Waaree Energies Q2 Results: Profit falls 15% YoY to Rs 719 crore, revenue rises 24%

Waaree Energies reported lower quarterly profits despite higher revenue, while acquiring data centre subsidiaries to explore opportunities in AI infrastructure and digital services beyond solar.

The solar photovoltaic (PV) module manufacturer’s revenue from operations rose 23.9% year-on-year to Rs 7,518 crore from Rs 6,066 crore in the corresponding quarter last year.

Operating performance remained under pressure, with earnings before interest, taxes, depreciation and amortisation (EBITDA) declining 5% year-on-year to Rs 1,336 crore from Rs 1,406 crore. The EBITDA margin contracted to 18% from 23% a year earlier.

Waaree Energies announces data centre acquisition

Separately, Waaree Energies announced the acquisition of 100% shareholding in Waaree Green Data Centers Private Limited (WGDCPL), formerly known as Sunsantional Energy Private Limited, along with its two wholly owned subsidiaries, Aurovault Data Centers Private Limited and Sunstar Data Centers Private Limited.

The entities are being acquired from Waaree Renewable Technologies Limited, a subsidiary of Waaree Energies. The transaction involves a cash consideration of Rs 1 lakh for 10,000 equity shares with a face value of Rs 10 each, according to the company's disclosure.

Waaree Energies said the transaction is a related-party deal conducted at arm's length and in the ordinary course of business.

The target entities operate in the data centre and digital infrastructure space, including cloud services in India and overseas. Waaree Energies said it is evaluating an entry into the business of developing, owning and operating data centres, including hyperscale, AI and edge data centres.

The acquisition could mark a step towards diversifying the company's business beyond its existing solar operations. However, the company has not provided turnover details for the target entities in the disclosed information.

Waaree Energies expects the transaction to be completed during the financial year 2026-27. The company stated that no governmental or regulatory approvals were applicable for the acquisition.

Waaree Green Data Centers was incorporated on August 30, 2024, while Aurovault Data Centers and Sunstar Data Centers were incorporated on September 14, 2026, and September 11, 2026, respectively.

Waaree Energies share price

Waaree Energies shares ended Tuesday's session 1.90% lower at Rs 2,275 apiece, compared with the previous close of Rs 2,319, ahead of the earnings announcement.

The stock has declined around 23% so far in 2026. During Tuesday's session, it traded between Rs 2,259 and Rs 2,353.40.

The shares have a 52-week range of Rs 2,259 to Rs 3,643. At Tuesday's closing price, Waaree Energies had a market capitalisation of around Rs 65,441 crore.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here