Waaree Renewable Technologies Reports FY26 Revenue Increase of 108% to ₹3,331 Crore; Q4 Revenue Rises 131%

Executive Summary: Annual and Quarterly Growth Lead

Waaree Renewable Technologies Limited (WRTL) reported a significant increase in financial performance for the fiscal year ended March 31, 2026, with annual revenue from operations reaching ₹3,331.42 crore, a 108.51% year-on-year increase. The company executed 2,727 MWp of solar projects during the fiscal year, contributing to a full-year Profit After Tax (PAT) of ₹478.65 crore, up 109.09% from FY25. In the final quarter (Q4 FY26), revenue rose 131.31% to ₹1,102.40 crore, while PAT for the same period stood at ₹155.72 crore.

Detailed Financial Performance Comparison

The following tables provide a side-by-side comparison of the company’s financial trajectory for the full year and the final quarter.

Table 1: Full Year Analysis (FY26 vs FY25)

Table 2: Quarterly Analysis (Q4 FY26 vs Q4 FY25)

Financial Analysis Note: The 131.31% revenue increase in Q4 FY26 was driven by a shift in project mix, with module-inclusive orders accounting for approximately 50% of the quarter’s revenue. This higher revenue realization per megawatt explains the divergence between revenue growth and the 66.08% growth in PAT, as module-inclusive projects typically carry a different margin profile compared to pure EPC services.

Operational Status and Order Visibility

WRTL’s operational results for FY26 were supported by a record annual execution of 2,727 MWp.

• Unexecuted Order Book: The company maintains an unexecuted order book of 2.83 GWp.
• Execution Timeline: The existing backlog is scheduled for completion within 12 to 15 months.
• Geographic Concentration: Operations are spread across eight states, with Rajasthan currently serving as a heavyweight in the order book.
• Total Commissioned Projects: Cumulative projects commissioned to date total 5.06 GWp.
• Bidding Pipeline: The bidding pipeline exceeds 36 GWp, comprising 23 GWp in domestic markets and approximately 12-13 GWp in international segments.
• O&M Portfolio: The Operations & Maintenance portfolio has reached 1.18 GWp, providing a base for recurring revenue.

Corporate Developments and Strategic Acquisitions

The company is currently diversifying its revenue streams through infrastructure acquisitions and new vertical entries.

• T&D Diversification: The board has approved a 55% stake acquisition in Associated Power Structures. This move is intended to integrate Transmission and Distribution (T&D) capabilities with the existing solar EPC business.
• BESS and Emerging Verticals: WRTL has pivoted toward Battery Energy Storage System (BESS) EPC opportunities to address grid stability requirements. Additionally, management has identified Data Center EPC as a future growth driver and is currently evaluating related inquiries.
• IPP Asset Strategy: Maintaining an asset-light model, the company’s Independent Power Producer (IPP) segment has 54.8 MWp operational and 227 MWp under development. These assets are intended to generate stable long-term revenue through internal accruals.

Industry Context and Management Commentary

CFO Manmohan Sharma reported that solar power is the primary driver of India’s energy transition, accounting for roughly 82% of total renewable capacity additions in FY26.

• Capacity Benchmarks: India’s installed renewable capacity exceeded 274 GW by March 2026, with solar contributing more than 150 GW. Solar additions for the year rose to 44 GW, compared to approximately 24 GW in FY25.
• Margin Thresholds: Management stated a goal of maintaining a 15% EBITDA margin threshold. The company surpassed this target in FY26, delivering an actual EBITDA margin of approximately 19.24%.
• CFO Statement: Sharma attributed the results to disciplined project delivery and operational efficiency, noting that cost visibility is managed by securing supply chains early for key components like modules and inverters.

Risk Profile and Credit Outlook

The company’s credit standing has been adjusted to reflect its increased scale and its relationship with its parent entity.

• Credit Rating Upgrade: CARE Ratings upgraded WRTL’s bank facilities to CARE A+; Stable.
• Parent Entity Linkage: The rating upgrade factors in the strong credit profile of the parent company, Waaree Energies Limited (WEL), and the strategic importance of WRTL to the wider group.
• Business Model: WRTL utilizes an asset-light model characterized by an unleveraged capital structure and minimal long-term debt.
• Identified Risks:
  • High competitive intensity in the solar EPC segment from both independent power producers (IPPs) and small-to-medium players.
  • Volatility in input prices for modules, steel structures, and cables.
  • Reliance on working capital limits for letters of credit (LCs) and bank guarantees (BGs) required for vendor and customer contracts.