Waaree Energies shares declined more than 6% after the opening bell on Thursday, July 30, as investors focused on the company’s margin contraction in the April to June quarter of the financial year 2026-27, despite an overall healthy growth in earnings.
Shares of Waaree Energies crashed 6.4% to their early market low of ₹2,561 apiece on Thursday’s market, compared to ₹2,736.20 apiece at the previous stock market close, according to NSE data.
After touching the early market low, the company shares were trading 5.8% lower during the morning market hours at ₹2,577.60 per share on July 30. The company filed its Q1 earnings report after market hours on July 29.
Why did Waaree Energies shares fall today?
Waaree Energies shares crashed after the opening bell on Thursday’s market as investors' sentiment was dented due to the contracting EBITDA margin of the company amid rising expenses in the June quarter.
Data further showed that the company recorded a massive surge in its input materials costs, which in turn weighed down the margins of the solar panel manufacturer in the period under review.
Waaree Energies recorded a 63.5% surge in its cost of materials consumed (input costs) to ₹4,843.93 crore in the April to June quarter of the financial year 2026-27, in comparison with ₹2,962.43 crore in the same period a year earlier, as per the consolidated financial statements.
On the margins front, the company’s earnings before interest, tax, depreciation, and amortisation (EBITDA) margins contracted by 438 basis points to 18.15% in the June quarter, from 22.53% in the same period a year earlier.
However, the operational level EBITDA advanced 44% to ₹1,440 crore in the first quarter of FY27 from ₹997 crore in the corresponding quarter for the previous financial year.
Waaree Energies Q1 earnings performance
On July 29, Waaree Energies’ board of directors announced that the company has recorded a 14% rise in its consolidated net profit at ₹850 crore in the first quarter, in comparison to ₹745 crore in the same quarter a year earlier.
As per the NSE filings, the company’s revenue from operations advanced 79% in the June quarter to ₹7,932 crore, compared year-on-year (YoY) with ₹4,426 crore in the same period a year earlier.
Segmental data showed that the company earns the majority of its revenues from the Solar Panel Manufacturing segment, followed by the EPC contracts business, and lastly the renewable power generation business.
Waaree Energies’ income from the Solar Panel Manufacturing segment surged 91% YoY to ₹7,399.82 crore in Q1 FY27, from ₹3,872.35 crore in Q1 FY26, as per the consolidated financial statements.
The company’s earnings from the EPC contracts business rose 55% YoY to ₹913.99 crore in the period under review, from ₹589.27 crore in the same period a year earlier.
In contrast, the company’s renewable power generation business revenues declined 11% YoY to ₹9.86 crore, compared to ₹11.10 crore in the corresponding period a year earlier.
Waaree Energies share price history
Since the company’s NSE listing on October 28, 2024, Waaree Energies shares have been on a downward trend, losing over 18% of their value in the past one-year period, and nearly 13% on a year-to-date (YTD) basis in 2026.
NSE data also showed that the company shares were down 13% in the last one month and were trading over 5% lower in the past five market sessions.
Shares of Waaree Energies hit their 52-week high of ₹3,865 on September 12, 2025, while the 52-week low was at ₹2,403 on January 21, 2026. The company’s market capitalisation (m-cap) was at ₹74,999 crore as of the trading session on Thursday, July 30, 2026.