Finance and M&A

Waaree Renewable Technologies’ Revenue Increases 53.3% to ₹924.25 Crore in Q1 FY 2027, PAT Rises 37.7% to ₹118.97 Crore

August 3, 2026 By Gaurav Nathani 4 min read
0:00 / 04:20

Financial Results Overview

MUMBAI, India — Waaree Renewable Technologies Limited (WRTL) reported its consolidated financial results for the first quarter of fiscal year 2027, ending June 30, 2026. The company recorded revenue from operations of ₹924.25 crore and a Profit After Tax (PAT) of ₹118.97 crore. As of June 30, 2026, the unexecuted order book was valued at over ₹5,300 crore. These results include the impact of the acquisition of a 55% equity stake in Associated Power Structures Private Limited (APSPL), a strategic move to expand the company’s transmission and distribution infrastructure capabilities.

Key Financial Performance Metrics

MetricQ1 FY 2027Q1 FY 2026YoY Change (%)
Revenue from Operations₹924.25 crore₹603.00 crore53.27%
EBITDA₹173.48 crore₹117.55 crore47.58%
EBITDA Margin (%)18.77%19.49%-72 bps
Profit After Tax (PAT)₹118.97 crore₹86.40 crore37.70%

Sequential (QoQ) Comparisons:

  • Revenue from operations decreased 16.1% compared to the ₹1,102 crore reported in Q4 FY 2026.
  • Net profit decreased 24.2% compared to the ₹157 crore reported in Q4 FY 2026.

Operational Execution and Portfolio Status

Operational activity during the first quarter focused on project commissioning and portfolio management:

  • Execution Volume: The company executed solar projects totaling 888.81 MW during the quarter.
  • Operations and Maintenance (O&M): The total O&M portfolio reached 1.15 GW.
  • Technology Integration: The company has incorporated Battery Energy Storage Systems (BESS) into its Engineering, Procurement, and Construction (EPC) framework to support grid stability requirements.

Acquisition Analysis: Associated Power Structures Private Limited (APSPL)

During the quarter, Waaree Renewable Technologies completed the acquisition of a majority interest in APSPL.

  • Stake Acquired: A 55% equity stake in the Vadodara-based company.
  • Strategic Scope: The acquisition expands the company’s portfolio into the transmission and distribution (T&D) sector, including substations and transmission lines.
  • Manufacturing Capacity: The facility has an annual manufacturing capacity of 108,000 metric tons for structures, including transmission towers and solar mounting structures.
  • Financing: 75% of the transaction consideration was funded through debt.

Order Book and Future Business Pipeline

The company reported the following breakdown for its unexecuted contracts and identified market opportunities:

Order Book Breakdown

  • Solar EPC: Approximately ₹2,400 crore of the unexecuted order book is allocated to solar EPC projects.
  • BESS EPC: Approximately ₹200 crore is dedicated to battery energy storage system EPC.
  • Execution Timeline: Management targets the execution of the current ₹5,300 crore unexecuted order book within a 12 to 18-month timeframe.

Identified Pipeline

  • Domestic Market: An identified pipeline of approximately 27 GW.
  • International Market: An identified pipeline of approximately 10 GW.

Recent Contracts and International Expansion

WRTL secured new agreements in domestic and international markets during the reporting period:

  • Domestic Awards: The company received two Letters of Award (LOAs) for the EPC of ground-mounted PV plants totaling 1,082 MW DC (800 MW AC).
  • ANZ Market Entry: The company entered the Australia and New Zealand (ANZ) market via an Early Contractor Involvement (ECI) Agreement for a utility-scale solar and BESS project in New Zealand, conducted in consortium with local partners.

Industry Outlook and Regulatory Context

Market dynamics are influenced by national infrastructure plans and shifting regulatory requirements:

  • Transmission Investment: Management highlighted the National Electricity Plan’s (NEP) proposal for ₹4.9 lakh crore in transmission investments between 2027 and 2032.
  • Capacity Forecast: ICRA projects the addition of 32 GW of renewable energy capacity in FY 2026.
  • Regulatory Factors: The waiver on inter-state transmission charges is scheduled to expire on June 30, 2025. Additionally, the Approved List of Models and Manufacturers (ALMM) for cells is set to begin in June 2026, which is expected to increase module pricing in FY 2027.

Management Statement

Chief Financial Officer Manmohan Sharma provided an assessment of the operating environment. He stated that global conditions are affected by challenges such as geopolitical tensions and adjustments within international supply chains. Sharma noted that the company remains positioned to pursue emerging opportunities in utility-scale development and BESS despite these environmental factors.

Official Sources & Filings:

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