Waaree Energies (WEL) reported robust revenue of INR84.8b (26% ahead of our estimates) in 4QFY26, but EBITDA came in 7% below our estimate due to a lower-than-expected EBITDA margin of 19%, impacted by elevated silver and copper prices, increased freight costs, a weaker overseas revenue mix, and reliance on externally procured DCR cells to fulfill certain module orders.