Q3 2026 Waaree Energies Ltd Earnings Call Transcript
Key Points
- Waaree Energies Ltd (NSE:WAAREEENER) reported a stellar quarter with a revenue growth of 118.8% year on year and EBITDA growth of 167.2% year on year.
- The company achieved a record-breaking module production of over one gigawatt in a single month, demonstrating manufacturing excellence.
- Waaree Energies Ltd has a solid order book of INR60,000 crore and a healthy order pipeline exceeding 100 gigawatts, providing visibility for future quarters.
- The company has secured a non-Chinese fully traceable polysilicon supply chain through strategic investment in United Solar Holdings, strengthening its position in international markets.
- Waaree Energies Ltd is expanding its capacity across the energy transition ecosystem, including battery storage, inverters, transformers, and green hydrogen electrolyzers, as part of its Waaree 2.0 initiative.
- The cell utilization rate was reported at 56% for the December quarter, indicating challenges in ramping up production despite recent improvements.
- Concerns were raised about the impact of higher commodity prices, such as silver, on gross margins, although the company is managing these risks through operational efficiencies.
- The company faces potential risks from anti-dumping duties in key markets, which could impact its international operations.
- There are challenges related to land and connectivity issues that could slow renewable power adoption in India.
- The company is in the early stages of its battery manufacturing initiative, and the financial outcomes are still uncertain, with potential risks in scaling up operations.
Ladies and gentlemen, good day, and welcome to the Q3 and nine-month FY26 earnings conference call of Waaree Energies Limited hosted by MUFG Intime India Pvt. Ltd. (Operator Instructions) Please note that this conference is being recorded.
I now hand the conference over to Mr. Nikunj Jain from MUFG Intime Private Limited. Thank you and over to you, sir.
Thank you, Ikhra. Good afternoon, ladies and gentlemen. I welcome you to the Q3 and nine-months FY26 earnings conference call for Waaree Energies Limited. To discuss this quarter's performance, we have from the management Mr. Amit Paithankar, Whole-Time Director and Chief Executive Officer; Ms. Sonal Shrivastava, Chief Financial Officer; Abhishek Pareek, Group Head, Finance; Mr. Neeraj Vinayak, Vice President, Investor Relations; and Mr. Rohit Wade, General Manager, Investor Relations.
Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and
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