Waaree Renewable Q3 Revenue Soars 136% to ₹851 Crore

Introduction

Waaree Renewable Technologies Ltd (WRTL), the engineering, procurement, and construction (EPC) division of the Waaree Group, has announced its highest-ever third-quarter financial results for the period ending December 31, 2025. The company reported a significant surge in revenue and profitability, underscoring its strong execution capabilities and the favorable tailwinds in India's renewable energy sector. The performance highlights the company's ability to capitalize on the growing demand for solar energy infrastructure, solidifying its position as a key player in the market.

Record-Breaking Quarterly Performance

For the third quarter of the fiscal year 2026 (Q3 FY26), WRTL posted a consolidated revenue of ₹851.06 crore. This represents a remarkable 136.18% year-on-year (YoY) growth compared to the ₹360.35 crore recorded in the same quarter of the previous fiscal year. The substantial increase in top-line figures was mirrored in the company's profitability metrics. Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 120.79% YoY to ₹158.80 crore. Similarly, the Profit After Tax (PAT) witnessed a 124.74% YoY jump, reaching ₹120.19 crore for the quarter.

Strong Nine-Month Financials

The company's robust performance extended through the first nine months of FY2026. For the period ended December 31, 2025, WRTL's consolidated revenue stood at ₹2,229.03 crore, a 98.81% increase from the ₹1,121.17 crore reported in the corresponding period of FY2025. This nine-month revenue figure has already surpassed the company's total revenue for the entire fiscal year of 2025. The PAT for the nine-month period surged by 138.92% YoY to ₹322.93 crore, up from ₹135.16 crore in the previous year, demonstrating sustained operational efficiency and profitability.

Financial Performance Summary

Robust Order Book and Future Visibility

A key driver of Waaree Renewable's strong performance and positive outlook is its substantial order book. The company currently holds an unexecuted EPC order book of 2.92 gigawatt-peak (GWp). This provides strong revenue visibility, with these projects scheduled for execution over the next 12 to 15 months. Furthermore, the company maintains a strong bidding pipeline of 29 GWp, indicating a healthy potential for future order inflows and continued growth in a competitive market.

Management Commentary

Manmohan Sharma, the Chief Financial Officer of Waaree Renewable Technologies, commented on the results, stating, “With an unexecuted EPC order book of 2.92 GWp, WRTL is well positioned to deliver large-scale solar projects while ensuring long-term performance through integrated O&M services.” He emphasized that India's energy transition is not just about capacity expansion but also about improving resilience and efficiency. Sharma added, “We have strengthened our financial position through a focus on operational efficiency and prudent capital allocation. We remain committed to maintaining healthy cash flows, conservative leverage, and strong governance standards.”

Market Context and Industry Outlook

Waaree Renewable's performance is set against the backdrop of India's ambitious renewable energy goals. The country is rapidly expanding its green energy capacity to meet its 2030 targets and long-term net-zero vision. As a leading solar EPC player, WRTL is strategically positioned to benefit from this national push. The company's ability to execute large-scale projects and offer integrated services from design to operations and maintenance makes it a critical partner in India's clean energy journey.

Conclusion

Waaree Renewable Technologies has delivered an exceptional performance in the third quarter and the first nine months of FY2026, setting new records for revenue and profit. The company's massive order book and strong bidding pipeline provide a clear path for sustained growth. Supported by a favorable policy environment and increasing demand for solar power, WRTL appears well-equipped to continue its growth trajectory and play a significant role in India's renewable energy sector. Investors and market observers will be watching the company's upcoming investor call on January 16, 2026, for further insights into its strategy and outlook.