Transcript of Conference call for the Unaudited Financial Results (Standalone and Consolidated) for the Quarter and Half year ended September 30, 2026 held on Wednesday, October 28, 2026.

AI summary - Q2 FY27 revenue Rs. 7,517.7 Cr +23.9% y-y; H1 FY27 revenue Rs. 15,449.5 Cr +47.3% y-y - Operating EBITDA Q2 Rs. 1,335.2 Cr margin 17.8%; H1 Rs. 2,775.1 Cr margin 18% - PAT Q2 Rs. 753.6 Cr; H1 Rs. 1,645.5 Cr; net cash Rs. 3,224 Cr; ROCE 28.7%, ROE 24.2% - Retail revenue doubled to Rs. 5,753 Cr in H1 FY27, 37% of total revenue - US manufacturing revenue +113% y-y; module capacity 25.8 GW (incl. 1.6 GW US) - Capex Rs. 30,000 Cr program: 35% deployed, 28% executing, 37% planning - FY27 EBITDA guidance reaffirmed Rs. 7,000-7,700 Cr - Cell capacity to expand to 15.4 GW in FY27; BESS pack 5 GWh commissioning Q3 FY27 - Order book Rs. 59,200 Cr with 48.4% domestic India, 43.8% US, 7.8% exports - US export orders rationalized due to Section 232; local US production margins higher - New businesses (BESS, transformers, inverters, electrolyzers) to contribute 30-35% revenue in 2-3 years - Q3-Q4 FY27 expected strong ramp-up in cell/module utilization and margins - Retail channel: 775+ stores, 3,000+ distribution points, growing product portfolio - Renewable power infrastructure business developing with 10 GW connectivity, 2 GW PPAs - Data center renewables demand significant; Waaree positioned for integrated solutions - Ingot-wafer plant on track for Sep 2027 commissioning; polysilicon sourcing from Middle East - Solar glass facility planned in Gujarat, commercial by FY29 - EBITDA margins: inverter/transformer 18-22%, electrolyzer 13-15% - Industry consolidation expected; scal…