ebitda
7000–7700 $million
FY 2027
official guidance
WAAREE ENERGIES LIMITED
Last · NSE₹2503.80-12.20 (-0.48%)live · yahoo · 2h ago
Market cap₹720.2B287.7M sh
P/E · TTM18.9fwd 15.4 · eps 132.50
Beta—vs S&P 500
Div yield0.16%annual · TTM
52w range
₹2281.80₹3718.80
Volume144.1Ksession
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong demand visibility, but near-term margin and execution proof points remain incomplete.
Hold: Waaree delivered strong growth, with Q1 FY27 revenue up 79.2% YoY to INR7,932 crore and order book rising to INR61,500 crore, but operating EBITDA growth of 44.4% lagged revenue growth and margin fell to 18.2%. The bull case is substantial cell integration, U.S. capacity ramp-up and retail growth supporting reaffirmed FY27 EBITDA guidance of INR7,000–7,700 crore; the tension is whether delayed domestic/export offtake, large capex and potential QIP dilution are fully reflected in the recovery case.
Themes
- Q1 Fy27 Results
- Cell Integration
- Us Manufacturing
- Retail Growth
- Bess Expansion
- Capex And Qip
Near term
Q2–Q4 cell integration ramp from roughly 20% to approximately 65% of module output, with DCR cell production expected to rise from 0.8 GW in Q1 to 1.1–1.2 GW in Q2 and about 1.5 GW from Q3.
U.S. 1.6 GW capacity ramp, expected to lift utilization toward 75%–80% and improve IRA-linked economics, while Indian exports restart from August.
Deferred Indian non-DCR offtake and softer U.S. clearances must convert into dispatches without further inventory or pricing pressure.
Retail execution against the INR9,000–10,000 crore FY27 ambition; retail revenue was already up 130% YoY to INR2,289 crore in Q1.
Longer term
Backward integration from modules into 15.4 GW of cells, followed by ingots, wafers, glass and BESS, could improve cost competitiveness and margins if commissioning and utilization targets are achieved.
The U.S. footprint and FEOC-compliant supply chain provide a differentiated route into non-Chinese markets, but the moat remains exposed to lower-cost Asian competition and policy dependence.
Customer concentration is improving, with top-five and top-ten shares declining to 27.1% and 37.1%, respectively, while retail and e-commerce broaden the demand base.
INR31,500 crore announced capex creates significant operating leverage but also raises capital-allocation and execution risk over FY28–FY29.
Red flags
Q1 margin compression was attributed to raw-material inflation, delayed offtake, weaker exports and OEM-sourced U.S. production; the recovery is largely forward-looking and lacks a firm margin target.
UBS and DAM Capital pressed on U.S. profitability, tariffs, clearances and order-book execution. Management cited local capacity and alternative supply chains, but did not quantify the portion of the U.S. order book that can be delivered or its contracted margins.
The approved ability to raise up to INR10,000 crore, including equity, creates potential dilution despite management stating that current EBITDA guidance should fund the remaining capex.
BESS demand and profitability remain unproven. When pressed on Phase 1 contract visibility, management emphasized a plant visit and broad opportunity rather than quantified bookings or earnings guidance.
Management declined to quantify the margin benefit from full backward integration, while the current imported-cell cost advantage versus local production remains unfavorable before DCR pricing and incentives.
Forward outlook
revenue
9000–10000 $million
FY 2027
management framework
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Earnings transcripts
Documents
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