Waaree Renewable Technologies Limited (WAAREERTL)
₹837.10 +3.81% last close, 16 Oct
Q2 FY27 results
📅 Next results: 19 Oct 2026 (board meeting)Waaree Renewable Technologies Limited's board meets on 19 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Waaree Renewable's revenue was ₹924 Cr (+53.2% year on year, -16.1% on the previous quarter), and net profit ₹119 Cr (+37.7% year on year); the operating margin was 18.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹924 | +53.2% | -16.1% |
| Operating profit | ₹173 | +47.6% | -16.2% |
| Net profit | ₹119 | +37.7% | -23.7% |
| EPS (₹) | 11.11 | +34.0% | -25.6% |
| Operating margin | 18.8% | — | — |
WAAREERTL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.91% of the WAAREERTL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 44.07%. That is close to its usual level. It traded 2.4 times its average daily volume.
Delivery in the last 5 sessions: 43.9% · 42.1% · 44.5% · 35.7% · 38.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Waaree Renewable Technologies Limited has received a revised scope of work under an existing contract for a 150 MWac / 217.5 MWp ground-mounted solar project from a leading domestic renewable energy firm. The commercial order scope has been enhanced by approximately Rs 22 Cr (excluding taxes). The project is scheduled for completion during FY 2026-27. Relative to the company's TTM revenue of Rs 3,652 Cr, this addition represents a modest ~0.60% increment.
- Order scope enhanced by approximately Rs 22 Cr (excluding taxes)
- Contract covers ground-mount solar EPC execution of 150 MWac / 217.5 MWp
- Execution timeline slated for completion during FY 2026-27
- Awarded by a domestic leading renewable energy company with no promoter interest
Waaree Renewable Technologies Limited has secured a Letter of Acceptance (LOA) from a domestic Public Sector Undertaking (PSU) for a 5 MWp turnkey grid-connected solar PV project. The contract includes EPC execution within 12 months followed by 10 years of comprehensive Operation & Maintenance (O&M). While execution adds to the company's order book, the project size of 5 MWp is relatively small compared to its current unexecuted order book of 3.48 GWp and TTM revenue of ₹3,652 Cr.
- Received Letter of Acceptance for a 5 MWp grid-connected Solar PV project
- Turnkey EPC to be completed within 12 months from the LOA date
- Includes comprehensive Operation & Maintenance (O&M) for 10 years
- Monetary order value not disclosed in the filing
Waaree Renewable Technologies Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate, issued by Registrar and Share Transfer Agent Purva Sharegistry (India) Private Limited on October 01, 2026, confirms the processing and cancellation of share certificates received for dematerialization. This is a periodic, standard regulatory filing confirming administrative compliance regarding share depository records.
- Regulation 74(5) compliance confirmed for the quarter ended September 30, 2026
- Issued by RTA Purva Sharegistry (India) Pvt. Ltd. dated October 01, 2026
- Confirmed dematerialization and cancellation of physical share certificates within prescribed timelines
- Company scrip identifiers reported as BSE 534618 and NSE WAAREERTL (ISIN INE299N01021)
Waaree Renewable Technologies Limited has received a revised scope of work for an existing 2,012.47 MWp ground-mount solar PV project. The commercial order value has been enhanced by Rs 14.79 crore, representing approximately 1.6% of its TTM revenue (Rs 924 crore). The total project capacity remains unchanged at 2,012.47 MWp and is scheduled for completion within FY 2026-27. The contract is with a domestic entity and is not a related-party transaction.
- Commercial order value enhanced by Rs 14.79 Cr
- Existing project capacity unchanged at 2,012.47 MWp
- Scheduled completion timeline set during FY 2026-27
- Contract awarded by an unrelated domestic entity
Waaree Renewable Technologies Limited has announced that its senior management will attend the Anand Rathi Annual Flagship Conference G-200 Summit 2026 on Monday, September 21, 2026, starting at 02:00 p.m. onwards in Mumbai. The interactions will include one-to-one and group meetings held in physical mode. The company confirmed that discussions will be strictly restricted to publicly available information. No unpublished price-sensitive information or material operational updates were disclosed in the filing.
- Management interaction scheduled for September 21, 2026, from 02:00 p.m. onwards
- Participation in Anand Rathi Annual Flagship Conference G-200 Summit 2026
- Format includes one-to-one and group meetings conducted physically in Mumbai
- Company confirmed discussions will rely solely on publicly available information
Waaree Renewable Technologies Limited announced that its wholly-owned subsidiary, Waaree Green Data Centers Private Limited, incorporated a 100% owned step-down subsidiary named Aurovault Data Centers Private Limited on September 14, 2026. The new entity is formed to develop, construct, and operate data centers, AI infrastructure, GPU hosting, and cloud facilities in India and abroad. As a newly incorporated vehicle, its turnover is Nil and initial financial investment details were not disclosed. The move signals the company's early-stage strategic diversification into renewable-powered digital and data center infrastructure.
- Incorporation of 100% owned step-down subsidiary Aurovault Data Centers Private Limited on September 14, 2026
- Parent entity holding 100% is wholly owned subsidiary Waaree Green Data Centers Private Limited
- Turnover of the newly incorporated entity is Nil with operations yet to commence
- Business objective targets AI-ready data centers, hyperscale facilities, GPU hosting, and cloud infrastructure
Waaree Renewable Technologies announced that its wholly-owned subsidiary, Waaree Green Data Centers Private Limited, incorporated a 100% step-down subsidiary named Sunstar Data Centers Private Limited on September 11, 2026. The new unit has Nil turnover and will focus on establishing, operating, and managing hyperscale, AI-ready data centers, GPU hosting, and related digital infrastructure. The incorporation involves cash consideration via MOA subscription, with the acquisition cost not disclosed. This move signals an entry into data center infrastructure, complementing the company's core renewable EPC business (TTM revenue ₹924 Cr).
- Incorporated Sunstar Data Centers Private Limited on September 11, 2026
- 100% shareholding held by wholly-owned subsidiary Waaree Green Data Centers Private Limited
- Target entity is newly incorporated with Nil turnover to date
- Focuses on AI-ready data centers, hyperscale facilities, GPU hosting, and colocation infrastructure
Waaree Renewable Technologies Limited submitted its Business Responsibility and Sustainability Report (BRSR) for FY25-26 pursuant to Regulation 34(2)(f) of SEBI LODR Regulations. The filing outlines ESG metrics, reporting standalone turnover of Rs 1,59,746.14 lakhs (Rs 1,597.46 cr) and net worth of Rs 45,669.36 lakhs (Rs 456.69 cr). The company operated across 23 EPC and 34 O&M locations across 11 states with a total workforce of 795 personnel. This is a mandatory statutory disclosure with no immediate financial or operational impact.
- Turnover reported for CSR applicability stood at Rs 1,59,746.14 lakhs with Net Worth at Rs 45,669.36 lakhs.
- Operations span 23 EPC and 34 O&M project locations across 11 states in India with 0% export turnover.
- Total workforce reported at 795 employees (399 permanent and 396 non-permanent) with a 28.69% permanent employee turnover rate.
- Construction and maintenance of power plants accounted for 98.52% of the entity's turnover.
Waaree Renewable Technologies Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 pursuant to Regulation 34(2)(f) of SEBI LODR Regulations. The filing outlines ESG disclosures and operational metrics, noting total FY26 standalone turnover of Rs 1,597.46 crore and a net worth of Rs 456.69 crore. The company operated across 23 EPC and 34 O&M project locations spanning 11 states during the year with a workforce of 795 employees. This is a routine annual statutory compliance filing with no operational or financial surprises.
- Submitted mandatory BRSR disclosure for FY 2025-26 as part of its Annual Report
- Reported FY26 standalone turnover of INR 1,59,746.14 lakhs and net worth of INR 45,669.36 lakhs
- Operational footprint covered 23 EPC and 34 O&M project sites across 11 Indian states
- Total headcount stood at 795 personnel (399 permanent and 396 non-permanent employees)
- Construction and maintenance of power plants accounted for 98.52% of total turnover
Waaree Renewable Technologies Limited has issued the notice for its 27th Annual General Meeting scheduled for September 23, 2026, via video conferencing. Key resolutions include the adoption of FY26 financial statements, re-appointment of statutory auditor M/s KKC & Associates LLP at an annual fee of ₹25 Lakhs for five years, and an enabling resolution under Section 62(3) to allow lenders to convert outstanding debt into equity. Additionally, the company seeks shareholder approval for material related-party transactions amounting to ₹550 Cr for the sale of goods/services over a one-year tenure, representing ~59.5% of TTM revenue (₹924 Cr).
- 27th Annual General Meeting convened for September 23, 2026 at 11:00 AM IST via VC/OAVM
- Omnibus approval sought for material related-party transaction involving sale of goods/services up to ₹550 Cr
- Proposed ₹550 Cr related-party transaction represents ~59.5% of TTM revenue (₹924 Cr)
- Enabling resolution under Section 62(3) for potential conversion of lender loans into equity shares
- Re-appointment of statutory auditors KKC & Associates LLP for a second 5-year term at ₹25 Lakhs p.a.
Waaree Renewable Technologies Limited has received a Letter of Award (LOA) for the EPC works of a 291 MWp ground-mounted solar PV project along with a 280 MWh Battery Energy Storage System (BESS). The domestic commercial contract was awarded by an Indian thermal power generating company. The project is scheduled for completion during FY 2027-28, expanding the company's existing 3.48 GWp order book. The exact monetary consideration of the contract was not disclosed in the filing.
- Awarded EPC contract for 291 MWp ground-mounted Solar PV project
- Includes integration of 280 MWh Battery Energy Storage System (BESS)
- Execution timeline set for completion during FY 2027-28
- Awarded by a domestic thermal power generating company with no related-party interest
Waaree Renewable Technologies has approved the transfer of its 100% shareholding in Waaree Green Data Centers Private Limited to its holding company, Waaree Energies Limited. The transaction is valued at a nominal consideration of Rs 1,00,000 (sold at face value of Rs 10 per share). The subsidiary had nil/negligible contribution to the company's revenue and net worth in FY26. The definitive agreement and completion of sale are targeted on or before October 31, 2026.
- Sale of 100% stake in Waaree Green Data Centers Private Limited to promoter Waaree Energies Limited
- Total consideration fixed at Rs 1,00,000 at face value of Rs 10 per share
- Subsidiary had Nil / Negligible contribution to turnover and net worth in FY26
- Expected date of completion of sale is October 31, 2026
- 27th Annual General Meeting scheduled for September 23, 2026
Waaree Renewable Technologies Limited has scheduled its 27th Annual General Meeting (AGM) for Wednesday, September 23, 2026. The company has fixed Wednesday, September 16, 2026, as the cut-off date to determine member eligibility for voting. Remote e-voting will be open from September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM) via CDSL. The AGM notice and Annual Report for FY 2025-26 will be dispatched separately.
- 27th Annual General Meeting scheduled for Wednesday, September 23, 2026
- Cut-off date for e-voting eligibility set as Wednesday, September 16, 2026
- Remote e-voting period runs from September 20, 2026 (9:00 AM) to September 22, 2026 (5:00 PM)
Waaree Renewable Technologies Limited's Board has approved the transfer of its 100% shareholding in wholly owned subsidiary, Waaree Green Data Centers Private Limited, to parent promoter Waaree Energies Limited. The transaction is valued at a nominal Rs 1,00,000 (at face value of Rs 10 per share) as the subsidiary had nil/negligible contribution to revenue and net worth in FY26. The sale agreement and execution are slated for completion on or before October 31, 2026. Additionally, the Board scheduled the 27th Annual General Meeting for September 23, 2026.
- Divesting 100% stake in Waaree Green Data Centers Private Limited for Rs 1,00,000
- Target entity contributed Nil / Negligible revenue and net worth during FY 2025-26
- Buyer is parent/promoter company Waaree Energies Limited (executed at arm's length)
- Transaction agreement and completion target date is October 31, 2026
- 27th Annual General Meeting scheduled for September 23, 2026
Waaree Renewable Technologies Limited has scheduled an institutional investor meeting on Thursday, August 20, 2026, between 02:00 p.m. and 05:00 p.m. IST. Senior management will participate in the Kotak Institutional Equities – Manufacturing Forum 2026 in Mumbai. The interaction will be held in physical mode via one-to-one and group sessions. The company confirmed that discussions will be strictly limited to publicly available information.
- Investor meeting scheduled for Thursday, 20th August 2026, from 02:00 p.m. to 05:00 p.m.
- Participation at the Kotak Institutional Equities – Manufacturing Forum 2026 in Mumbai
- Format includes physical one-to-one and group interactions with institutional investors
- Company confirmed all discussions will rely exclusively on publicly available information
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 81.12% YoY in H1 FY26 to INR 1,377.97 Cr, primarily driven by the core Solar EPC segment which executed 1,621 MWp of projects during the period.
Geographic Revenue Split
The company operates across 25 states and 2 Union Territories in India and provides EPC services overseas; specific percentage split between domestic and international revenue is not disclosed.
Profitability Margins
PAT margin improved significantly to 14.71% in H1 FY26 from 10.74% in H1 FY25. PBT margin stood at 19.82% for H1 FY26 compared to 14.27% YoY, reflecting strong operating leverage.
EBITDA Margin
EBITDA margin reached 19.99% in H1 FY26, up from 14.81% in H1 FY25, driven by operational efficiencies, tight budgeting controls, and real-time project monitoring.
Capital Expenditure
Fixed assets increased to INR 377.50 Cr as of September 30, 2025, compared to INR 160.02 Cr as of September 30, 2024, indicating significant investment in operational capacity.
Credit Rating & Borrowing
CARE A-; Stable / CARE A2 reaffirmed in October 2024. Total bank facilities rated at INR 1,423 Cr, including INR 28.94 Cr long-term and INR 1,394.06 Cr long/short-term limits.
Operational Drivers
Raw Materials
PV Modules represent the primary raw material cost, followed by other solar-related components like solar water pumps and solar water heaters.
Import Sources
Sourced from India and Overseas markets; specific country-wise import percentages are not disclosed in the available documents.
Key Suppliers
Waaree Energies Limited (the parent company) is a key supplier of PV modules, ensuring supply chain security and strong operational linkages.
Capacity Expansion
Executed 1,621 MWp of EPC projects in H1 FY26, which exceeds the full-year execution of FY25. The company maintains a healthy unexecuted order book of 3.48 GWp.
Raw Material Costs
Cost of EPC contracts was INR 1,061.68 Cr in H1 FY26, accounting for approximately 77.05% of total revenue from operations.
Manufacturing Efficiency
ROCE stood at 61.94% in FY25, reflecting highly efficient capital utilization to drive profitability and create shareholder value.
Strategic Growth
Expected Growth Rate
81%
Growth Strategy
Growth will be achieved by executing the 3.48 GWp unexecuted order book, scaling ground-mounted projects to 1-2 GWp capacities, expanding the O&M business segment, and integrating BESS (Battery Energy Storage Systems).
Products & Services
Solar EPC solutions, O&M (Operations and Maintenance) services, solar water pumps, and solar water heaters.
Brand Portfolio
Waaree
New Products/Services
Integration of BESS (Battery Energy Storage Systems) into EPC offerings to support grid stability and provide comprehensive energy solutions.
Market Expansion
Targeting large-scale ground-mounted projects across India and expanding solar EPC services in international markets.
Market Share & Ranking
Maintains a leadership position in India's solar EPC space with execution capacity now exceeding 1.6 GWp per half-year.
Strategic Alliances
Strong operational and financial linkages with parent company Waaree Energies Limited, which contributes ~10% to the group's overall profitability.
External Factors
Industry Trends
Rapid industry growth driven by the global energy transition, with a shift toward large-scale utility projects and integrated storage (BESS) solutions.
Competitive Landscape
Operates in a highly competitive solar EPC market, where operational efficiency and supply chain security are the primary differentiators.
Competitive Moat
Sustainable moat derived from parent company's module manufacturing leadership, execution scale, and cost leadership in the solar EPC segment.
Macro Economic Sensitivity
Sensitive to government renewable energy policies and interest rate fluctuations affecting project financing costs.
Consumer Behavior
Increasing demand for large-scale ground-mounted solar installations and integrated energy storage to ensure grid reliability.
Geopolitical Risks
Impacted by ALMM (Approved List of Models and Manufacturers) regulations and potential trade barriers affecting the import of components or overseas project execution.
Regulatory & Governance
Industry Regulations
Compliance with ALMM-I (Approved List of Models and Manufacturers) for solar modules and various pollution and manufacturing standards for power projects.
Taxation Policy Impact
Effective tax rate of approximately 25.7% based on H1 FY26 tax of INR 70.40 Cr on PBT of INR 273.14 Cr.
Legal Contingencies
Not disclosed in available documents; the company reports no material strictures or penalties from statutory authorities in the last three years except for minor SEBI-related filing delays.
Risk Analysis
Key Uncertainties
Execution risks including cost and time overruns on large-scale projects which could impact profitability margins by 5-10%.
Geographic Concentration Risk
Operations are spread across 25 states in India, providing geographic diversification within the domestic market.
Third Party Dependencies
Significant dependency on parent company Waaree Energies Limited for module supply and credit profile support.
Technology Obsolescence Risk
Risk of technological shifts in solar module efficiency or storage; company is mitigating this by integrating BESS into its roadmap.
Credit & Counterparty Risk
Maintains high-quality receivables with negligible amounts due for more than 30 days, reflecting strong counterparty credit quality.
