Waaree Renewable posts 53% revenue growth in Q1 FY27
Waaree Renewable Technologies Limited (WRTL) reported higher revenue and earnings for the quarter ended June 30, 2026, driven by execution across its engineering, procurement and construction (EPC) portfolio and recent capacity additions in adjacent businesses.
The company recorded consolidated revenue from operations of Rs 924.25 crore during Q1 FY27, an increase of 53.23% from Rs 603.19 crore in the corresponding quarter of the previous year. Profitability also improved during the period, while the company expanded its presence in the transmission and battery storage segments through acquisitions and new order wins.
Financials
Consolidated EBITDA for the quarter stood at Rs 173.48 crore, up 47.58% from Rs 117.55 crore in Q1 FY26. EBITDA margin was reported at 18.77%.
Profit after tax (PAT) increased to Rs 118.97 crore from Rs 86.40 crore in the year-ago quarter, reflecting a growth of 37.70%. PAT margin for the quarter stood at 12.87%.
The company attributed its performance to continued project execution, resource deployment and delivery across its EPC business.
Order pipeline
WRTL ended the quarter with a consolidated unexecuted order book exceeding Rs 5,300 crore, providing revenue visibility for the coming quarters.
The company also reported an active bidding pipeline spanning multiple segments. This includes more than 37 GWp of solar projects, over 10 GW of Battery Energy Storage System (BESS) opportunities and transmission and distribution (T&D) projects valued at more than Rs 20,000 crore.
The order pipeline reflects the company’s increasing focus on integrated renewable and grid infrastructure projects alongside its traditional solar EPC business.
Business expansion
During the quarter, WRTL completed the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL), expanding its footprint in the transmission and distribution sector.
The transaction was completed on June 18, 2026, for a total consideration of Rs 1,22,500 lakhs through a combination of primary and secondary investments. Following the acquisition, APSPL has become a subsidiary of the company.
APSPL is engaged in the development of power transmission and distribution infrastructure, adding a new business vertical to WRTL’s existing operations.
The company also secured several new orders during the quarter, including a 1,520 MWh BESS project and a 450 MWp ground-mounted solar power project.
Sector outlook
In its earnings commentary, WRTL noted that the global business environment continues to be affected by geopolitical developments, tariff-related uncertainties, supply chain adjustments and regional conflicts.
The company also highlighted the continued growth of India’s renewable energy sector. According to WRTL, the country’s installed renewable energy capacity exceeded 288 GW as of June 2026, with solar capacity crossing 162 GW.
The company stated that the expansion of utility-scale renewable projects and associated grid infrastructure continues to support long-term growth opportunities across its EPC, energy storage and transmission businesses.
