Waaree Energies Share Price Plunges 10% Following Q4 Earnings and Dividend Announcement

Waaree Energies Ltd. Reports Strong Q4 Performance, Despite Margin Pressures

Shares of Waaree Energies Ltd. declined sharply on Thursday, 30 April, falling over 10% after the company reported its Q4 FY26 earnings. The stock dropped as much as 10.6% to an intraday low of ₹3,132.10 on the NSE, as investors reacted to margins and EBITDA coming in below expectations despite strong topline growth.

Despite the recent correction, the broader trend remains positive, with the stock still up 12% over three months and 20% over the past one year. Waaree Energies reported a sharp rise in profitability for the March quarter, with net profit increasing 74.76% year-on-year to ₹1,126.26 crore. Revenue for the quarter surged 111.80% YoY to ₹8,840.25 crore, reflecting strong execution and demand momentum in the solar manufacturing space.

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Operating EBITDA for Q4 stood at ₹1,576.76 crore, marking a 70.91% YoY increase. However, EBITDA margins came in at 18.59%, which fell short of market expectations and weighed on investor sentiment. For the full financial year FY26, total EBITDA stood at ₹6,616.79 crore, exceeding the company’s earlier guidance range of ₹5,500 crore to ₹6,000 crore.

The company’s board also recommended a final dividend of ₹2 per equity share, taking the total dividend payout for FY26 to ₹4 per share on a face value of ₹10. Operationally, the company reported robust production metrics. Module production stood at 4.2 GW during the quarter, while annual production reached a record 12.6 GW for FY26, driven by improved efficiency and scale benefits.

Waaree Energies completed the acquisition of a strategic stake in United Solar Holding Inc., a polysilicon leader based in Oman, during the quarter. This move is aimed at securing a traceable supply chain and supporting the company’s global expansion strategy. In a significant capacity expansion push, the board approved a capital expenditure of ₹3,900 crore for setting up a 2,500 tonnes-per-day glass manufacturing plant.

Additionally, the company has commenced construction of a 10 GW integrated ingot and wafer manufacturing facility in Nagpur, with an investment of ₹6,200 crore. These initiatives are expected to strengthen Waaree’s upstream integration in the solar value chain. The company also commissioned 3 GW of additional module capacity at its Samakhiali facility in Gujarat during the quarter, further boosting its manufacturing capabilities.

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Looking ahead, the management remains optimistic about growth momentum. The company is projecting an Operating EBITDA range of ₹7,000 - ₹7,700 crore for FY27. For investors, the key takeaway lies in balancing strong growth visibility with near-term margin pressures. While Waaree continues to expand aggressively and deliver robust revenue growth, profitability metrics and execution on margins will remain critical triggers for stock performance in the coming quarters.