Waaree Energies

“So, ingot-wafer civil is 70%, rest normal civil is hardly 20%.”

“However, on the battery portion, second phase, we are going to increase or put up money once we get more clarity on the policy fronts and/or we get more orders from the overseas customers.”

“We are in discussion with multiple partners for technology. Our expectation is that this facility should go live in FY '29.”

“most of the capex are getting completed this year except the second phase of battery, which is 16.5, which is under planning stage. And the glass, which is in the planning stage, ingot-wafer of course.”

“For phase 2, we are planning and we have finalized the location for the same.”

“Module production in the USA continues to ramp up and reached 0.3 gigawatt, achieving an annualized utilization of 71%.”

“An additional 3.2 gigawatt of module manufacturing capacity is being added in USA. The two lines are under trial production at Brookshire factory by March '27, of which 1.6 gigawatt to be operational in Q3 FY '27 itself.”

“We currently have an installed solar cell manufacturing capacity of 5.4 gigawatt in India.”

“The additional 10 gigawatt cell facility is planned to start in current financial year, wherein around 5 gigawatt expected to start in Q3 and another 5 gigawatt in Q4 this year.”

“Once this is completed, Waaree shall achieve total cell capacity of 15.4 gigawatts, largest in the country. Ratio of cell-to-module capacity would rise from currently around 22% to around 65%.”

“Our total order book as on 26th of October '26, was around Rs. 59,200 crores. The module order book was 25.6 gigawatts.”

“The geographical mix of the order book is now 48.4% domestic India, 43.8% domestic US, and 7.8% exports from India.”

“around 3 gigawatts plus worth of orders we have discontinued to report now, and hence the ratio has declined from 24% to 7.8%.”

“These are the ones wherein we are renegotiating for converting these into MIP workable contracts.”

“We are starting to receive orders. Those order sizes are small, but we continue to build the order book. We are in discussion with multiple large clients in India, overseas for long-term term offtake agreements.”

“Now this part of the business, US business, will see, I mean, in terms of margins, ROIC is very, very good. We will see significant scale in FY '28.”

“It has reached Rs. 5,753 crores in H1 FY '27, almost 2x year-on-year, and accounted for 37% of total revenue for H1 FY '27”

“Retail was around Rs. 3,464 crores in Q2, up by 252% year-on-year.”

“Retail contributed 46.1% of Q2 revenues.”

“We today stand with 775 plus number of retail channels, retail centers exclusively for Waaree across the country, with around additionally 3,000 plus distribution points attached to them”

“Of course, in these 4 to 5 months now, non-DCR supplies are bound to increase resulting in higher volumes in Q3, even more higher volumes in Q3 till the extension closes.”

“Naturally, as the capacity is continuously ramping up now, the solar cell facilities is close to 40 gigawatts, and next two quarters it will be around 60 gigawatts.”

“for every 1 gigawatt of data center, you require 5 gigawatts of solar, you would require 4 to 5 gigawatts of BESS, and another close to 3 to 4 gigawatts of wind”

“All in all, around 60 gigawatts, 55 to 60 gigawatt demand is what is annually India doing.”

“So very, very few players will be able to and industry will consolidate, look at consolidation over the next 2-3 years.”

“This certainly helped us to enhance our realization per watt peak basis from US from currently 26-27 cents to 30 cent range maybe around 35 cents plus going ahead”

“in Q1 there was some refund from the US duties that was recorded, leading to an overall EBITDA of 18% plus.”

“Because in the US, when you supply a panel against every watt peak of supply, we get around 7 cents of the incentive.”

“So, these three put together are the factors and the engines that we are looking at in next two quarters to expand our margin profiles.”

“an export of module from India gives us a broadly EBITDA range per watt peak basis of 3 to 4 cents at least.”

“Waaree sits at sufficient cash balance at gross level which is sufficient to fund key major portion of the projects which are under execution from its own capital without further borrowing.”

“This number itself gives the confidence that the under-construction facilities of Waaree, other than under planning, are sufficiently funded from the existing cash balance.”

“We remain a net debt-free company with net cash of around Rs. 3,224 crores and a net debt-to-equity ratio of minus 0.2x.”

“If you look at our operating cash flow this quarter as well as H1, it has surpassed 5x of the total operating cash that we generated year-on-year.”

“The majority of increase in this liability is owing towards the capital good advances.”

“we have started the kit business in April 2025, and we have reached the milestone of 1 lakh kit sold yesterday.”

“we have committed around Rs. 3,250-odd crores of capital to this business. As we speak, we have got connectivity of around 10 gigawatts plus.”

“We have got PPAs of around 2 gigawatts, which includes FDRE PPAs also of 700 megawatts of SECI”

“We are also looking at overall land procurement for these projects long-term between 25,000 to 30,000 acres, which is under procurement.”

“We are not looking to build it as hold-to-maturity annuity assets. We are looking to have minority equity at most in this, but it feeds into our other manufacturing and services.”

“Yes, that is a pure-play margin this time with hardly any investment or hardly any income from the refund portion.”

“we have rationalized the order book orders which are yet not terminated, but we have reported them as them being closed as major part of the export orders due to Section 232 in US, without assuming any liability against us under these contracts.”

“there is a minimum import price in US for import of panels starting December 4.”

“For China policy, as we have secured all our equipments in for cells as well as batteries, there is no impact. Ingot wafer also, the order and everything is being secured, so there is no impact.”

“Since we are not using Indian cells, we are not subject to AD/CVD in US at all.”

“Like price of modules is fixed at 38 cents plus 15% duty across. Price of cell is fixed at 22 cents plus 15% duty.”

“For the first half, revenue was Rs. 15,449.5 crores, up 47.3%. Operating EBITDA was Rs. 2,775.1 crores, up 15.5% with a margin of 18%.”

“Our Q2 revenue was Rs. 7,517.7 crores, up 23.9% year-on-year. Operating EBITDA was Rs. 1,335.2 crores while margin was 17.8%. PAT was Rs. 753.6 crores.”

“Profit after tax was Rs. 1,645.5 crores compared with Rs. 1,651.1 crores in the same period last year.”

“Module sales were 3 gigawatts, up 27%.”

“In Q2, the revenue and supplies from the US facility was around 400 megawatts.”