Waaree Energies shares up ahead of Q1 results: Key expectations, concall date and time

Shares of Waaree Energies Ltd were trading marginally higher in Wednesday’s trade ahead of the June quarter results of India’s largest PV module and solar cell manufacturer. The Mumbai-headquartered company, which operates across more than 20 countries, is expected to report 15-20 per cent YoY growth in profit for the June quarter, driven by 50-80 per cent growth in sales. Ebitda margin is expected to remain largely flat sequentially, analysts said.

Investors will closely track the management commentary on competitive intensity, export outlook, the impact of US tariffs and investigations, and updates on new business verticals.

"We expect 50 per cent YoY revenue growth led by an uptick in volumes and execution of the healthy order book. However, we estimate Ebitda margin contraction of 367 basis points YoY, owing to lesser export mix, largely in-line with 4QFY26," said foreign brokerage Nomura.

On Wednesday, the Waaree Energies stock was trading 0.4 per cent higher at Rs 2,705.65.

Waaree Energies Q1 results preview
Nomura expects Waaree Energies to report 15 per cent YoY rise in net profit at Rs 859 crore on 49.7 per cent rise in revenue at Rs 6,625 crore.

PL Capital expects Waaree Energies to report a revenue growth of 82.7 per cent YoY, down 4.7 per cent sequentially. Ebitda margin is expected at 18.5 per cent, flat QoQ, supported by module price hikes, partly offset by higher raw material costs and weaker export realizations. Module sold is estimated at 4.2GW for Q1FY27, the brokerage said as it sees adjusted profit rising 23.1 per cent YoY to Rs 918 crore on sales of Rs 8,084.90 crore.

Emkay Global said it sees Waaree Energies’s consolidated revenue declining 7 per cent QoQ to Rs 7,860 crore, owing to lower module production, a marginal decline in module realizations, and lower EPC run rate. Revenue is seen rising 78 per cent YoY.

"Ebitda margin, in our view, would be stable QoQ at 19 per cent, supported by higher cell utilization and production. We estimate consolidated Ebitda/APAT to be down 3 per cent/10 per cent QoQ to Rs 1,530 crore/Rs 950 crore in 1QFY27.

Centrum Broking in its Q1 preview note said Waaree may see margin improvement through cell capacity ramp-up and backward integration. The company remains well positioned to benefit from rising domestic solar demand, export opportunities and the shift toward integrated solar manufacturing, it said.

For the June quarter: "We expect module production of 4.0GW in Q1FY27 vs 2.3GW in Q1FY26 and cell production of 0.9GW in Q1FY27 vs 0.2GW in Q1FY26. Average realization is expected to hold broadly steady at Rs 19/Wp. EBITDA margin is expected to stay flattish, up 11 bps QoQ (down 382 bps YoY) as supply chain was impacted in Q1FY27 due to Middle East war, though management expects margin improvement through cell capacity ramp-up and backward integration."

This brokerage sees Waaree's revenue at Rs 8,555 crore and profit after tax at Rs 1,064 crore.

Waaree Energies concall date, timing
The company will host a conference call with analysts and investors to discuss its Q1FY27 results on Thursday at 11 am. The call will be attended by Whole Time Director and CEO Jignesh Rathod, Chief Financial Officer Abhishek Pareek and other key management personnel.