Waaree Renewable Technologies FY26 revenue hits ₹3,331 cr

Board clears FY26 results and audit changes

Waaree Renewable Technologies Limited said its Board of Directors approved the audited financial results for the quarter and year ended March 31, 2026, at a meeting held on April 16, 2026. The results cover both standalone and consolidated numbers. The filing also included an auditor’s report with an unmodified opinion.

Alongside the financial approval, the board cleared changes tied to the company’s governance and compliance framework. It approved the appointment of M/s KC Mehta & Co. LLP as internal auditor for FY 2026-27. It also approved the re-appointment of the company’s statutory auditors, as disclosed in the same set of updates.

Source: BSE.

FY26 financials: revenue and profit rise sharply

For FY 2025-26 (year ended March 31, 2026), Waaree Renewable Technologies reported consolidated revenue from operations of ₹3,331.42 crore, up from ₹1,597.75 crore in FY 2024-25. The company said the improvement was driven by strong performance in its EPC contract execution.

Consolidated net profit attributable to owners of the parent stood at ₹478.70 crore in FY26, compared with ₹229.16 crore a year earlier. The company also disclosed earnings per share (EPS) for FY26 at ₹45.91.

The company’s FY26 numbers were also provided in lakhs in the filing, which translate to the same crore values when normalised (for example, ₹3,33,142.22 lakhs equals ₹3,331.42 crore).

Q4 snapshot: March quarter momentum

In Q4 (quarter ended March 31, 2026), the company reported revenue from operations of ₹1,102.40 crore, compared with ₹476.58 crore in the corresponding quarter of the previous year. Net profit for the quarter was ₹155.71 crore, up from ₹93.77 crore in the year-ago period.

These quarterly figures add context to the full-year jump, showing that revenue and profitability remained strong into the final quarter of the financial year.

Segment mix: EPC contracts dominate FY26 revenue

The company’s FY26 revenue mix was led by the EPC Contracts segment. EPC contributed ₹3,304.87 crore to FY26 revenue, forming the bulk of the year’s consolidated revenue from operations.

The Power Sale segment contributed ₹26.55 crore during FY26. The company also disclosed segment results for EPC at ₹624.94 crore (normalised from ₹62,494.22 lakhs).

Q3 and 9M FY26: earlier quarters signalled the trend

For Q3 FY26 (quarter ended December 31, 2025), Waaree Renewable Technologies reported:

• Revenue from operations of ₹851.06 crore
• Net profit of ₹120.19 crore
• EBITDA of ₹158.80 crore
• EBITDA margin of 18.66%
• EPS of ₹11.50

For the nine months ended December 31, 2025 (9M FY26), the company disclosed:

• Revenue from operations of ₹2,229.03 crore
• Net profit (PAT) of ₹322.93 crore
• EBITDA of ₹434.28 crore
• EBITDA margin of 19.48%
• EPS of ₹30.95

The company also reported an unexecuted order book of 2.92 GWp, execution of 2,230 MWp of EPC projects during the nine months, and an O&M portfolio of approximately 1,180 MWp as of December 2025.

Auditor’s view and accounting notes disclosed earlier

A limited review report (dated around the Q3 FY26 filing context) noted no qualifications or adverse remarks, and stated nothing had come to the auditor’s attention indicating material misstatements. The review was conducted per applicable standards (SRE 2410), and results of four subsidiaries were included though not audited, with the impact described as immaterial to the group.

The company also disclosed specific accounting items during the FY26 period, including ESOP expenses charged over vesting as per Ind AS 102. ESOP cost included in employee benefits expense was ₹0.18 crore in Q3 FY26 and ₹0.29 crore in 9M FY26 (normalised from ₹17.53 lakhs and ₹28.67 lakhs).

Separately, it noted India’s new Labour Codes notified on November 21, 2025, and disclosed an incremental gratuity impact provision of ₹1.18 crore (normalised from ₹118.41 lakhs) due to a change in wage definition.

What the FY26 print suggests for execution-led companies

Waaree Renewable Technologies’ FY26 performance shows how EPC-led renewable businesses can scale revenue when project execution accelerates. The segment split indicates that EPC contracts are the main contributor to revenue, while power sales remain comparatively small in the disclosed mix.

From a governance lens, the board’s approval of the internal auditor appointment for FY 2026-27 and the re-appointment of statutory auditors came alongside the audited results approval. The unmodified auditor opinion disclosed with the audited financials supports the credibility of the reported numbers in the period covered.

Key numbers at a glance

Conclusion

Waaree Renewable Technologies closed FY26 with consolidated revenue of ₹3,331.42 crore and net profit of ₹478.70 crore, with EPC contracts forming the largest share of revenue. The audited results were approved on April 16, 2026, alongside governance actions covering internal audit appointment for FY27 and statutory auditor re-appointment. The next set of updates to watch will be subsequent board and exchange filings that detail execution progress and any further audit or compliance actions.