Waaree Renewable Q2 Net Profit ₹81.48 Crore

Board Meeting Details

The Board of Directors meeting was held on Monday, October 19, 2026, commencing at 02:00 p.m. and concluding at 03:32 p.m.

Key Decisions Approved

1. Financial Results Approval

The Board considered and approved:

Un-Audited Financial Results (Consolidated and Standalone) for the quarter and half year ended September 30, 2026
Limited Review Report attached as Annexure A

2. Capex Approval

The Board approved capital expenditure for setting up of 35 MWp/25 MWac IPP Solar Plant at Wardha, Maharashtra.

Consolidated Financial Results (₹ in crores)

Quarterly Performance (Q2 FY2027)

Total Income: ₹1,067.02
Revenue from Operations: ₹1,057.84
Other Income: ₹9.18
Total Expenses: ₹961.66
Cost of EPC Contracts: ₹673.48
Employee Benefits Expense: ₹33.30
Finance Costs: ₹36.83
Depreciation & Amortization: ₹26.97
Other Expenses: ₹190.88
Profit Before Tax: ₹105.36
Tax Expense: ₹23.88
Current Tax: ₹27.53
Deferred Tax: ₹(3.65)
Net Profit: ₹81.48
Attributable to Owners: ₹73.89
Attributable to Non-controlling Interest: ₹7.59
Total Comprehensive Income: ₹81.71
Attributable to Owners: ₹74.11
Attributable to Non-controlling Interest: ₹7.60
Basic EPS: ₹7.07
Diluted EPS: ₹7.07

Half-Yearly Performance (H1 FY2027)

Total Income: ₹1,996.54
Revenue from Operations: ₹1,982.09
Other Income: ₹14.45
Total Expenses: ₹1,727.80
Profit Before Tax: ₹268.74
Tax Expense: ₹68.30
Current Tax: ₹68.28
Deferred Tax: ₹0.02
Net Profit: ₹200.44
Attributable to Owners: ₹189.77
Attributable to Non-controlling Interest: ₹10.67
Total Comprehensive Income: ₹200.68
Attributable to Owners: ₹190.00
Attributable to Non-controlling Interest: ₹10.68
Basic EPS: ₹18.18
Diluted EPS: ₹18.16

Comparative Figures

| Q2 FY2027 | ₹1,057.84 | ₹81.48 | ₹7.07 |

| Q1 FY2027 | ₹924.25 | ₹118.96 | ₹11.11 |

| Q2 FY2026 | ₹774.78 | ₹116.36 | ₹11.16 |

| H1 FY2027 | ₹1,982.09 | ₹200.44 | ₹18.18 |

| H1 FY2026 | ₹1,377.97 | ₹202.75 | ₹19.45 |

| FY2026 | ₹3,331.42 | ₹478.65 | ₹45.91 |

Standalone Financial Results (₹ in crores)

Quarterly Performance (Q2 FY2027)

Total Income: ₹457.93
Revenue from Operations: ₹451.64
Other Income: ₹6.29
Total Expenses: ₹371.62
Profit Before Tax: ₹86.31
Tax Expense: ₹18.18
Current Tax: ₹16.43
Deferred Tax: ₹1.75
Net Profit: ₹68.13
Total Comprehensive Income: ₹68.34
Basic EPS: ₹6.53
Diluted EPS: ₹6.52

Half-Yearly Performance (H1 FY2027)

Total Income: ₹1,276.18
Revenue from Operations: ₹1,262.98
Other Income: ₹13.20
Total Expenses: ₹1,033.14
Profit Before Tax: ₹243.04
Tax Expense: ₹60.44
Current Tax: ₹54.32
Deferred Tax: ₹6.12
Net Profit: ₹182.60
Total Comprehensive Income: ₹182.81
Basic EPS: ₹17.50
Diluted EPS: ₹17.47

Consolidated Balance Sheet (as of September 30, 2026)

Total Assets: ₹4,868.89 crore
Non-Current Assets: ₹2,083.16 crore
Property, Plant & Equipment: ₹549.76 crore
Capital Work in Progress: ₹162.41 crore
Right of Use Asset: ₹114.15 crore
Intangible Assets: ₹598.85 crore
Investments: ₹464.02 crore
Current Assets: ₹2,785.73 crore
Inventories: ₹272.62 crore
Trade Receivables: ₹1,877.56 crore
Cash & Cash Equivalents: ₹110.40 crore
Total Equity: ₹1,745.57 crore
Equity Share Capital: ₹20.88 crore
Other Equity: ₹1,097.55 crore
Non-controlling Interest: ₹(0.52) crore
Total Liabilities: ₹3,123.32 crore
Non-Current Liabilities: ₹1,160.19 crore
Borrowings: ₹828.25 crore
Lease Liabilities: ₹79.97 crore
Current Liabilities: ₹1,963.13 crore
Borrowings: ₹584.74 crore
Trade Payables: ₹913.28 crore

Segment Information

Revenue by Segment (H1 FY2027)

EPC Contracts - Solar Power Plants: ₹1,248.37 crore
Power Sale: ₹14.78 crore
EPC Contracts - Transmission and Distribution: ₹718.94 crore

Segment Results (H1 FY2027)

EPC Contracts - Solar Power Plants: ₹254.00 crore
Power Sale: ₹7.44 crore
EPC Contracts - Transmission and Distribution: ₹39.28 crore

Subsidiary Information

The consolidated results include the following entities:

1. Waaree Renewable Technologies Limited (Parent)

2. Waasang Solar One Private Limited (Subsidiary)

3. Sunsational Solar Private Limited (Wholly Owned Subsidiary)

4. Waaree Green Data Centers Private Limited (Wholly Owned Subsidiary) including:

Sunstar Data Centers Private Limited (from September 11, 2026)
Aurovault Data Centers Private Limited (from September 14, 2026)

5. Sunsational Power Private Limited (Wholly Owned Subsidiary)

6. Associated Power Structures Private Limited (from June 18, 2026) including:

JV of APSPL - CEC

Acquisition of APSPL

The Board of Directors on January 26, 2026, approved acquisition of 55% stake in Associated Power Structures Private Limited (APSPL) for a total consideration of ₹1,225 crore (₹1,22,500 lakhs) through primary and secondary transactions. The acquisition was completed on June 18, 2026, making APSPL a subsidiary of the Company. This acquisition makes the current period figures not comparable with previous corresponding periods.

Auditor's Review

KKC & Associates LLP conducted the review and issued an unmodified conclusion. Key qualifications:

Financial results of two subsidiaries (with total assets of ₹1,507.69 crore) were reviewed by other auditors
Financial results of six subsidiaries (with total assets of ₹200.40 crore) were not reviewed by their auditors as they were not material to the Group

ESOP Details

The Company has granted ESOP options at various dates:

4,89,550 options on July 22, 2022
89,100 options on March 28, 2023
54,050 options on October 26, 2023
5,463 options on May 10, 2024
66,809 options on March 14, 2026

ESOP charge for H1 FY2027: ₹0.94 crore (Consolidated), ₹0.94 crore (Standalone)

Cash Flow Information (Consolidated, H1 FY2027)

Cash from Operating Activities: ₹(16.27) crore
Cash from Investing Activities: ₹(714.54) crore
Cash from Financing Activities: ₹766.39 crore
Net Change in Cash: ₹38.58 crore