Short-term blip; recovery ahead: FY27E EBITDA guidance intact, backed by strong cell production ramp-up in 2H; maintain Buy

研报英文原文证据摘录

Short-term blip; recovery ahead: FY27E EBITDA guidance intact, backed by strong cell production ramp-up in 2H; maintain Buy

Global Markets Research

Waaree Energies WAAN.NS WAAREEEN IN 30 July 2026

EQUITY: ELECTRICAL EQUIPMENT

Rating Remains BuyShort-term blip; recovery ahead

Target priceFY27E EBITDA guidance intact, backed by strong cell Reduced from INR INR 3,740production ramp-up in 2H; maintain Buy 3,750

Management maintains FY27E EBITDA guidance of INR70-77bn Closing29 July 2026price INR 2,736

As highlighted in our note, WEL’s 1QFY27 revenue/EBITDA (ex one-offs) grew 71%/9% coming in

+14%/-13% vs our estimates. Adjusted EBITDA margin narrowed 815bp/421bp y-y to 14.4% owing Implied upside +36.7%

to higher commodity prices and a lower overseas revenue share. However, management

maintained its FY27E EBITDA guidance of INR70-77bn as it expects operating performance to Market Cap (USD mn) 8,229.1

improve in the upcoming quarters, led by: 1) increased sale of high-margin DCR modules, 2) ramp ADT (USD mn) 36.7

up of US revenue, and 3) higher offtake in non-DCR segment. According to management, quarterly

cell production is likely to ramp up to 1.1GW/1.5GW in 2Q/2H led by increasing cell capacity Relative performance chart

utilisation, thereby increasing high-margin DCR module sales. Thus, management also expects

retail revenue to nearly double y-y to INR100bn in FY27E. Furthermore, it expects overseas

revenue to ramp up sharply, driven by: 1) higher US module production in-line with capacity

expansion and 2) a normalisation of clearance delays of 1Q driving a pick-up in US exports. Also, as

the exemption for ALMM-II (Approved List of Models and Manufacturers) has been extended till

Dec-26, management expects higher non-DCR module offtake starting 2Q.