Waaree Renewable Technologies Limited: Q2 & H1 FY26 Shines Bright with Record Performance

Waaree Renewable Technologies Limited, a prominent player in India's rapidly expanding renewable energy sector, has delivered an exceptional financial performance for the second quarter and first half of fiscal year 2026. The company reported its highest-ever quarterly revenue and profit after tax (PAT), underscoring its robust operational capabilities and strategic market positioning. For Q2 FY26, revenue from operations surged to 774.78 crore rupees, marking a substantial 47.73% year-on-year growth. This impressive top-line expansion translated into a PAT of 116.34 crore rupees, an astounding 117.40% increase compared to Q2 FY25. The EBITDA for the quarter stood at 157.94 crore rupees, reflecting a 120.69% year-on-year growth, with the EBITDA margin expanding to 20.39% from 13.65% in the prior year.

The first half of FY26 also showcased remarkable growth, with total revenue from operations reaching 1,377.97 crore rupees, an 81.12% increase over H1 FY25. EBITDA for H1 FY26 was 275.48 crore rupees, up 144.56% year-on-year, and PAT reached 202.73 crore rupees, a 148.21% increase. These results highlight Waaree RTL's consistent performance and strong operating leverage in a dynamic market. The company's unexecuted order book remains healthy at 3.48 GWp, providing solid revenue visibility for the upcoming quarters. Notably, Waaree RTL executed 1,621 MWp of EPC projects in H1 FY26, surpassing its full-year execution for FY25, a testament to its enhanced execution capabilities and leadership in India's EPC space.

Strategic Expansion and Market Leadership

Waaree RTL's growth is not merely a reflection of market tailwinds but also a result of its strategic initiatives and integrated offerings. The company's core business revolves around EPC (Engineering, Procurement, and Construction) services, O&M (Operations & Maintenance), and IPP (Independent Power Producer) assets. While EPC remains the primary revenue driver, the company is actively enhancing its O&M segment, recognizing its potential for recurring revenue as the installed solar base grows. Furthermore, the board has approved additional IPP projects, including 14 MWp in Maharashtra and 37 MWp in Rajasthan, to expand its asset portfolio and secure long-term revenue streams.

Waaree RTL benefits from a vertically integrated group structure, offering a wide array of solar products and services, including solar modules, various inverter types, BESS, and green hydrogen-electrolyser manufacturing. This comprehensive approach allows the company to provide end-to-end solutions, from land development and project systems to monitoring and power evacuation. The company's client-centric approach and collaborative alliances with global suppliers ensure timely delivery and operational reliability, reinforcing its position as a trusted EPC partner for leading global and domestic lenders.

Government Support and Future Outlook

The Indian renewable energy sector is experiencing significant momentum, with non-fossil fuel capacity exceeding 250 GW, putting the country well on track to achieve its 2030 target of 500 GW. As of September 2025, India's cumulative solar capacity stood at 127.33 GW. Supportive government policies, such as the recent GST reduction on solar modules from 12% to 5%, are expected to decrease capital expenditure and make solar energy an even more attractive investment. Initiatives like PM Surya Ghar Muft Bijli Yojana and PM Kusum Yojana are driving the adoption of rooftop and open-access systems, which now account for over 20% of installed capacity.

Waaree RTL is strategically positioned to capitalize on these opportunities. The company is actively exploring new growth avenues, including EPC for data centers and a strategic investment in a cooling business, seeking synergies with its existing solar installation expertise. Management expects EBITDA margins to remain above 15% for FY26, driven by operational efficiency and tight budgeting. The unexecuted order book is projected to be completed within the next 12 to 15 months, ensuring continued revenue flow. The company's robust pipeline of approximately 27 GWp in potential orders, combined with a strong focus on operational efficiency, superior quality, and integrated end-to-end facilities, positions it for sustained growth in the evolving renewable energy landscape.

Financial Summary

Waaree RTL's Q2 & H1 FY26 performance demonstrates its strategic clarity and disciplined execution. With a strong order book, expanding market presence, and a supportive policy environment, the company is well-positioned to continue its growth trajectory and create long-term value for its stakeholders in the accelerating global energy transition.