 3 years

• Diversified mix of domestic and international customers

Segment and Geography Mix

• Indian utility-scale solar projects

• Commercial and industrial installations

• Retail solar segment

• Large export exposure to the US and other global markets

This visibility significantly reduces near-term earnings uncertainty in future Waaree Energies quarterly results.

Strategic Expansion Beyond Solar Modules

The Waaree Energies Q3 FY26 Results also underline a strategic transformation from a pure module manufacturer to an integrated clean energy platform.

Battery Energy Storage Systems

• Planned 20 GWh lithium-ion battery capacity

• Phase 1 of 3.5 GWh is expected to commence in FY27

• ₹1,003 crore raised specifically for this segment

Inverters and Power Electronics

• Commissioning of a 3.05 GW solar inverter facility in Sarodhi, Gujarat

• Improves vertical integration and project-level economics

Supply Chain De-Risking

• $30 million investment in a polysilicon producer in Oman

• Enables a non-China traceable supply chain

• Critical for sustained access to the US market

Brokerage View on Waaree Energies Q3 Results and Key Risks

Despite the strong Waaree Energies Q3 Results, brokerage opinions remain divided.

Positive View

• Nuvama raised its target price to ₹3,867

• Confidence in operating cash flows and internal funding of ₹25,000 crore capex

Cautious View

• Jefferies maintained an Underperform rating with a target price of ₹2,185

• Key concerns include US regulatory risk and potential anti-dumping duties

Stock Market Reaction and Valuation

The market reaction to the Waaree Energies Q3 FY26 Results reflected a sharp shift in sentiment.

Market Response

• The stock hit a 10% upper circuit on 22 January 2026

• Buying interest was broad-based across investor categories

Valuation Context

• Shares currently trade at around 21x trailing earnings

• Given the 100% plus growth profile seen in Waaree Energies Q3 Results, the valuation is viewed by many investors as reasonable rather than stretched

Technically, the formation of a bullish kicker pattern indicates a decisive reversal after a consolidation phase, aligning with the fundamental re-rating triggered by earnings strength.

To evaluate how the market has priced in the strong earnings momentum, check the latest Waaree Energies share price, updated charts, and key valuation ratios.

Bull Case vs Bear Case for Investors

The Waaree Energies Q3 FY26 Results strengthen the long-term thesis, but investors must weigh opportunity against execution risk.

Bull Case

• Leadership position in India’s solar manufacturing ecosystem

• Strong policy tailwinds from PLI incentives and ALMM regulations

• Record order book offering nearly three years of revenue visibility

• Expansion into higher-margin segments such as batteries and inverters

Bear Case

• Exposure to global polysilicon price volatility

• Execution risk in scaling the 20 GWh battery facility

• Dependence on the smooth integration of overseas supply chains

These factors will shape how future Waaree Energies quarterly results are interpreted by the market.

To understand how broader mid-cap sentiment is shaping stock re-ratings, track movements in the NIFTY Midcap 100 for index-level performance trends.

What These Quarterly Results Mean for Long-Term Investors

For investors evaluating Waaree Energies Q3 FY26 results analysis, the company increasingly exhibits characteristics of a mature industrial compounder rather than a cyclical equipment supplier.

Key supporting factors include:

• Strong and improving operating margins

• Robust cash flows fund aggressive expansion

• Strategic vertical integration across the clean energy value chain

The Waaree Energies Q3 Results reposition the stock as a structural clean energy play with multi-year earnings visibility, rather than a short-term momentum trade.

FAQs on Waaree Energies Q3 FY26 Results

1. What were the headline numbers in Waaree Energies Q3 FY26 Results?
Revenue stood at ₹7,565.05 crore, EBITDA at ₹1,928.15 crore, and net profit at ₹1,106.79 crore, all growing over 100% year-on-year.

2. Why did Waaree Energies Q3 Results show strong margin expansion?
Margin expansion was driven by higher capacity utilisation, better fixed cost absorption, and improved operational efficiency.

3. How strong is Waaree Energies’ order book after Q3 FY26?
The order book is close to ₹60,000 crore, offering revenue visibility for the next 2 to 3 years.

4. Is Waaree Energies expanding beyond solar modules?
Yes. The company is entering battery energy storage, solar inverters, and upstream supply chain investments.

5. What are the key risks highlighted in Waaree Energies quarterly results?
Key risks include US trade policy uncertainty, execution risk in new segments, and polysilicon price volatility.