Solar energy major Waaree Energies Ltd has reported its best-ever quarterly performance for Q4 FY25, with revenues and profitability metrics surging sharply year-on-year. The company posted a 38% YoY rise in total revenue to ₹4,140.92 crore, while its profit after tax (PAT) shot up 255% YoY to ₹648.49 crore. EBITDA grew 116% YoY to ₹1,059.57 crore with a significant improvement in margins.
The EBITDA margin for Q4 stood at 25.59%, compared to 16.29% in the year-ago quarter. PAT margin more than doubled to 15.66% from 6.08% in Q4 FY24.
For the full year FY25, Waaree clocked ₹14,846.06 crore in revenue, a growth of 27.6% YoY. Full-year PAT doubled to ₹1,932.15 crore, reflecting a 107% increase. FY25 EBITDA stood at ₹3,123.20 crore, with a margin expansion to 21.04% from 15.56% in FY24.
The company’s solar cell production rose to 2.06 GW in Q4 FY25 (vs. 1.35 GW YoY) and reached 7.13 GW for the year. It also reported a robust order book of 25 GW valued at approximately ₹47,000 crore. India’s largest cell facility of 5.4 GW was also operationalised in Gujarat during the period.
Outlook and expansion plans
Commenting on the results, Mr. Amit Paithankar, Whole Time Director & CEO, Waaree Energies Ltd, said FY25 marked a pivotal inflection point in the company’s journey. “Our strategy, scale and execution converged to deliver industry-leading EBITDA of ₹3,123.20 crore. Backward and forward integration in manufacturing and strong order book quality have placed us well for future growth.”
Looking ahead, Waaree has outlined an EBITDA guidance of ₹5,500–₹6,000 crore for FY26. The company is expanding globally, with a 1.6 GW module manufacturing line operational in Brookshire, Texas, USA. It also plans to set up an additional 3.2 GW module line at its Chikhli plant in India.
CARE Ratings recently upgraded Waaree’s bank credit ratings to CARE A+ stable, reflecting improved financial strength and creditworthiness.
