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Shares of Waaree Energies Ltd declined sharply on Thursday, 30 April, falling over 10% after the company reported its Q4 FY26 earnings. The stock dropped as much as 10.6% to an intraday low of ₹3,132.10 on the NSE, as investors reacted to margins and EBITDA coming in below expectations despite strong topline growth.

The recent correction adds to short-term pressure on the renewable energy stock, which has declined 8% over the past one week. However, the broader trend remains positive, with the stock still up 12% over three months and 20% over the past one year.

Waaree Energies reported a sharp rise in profitability for the March quarter, with net profit increasing 74.76% year-on-year to ₹1,126.26 crore. Revenue for the quarter surged 111.80% YoY to ₹8,840.25 crore, reflecting strong execution and demand momentum in the solar manufacturing space.

Operating EBITDA for Q4 stood at ₹1,576.76 crore, marking a 70.91% YoY increase. However, EBITDA margins came in at 18.59%, which fell short of market expectations and weighed on investor sentiment.

For the full financial year FY26, total EBITDA stood at ₹6,616.79 crore, exceeding the company’s earlier guidance range of ₹5,500 crore to ₹6,000 crore. This outperformance highlights strong operational delivery despite near-term margin pressures.

The company’s board also recommended a final dividend of ₹2 per equity share, taking the total dividend payout for FY26 to ₹4 per share on a face value of ₹10.

Operationally, the company reported robust production metrics. Module production stood at 4.2 GW during the quarter, while annual production reached a record 12.6 GW for FY26, driven by improved efficiency and scale benefits.

During the quarter, Waaree Energies completed the acquisition of a strategic stake in United Solar Holding Inc., a polysilicon leader based in Oman. This move is aimed at securing a traceable supply chain and supporting the company’s global expansion strategy.

In a significant capacity expansion push, the board approved a capital expenditure of ₹3,900 crore for setting up a 2,500 tonnes-per-day glass manufacturing plant. Additionally, the company has commenced construction of a 10 GW integrated ingot and wafer manufacturing facility in Nagpur, with an investment of ₹6,200 crore. These initiatives are expected to strengthen Waaree’s upstream integration in the solar value chain.

The company also commissioned 3 GW of additional module capacity at its Samakhiali facility in Gujarat during the quarter, further boosting its manufacturing capabilities.

Commenting on the performance, Jignesh Rathod said, "Waaree Energies Ltd. has delivered a record-breaking performance in FY26, reaching total revenue from operations of ₹26,536.77 Cr. Our operational milestones have been equally significant, as we have scaled our production across module and cell."

He further added, "I am particularly proud to share that we have exceeded our previously issued total EBITDA guidance of ₹5,500 Cr- ₹6,000 Cr demonstrating the effectiveness of our growth strategy and disciplined execution."

Looking ahead, the management remains optimistic about growth momentum. Rathod stated, "As we enter FY27, company is projecting an Operating EBITDA range of ₹7,000 - 7,700 crore."

For investors, the key takeaway lies in balancing strong growth visibility with near-term margin pressures. While Waaree continues to expand aggressively and deliver robust revenue growth, profitability metrics and execution on margins will remain critical triggers for stock performance in the coming quarters.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions.Pranati Deva is a seasoned financial journalist with over a decade of experience in high-pressure newsroom environments, currently working as a Senior Sub Editor at LiveMint. Over the years, she has developed a reputation for sharp editorial judgement, a strong grasp of market dynamics, and the ability to translate complex financial developments into clear, engaging stories for a wide audience.

Her core areas of coverage include stock markets, leading listed companies, currencies, and commodities, with a particular strength in fast-paced, real-time market reporting. She is known for handling breaking market news, earnings-driven stock movements, and macroeconomic developments with speed, accuracy, and context—qualities that are essential in financial journalism.

Pranati has built a diverse and credible professional track record across some of India’s most respected news organisations, including MintGenie, CNBC-TV18, Business Standard and EconomicTimes.com. During her stints at these platforms, she produced data-driven market stories, curated and steered live blogs during volatile trading sessions, and conducted interviews with market veterans, fund managers, economists, and industry experts. Her work often combines on-ground reporting with analytical depth, helping readers make sense of daily market fluctuations and longer-term trends.

An alumnus of the Symbiosis Institute of Media and Communications and Hansraj College, University of Delhi, Pranati brings a strong academic foundation to her journalism. She specialises in real-time financial reporting, with a keen focus on precision, balance, and insight, aiming to decode market movements in a way that is both informative and accessible to readers across experience levels.

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