Waaree Renewable Technologies Limited submitted its Investor/Earnings Presentation for Q2 and H1 FY27 ended September 30, 2026, to BSE Limited and National Stock Exchange of India Limited under Regulation 30 of SEBI Listing Regulations.

Financial Performance (Consolidated)

Q2 FY27 Results:

  • Revenue from Operations: ₹1,057.84 Cr (36.53% YoY growth from ₹774.78 Cr in Q2FY26)
  • EBITDA: ₹159.98 Cr (1.29% YoY growth from ₹157.95 Cr)
  • EBITDA Margin: 15.12% (vs 20.39% in Q2FY26)
  • Profit Before Tax: ₹105.36 Cr (-32.71% YoY from ₹156.58 Cr)
  • Profit After Tax: ₹81.48 Cr (-29.98% YoY from ₹116.36 Cr)
  • PAT Margin: 7.70% (vs 15.02% in Q2FY26)
  • EPS: ₹7.07 (vs ₹11.16 in Q2FY26)

H1 FY27 Results:

  • Revenue from Operations: ₹1,982.09 Cr (43.84% YoY growth from ₹1,377.97 Cr)
  • EBITDA: ₹333.46 Cr (21.04% YoY growth from ₹275.49 Cr)
  • EBITDA Margin: 16.82% (vs 19.99% in H1FY26)
  • Profit Before Tax: ₹268.74 Cr (-1.61% YoY from ₹273.15 Cr)
  • Profit After Tax: ₹200.44 Cr (-1.14% YoY from ₹202.75 Cr)
  • PAT Margin: 10.11% (vs 14.71% in H1FY26)
  • EPS: ₹18.18 (vs ₹19.45 in H1FY26)

Balance Sheet and Cash Flow (H1 FY27)

  • Shareholders' Funds: ₹1,745.57 Cr (vs ₹657.62 Cr in H1FY26)
  • Total Assets: ₹4,868.89 Cr (vs ₹1,451.45 Cr in H1FY26)
  • Fixed Assets: ₹1,951.62 Cr (vs ₹377.5 Cr in H1FY26)
  • Net Cash Flow from Operating Activities: -₹16.27 Cr (vs ₹83.73 Cr in H1FY26)
  • Cash and cash equivalents as at September 30, 2026: ₹110.40 Cr

Business Operations and Order Book

Order Wins (Recent Quarters):

  • Q2FY27: 1,082 MWp solar project, 210 MWp solar project, 291 MWp solar project, 280 MWh BESS EPC
  • Q1FY27: 450 MWp solar project, 1,520 MWh BESS EPC
  • Q4FY26: 420 MWp solar project, 35 MWp solar project, 14 MWp solar project
  • Q3FY26: 217.5 MWp solar project, 39.8 MWp solar project

Unexecuted Orderbook:

  • EPC (Solar + BESS): ~₹3,300 Cr+
  • T&D: ~₹2,200 Cr+

IPP Assets:

  • Developed: 82.82 MWp solar power generation assets
  • Under development: 233.6 MWp IPP plant
  • Additional 450 MWp IPP capacity through subsidiary

Strategic Developments

Acquisition of APSPL:

  • Acquired 55% equity stake in Associated Power Structures Private Limited (APSPL)
  • APSPL current manufacturing capacity: 108,000 MTPA
  • Under-construction manufacturing capacity: 100,000 MTPA
  • Transmission lines executed: 10,461+ ckm
  • Countries footprint: 16+
  • Capabilities include transmission line EPC (up to 800kV), substation (AIS & GIS), lattice tower solutions, and in-house galvanization

Management and Leadership

Board of Directors:

  • Mr. Nilesh Bhogilal Gandhi: Chairman & Non-Executive Independent Director (FCA)
  • Mr. Pujan Pankaj Doshi: Managing Director
  • Mr. Hitesh Pranjivan Mehta: Whole Time Director
  • Mr. Viren Chimanlal Doshi: Whole Time Director
  • Mr. Sunil Rathi: Whole Time Director
  • Mr. Sunil Jain: Non-Executive Independent Director
  • Mr. Sudhir Arya: Non-Executive Independent Director
  • Ms. Ambika Sharma: Non-Executive Independent Director

APSPL Leadership Team:

  • Mr. Ajay Patel: Founder & Director
  • Mr. Parag Kothari: Founder & Director
  • Mr. Satish Desai: Founder & Director