Waaree Renewable Technologies Delivers Strong Q1 FY27 Performance with 53.23% Revenue Surge to ₹924.25 Crore

Waaree Renewable Technologies Limited (WRTL), the solar EPC arm of the Waaree Group, today announced its unaudited consolidated financial results for the first quarter ended June 30, 2026 (Q1 FY27). The company reported robust top-line expansion and sustained growth, backed by an impressive unexecuted order book exceeding ₹5,300 crore.

Beyond its core solar EPC business, WRTL continues to execute its strategy of building an integrated presence across the broader clean energy value chain. The company recently completed the acquisition of a 55% equity stake in Associated Power Structures Private Limited (APSPL), bolstering its capabilities in the transmission and distribution (T&D) domain. Additionally, WRTL is actively pursuing EPC opportunities in fast-growing segments including Battery Energy Storage Systems (BESS) and Data Centres.

Executive Financial Performance

During Q1 FY27, WRTL recorded strong top-line and bottom-line expansion compared to the corresponding period of the previous fiscal:

Revenue from Operations: Stood at ₹924.25 crore in Q1 FY27, representing a 53.23% year-on-year (YoY) increase compared to ₹603.19 crore reported in Q1 FY26. On a sequential basis, operational revenue registered at ₹924.25 crore against ₹1,102.40 crore in Q4 FY26.

EBITDA: Rose 47.58% YoY to ₹173.48 crore in Q1 FY27, up from ₹117.55 crore in Q1 FY26. The EBITDA margin for the quarter stood at 18.77%, compared to 19.49% in Q1 FY26 and 18.76% in Q4 FY26.

Profit Before Tax (PBT): Reached ₹163.38 crore, delivering a 40.13% YoY growth over ₹116.59 crore in Q1 FY26. PBT margin for the quarter came in at 17.58%.

Profit After Tax (PAT): Net profit grew 37.70% YoY to ₹118.97 crore for Q1 FY27, compared to ₹86.40 crore recorded in Q1 FY26. PAT margin stood at 12.87%.

Earnings Per Share (EPS): Basic and diluted EPS for the quarter reached ₹11.11 per equity share, up from ₹8.29 in Q1 FY26.

Operational Highlights and Pipeline

WRTL's growth trajectory remains underpinned by an execution pipeline and order inflow across solar EPC, energy storage, and power transmission:

Unexecuted Order Book: The company maintains a strong consolidated unexecuted order book of over ₹5,300 crore, providing long-term revenue visibility.

Recent Major Wins: Key order wins during the period include a massive 1,520 MWh Battery Energy Storage System (BESS) order and a 450 MWp ground-mounted solar power project.

Bidding Pipeline: The company's active bidding pipeline remains robust across clean energy verticals, including over 37 GWp in solar, more than 10 GWh in BESS, and over ₹20,000 crore in T&D projects.

Expenditure Analysis

Cost of EPC Contracts: Stood at ₹719.62 crore in Q1 FY27, compared to ₹470.02 crore in Q1 FY26 and ₹870.82 crore in Q4 FY26.

Employee Expenses: Recorded at ₹16.04 crore in Q1 FY27, compared to ₹9.35 crore in Q1 FY26 and ₹12.78 crore in Q4 FY26.

Other Expenses: Came in at ₹15.11 crore during the quarter, compared to ₹6.27 crore in Q1 FY26 and ₹11.98 crore in Q4 FY26.

Finance Costs: Stood at ₹9.59 crore in Q1 FY27, vs. ₹3.56 crore in Q1 FY26 and ₹2.68 crore in Q4 FY26.

Depreciation: Stood at ₹5.78 crore in Q1 FY27 compared to ₹2.23 crore in Q1 FY26 and ₹2.09 crore in Q4 FY26.

Tax Provision: Tax expenses for the quarter stood at ₹44.41 crore, compared to ₹30.19 crore in Q1 FY26 and ₹52.38 crore in Q4 FY26.

Historical Balance Sheet & Cash Flow Overview

For the full year ended March 31, 2026 (FY26), WRTL's total equity and liabilities stood at ₹2,373.80 crore, up from ₹1,120.12 crore in FY25. Shareholders' funds grew significantly to ₹933.83 crore in FY26 compared to ₹454.95 crore in FY25. Fixed assets stood at ₹450.09 crore as of March 31, 2026, while total current assets were ₹1,789.63 crore.

On the cash flow front, net cash inflow from operating activities stood at ₹286.95 crore for FY26, while cash outflow from investing activities was ₹264.48 crore. Net cash inflow from financing activities stood at ₹22.55 crore. Cash and cash equivalents at the end of FY26 increased to ₹71.81 crore, up from ₹26.79 crore at the end of FY25.

Commenting on the results Mr. Manmohan Sharma, CFO, Waaree Renewable Technologies Limited 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 ₹ 924.25 crores compared to ₹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.

Source : Equity Bulls

Keywords

WaareeRenewableTechnologies Q1FY27 Q1FY2027 ResultUpdate