Waaree Energies Targets Rs 5,500–6,000 Crore Ebitda In FY26, Driven By Robust Order Book
India and the US are two primary markets for Waaree Energies. Both are highly “secular in their demand”, according to its CEO.
Solar module manufacturer Waaree Energies is targeting an Ebitda of Rs 5,500-6,000 crore in financial year 2025-26, according to its CEO and Whole-Time Director Amit Paithankar. The company’s confidence is underpinned by an order book worth Rs 49,000 crore and significant capacity expansion projects both in India and the United States.
“For the year, the whole P&L (profit and loss) is set. Therefore, our confidence in Rs 5,500 to 6,000 crores of Ebitda is very strong. If you look at our order book, it's very strong. It stands at Rs 49,000 crore, 25 GW. We see a pipeline of 100 GW ahead of us,” he said, during a conversation with NDTV Profit on Tuesday.
The top executive highlighted the company's three-pronged strategy focussing on sales, production and projects. “In the long run, this is what is going to yield success.”
Commenting on the possible execution timeline for the existing order book, Paithankar explained that the execution period may depend on the segments. The company operates in three key segments: the US utility market, Indian orders and retail.
“Retail orders have short book-to-ship timelines, while Indian orders are typically fulfilled within 8 to 14 months. US orders, being long-term, take around one-and-a-half to two-and-a-half years,” he said.
India and the US are the two primary markets for the company. Both are highly “secular in their demand”, according to the CEO.
“In India, we have a growing economy, GDP continues to be on the rise and new industries are coming up. In the US, there are three reasons: artificial intelligence and the data centres, the reshoring of manufacturing jobs, and the electrification of transportation,” the CEO underlined.
With potential US tariffs on the horizon, Paithankar outlined a clear strategy to mitigate policy uncertainty. He described a growing local manufacturing presence in the US as the "best antidote".
“We are almost doubling our manufacturing capacity in the US in the next few months. The important part is in the US, be local, be a manufacturer in the country. We are also closely observing the BTA (Bilateral Trade Agreement) that is being negotiated,” he added.
Looking beyond solar modules, Waaree Energies is positioning itself as a "global energy transition company". This vision includes significant investments in green hydrogen and battery energy storage systems (BESS). The company is establishing a 3.5 gigawatt-hour (GWh) BESS factory in Gujarat, expected to be online by 2027. It is also venturing into electrolysers and inverters.
Shares of Waaree Energies closed 1.81% higher at Rs 3,168 apiece on the NSE on Tuesday, while the benchmark Nifty 50 advanced 0.57% higher.
