Waaree Energies is in discussions with the government of Andhra Pradesh and other state governments to set up a proposed greenfield battery manufacturing facility involving an investment of over ₹8,000 crore, according to an exchange filing.
The clarification comes after media reports suggested that Andhra Pradesh had secured Waaree Energies’ battery gigafactory with an investment of ₹8,175 crore. The company, in response to a stock exchange query dated February 19, 2026, said there is no unpublished price-sensitive information pending disclosure.
Waaree Energies said its board of directors, at a meeting held on October 1, 2025, had approved a significant expansion in manufacturing capacity for lithium-ion advanced chemistry storage cells and battery energy storage systems (BESS). The capacity is proposed to be scaled up from 3.5 GWh to 20 GWh.
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The board also approved additional capital expenditure of approximately ₹8,000 crore in its wholly-owned subsidiary, Waaree Energy Storage Solutions Private Limited, to execute the expansion plan. This development was disclosed to stock exchanges on October 1, 2025, the company noted.
Q3 results
Separately, the company reported a strong performance for the December quarter. Net profit rose 26% sequentially to ₹1,062 crore in Q3 from ₹842 crore in Q2. Revenue increased 24.7% quarter-on-quarter to ₹7,656 crore from ₹6,065 crore.
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EBITDA for the quarter climbed 37.2% to ₹1,928 crore compared with ₹1,405 crore in the previous quarter. The EBITDA margin improved to 25.5% from 23.2%, reflecting higher operating leverage.
Shares of Waaree Energies ended lower on Thursday, February 19, by 3.12% at ₹2,871 on the NSE.
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