Athira Sethu
Kochi, 28 October 2026
Stocks of Waaree Energies, a prominent manufacturer of solar power equipment in India, dropped by about 3% on Wednesday, October 28, following the company’s financial performance announcement for Q2FY27.
Despite an increase in the company’s revenue, its profit had fallen when compared with the corresponding period last year.
Waaree Energies Shares Fall:
Waaree Energies’ shares began trading at ₹2,225 on the NSE, while the company’s closing price on Tuesday was ₹2,275.
Investors responded negatively to the poor performance of the company’s profit and operating margins.
The stock has performed poorly throughout 2026, falling by about 23% since the beginning of the year and 34% within the last 12 months.
Revenue Rises by 24%
For the quarter that ended September 2026, Waaree Energies reported revenue of ₹7,517 crore.
This figure rose by 23.9% from ₹6,065 crore reported during the same quarter last year.
On the other hand, revenues had fallen in comparison with ₹7,917 crore from the previous quarter.
The company’s solar panels business segment had also continued its growth momentum, with its revenues rising from ₹5,369 crore to ₹6,571 crore.
Retail segment accounted for 46% of total revenue, utility segment 22.9%, international business 18.5%, and others 12.6%.
Net Profit Falls by 14%
Although Waaree Energies saw an increase in revenue, its net profit reduced by 14.2%. Its net profit was ₹753 crore down from ₹878 crore for the same quarter last year.
EBITDA, otherwise called the operating profit, fell 5.1% to ₹1,335 crore from ₹1,406 crore.
EBITDA margin of Waaree Energies decreased from 23.2% to 17.8%.
It indicates that its EBITDA margin fell from 23.2 cents per ₹100 of revenue to 17.8 cents.
EPC Business Undergoing Slowdown Period
Furthermore, Waaree Energies EPC business reported lower revenues.
In particular, EPC revenue fell to ₹447 crore from ₹763 crore last year.
However, transmission and distribution projects worth ₹600 crore provided support to its operations.
Waaree Energies Sees Potential for Growing
As Waaree Energies CEO Jignesh Rathod pointed out, its performance over the first half of FY27 was rather impressive.
In particular, he highlighted the growth of revenue by 47%, operating profit increase by 15%, and significant improvement of operating cash flow over the six-month period.
Waaree Energies continues enjoying the increased demand for solar energy equipment.
At the same time, falling profits and lower margins remain serious concerns for the investors.
