Waaree Energies profit falls 14.18% to 753.64 crore rupees in second quarter
Key Facts
Waaree Energies' consolidated net profit fell 14.18% year on year to 753.64 crore rupees in the quarter ended September 30, 2026, compared with 878.21 crore rupees in the same period a year earlier, according to the Free Press Journal. Profit declined despite higher revenue from operations, as expenses rose faster than revenue growth in the second quarter of fiscal 2027. Quarter on quarter, net profit also fell, while revenue from operations declined compared with the first quarter. The results put the quarter's performance in a different context from the first-half figures, which showed strong revenue growth while net profit remained close to its level a year earlier.
Revenue from operations reached 7,517.74 crore rupees, up 23.94% from 6,065.64 crore rupees in the corresponding quarter of fiscal 2026, according to figures published by the newspaper. But total expenses rose 32.83% to 6,635.06 crore rupees, compared with 4,995.08 crore rupees in the corresponding period. The increase in the cost of materials consumed was among the main contributors, reaching 4,715.29 crore rupees against 3,198.96 crore rupees a year earlier. Expenses rising faster than revenue meant that growth in activity did not translate into higher net profit during the period. The available figures gave no further breakdown identifying the contribution of each other expense item to the decline.
Compared with the previous quarter, consolidated net profit fell 15.50% from 891.87 crore rupees in the first quarter of fiscal 2027. Revenue from operations also declined 5.22% from 7,931.79 crore rupees in that quarter, according to the Free Press Journal. The company therefore recorded consecutive quarterly declines in revenue and profit, alongside the year-on-year fall in net profit. This quarterly picture differs from the first-half year-on-year comparison, which shows a clear expansion in revenue. The two comparisons cover different periods: the second quarter alone and the full first half.
In the first half of fiscal 2027, consolidated revenue from operations rose 47.26% to 15,449.53 crore rupees from 10,491.47 crore rupees in the first half of fiscal 2026. Consolidated net profit, by contrast, was 1,645.51 crore rupees, slightly below 1,651.10 crore rupees in the corresponding period. The figures show a gap between revenue growth and broadly stable profit over the six months, while the profit decline was more pronounced in the second quarter alone. The company also recorded 360.40 crore rupees in other operating income during the first half related to a refund of reciprocal tariffs, according to the newspaper. The amount adds a tariff-related item to the context for the half-year results, without changing the reported comparison of net profit between the periods.
The U.S. Customs and Border Protection investigation into the origin of components in solar modules exported to the United States remains unresolved, according to a company statement cited by the Free Press Journal. The company said it had made no additional adjustments pending the final outcome, after recognizing a provision of 294.78 crore rupees in fiscal 2026. The earlier provision remains tied to the investigation, while any subsequent adjustment depends on the final outcome, which has not yet been issued. The statement did not specify when the investigation would be resolved. The case puts one aspect of the company's exposure to the U.S. market in the background to its financial results.
On its operating plans for the U.S. market, the chief financial officer told Reuters that Waaree aims to raise its solar module manufacturing capacity there to 4.8 gigawatts by the end of fiscal 2027, from 1.6 gigawatts currently, with a U.S. order book of more than 10 gigawatts. He added that the company would expand domestic manufacturing in the United States, saying demand there remained strong and was partly supported by the rapid expansion of data centers and their growing electricity needs. On financial guidance, the company had reaffirmed in its first-quarter results announcement its expectation of earnings before interest, taxes, depreciation and amortization of between 7,000 and 7,700 crore rupees for fiscal 2027, alongside an order book of about 61,500 crore rupees. These indicators provide context for the expansion plans and the company's fiscal-year outlook, while second-quarter figures remain the focus of the current results.
The company said on October 27, 2026, that it had approved the acquisition of all shares in Waaree Green Data Centers and its two subsidiaries for a cash consideration of 1 lakh rupees, with the deal expected to be completed during fiscal 2027, according to the Free Press Journal. In trading on October 28, Waaree Energies shares fell about 3% after the results announcement; the stock opened at 2,225 rupees, compared with its previous close of 2,275 rupees on October 27, according to Upstox data. The market move links the timing of the results announcement with the stock's performance in the following session, while the acquisition is a separate development in the company's plans. The deal is expected to be completed during fiscal 2027, according to the timeline announced by the company.