WAAREEENER Q4 FY26 Guidance vs Delivery (WAAREEENER Management Mirror)

Did WAAREEENER's management deliver what it guided? Guidance vs actual performance and tone changes across recent earnings calls, as of the Q4 FY26 (Mar-2026 Qtr) concall.

Waaree Energies Ltd (WAAREEENER) Q4FY26 Management Mirror - Mar-2026 Qtr

Financial Outlook & Margins

Management introduced FY27 EBITDA guidance of INR 7,000 to INR 7,700 crore during the Mar'26 Qtr, shifting focus from the FY26 target of INR 5,500 to INR 6,000 crore (which had been upgraded in the Dec'25 Qtr to exceed that range). Long-term margin expectations were adjusted in the Mar'26 Qtr to 19% to 20% for the next decade, compared to the 24% to 25% integrated margin target stated in the Sep'25 Qtr, with BESS margins seen at 18% to 20% and ROCE/ROE targeted at 20% to 25%. [Status: Initiated]

3 more themes on the ELITE plan.