Waaree Energies Q3 preview: Ebitda, PAT seen more than doubling on capacity-led growth

Waaree Energies Q3 results preview: Solar PV modules manufacturer Waaree Energies Ltd is set to announce its results for the quarter and three-months ended on December 31, 2025 on Wednesday, January 21. The company will also hold a conference call with the investors, analysts and other participants on Thursday, January 22 at 3.30 pm (IST).

According to the brokerage firms tracking the stock, Waaree Energies is expected to report a strong Q3, with revenue seen rising 80–100 per cent on a year-on-year (YoY) basis, supported by sharp capacity expansion and scale-up of its solar cell and module facilities.

Ebitda and net profit are projected to more than double on a yearly comparison, aided by backward integration, improved margins, and higher contribution from new businesses, despite some domestic pricing pressure. Revenue, Ebitda and net profit on a quarter-and-quarter (QoQ) basis are likely to deliver high-teen growth.

Nuvama Institutional Equities is penciling Waaree Energies' revenue at Rs 6,377.4 crore up 84 per cent YoY and 5 per cent QoQ. Ebitda is seen at Rs 1,595.7 crore, up 121 per cent YoY and 13 per cent QoQ. Net profit is seen at Rs 999.9 crore, up 103 per cent YoY and 19 per cent QoQ.

"We expect a rise in revenue and 2 times YoY growth in EBITDA driven by capacity expansion and backward integration. We estimate Ebitda margin to rise to 25 per cent in Q3 (415bps YoY) supported by the start of its solar cell manufacturing facility, Nuvama added." It has a 'buy' rating on Waaree Energies with a target price of Rs 3,691.

Motilal Oswal Financial Services is expecting Waaree Energies' revenue to come in at Rs 6,548.8 crore, up 89 per cent YoY and 8 per cent QoQ. Ebitda is seen at Rs 1,533.1 crore, up 112 per cent YoY and 9 per cent QoQ, with margins coming at 23 per cent for the quarter. Net profit may come in at Rs 1,036.6 crore, up 110 per cent YoY and 23 per cent QoQ.

"Waaree's revenue shall grow on account of an increase in total module manufacturing capacity from 15GW in 3QFY25 to 23GW in 3QFY26. EBITDA is likely to improve led by capacity expansion and margin improvement, with the stabilization of 5.4GW cell line," said Motilal Oswal with a 'buy' rating and a target price of Rs 3,537.

Kotak Institutional Equities, which has a 'sell' rating on Waaree, expects its revenue at Rs 6,880.6 crore, up 99 per cent YoY and 16.6 per cent QoQ. Ebitda is seen at Rs 1,651.3 crore, up 128.8 per cent YoY and 32.7 per cent QoQ, with Ebitda margins coming in at 24 per cent. Net profit is seen at Rs 1,184.6 crore, up 140.5 per cent YoY and 40.6 per cent QoQ.

"We expect growth in revenue, driven by commissioning of new module facilities, production scale-up of 5.4 GW cell facility, contribution from US facility, new inverter and transformer business, partly offset by pricing weakness across module and cell in the domestic market. We model Ebitda margin at 24 per cent, factoring in rising share of DCR and higher contribution from the high-margin retail business," Kotak adds.

After an initial recovery from day's low at Rs 2,473.20, shares of Waaree Energies traded on a flat note on Wednesday around Rs 2,500 with a market capitalization below Rs 7,200 crore. The stock has plunged 36 per cent from its 52-week high at Rs 3,864.40, hit in September 2025. The stock is still up nearly 67 per cent from its IPO price of Rs 1,503.

 

Waaree Energies: Technical View

Kunal Shah, Senior Technical and Derivative Analyst at Mirae Asset Sharekhan said that Waaree Energies has endured a sharp correction, reflecting sector rotation out of renewables amid profit-taking and valuation concerns. The stock now trades below short-term moving averages (20 DMA & 40 EMA), confirming short-term weakness and bearish bias.​

"Technical indicators have entered oversold territory, suggesting exhaustion in selling pressure and potential for a technical rebound—watch for pullback to Rs 2,800-2,900 as a key rejection zone near pivot resistance.​ Immediate support at Rs 2,500 a closing break below this would invalidate rebound hopes and aggravate selling towards Rs 2,100-2,000," he added.