• FY26 financial performance: Total production surpassed 12 GW, revenue doubled to ₹26,000 crore, and EBITDA exceeded ₹6,500 crore against guidance of ₹5,500–₹6,000 crore, expanding full-year margins from 18% in FY25 to over 22%.
• Quarterly margin dynamics: Although Q4 FY26 margins dropped to 19% due to soaring commodity costs and Middle East war-related shipping chokes, the company manages volatility by focusing on stable EBITDA per watt peak rather than fluctuating end prices.
• FY27 earnings guidance: EBITDA is guided to reach ₹7,000 crore to ₹7,700 crore in FY27, representing roughly 30% growth over the ₹5,908 crore operating EBITDA recorded in FY26.
• Capacity and integration: Under the "Waaree 2.0" transition, the company is commissioning a 3 GW US facility, 10 GW of cell capacity, 10 GW of ingot-wafer capacity, and a 20 GW energy storage project.
• Global competitive scale: With total capacity expanding to approximately 25 GW, the company has positioned itself as the largest non-Chinese solar manufacturer globally, relying on scale and backward integration to counter Chinese market competition.