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Waaree Energies Ltd

| Audited Consolidated Financial Results for the Quarter and Year Ended March 31, 2026

BULLISH SENTIMENT

Report Source

⬤29th Apr 26

Summary : Company plans significant expansion, raises funds, faces ongoing regulatory investigations.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated Total Expenses: Rs. 21,898.35 Crores (FY26)
  2. Standalone Total Expenses: Rs. 17,114.70 Crores (FY26)
  3. Consolidated Revenue from operations: Rs. 26,536.77 Crores (FY26)
  4. Standalone Revenue from operations: Rs. 20,990.51 Crores (FY26)
  5. Segment Revenue: Solar Photovoltaic Modules, Generation of power, EPC contracts
  6. Consolidated Net Cash Inflow from Operating Activities: Rs. 1,626.95 Crores (FY26)
  7. Consolidated Net Cash Outflow from Investing Activities: Rs. (3,953.18) Crores (FY26)
  8. Consolidated Net Cash Inflow from Financing Activities: Rs. 2,573.11 Crores (FY26)
  9. Potential liabilities from US CBP investigation
  10. Potential liabilities from Income Tax investigation
  11. Arbitration claims for damages and loss of profits
  12. Consolidated Total Assets: Rs. 30,115.37 Crores (FY26)
  13. Consolidated Total Equity: Rs. 15,010.89 Crores (FY26)
  14. Consolidated Borrowings (current & non-current): Rs. 2,491.53 Crores (FY26)
  15. Acquisition of Waaree Semicon Private Limited from Waaree Sustainable Finance Private Limited (Promoter Company)
  16. Both standalone and consolidated financial results are presented and audited

Corporate Overview

  1. India
  2. United States of America (USA)
  3. Middle East
  4. Australia
  5. US Customs and Border Protection investigation
  6. Income Tax authority investigation
  7. Arbitration proceedings regarding acquisition
  8. Manufacturing of Solar Photovoltaic Modules
  9. Power Generation
  10. Engineering, Procurement, and Construction (EPC) contracts
  11. Developing power semiconductor products
  12. Factual and forward-looking, emphasizing growth and strategic expansion
  13. Solar Photovoltaic Modules
  14. Generation of power
  15. Engineering, Procurement and Construction (EPC) contracts
  16. 6GW of Ingot-Wafer, Solar Cell and Solar PV Module manufacturing facility
  17. Raising funds up to Rs. 10,000 Crores for expansion
  18. Acquisition of Waaree Semicon Private Limited for semiconductor products
  19. Establishing 6GW manufacturing facility in Gujarat and Maharashtra

Risk Factors

  1. US CBP investigation on export components
  2. Income Tax authorities investigation in India
  3. Arbitration proceedings for acquisition damages
  4. Uncertainty of legal and regulatory outcomes

Key Drivers

  1. Approved fund raising up to Rs. 10,000 Crores
  2. Strategic acquisition of Waaree Semicon Private Limited
  3. Recommended final dividend of Rs. 2 per share
  4. Expansion of 6GW manufacturing facility

Auditor’s Report

  1. Unmodified opinion on both Standalone and Consolidated Financial Results
  2. Uncertainty regarding US Customs and Border Protection investigation outcome
  3. Investigation by Income Tax authorities in November 2025
  4. No adjustments made pending final outcome of these matters

Board Commentary

  1. Re-appointment of M/s. V J Talati & Co. as Cost Auditor
  2. Re-appointment of M/s Mahajan and Aibara as Internal Auditor
  3. Recommended final dividend of Rs. 2 per equity share (20%) for FY26
  4. Uncertainty related to US CBP investigation outcome
  5. Uncertainty related to Income Tax investigation outcome
  6. Arbitration proceedings for acquisition of Enel Green Power India
  7. US Customs and Border Protection investigation
  8. Income Tax authorities investigation
  9. Arbitration proceedings initiated by seller of Enel Green Power India
  10. Fund raising up to Rs. 10,000 Crores via QIP/other modes
  11. Acquisition of Waaree Semicon Private Limited for Rs. 1 Lakh
  12. Unutilized IPO proceeds of Rs. 1,662.92 Crores for 6GW manufacturing facility

Corporate Governance

  1. Audit Committee recommended re-appointment of auditors

Management Discussion & Analysis

Future Strategy

  1. Diversification into power semiconductor products
  2. Expansion of solar manufacturing capacity
  3. Fund raising for future growth initiatives

Operational Focus Areas

  1. Establishing packaging and assembly (OSAT) capabilities for semiconductors
  2. Module-level integration for inverters, energy storage, EV applications

Performance Drivers

  1. Strategic acquisition in semiconductor products
  2. Significant fund raising for growth
  3. Expansion of manufacturing capacity

Risk Control Measures

  1. Provisions made for US CBP investigation based on management assessment
  2. Contesting arbitration claims
  3. Submitted information to Income Tax authorities

Critical Risks

  1. US Customs and Border Protection investigation on exports
  2. Income Tax authorities investigation
  3. Arbitration proceedings regarding Enel Green Power India acquisition