Waaree Renewable Technologies doubles revenue, profit in FY26

Waaree Renewable Technologies Limited (WRTL), the engineering, procurement, and construction (EPC) arm of the Waaree Group, reported strong financial results for the financial year ended March 31, 2026. The company more than doubled its revenue and profit on a year-on-year (YoY) basis, supported by execution gains and favourable solar market conditions.

For FY26, WRTL recorded consolidated revenue from operations of Rs 3,331.42 crore, up 108.51% from Rs 1,597.75 crore in FY25. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) rose to Rs 641.10 crore, a 106.21% increase from Rs 310.90 crore. Profit After Tax (PAT) stood at Rs 478.65 crore, reflecting 109.09% growth over Rs 228.92 crore in FY25. EBITDA margin remained stable at 19.24% compared to 19.46% in the previous year. Return on Equity (ROE) was 68.93% and Return on Capital Employed (ROCE) was 62.54%, while basic Earnings Per Share (EPS) increased to Rs 45.91 from Rs 22.00. Revenue CAGR for FY23–FY26 was reported at 111.73%.

Performance remained strong in Q4FY26, with revenue rising 131.31% YoY to Rs 1,102.40 crore from Rs 476.58 crore. EBITDA for the quarter was Rs 206.82 crore, up 63.71%, and PAT reached Rs 155.72 crore, marking a 66.08% increase YoY.

The company attributed the growth to disciplined project execution and strong demand for solar capacity in India. Mr. Manmohan Sharma, Chief Financial Officer, WRTL, noted that India’s renewable energy capacity has crossed 274 GW, with solar contributing over 150 GW as of March 2026. He added that solar accounted for about 82% of total renewable capacity additions during the fiscal year.

WRTL reported an unexecuted EPC order book of 2.83 GWp, expected to be executed over the next 12 to 15 months. The bidding pipeline exceeds 36 GWp. During Q4FY26, the company secured new ground-mounted solar projects of 420 MWp, 35 MWp, and 14 MWp.

Beyond EPC, WRTL is expanding into operations and maintenance (O&M) and independent power production (IPP). Its O&M portfolio stands at around 1,180 MWp, while IPP assets under development total 227.10 MWp, in addition to existing assets.

The board approved the re-appointment of M/s KKC & Associates LLP as statutory auditors for a second term of five years, subject to shareholder approval. It also appointed M/s KC Mehta & Co. LLP as internal auditor for FY 2026–27.