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Waaree Energies Posts Strong FY25 Growth, Expands U.S. Presence and Eyes Bigger FY26

Waaree Energies, one of India’s top solar module makers, reported impressive financial performance for Q4 and the full FY25. In the fourth quarter, its income rose 37.69% year-over-year to Rs4,141 crore, and its EBITDA more than doubled to Rs1,060 crore. The company’s net profit jumped to Rs644 crore, while its solar module and cell production for the quarter rose to 2.06 GW, up from 1.35 GW last year.

For the full financial year 2025, Waaree’s total income increased by 27.62% to Rs14,846 crore. Its EBITDA rose 72.59% to Rs3,123 crore, and net profit climbed 51.30% to Rs1,928 crore. The company's annual production reached 7.13 GW, showing strong growth from 4.77 GW in FY24. It currently holds a massive 25 GW order book, valued at approximately Rs47,000 crore, and expects FY26 EBITDA between Rs5,500–6,000 crore.

Looking ahead, Waaree is expanding globally. In the U.S., it will add 1.6 GW solar module capacity at its Texas facility, increasing total capacity there to 3.2 GW. Also, Waaree has acquired Enel Green Power India for Rs792 crore, gaining access to a 640 MW solar and wind portfolio, both operational and in development.