• EBITDA and margins: The company maintained its full-year operating EBITDA guidance of ₹7,000 crore to ₹7,900 crore after posting an 18.2% EBITDA margin in the first quarter. Management noted that margins are best assessed over a 12-month period due to shifting quarterly sales mixes between retail, domestic, and export markets.
• Manufacturing capacity expansion: Waaree is expanding its domestic cell capacity from 5.4 GW to 15.4 GW over the next 6 to 9 months, alongside adding 2.6 GW of US capacity across the next two quarters. Additional rollouts in the near term include 5.15 GWh of battery energy storage packs, 3.5 GW of battery cells, 1 GW of electrolyzers, and 1 GW of inverters.
• Record order book: The company added ₹16,000 crore of new orders during the quarter, lifting its total order book to ₹61,500 crore. Demand is being supported by domestic initiatives such as ALMM mandates and battery storage rules, as well as export demand from the US, Europe, and other global markets.
• Capex and acquisitions: Under the "Waaree 2.0" transition plan, the company is deploying a ₹30,000 crore capex program over the next 24 to 30 months, with the largest portion executing this year. This builds on four recent acquisitions covering transmission and distribution via EPSL, transformer capacity, smart meters, and 1 GW of US assets.