Waaree Renewable Technologies: Powering Ahead with Stellar Q3 & 9M FY26 Performance

Waaree Renewable Technologies Limited, a prominent player in India's solar EPC sector and a subsidiary of the Waaree Group, has announced an exceptional financial performance for the third quarter and nine months ended December 31, 2025. The company reported its highest-ever quarterly revenue, demonstrating robust growth and strategic expansion into emerging segments like Battery Energy Storage Systems (BESS) and data centers. These results underscore Waaree's strong execution capabilities, financial discipline, and effective operating model in a rapidly evolving energy landscape.

For Q3 FY26, Waaree Renewable Technologies recorded a revenue from operations of 851.06 crore, marking an impressive 136.18% year-on-year growth compared to 360.35 crore in Q3 FY25. This significant top-line expansion translated into a Profit After Tax (PAT) of 120.19 crore, reflecting a substantial 124.74% increase over the same period last year. The company's EBITDA for the quarter stood at 158.80 crore, growing by 120.79% year-on-year. While the EBITDA margin for Q3 FY26 was 18.66%, a slight dip from 19.96% in Q3 FY25, management clarified that this was in line with their budget and estimates, maintaining a healthy profitability profile. The Earnings Per Share (EPS) for the quarter was 11.50.

Financial Highlights: A Snapshot of Growth

The nine-month performance further solidified Waaree's growth trajectory. The total revenue from operations for 9M FY26 reached 2,229.03 crore, an increase of 98.81% over 1,121.17 crore in 9M FY25. EBITDA for this period surged by 135.29% to 434.28 crore, with the EBITDA margin improving to 19.48% from 16.46% in 9M FY25. PAT for the nine months stood at 322.93 crore, demonstrating a remarkable 138.92% growth compared to 135.16 crore in the previous year. The EPS for 9M FY26 was 30.95.

Strategic Thrusts and Market Leadership

Waaree Renewable Technologies is not merely riding the wave of renewable energy but actively shaping its future. The company's unexecuted order book stands at a robust 2.92 GWp, providing strong revenue visibility for the next 12-15 months. This order book includes significant wins like a 217.5 MWp and a 39.8 MWp ground-mounted solar power project in Q3 FY26. Furthermore, the bidding pipeline remains strong at approximately 29 GWp, indicating sustained future growth potential.

In line with its strategic vision, Waaree is expanding its horizons beyond traditional solar EPC. The company is actively pursuing opportunities in Battery Energy Storage Systems (BESS) EPC, recognizing its critical role in grid stability and reliable peak power supply. Management confirmed they are already executing one BESS order and are exploring data center EPC work, diversifying their service offerings. The Board has also approved a capital expenditure budget for setting up a 120 MWp Solar Power Park in Buldhana, Maharashtra, further strengthening their Independent Power Producer (IPP) assets and ensuring a continuous revenue stream.

Integrated Offerings and Future Outlook

Waaree's vertically integrated operations, encompassing PV module manufacturing, EPC services, O&M, rooftop solutions, floating solar, and BESS, provide a comprehensive suite of offerings. The company's O&M portfolio has grown to approximately 1,180 MWp, highlighting its commitment to long-term asset performance. This integrated approach, combined with a strong track record and marquee clientele, positions Waaree as a trusted partner in the renewable energy ecosystem.

Management emphasized their focus on operational efficiency, timely project delivery, and providing complete end-to-end solutions. They stated that their strategy is to maintain EBITDA margins above 15% by carefully calculating costs and profit margins for each project. The company also highlighted its asset-light business model, operating without fund-based working capital from banks, which contributes to healthy cash flows and conservative leverage. Looking ahead, Waaree Renewable Technologies is committed to strengthening capabilities, investing in innovation, and forging new partnerships to capitalize on emerging opportunities in the renewable ecosystem, both domestically and internationally. This proactive approach ensures the company is not just reacting to market trends but anticipating and leading them.

Waaree's Vision: Accelerating Global Energy Transition

Waaree Renewable Technologies is firmly aligned with India's ambitious target of achieving 500 GW of renewable energy by 2030. The company's consistent performance and strategic expansions are crucial contributions to this national goal. By focusing on operational excellence, financial discipline, and a robust operating model, Waaree is not only delivering strong results but also driving the global energy transition with pace and comfort. Their commitment to sustainable growth and creating lasting value for stakeholders positions them as a leader in India's journey towards a greener future.