Higher input costs and a new US bet ate into gains. The board now wants to raise up to ₹100 billion.
Waaree Energies Limited sold a lot more in the March quarter, yet walked away with roughly the same profit.
Company’s revenue rose 12.1% from the previous quarter to ₹84.80 billion. But net profit stood at ₹10.61 billion, almost identical to December’s ₹10.62 billion. The reason is a sharp margin fall. EBITDA dropped 18.3% to ₹15.76 billion. Operating margin shrank from 25.5% to 18.6% – a 6.9 percentage point gap.
On 16 March, Waaree Solar Americas, a wholly owned unit, closed a $30 million deal for preferred shares in United Solar Holding in USA. That builds a base abroad, but for now it pulls cash out before it gives anything back.
The board also declared a ₹2 per share final dividend for FY26 and gave a green light to raise up to ₹100 billion through QIP or other stock-linked routes, pending shareholder vote. That sum equals roughly one quarter of the company’s annual sales. The raise is framed as fuel for growth, but it lands just when the current engine is making less on every rupee of sale.
Waaree Energies stock price is currently trading at ₹3,136.20 on the NSE, up 0.56% for the day. That small uptick barely chips away at the steep fall that followed its Q4 margin miss, and the stock still lingers well below its pre-result levels.
