Waaree Energies Stock Plunges Despite Strong FY26 Performance

Waaree Energies' stock experienced a sharp decline of over 10% on April 30, 2026, with shares hitting an intraday low of ₹3,132.10. This market reaction followed the company's Q4 FY26 earnings report, where EBITDA margins fell short of expectations despite robust revenue growth. The stock has seen an 8% decrease over the past week, though it remains up 12% over three months and 20% over the year.

For the full fiscal year FY26, Waaree Energies reported total EBITDA of ₹6,616.79 crore, surpassing its guidance range of ₹5,500 crore to ₹6,000 crore, showcasing strong operational delivery. The company's board also recommended a final dividend of ₹2 per equity share, bringing the total FY26 payout to ₹4 per share.

Strategic expansion remains a key focus, with the company approving a ₹3,900 crore capital expenditure for a new 2,500 tonnes-per-day glass manufacturing plant. Furthermore, construction has commenced on a 10 GW integrated ingot and wafer manufacturing facility in Nagpur, an investment of ₹6,200 crore. These moves are set to enhance upstream integration within the solar value chain.

The company also completed the acquisition of a strategic stake in Oman-based United Solar Holding Inc., a move aimed at securing supply chains and supporting global expansion. Additionally, 3 GW of module capacity was commissioned at the Samakhiali facility in Gujarat during the quarter.

Looking ahead to FY27, Waaree Energies projects operating EBITDA in the range of ₹7,000 crore to ₹7,700 crore. Investors are advised to balance the company's strong growth prospects with the ongoing concerns regarding near-term margin pressures.