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WAAREERTL - Waaree Renewab.

📊 NSE: WAAREERTL 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Waaree Renewable FY26 Revenue Surges 108% to ₹3,331 Cr; PAT Up 109% on Record Execution

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 24 Apr 2026, 06:09 PM

Waaree Renewable Technologies reported a stellar FY26 with revenue doubling to INR 3,331.42 crores and PAT increasing 109% to INR 478.65 crores. The company achieved its highest-ever annual execution of 2,727 MWp, maintaining a strong EBITDA margin of 19.24%. The current unexecuted order book of 2.83 GWp and a massive 36 GW bidding pipeline provide high revenue visibility for the coming years.

FY26 Revenue and PAT grew by 108.5% and 109.1% YoY respectively, driven by record project execution of 2,727 MWp.
Unexecuted order book stands at 2.83 GWp with an additional bidding pipeline of 36 GW (23 GW domestic, 12 GW international).
EBITDA margins remained robust at 19.24% for FY26, significantly exceeding management's conservative long-term guidance of 15%.
O&M portfolio expanded to 1.18 GWp, enhancing recurring revenue and long-term customer stability.
Q4 FY26 revenue stood at INR 1,102.40 crores with a PAT of INR 155.72 crores, reflecting 66% YoY growth.

💡 Investors should maintain a positive outlook given the strong execution track record and massive order pipeline. Key monitorables include the conversion rate of the 36 GW pipeline and the impact of module price fluctuations on future EPC margins.

Waaree Renewable Technologies Releases Q4 & FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 17 Apr 2026, 06:50 PM

Waaree Renewable Technologies Limited has officially released the audio recording of its earnings conference call held on April 17, 2026. The call discussed the audited financial results for the fourth quarter and the full financial year ended March 31, 2026. This disclosure provides investors with direct access to management's commentary on the company's performance and future growth strategies. The recording is available on the company's website as per SEBI regulatory requirements.

Earnings conference call conducted on April 17, 2026, following FY26 results.
Audio link provided for the quarter and financial year ended March 31, 2026.
Compliance with Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements).
Recording accessible via the company's official website and provided API link.

💡 Investors should listen to the recording to understand management's guidance on the solar EPC order book and execution timelines for FY27. This will provide better clarity on the company's growth trajectory beyond the reported numbers.

Waaree Renewable FY26 Revenue Surges 108% to ₹3,331 Cr; Order Book at 2.8 GWp

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Apr 2026, 09:52 PM

Waaree Renewable Technologies reported a stellar FY26 with revenue reaching ₹3,331.42 crore, representing a 111.73% CAGR over the last three years. The company maintains a robust unexecuted order book of 2,832 MWp, supported by massive projects like the 2,012 MWp Bikaner site. Financial health remains exceptionally strong with an ROE of 68.93% and an EBITDA margin of 19.24%, reflecting high execution efficiency in the solar EPC space.

FY26 Revenue from operations grew to ₹3,331.42 Cr, more than doubling from ₹1,598 Cr in FY25.
Exceptional return ratios with ROE at 68.93% and ROCE at 62.54% for the financial year.
Unexecuted order book stands at 2,832 MWp, providing strong revenue visibility for the upcoming fiscal year.
O&M portfolio expanded to ~1,180 MWp, building a steady stream of recurring high-margin service income.
Successfully commissioned a cumulative total of 5.06 GWp solar projects to date.

💡 Investors should focus on the company's superior execution capabilities and high return ratios which lead the industry. The massive 2.8 GWp order book suggests continued growth, though monitoring module price volatility and its impact on EPC margins is advised.

Waaree Renewable Tech Approves FY26 Audited Results; Re-appoints Auditors for 5-Year Term

🟡 NEUTRAL ⭐ 7/10

BOARD_MEETING 📅 16 Apr 2026, 08:26 PM

Waaree Renewable Technologies Limited has approved its audited standalone and consolidated financial results for the quarter and year ended March 31, 2026. The statutory auditors issued an unmodified opinion, indicating transparent financial reporting. The board also re-appointed M/s KKC & Associates LLP as Statutory Auditors for a five-year term and appointed M/s KC Mehta & Co. LLP as Internal Auditors for FY 2026-27. While subsidiaries reported a small net loss of ₹34.11 lakhs for the year, their total assets are significant at ₹11,814.26 lakhs.

Approved audited financial results for FY 2025-26 with an unmodified audit opinion.
Re-appointed M/s KKC & Associates LLP as Statutory Auditors for a 5-year term until the 32nd AGM.
Subsidiaries reported total assets of ₹11,814.26 lakhs as of March 31, 2026.
Consolidated net loss for subsidiaries stood at ₹34.11 lakhs for the full financial year on revenue of ₹26.59 lakhs.
Appointed M/s KC Mehta & Co. LLP as Internal Auditor for the financial year 2026-27.

💡 Investors should monitor the full financial report to evaluate the growth in the core EPC business versus the minor losses in subsidiaries. The unmodified audit opinion and long-term auditor appointment suggest stable corporate governance.

Waaree Renewable FY26 PAT Doubles to ₹478.65 Cr; Order Book at 2.83 GWp

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 16 Apr 2026, 08:17 PM

Waaree Renewable Technologies delivered a stellar performance for FY26, with both revenue and PAT growing by over 100% year-on-year. Revenue reached ₹3,331.42 crores, while PAT stood at ₹478.65 crores, driven by strong execution in the solar EPC space. The company holds a robust unexecuted order book of 2.83 GWp to be completed within 12-15 months and a massive bidding pipeline of over 36 GWp. While annual margins remained stable, Q4FY26 saw a contraction in EBITDA margins to 18.76% from 26.51% in the previous year's quarter.

FY26 Revenue from operations grew 108.51% YoY to ₹3,331.42 crores
FY26 Profit After Tax (PAT) surged 109.09% YoY to ₹478.65 crores
Unexecuted order book of 2.83 GWp provides strong revenue visibility for the next 12-15 months
Bidding pipeline remains highly active at over 36 GWp
Q4FY26 revenue grew 131.31% YoY, although quarterly EBITDA margins dipped to 18.76%

💡 Investors should view the massive growth in revenue and the strong order book as a sign of market leadership in solar EPC. However, it is important to monitor the quarterly margin volatility to ensure execution costs are being managed effectively.

Waaree Renewable Re-appoints Statutory Auditors for 5 Years; Approves FY26 Audited Results

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 16 Apr 2026, 08:01 PM

Waaree Renewable Technologies has approved its audited financial results for the fiscal year ending March 31, 2026, with an unmodified audit opinion. The board has recommended the re-appointment of M/s KKC & Associates LLP as Statutory Auditors for a five-year term, ensuring continuity in financial oversight. Additionally, M/s KC Mehta & Co. LLP has been appointed as the Internal Auditor for FY 2026-27. The group's consolidated assets reached Rs. 11,814.26 lakhs, although subsidiaries currently contribute minimal revenue of Rs. 26.59 lakhs for the year.

Re-appointment of M/s KKC & Associates LLP as Statutory Auditors for a 5-year term until the 32nd AGM.
FY26 Audited Financial Results approved with a clean (unmodified) audit opinion.
Consolidated financial statements include four subsidiaries with total assets of Rs. 11,814.26 lakhs.
Appointment of M/s KC Mehta & Co. LLP as Internal Auditor for the 2026-27 financial year.

💡 The unmodified audit opinion and long-term auditor appointment provide assurance regarding financial transparency; investors should monitor the scaling of subsidiary operations which currently contribute negligible revenue.

Waaree Renewable Technologies Approves FY26 Audited Results; Re-appoints Statutory Auditors

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 16 Apr 2026, 07:50 PM

Waaree Renewable Technologies Limited has approved its audited standalone and consolidated financial results for the fiscal year ended March 31, 2026. The statutory auditors issued an unmodified opinion, indicating a clean bill of health for the company's financial reporting. The board also confirmed the re-appointment of KKC & Associates LLP as Statutory Auditors for a five-year term and appointed KC Mehta & Co. LLP as Internal Auditors. While the full group P&L was not detailed in the summary, the company's subsidiaries reported total assets of Rs. 118.14 crore.

Approved audited financial results for FY26 with an unmodified (clean) audit opinion from auditors.
Re-appointed KKC & Associates LLP as Statutory Auditors for a five-year term (FY27 to FY31).
Subsidiaries reported total assets of Rs. 11,814.26 lakhs (approx. Rs. 118.14 crore) as of March 31, 2026.
Subsidiaries' combined revenue for FY26 stood at Rs. 26.59 lakhs with a net loss of Rs. 34.11 lakhs.
Appointed KC Mehta & Co. LLP as Internal Auditors for the Financial Year 2026-27.

💡 Investors should monitor the full financial statement for consolidated revenue and profit growth figures once the complete report is released. The clean audit report and continuity in auditing firms suggest stable corporate governance.

Waaree Renewable Shareholders Approve Higher Investment and Loan Limits with 98.14% Majority

🔵 WATCH ⭐ 6/10

REGULATORY 📅 15 Apr 2026, 03:26 PM

Shareholders of Waaree Renewable Technologies have passed a special resolution to increase the limits for loans, guarantees, and investments under Section 186 of the Companies Act. The resolution was approved with an overall majority of 98.14%, providing the company with enhanced financial flexibility for capital allocation. However, there was significant dissent from public institutional investors, with 86.88% of their votes cast against the proposal. The promoter group's 100% support was the primary driver for the resolution's successful passage.

Special resolution to increase Section 186 limits passed with 7,89,10,239 votes in favor (98.14%).
Promoter group provided 100% support with 7.75 crore votes cast in favor.
Public institutional investors showed high dissent, with 14.88 lakh votes (86.88% of their category) against the resolution.
The approval allows the board to exceed standard thresholds for inter-corporate loans and securities.
The voting process was conducted via postal ballot from March 16, 2026, to April 14, 2026.

💡 Investors should monitor the company's subsequent capital allocation and any large inter-corporate loans, especially given the high level of institutional opposition to this resolution. While it provides growth flexibility, the dissent suggests a need for transparency in how these expanded limits will be utilized.

Waaree Renewable Technologies to Discuss Q4 & FY26 Results on April 17, 2026

🟡 NEUTRAL ⭐ 4/10

EARNINGS 📅 14 Apr 2026, 05:20 PM

Waaree Renewable Technologies Limited has scheduled an analyst and institutional investor conference call for Friday, April 17, 2026, at 4:00 PM IST. The primary objective of the call is to discuss the audited financial results for the fourth quarter and the full financial year ended March 31, 2026. Senior management, including the Whole Time Director and Chief Financial Officer, will be present to provide insights and answer questions. This is a standard regulatory disclosure under SEBI LODR Regulations.

Earnings conference call scheduled for April 17, 2026, at 04:00 P.M. IST
Discussion will focus on Audited Financial Results for Q4 and FY ended March 31, 2026
Key participants include Mr. Hitesh Mehta (Whole Time Director) and Mr. Manmohan Sharma (CFO)
Universal dial-in numbers for the call are +91 22 6280 1550 and +91 22 7115 8378
International toll-free numbers provided for Hong Kong, UK, Singapore, and USA

💡 Investors should attend or review the transcript of the call to understand management's guidance on the order book and execution timelines for solar projects. Key focus should be on margin sustainability and the impact of any new government policies on the renewable energy sector.

Waaree Renewable Technologies Files Routine Q4 FY26 SEBI Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 01 Apr 2026, 02:42 PM

Waaree Renewable Technologies Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the quarter ended March 31, 2026. The document, issued by Purva Sharegistry (India) Private Limited, confirms that the company has adhered to the timelines for dematerialization of securities. The specific report for the period from January 1, 2026, to March 31, 2026, shows that zero (NIL) share certificates were received for dematerialization. This is a standard administrative filing required for all listed entities in India.

Compliance certificate submitted for the quarter ended March 31, 2026.
Registrar and Share Transfer Agent confirms NIL shares were dematerialized during the quarter.
Confirmation provided that all regulatory timelines for share processing were met by Purva Sharegistry.
Standard filing under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.

💡 No action is required from investors as this is a routine regulatory filing with no impact on the company's financial performance or operations.

Waaree Renewable Technologies Announces Trading Window Closure from April 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 31 Mar 2026, 10:54 AM

Waaree Renewable Technologies Limited has announced the closure of its trading window effective April 1, 2026, in compliance with SEBI (Prohibition of Insider Trading) Regulations. This closure is a standard procedure preceding the declaration of the company's audited financial results for the quarter and full year ending March 31, 2026. The restriction applies to all directors, promoters, and designated persons to prevent insider trading. The window will reopen 48 hours after the financial results are officially disclosed to the stock exchanges.

Trading window closure starts on Wednesday, April 01, 2026.
Closure is in connection with Audited Financial Results for the quarter and year ended March 31, 2026.
The window will remain closed for all Directors, Promoters, and Designated Persons.
Trading will resume 48 hours after the financial results are declared to BSE and NSE.

💡 This is a routine regulatory filing with no direct impact on stock fundamentals. Investors should wait for the announcement of the board meeting date to review the company's FY26 performance.

Waaree Renewable Seeks Approval to Increase Investment & Loan Limit to ₹2,000 Crore

🔵 WATCH ⭐ 7/10

REGULATORY 📅 13 Mar 2026, 09:58 PM

Waaree Renewable Technologies Limited (WAAREERTL) has initiated a postal ballot to seek shareholder approval for a significant increase in its financial limits. The company proposes a new threshold of ₹2,000 crore for providing loans, guarantees, and making investments under Section 186 of the Companies Act, 2013. This proposed limit is substantially higher than the standard statutory limits based on paid-up capital and free reserves. The e-voting process will conclude on April 14, 2026, providing the board with expanded financial flexibility for future growth or subsidiary support.

Proposed increase in the limit for loans, guarantees, and investments to ₹2,000 crore.
The resolution is sought under Section 186 of the Companies Act, 2013, to exceed standard statutory thresholds.
Remote e-voting period is scheduled from March 16, 2026, to April 14, 2026.
The cut-off date for determining shareholder eligibility to vote is March 06, 2026.
Approval will allow the board to acquire securities or provide financial support to other bodies corporate at its discretion.

💡 Investors should monitor for future announcements regarding specific projects or acquisitions that may utilize this ₹2,000 crore limit. While it signals aggressive growth intent, it also increases the company's exposure to inter-corporate financial risks.

Waaree Renewable Technologies Grants 66,809 ESOPs and Seeks to Increase Investment Limits

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Mar 2026, 03:35 PM

Waaree Renewable Technologies Limited (WAAREERTL) held a board meeting on March 13, 2026, resulting in the grant of 66,809 stock options to eligible employees under its 2022 ESOP plan. The board also approved a postal ballot to seek shareholder approval for increasing the thresholds for loans, guarantees, and investments under Section 186 of the Companies Act. Additionally, the company updated its Code of Fair Disclosure to align with the latest SEBI Prohibition of Insider Trading regulations. These actions indicate a focus on talent retention and preparing for potential future financial flexibility.

Approved the grant of 66,809 stock options under the Waaree RTL ESOP 2022 plan.
Proposed a postal ballot to increase limits for loans, guarantees, and securities under Section 186 of the Companies Act.
Amended the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI).
The board meeting was held on March 13, 2026, and concluded within 30 minutes.

💡 Investors should view the ESOP grant as a routine employee retention measure and monitor the upcoming postal ballot for details on the new investment and loan limits.

Waaree Renewable Approves 66,809 ESOPs and Seeks Higher Investment Limits

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 13 Mar 2026, 03:34 PM

Waaree Renewable Technologies Limited held a board meeting on March 13, 2026, resulting in three key decisions. The board approved the grant of 66,809 stock options to eligible employees under the 2022 ESOP plan. Significantly, the company is seeking shareholder approval via postal ballot to increase the threshold for loans, guarantees, and investments under Section 186 of the Companies Act. Additionally, the company updated its internal Code of Fair Disclosure to align with the latest SEBI Insider Trading regulations.

Approved the grant of 66,809 stock options under the Waaree RTL ESOP 2022 plan.
Initiated a postal ballot to increase limits for loans, guarantees, and securities under Section 186.
Revised the Code of Practices and Procedures for Fair Disclosure of UPSI to meet SEBI requirements.
The board meeting was conducted efficiently within a 30-minute window on March 13, 2026.

💡 Investors should monitor the upcoming postal ballot notice to see the specific revised limits for Section 186, as this indicates the company's future capacity for capital deployment or inter-corporate loans.

Waaree Renewable Bags Major 300 MWac/420 MWp Solar EPC Order

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Mar 2026, 06:59 PM

Waaree Renewable Technologies Limited (WAAREERTL) has signed a contract for the Engineering, Procurement, and Construction (EPC) of a 300 MWac / 420 MWp Ground Mount Solar PV Plant. The order was awarded by a domestic renewable energy power generation company and is scheduled for completion in FY 2027-28. This significant win bolsters the company's project pipeline and ensures medium-term revenue visibility. The contract is a commercial order with no promoter interest or related party involvement.

Signed EPC contract for a 300 MWac (420 MWp) Ground Mount Solar PV Plant
Project execution is scheduled for completion during the financial year 2027-28
Awarded by a domestic entity specializing in renewable energy power generation
The contract is a commercial order and is not a related party transaction

💡 Investors should view this as a positive development for the order book, providing revenue visibility through FY28. Monitor the company's execution efficiency and margin management as it scales its project portfolio.

View All WAAREERTL Announcements on Live Market Tracking →

💰 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.