Nuvama Institutional Equities has reaffirmed its 'Buy' rating on after the company reported a record performance in the September quarter (Q2) of FY26. Waaree's revenue, EBITDA and PAT rose 70 per cent, 1.7 times and 1.3 times year-on-year (YoY), respectively, in Q2 FY26.

The domestic brokerage noted that EBITDA margin expanded sharply by 850 basis points (bps) YoY to 23 per cent, aided by a 24 per cent improvement in module realisation and a 3 per cent reduction in raw material cost. The company also recorded its highest-ever module output of 2.6 GW, marking a 42 per cent YoY and 15 per cent sequential increase. Advertisement

also posted a strong set of numbers, with revenue, EBITDA and PAT rising 20 per cent, 47 per cent and 72 per cent YoY, respectively. According to Nuvama, the perf

See Full Page