Waaree Renewable Q1 FY26: Revenue up 155% to ₹603cr

Key takeaway from the June quarter

Waaree Renewable Technologies Limited (WRTL) reported a sharp year-on-year rise in revenue and profit for Q1 FY26 (quarter ended June 30, 2025), driven largely by its engineering, procurement and construction (EPC) business. Revenue from operations came in at ₹603.19 crore, up 155.2% from ₹236.35 crore in the year-ago quarter. Profit after tax (PAT) rose to about ₹86.4 crore from around ₹28.3 crore last year, more than tripling on a year-on-year basis. The company also reported margin improvement, supported by higher operating scale.

The Q1 print is also being viewed alongside near-term catalysts, as the company is set to announce its Q2 results “today”, and it also features in an earnings calendar where 17 companies are scheduled to post results on Friday, October 10.

Q1 FY26 revenue and profit snapshot

As per the company’s unaudited results, EBITDA rose 186.1% year-on-year to ₹117 crore in Q1 FY26. The EBITDA margin was reported at 19.5%, up from 17.38% in Q1 FY25. PAT margin improved to 14.3% from 11.91% in the year-ago quarter.

The quarterly numbers also show sequential softness from the immediately preceding quarter on certain lines. Net income for the June 2025 quarter was ₹86.44 crore versus ₹155.74 crore in the March 2026 quarter in the quarterly table provided (QoQ comparison). The same table shows total revenue of ₹603.19 crore in June 2025 versus ₹1,102.40 crore in March 2026.

Segment mix: EPC remains the growth engine

The company’s total income for the quarter was ₹608 crore, which included ₹4.83 crore from other income. Within operations, the EPC contract revenue contribution was ₹594.4 crore, while revenue from the power sale segment was ₹8.78 crore.

In another update on the quarter, the EPC business revenue was also cited at ₹594.3 crore in Q1 FY26 versus ₹228 crore a year ago, and the power sales contribution was cited at about ₹9 crore versus ₹2.3 crore in Q1 FY25. Across these disclosures, the direction is consistent: EPC is the dominant contributor, and the power sales line is smaller but growing year-on-year.

Costs and what changed in the quarter

The company’s operating cost structure reflects the EPC-heavy model. For Q1 FY26, operating costs included ₹470 crore for EPC contract expenses, ₹9.35 crore for employee benefits, ₹3.56 crore in finance costs, and ₹2.23 crore in depreciation.

Separately, expenses were cited at ₹491.44 crore for Q1 FY26, compared with ₹199.84 crore in Q1 FY25, indicating significantly higher activity levels year-on-year. In the quarterly table, “Total Operating Expense” was ₹487.88 crore for June 2025 versus ₹196.82 crore in June 2024.

Operational execution: 699 MWp completed

Alongside financial performance, WRTL highlighted execution progress. During Q1 FY26, the company said it successfully executed 699 megawatts peak (MWp) of EPC projects. The company also disclosed that it secured a 435 MWp and a 131.6 MWp ground-mounted solar power project in Q1 FY26.

Such execution updates matter for an EPC-led business because they connect revenue recognition with on-ground progress and provide a reference point for order book conversion.

Order book visibility and bidding pipeline

WRTL reported an unexecuted order book of 3.15 gigawatts peak (GWp) as of Q1 FY26, with management indicating it is expected to be completed within 12 to 15 months. The company also said the bidding pipeline remained strong and reportedly exceeded 25 GWp.

While the order book indicates near-term visibility, the pipeline figure indicates potential future opportunities. Both are relevant indicators for investors tracking how much of the current revenue run-rate can be sustained.

Investment update: Smart Joules stake

During Q1 FY26, WRTL invested ₹7.98 crore in Smart Joules Private Limited, which was described as an energy efficiency solutions provider. The disclosure adds context on where the company is placing incremental capital, alongside its core EPC and power sale activity.

Market reaction and stock move

On Thursday after the Q1 update, shares of Waaree Renewable Technologies closed at ₹1,176.90 on the NSE, down ₹25.60 or 2.13%. The stock move reflects an immediate market response while investors parse the year-on-year surge in profitability against sequential movements highlighted in some disclosures.

Key financial table (Q1 FY26 vs QoQ and YoY)

All figures are in ₹ crore except EPS.

What to watch next: Q2 results and earnings calendar

The company is expected to report its Q2 results as per the schedule referenced in the update. In addition, an earnings-day list also noted that 17 companies will post earnings on Friday, October 10, including Waaree Renewable Technologies, Elecon Engineering Company, Indosolar, and others.

The next set of numbers will be watched for (1) how EPC execution translates into revenue and margins, (2) how the unexecuted order book progresses, and (3) whether cost lines remain aligned with the scale-up in activity.

Conclusion

WRTL’s Q1 FY26 results showed strong year-on-year momentum with ₹603.19 crore in revenue, EBITDA around ₹117 crore, and PAT around ₹86.4 crore, supported by EPC execution of 699 MWp. With an unexecuted order book of 3.15 GWp and a reported bidding pipeline above 25 GWp, attention now shifts to the upcoming Q2 result announcement and the next set of disclosures on execution and margins.