Waaree Renewable Technologies delivered another quarter of triple-digit revenue growth in Q4 FY26, supported by robust EPC execution, a rising order pipeline, and sustained momentum across India’s fast-expanding renewable energy sector.
Q4 FY26 FINANCIAL PERFORMANCE
Waaree Renewable Technologies (NSE:WAAREERTL), the renewable engineering, procurement and construction arm of the Waaree Group, reported strong Q4 FY26 earnings driven by large-scale solar EPC execution and continued project momentum across utility-scale installations. The company’s consolidated revenue from operations surged 131.31% year-on-year to ₹1,102.40 crore in Q4 FY26 from ₹476.58 crore in the corresponding quarter last year.
EBITDA for the quarter rose 63.71% to ₹206.82 crore compared with ₹126.33 crore in Q4 FY25, while profit before tax climbed 66.24% to ₹208.10 crore. Net profit for the quarter increased 66.08% year-on-year to ₹155.72 crore from ₹93.76 crore. Earnings per share improved to ₹14.96 against ₹9.00 in the year-ago period.
Despite margin moderation from elevated execution intensity, the company maintained healthy profitability metrics with Q4 EBITDA margin at 18.76% and PAT margin at 14.13%. The earnings performance was supported by accelerated execution across ongoing EPC projects and rising order conversion efficiency. No adverse auditor qualification was highlighted in the investor presentation.
FULL-YEAR FY26 PERFORMANCE
For FY26, Waaree Renewable Technologies reported consolidated revenue from operations of ₹3,331.42 crore, reflecting a sharp 108.51% increase from ₹1,597.75 crore in FY25. EBITDA more than doubled to ₹641.10 crore, while profit before tax rose 110.06% to ₹639.62 crore.
Full-year profit after tax surged 109.09% year-on-year to ₹478.65 crore from ₹228.92 crore in FY25, with EPS improving to ₹45.91 from ₹22.00. EBITDA margin for FY26 stood at 19.24%, while PAT margin remained stable at 14.37%.
The balance sheet strengthened materially during the year, with shareholders’ funds rising to ₹933.83 crore from ₹454.95 crore. Operating cash inflow remained robust at ₹286.95 crore, supporting expansion initiatives and execution capabilities. Cash and cash equivalents increased to ₹71.81 crore as of March 31, 2026.
STRATEGIC MOVES
Waaree Renewable Technologies continued expanding its EPC footprint during FY26 with multiple utility-scale project wins, including 420 MWp, 35 MWp, and 14 MWp ground-mounted solar projects secured during Q4 FY26. The company also highlighted ongoing development of a 227.10 MWp Independent Power Producer portfolio alongside an operational O&M portfolio of nearly 1,180 MWp.
The company maintained focus on integrated renewable energy offerings spanning EPC, O&M, floating solar, rooftop systems, and battery storage solutions. Management also reiterated plans to deepen participation across domestic and international renewable infrastructure opportunities.
TECHNICAL SUMMARY
Waaree Renewable Technologies shares traded near ₹1,053.90 after gaining 0.98%, remaining comfortably above the 50-day SMA near ₹912. RSI hovered around 60, indicating sustained bullish momentum without entering extreme overbought territory. Volumes remained elevated following the recent breakout, reflecting continued investor participation and positive near-term sentiment.
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CONCLUSION
Waaree Renewable Technologies closed FY26 with strong execution momentum, expanding profitability, and a significantly stronger balance sheet. Rising renewable energy investments, a robust EPC order pipeline, and integrated solar capabilities continue supporting growth visibility. Sustained project execution and margin discipline will remain critical as competition and execution intensity increase.
FAQs
- What drove Waaree Renewable Technologies’ Q4 FY26 earnings growth?
Strong EPC execution, rising solar project deliveries, and large-scale order conversion across utility-scale projects significantly boosted revenue and profitability during Q4 FY26.
- Did Waaree Renewable Technologies announce strategic expansion plans?
The company highlighted expansion across EPC, O&M, floating solar, rooftop systems, and battery storage while continuing to build its Independent Power Producer portfolio.
- How did Waaree Renewable Technologies perform in FY26 overall?
FY26 revenue more than doubled to ₹3,331.42 crore while profit after tax surged 109.09%, supported by healthy operating cash flow and improving balance sheet strength.