Shares of Waaree Energies Ltd took a beating in Thursday's trade, despite a 71 per cent surge in March quarter net profit. Analysts said the manufacturer and exporter of solar modules delivered a robust revenue performance but its margin disappointed. Ebitda margin came in at 19 per cent for the March quarter. This was a sharp 700 basis points below MOFSL's estimate of 25 per cent. Analysts are awaiting the company's conference call at 3 pm today to get more clarity. MOFSL has, for now, 'Buy' rating on the Waaree Energies stock in its flash note. 

"Weaker Ebitda margin might be attributable to the company’s transition to G12R cells in Q4," MOFSL said as it awaited clarity in conference call. Consequently, said MOFSL, adjusted PAT also missed our estimates by 6 per cent. 

Waaree Energies produced 4.2GW of modules in the March quarter, up 20 per cent sequentially, reaching a full-year production of 12.6GW in FY26. It has guided for operating Ebitda of Rs 7,000-7,700  crore in FY27. Working capital days for Waaree Energies increased to 90 in FY26 from 45 in FY25.

"During the quarter, Waaree Energies operationalised 3GW of additional module capacity at Samakhiali in Gujarat. Further, the company seeks to raise up to Rs 10,000 crore via QIP or other permissible modes through equity shares/NCDs with warrants/other convertible securities, subject to shareholder and regulatory approvals," MOFSL said.

Waaree Energies' conference call is scheduled for 3 pm today. MOFSL has, for now, retained its 'Buy' rating on the stock. The scrip fell 11.12 per cent to hit a low of Rs 3,112.25 on BSE. With this, the stock has cut its year-to-date gains to 6 per cent. SBI Securities said the stock traded at FY27 and FY28 price multiple of 21.3 times and 19.8 times, respectively, based on Bloomberg consensus earnings.

For the quarter Waaree Energies reported revenue at Rs 8,480.3 crore, up 111.8 per cent YoY or 12.1 per cent QoQ. Ebitda for the quarter came in at Rs 1,576.8 crore, up 48.8 per cent YoY or down 18.2 per cent QoQ. PAT stood at Rs 1,126.30 crore.