Waaree Energies shares hit 10% upper circuit as Q3 PAT surges 118%

Shares of Waaree Energies Ltd rose sharply in Thursday's trade, touching their 10 per cent upper circuit limit of Rs 2,657.35, after the company reported a strong set of numbers for the December 2025 quarter.

The renewable energy firm posted a profit after tax (PAT) of Rs 1,106.79 crore in Q3 FY26, registering a 118.35 per cent year-on-year (YoY) jump. EBITDA for the quarter stood at Rs 1,928.15 crore, up 167.16 per cent YoY, with margins improving to 25.49 per cent.

Revenue from operations during the quarter came in at Rs 7,565.05 crore, marking an increase of 118.81 per cent compared with the year-ago period.

On the operational front, Waaree Energies achieved module production of 3.51 GW during Q3 FY26, while cell production stood at 0.75 GW, supported by a strong operational focus.

Commenting on the performance, Amit Paithankar, Whole Time Director & CEO at Waaree Energies, said, "Waaree Energies has delivered another exceptional quarter, with Q3 FY26 marking record revenue and profitability. Over the nine months, we have achieved significant growth in both topline and EBITDA, reflecting the resilience of our business model and the trust our customers place in us. I am pleased to share that Waaree is First Indian Manufacturer to achieve 1 GW+ of module production and sales in single month with 52 modules produced per minute."

He further said, "We have secured a record order inflow, strengthening our order book of ~Rs 60,000 crore, ensuring sustained visibility for the years ahead, also we have secured bankable PPAs backed by land and connectivity. We are accelerating our transformation into an integrated clean energy solutions provider by strengthening adjacencies across BESS, inverter, transformer, Renewable Power Infrastructure and green hydrogen electrolyser, creating a resilient and future-ready portfolio. Additionally, our recent acquisition strengthens our supply chain by ensuring secure and fully traceable access to polysilicon, supporting Waaree's rapidly expanding manufacturing footprint in the USA and global markets."

Paithankar added, "Waaree is on track to achieve its EBITDA target of Rs 5,500–6,000 crores while creating long-term value for stakeholders and contributing meaningfully to India’s clean energy transition."