Waaree Energies Ltd, one of India’s leading solar panel manufacturers and renewable energy solution providers, announced its robust Q4 FY25 financial results on April 22, 2025, showcasing a remarkable performance that has captured investor attention and reinforced its position in the global clean energy sector. The company reported a 34.1% year-on-year (YoY) jump in net profit to ₹618.9 crore for the quarter ended March 31, 2025, while revenue surged 36.4% to ₹4,003.9 crore.
EBITDA more than doubled, rising 120.6% to ₹922.6 crore, with EBITDA margins expanding sharply to 23% from 14.3% in the previous year’s corresponding quarter. For the full fiscal year, Waaree posted a stellar 27.62% growth in revenue to ₹14,846.06 crore and more than doubled its profit after tax (PAT), which soared 107.08% YoY to ₹1,932.15 crore. This article delves into the key drivers behind these impressive numbers, the company’s strategic expansion plans, and the optimistic outlook for FY26.
Waaree Energies’ Q4 FY25 results are further bolstered by a series of strategic corporate actions and operational achievements that position the company for continued growth. One of the most significant developments is the approval of a subsidiary restructuring plan, which aims to streamline operations and enhance efficiency across Waaree’s business verticals. This restructuring is expected to facilitate better resource allocation and faster decision-making, supporting the company’s aggressive expansion in both domestic and international markets.
Overall, these investments and expansions underscore Waaree Energies’ commitment to scaling up its manufacturing capabilities, supporting renewable energy adoption worldwide, and maintaining its leadership in the rapidly evolving solar industry. With a strong order pipeline, state-of-the-art manufacturing facilities, and a clear focus on both domestic and international markets, Waaree is poised for sustained growth and continued innovation in the years ahead.
Waaree Energies Q4 FY25 Results: Profit and Revenue Soar on Strong Operational Execution
Waaree Energies’ Q4 FY25 results reflect a period of exceptional operational performance and market demand. The company’s net profit of ₹618.9 crore marks a significant 34.1% increase over the ₹461.5 crore recorded in Q4 FY24. Revenue from operations climbed 36.4% YoY to ₹4,003.9 crore, driven by higher production volumes and increased sales across domestic and international markets. The company manufactured 2.06 GW of solar modules in the quarter, a 52.6% increase from 1.35 GW in the same period last year, contributing to a full-year production of 7.13 GW compared to 4.77 GW in FY24.
EBITDA surged 120.6% YoY to ₹922.6 crore, reflecting improved cost efficiencies, scale benefits, and operational leverage. The EBITDA margin expanded to 23%, a sharp rise from 14.3% in Q4 FY24, underscoring the company’s focus on profitability alongside growth. This margin expansion is a key highlight, demonstrating Waaree’s ability to manage costs effectively while scaling operations. The company’s consolidated total income for Q4 stood at ₹4,140.92 crore, a 37.7% increase from ₹3,007 crore in Q4 FY24, further emphasizing robust top-line growth.
Waaree Energies’ global ambitions are reflected in a series of bold capacity expansion moves, both in India and abroad, that are reshaping its position in the solar manufacturing industry. In the United States, the company has operationalized a 1.6 GW solar module manufacturing facility in Brookshire, Texas, and recently received board approval to double this capacity by adding another 1.6 GW line at the same site.
This will bring Waaree’s total U.S. manufacturing capacity to 3.2 GW, a significant milestone that aligns with the broader industry trend of localizing supply chains and meeting the surging demand for solar modules in the American market. The expansion is a direct response to the rapid growth of utility-scale solar projects and the increasing need for reliable, domestically produced solar components, especially as the U.S. government continues to incentivize clean energy manufacturing through policy initiatives like the Inflation Reduction Act.
In India, Waaree is executing an equally ambitious expansion plan. The company is set to inaugurate a state-of-the-art 5.4 GW solar cell manufacturing facility at Chikhli, Navsari, Gujarat, on March 29, 2025, under the government’s Production Linked Incentive (PLI) scheme.
Alongside this, Waaree is adding 3.2 GW of module manufacturing capacity at its existing Chikhli plant, which will push its total module production capacity in India to over 15 GW. These investments not only reinforce Waaree’s leadership in the domestic solar sector but also support India’s national goal of achieving 500 GW of non-fossil energy capacity by 2030. The new cell and module lines will strengthen the country’s solar supply chain, reduce reliance on imports, and enhance self-sufficiency in solar technology.
Strategic Capacity Expansion and Global Footprint Strengthening
Waaree Energies is aggressively expanding its manufacturing capacity to meet growing demand and reinforce its leadership in the solar energy sector. The company’s board approved significant capacity expansions, including a new 1.6 GW module manufacturing line at its Brookshire, Texas facility in the USA, and additional module lines totaling 3.2 GW at its Chikhli plant near Pune, India. These expansions align with Waaree’s “local-for-local” manufacturing strategy, aimed at strengthening supply chains and navigating evolving global trade policies.
The company’s international presence is growing, with the Texas facility operational and contributing to its global order book. Waaree currently holds an order book exceeding 25 GW, valued at approximately ₹47,000 crore, comprising large utility-scale projects and commercial & industrial (C&I) clients. This strong pipeline underlines sustained demand for Waaree’s high-margin solar products and solutions, positioning the company well for continued growth in FY26 and beyond.
Production efficiency has been a key driver of Waaree’s stellar performance. In Q4 FY25 alone, the company produced 2.06 GW of solar modules, a substantial increase from 1.35 GW in the same quarter last year. For the full fiscal year, production reached 7.13 GW, up from 4.77 GW in FY24. This operational scale-up not only supports revenue growth but also enables Waaree to capture a larger share of the rapidly expanding solar market in India and abroad.
Financial analysts have noted the company’s remarkable improvement in profitability metrics. The EBITDA margin for Q4 FY25 rose sharply to 23%, compared to 14.3% in the previous year’s quarter, reflecting better operational efficiency and a healthier product mix. Net profit for the quarter soared 254.5% year-on-year to ₹648.49 crore, while the full-year profit after tax more than doubled to ₹1,932.15 crore. These results have fueled strong investor confidence, as evidenced by Waaree’s share price surging over 15% after the earnings announcement, crossing the ₹3,000 mark and pushing the company’s market capitalization to new highs.
These capacity expansions are underpinned by a robust order book that now exceeds 25 GW, valued at approximately ₹47,000 crore as of March 2025. This order book includes large utility-scale projects as well as commercial and industrial (C&I) clients, reflecting strong and diversified demand for Waaree’s high-efficiency solar modules and solutions. The company’s strategic focus on both the U.S. and Indian markets ensures it is well-positioned to capture growth in two of the world’s largest and fastest-growing solar economies.
Management Commentary: Confidence in Growth and Margin Expansion
Amit Paithankar, Whole Time Director and CEO of Waaree Energies Ltd, described FY25 as a “pivotal inflection point” in the company’s journey. He highlighted that the convergence of strategy, scale, and execution led to an industry-leading EBITDA performance of ₹3,123.20 crore for the fiscal year. Paithankar emphasized the quality of the order book and the company’s focused approach on margins as key drivers of success.
Looking ahead, Waaree projects EBITDA for FY26 in the range of ₹5,500 crore to ₹6,000 crore, supported by operational excellence and strong demand realization. The company’s strategy includes further backward integration into cell, ingot, and wafer manufacturing, as well as diversification into battery energy storage systems, power infrastructure, and inverter technologies. Paithankar also reaffirmed Waaree’s commitment to the American market through its Texas facility, underscoring the importance of local manufacturing and supply chain resilience.
Looking ahead, Waaree Energies is focused on both backward and forward integration in its value chain. The company’s expansion and investment plans include cell, ingot, and wafer manufacturing, as well as diversification into battery energy storage systems, power infrastructure, and inverters. Management projects EBITDA for FY26 in the range of ₹5,500 crore to ₹6,000 crore, supported by a robust order book, strong execution capabilities, and encouraging demand trends. With these initiatives, Waaree is well-positioned to maintain its industry leadership and capitalize on the accelerating global transition to renewable energy.
Waaree’s expansion in the U.S. is also a strategic move to de-risk its global operations by building local ecosystems in high-growth markets. By doubling its Texas capacity, Waaree is not only enhancing supply chain reliability and ensuring timely delivery to American customers, but also aligning with the U.S. push for domestic manufacturing and energy security. The new production line will be seamlessly integrated into existing operations, supporting the company’s long-term vision of being a trusted partner in the global energy transition.
Market Reaction and Stock Performance
Following the announcement of Q4 results, Waaree Energies’ shares surged sharply on the Bombay Stock Exchange (BSE), closing at ₹2,611.85—up 6.93% on April 22, 2025. The stock witnessed intraday gains of over 19%, reaching a high of ₹3,119.9, reflecting strong investor confidence in the company’s growth trajectory and financial health. The market capitalization of Waaree Energies stood at approximately ₹87,700 crore, with the stock trading near its 52-week high.
Analysts praised Waaree’s robust operational performance, capacity expansion plans, and strong order book as key positives driving the stock’s momentum. The company’s ability to deliver double-digit revenue growth alongside margin expansion in a competitive solar manufacturing landscape was highlighted as a testament to its execution capabilities and strategic clarity.
Waaree Energies’ stellar Q4 FY25 performance underscores its leadership in India’s renewable energy sector and its growing footprint in global markets. With strong financials, aggressive capacity expansions, and a robust order book, the company is well-positioned to capitalize on the accelerating global shift towards clean energy. Investors and industry watchers alike will be closely monitoring Waaree’s execution in FY26 as it aims to sustain growth momentum and deliver enhanced shareholder value in a dynamic market environment.
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