Waaree Energies Shares In Focus After Best Ever Quarterly Performance

Waaree Energies Ltd. shares will be in focus on Friday after reporting its best-ever quarterly performance with a significant surge in revenue and profit.

Consolidated net profit more than doubled to Rs 843 crore in the June-September period. Revenue from operations increased by 69.7% year-on-year to Rs 6,066 crore.

Operating income, or earnings before interest, taxes, depreciation, and amortisation, nearly tripled to Rs 1,406 crore, leading to a solid margin expansion.

The management reaffirmed its FY26 Ebitda guidance of Rs 5,500-6,000 crore.

The outcome of a US Customs probe of alleged evasion of anti-dumping and countervailing duties on solar cells from China and other Southeast Asian nations is uncertain, and the impact on financials has not yet been accounted for, the company said.

• Revenue rises 69.7% to Rs 6,066 crore versus Rs 3,574 crore.

• Ebitda more than doubles to Rs 1,406 crore versus Rs 525 crore.

• Margin at 23.2% versus 14.7%.

• Net profit at Rs 843 crore versus Rs 362 crore.

Waaree Energies announced its first dividend of Rs 2 per equity share for the fiscal 2026. The company will shell out nearly Rs 57.53 crore to shareholders.

The board has fixed Oct. 24 as the record date to determine the eligibility of shareholders. The interim dividend will be paid on Nov. 6.

Mumbai-headquartered Waaree Energies is the country’s largest solar module manufacturer, with an aggregate installed capacity of 13.3 GW as of June 30, 2024.

The quarterly earnings was shared after market hours. The stock settled 3.10% higher at Rs 3,627.40 apiece on the NSE, compared to a 1.03% advance in the benchmark Nifty 50.

Waaree Energies shares have risen 27.07% year-to-date and 55% since its listing in October last year.

Out of nine analysts tracking the company, six maintain a 'buy' rating and three suggest 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 3,561 implies a downside of 1.8%.