Shares of Waaree Energies Ltd., India's largest PV module and solar cell manufacturer, were trading marginally higher on Wednesday as the market awaited its June quarter (Q1FY27) results. The Mumbai-headquartered company, which operates in over 20 countries, is projected to report robust financial performance.
Q1FY27 Expectations: Revenue and Profit Growth
Analysts are largely optimistic about Waaree Energies' Q1FY27 performance. Expectations point towards approximately 20 percent year-on-year (YoY) growth in profit, underpinned by a substantial 50-80 percent increase in sales. Despite strong sales forecasts, the EBITDA margin is expected to remain largely flat sequentially.
Brokerage Insights on Performance
- Nomura forecasts a 15 percent YoY rise in net profit to ₹859 crore, with revenue climbing 49.7 percent to ₹6,625 crore.
- PL Capital anticipates an 82.7 percent YoY revenue growth, reaching ₹8,084.90 crore, with adjusted profit rising 23.1 percent YoY to ₹918 crore. They expect an EBITDA margin of 18.5 percent, supported by module price hikes.
- Emkay Global projects a consolidated revenue of ₹7,860 crore, a 7 percent quarter-on-quarter (QoQ) decline but a 78 percent YoY rise, primarily due to lower module production and EPC run rate.
- Centrum Broking highlights potential margin improvement through cell capacity ramp-up and backward integration, positioning Waaree to benefit from rising domestic solar demand and export opportunities. They estimate revenue at ₹8,555 crore and profit after tax at ₹1,064 crore.
Key factors influencing these projections include expected module production of 4.0GW in Q1FY27 (up from 2.3GW in Q1FY26) and cell production of 0.9GW (up from 0.2GW in Q1FY26). Average realization is expected to hold steady at ₹19/Wp.
Investor Focus and Management Commentary
Investors will be keenly observing the management's commentary during the upcoming conference call. Critical areas of interest include insights into competitive intensity, the outlook for exports, the potential impact of US tariffs and ongoing investigations, and updates on new business verticals. Analysts also noted that the supply chain faced impacts in Q1FY27 due to the Middle East conflict, though management expects margin improvement.
Conference Call Details
Waaree Energies will host a conference call for analysts and investors to discuss its Q1FY27 results. The call is scheduled for Thursday at 11:00 AM IST. Key management personnel, including Whole Time Director and CEO Jignesh Rathod and Chief Financial Officer Abhishek Pareek, will attend to provide insights and address queries.