Waaree Energies looks to incur capex of Rs 30,000 crore in two years

The company will incur the capex in backward integration into cell , ingot and wafer manufacturing, battery energy storage systems , solar glass and other segments, said Abhishek Pareek, chief financial officer (CFO), in a post earnings interaction with FE.

Waaree deployed nearly Rs 4000 crore in FY26 across various segments, he said.. Of the total target of Rs 30, 000 crore , Rs 11000 crore will go into 10 GW cell and 10 GW of ingot and wafer manufacturing, Rs 10000 will go into battery systems , first phase of it will go live this year and second phase will go next year, Pareek said.

The company has 26 GW of module capacity and 5.4 GW of cell capacity.

The company in the last quarter announced it will incur a capex of around 3,900 crore for solar glass and it committed around 3000 crore capital to its power infrastructure arm, wherein they are creating large pool of connectivity, land, T&D for our customers who seek for end-to-end solution, he said.

Remaining amount will go towards adjacencies like transformers, electrolyser manufacturing, he said 

The company also acquired a controlling stake in Associated Power Structures, a transmission and distribution,(T&D,) company for Rs 1200 crore, he said.

Waaree has guided for an operating EBITDA of Rs 7000crore -Rs 7700 crore in FY27 as against Rs 5908 of Operating EBITDA it posted in FY, 26, he said.

On the fall in spot power prices due to limited storage and grid flexibility, Pareek said they are seeing storage as a big business opportunity and their acquisition of the T& D company will help their customers.

Waaree on Wednesday posted a growth of 71% growth in net profit at Rs 1061 crore in Q4Fy26 as against Rs 619  crore in Q4FY25. However it missed Analyst estimates, who expected a profit of Rs 1144 crore.

Its revenues went up 112% at Rs 8480 crore in Q4FY26 as against Rs 4004 crore in Q4FY25.

The company’s stock lost 10.65% on Thursday and ended at Rs 3129 apiece on NSE.