Waaree Renewable Technologies slips after Q1 PAT falls 26% QoQ to Rs 116 crore

Waaree Renewable Technologies declined 6.37% to Rs 954.45 after the company reported a 25.58% decline in consolidated net profit to Rs 115.90 crore for the quarter ended 30 June 2026, compared with Rs 155.74 crore in Q4 FY26.

Revenue from operations declined 16.16% QoQ to Rs 924.25 crore in the quarter ended 30 June 2026.

On a year-on-year basis, however, the company posted strong growth, with net profit rising 34.08% and revenue increasing 53.22%.

Profit before tax (PBT) stood at Rs 163.39 crore in Q1 FY27, down 21.48% sequentially but up 40.16% from the year-ago period.

EBITDA rose 47.58% YoY to Rs 173.48 crore from Rs 117.55 crore in Q1 FY26, reflecting improved operational performance.

The company said its consolidated unexecuted order book remains above Rs 5,300 crore. It also highlighted a strong bidding pipeline comprising more than 37 GWp of solar projects, over 10 GWh of battery energy storage system (BESS) projects, and transmission and distribution (T&D) opportunities worth over Rs 20,000 crore.

During the quarter, Waaree Renewable secured a 1,520 MWh BESS order and a 450 MWp ground-mounted solar EPC project. The company also completed the acquisition of a 55% equity stake in Associated Power Structures Pvt. Ltd., strengthening its presence in the transmission and distribution segment.

Manmohan Sharma, CFO, Waaree Renewable Technologies, said, The global business environment continues to face multiple challenges, including geopolitical tensions tariff uncertainties supply chain adjustments and regional conflicts. Despite these headwinds, we are pleased to begin FY27 on a strong note, with consolidated revenue for Q1 FY27 at Rs 924.25 crore compared to Rs 603.19 crore in Q1 FY26, reflecting a robust growth of 53.23%. This performance was driven by steady execution across our EPC portfolio, efficient resource deployment, and a sustained focus on disciplined project delivery.

India's installed renewable energy capacity stood at over 288 GW as of June 2026, with solar capacity crossing 162 GW and remaining the leading driver of the country's clean energy transition. With India targeting 500 GW of non-fossil fuel capacity by 2030, there remains a significant pipeline of projects yet to be built, providing a strong runway for utility-scale renewable development. Beyond this, BESS EPC and hybrid renewables represent an emerging growth opportunity, supported by rising demand for grid stability and round-the-clock clean power.

During the quarter, we completed the acquisition of a 55% stake in Associated Power Structures Pvt. Ltd. This strengthens our capabilities in transmission and distribution (T&D), enabling us to offer integrated solutions while continuing to expand our renewable EPC business in a disciplined and scalable manner.

Backed by a healthy unexecuted order book of Rs. 5,300+ crores, WRTL remains well positioned for sustained growth, supported by expanding O&M capabilities. Supported by a strong execution track record and expanding capabilities, we remain confident in our long-term growth strategy. We will continue to focus on disciplined execution, operational excellence, and delivering sustainable value to our stakeholders.

Waaree Renewable Technologies Limited (WRTL) is a subsidiary company of Waaree Group and spearheading the Solar EPC business. We are also a solar developer that finances, constructs, owns and operates solar projects. Headquartered in Mumbai, we operate across geographies, focusing on longterm investments within the commercial and industrial customer segments.

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