Financial Performance Highlights

Q2 FY27 Results (Consolidated)

  • Revenue from Operations: ₹1,057.84 crores, representing 36.53% YoY growth (Q2 FY26: ₹774.78 crores)
  • EBITDA: ₹159.98 crores, showing 1.29% YoY growth (Q2 FY26: ₹157.95 crores)
  • EBITDA Margin: 15.12% (Q2 FY26: 20.39%)
  • PAT: ₹81.48 crores, showing -29.98% YoY decline (Q2 FY26: ₹116.36 crores)
  • PAT Margin: 7.70% (Q2 FY26: 15.02%)

H1 FY27 Results (Consolidated)

  • Revenue from Operations: ₹1,982.09 crores, representing 43.84% YoY growth (H1 FY26: ₹1,377.97 crores)
  • EBITDA: ₹333.46 crores, showing 21.04% YoY growth (H1 FY26: ₹275.49 crores)
  • EBITDA Margin: 16.82% (H1 FY26: 19.99%)
  • PAT: ₹200.44 crores, showing -1.14% YoY decline (H1 FY26: ₹202.75 crores)
  • PAT Margin: 10.11% (H1 FY26: 14.71%)

Operational Highlights

Order Book Position

  • Consolidated unexecuted order book: ₹5,500+ crores
  • Bidding pipeline:
  • Solar: 34.6 GWp+
  • Battery Energy Storage Systems (BESS): 12.5 GWh+
  • Transmission & Distribution (T&D): ₹21.9k Cr+

Strategic Developments

  • Acquisition of Associated Power Structures Pvt. Ltd. (APSPL) completed, strengthening company's presence in transmission and distribution space
  • Expansion into adjacent segments including Battery Energy Storage Systems and Data Centre EPC opportunities
  • Company described as the EPC arm of the Waaree Group, operating across geographies with focus on commercial and industrial customer segments

Management Commentary

Mr. Manmohan Sharma, CFO, commented on the results:

  • Growth driven by steady progress across project portfolio, timely execution, and expanding capabilities across renewable energy value chain and T&D segment
  • Strategic acquisition of APSPL consolidated position across T&D infrastructure value chain
  • Near-term profitability impacted by acquisition-related financing costs and addition of business with different margin profile
  • Focus remains on long-term value creation through greater scale, diversified capabilities and operational efficiencies
  • Government policy support highlighted through Green Energy Corridor Phase-III (targeting evacuation of 135 GW renewable energy and 50 GWh battery storage by FY2032-33) and Pradhan Mantri Surya Sarovar Yojana (5 GWh floating solar)
  • Company remains focused on driving operational efficiencies and improving profitability across expanded portfolio

Corporate Structure

  • Waaree Renewable Technologies Limited is a subsidiary of Waaree Energies Limited
  • Headquartered in Mumbai
  • Operates as solar developer that finances, constructs, owns and operates solar projects
  • Provides both on-site solar projects (rooftop and ground-mounted) and off-site solar farms (open access solar plants)