Waaree Energies Limited — Q2FY27 earnings call summary

• IRA benefits included in US sales; pricing and margin outlook improved post 232
• Capex Rs. 30,000 Cr plan; 35% deployed; focus on solar PV, cell, BESS, inverters, transformers
• FY27 EBITDA guidance reaffirmed Rs. 7,000-7,700 Cr; H2 expected 55-60% of full year
• Ingot wafer plant commissioning targeted Sep 2027; capex Rs. 5,500 Cr; no China supply risk
• Q2 FY27 revenue Rs. 7,517.7 Cr +23.9% y-y; H1 FY27 revenue Rs. 15,449.5 Cr +47.3% y-y
• Retail revenue Rs. 5,753 Cr H1 FY27, 37% of total; US manufacturing revenue +113% y-y
• BESS phase 1 commissioning Q3 FY27; cell manufacturing pilot Q4 FY27; phase 2 planned
• Order book Rs. 59,200 Cr; module capacity 25.8 GW; US module capacity ramping to 4.8 GW

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