Waaree Renewable Q3 FY26: Profit up 125%, sales 136%

Overview of the Q3 FY26 result

Waaree Renewable Technologies reported a sharp year-on-year rise in consolidated earnings for the quarter ended December 31, 2025 (Q3 FY26). Consolidated profit after tax (PAT) increased 124.74% to ₹120.19 crore. Revenue from operations rose 136.18% to ₹851.06 crore, supported by higher project execution during the quarter. EBITDA climbed 120.79% to ₹158.80 crore. EBITDA margin came in at 18.66%, compared with 19.96% in the year-ago quarter, indicating margin softness despite higher volumes. The reported numbers position the quarter as one of the company’s strongest in terms of scale.

Key quarterly numbers: profit, revenue, and margins

The profit expansion tracked a broad-based rise in operating scale. Alongside the jump in revenue from operations to ₹851.06 crore, the company reported total income of ₹856.18 crore for the quarter. The increase in EBITDA to ₹158.80 crore translated to an 18.66% EBITDA margin. A separate report also highlighted a segment split for the quarter, with EPC contracts contributing ₹843.96 crore of revenue versus ₹354.46 crore a year ago, and power sales at ₹7.10 crore versus ₹5.89 crore. Basic EPS for the quarter was reported at ₹11.50 compared with ₹5.14 a year earlier. Total expenses were cited at ₹697.80 crore for Q3 FY26 versus ₹293.39 crore for Q3 FY25, reflecting the step-up in execution intensity.

Q3 FY26 vs Q3 FY25: snapshot table

Nine-month performance: revenue nearly doubles

For the nine months ended December 2025 (9M FY26), Waaree Renewable Technologies reported revenue from operations of ₹2,229.03 crore, up 98.81% from ₹1,121.17 crore in 9M FY25. EBITDA for the period rose 135.29% to ₹434.28 crore from ₹184.57 crore, with an EBITDA margin of 19.48%. PAT increased 138.92% to ₹322.93 crore, compared with ₹135.16 crore in the corresponding period last year. EPS for the nine-month period was reported at ₹30.95 versus ₹12.99. These figures indicate the acceleration has been sustained beyond a single quarter.

Execution visibility: order book and pipeline

The company’s unexecuted EPC order book was reported at 2.92 GW, which it said provides revenue visibility over the next 12 to 15 months. Alongside this, a bidding pipeline of around 29 GW was cited, suggesting a sizeable flow of potential opportunities. While order book and pipeline figures do not convert directly into revenue without execution schedules and pricing, they are commonly tracked indicators for EPC-led renewable businesses. In Waaree Renewable’s case, the quarter’s higher revenue was explicitly linked to “higher project execution,” tying operating results to execution throughput.

Board actions: 80 MW solar power park in Maharashtra

During the quarter, the board approved an 80 MW solar power park in Maharashtra. The approval was positioned as part of the company’s expansion strategy. No project cost or commissioning timeline was included in the provided data, so the financial contribution remains unquantified at this stage. Still, the decision adds a discrete capacity marker to the company’s stated growth plan.

Credit profile update: India Ratings upgrade and IREDA facility cut

Waaree Renewable Technologies also disclosed a credit rating upgrade from India Ratings. Bank loan facilities were upgraded to IND A/Stable from IND A-/Stable, as per the disclosure dated January 09, 2026. The reported facility amount was reduced to ₹258.00 crore from ₹289.40 crore, with the lender listed as Indian Renewable Energy Development Agency Limited (IREDA). A rating upgrade alongside a lower facility amount can be relevant for cost of borrowing and refinancing flexibility, although the dataset does not provide interest cost impact.

Annual trend: rapid scale-up in revenue and PAT

The provided annual profit and loss table shows a steep rise in scale over five years. Revenue from operations (net) increased from ₹7.60 crore in FY21 (Mar 2021) to ₹1,597.34 crore in FY25 (Mar 2025). PAT moved from ₹2.34 crore in FY21 to ₹229.49 crore in FY25. Total revenue for FY25 stood at ₹1,612.59 crore, and the company reported a profit before tax (PBT) of ₹301.02 crore, which included an exceptional item of -₹4.02 crore. Basic EPS for FY25 was ₹22.03, compared with ₹14.30 in FY24.

Market reactions mentioned across updates

Multiple price reactions were cited around quarterly updates. One update dated 22.01.2026 noted Waaree Renewable Tech shares rose about 7% after the Q3 result, where net profit “more than doubled” to ₹120 crore. Separately, an earlier update noted shares fell 1.89% to ₹988 on the BSE alongside commentary around Q2 FY26 performance. Another note stated the stock surged 9.02% to close at ₹1,236.90 on October 13, 2025 following a results announcement, and also referenced gains of 18.51% over a week and 25.38% over three months, while being 32.51% below a 52-week high of ₹1,830.00. These references indicate sharp price sensitivity to quarterly execution and earnings prints.

Market impact: what the numbers imply for investors

The most direct market-relevant takeaway is the speed of scaling in revenues and earnings. Q3 FY26 revenue from operations of ₹851.06 crore is close to FY24 annual revenue from operations of ₹867.26 crore, underlining the step-change in quarterly run-rate. At the same time, margins showed mild compression year-on-year at the EBITDA level (18.66% versus 19.96%), suggesting cost intensity rose with execution. The dataset also included a valuation comparison: market capitalisation of ₹13,228 crore was described as roughly 8.3 times FY25 revenues of ₹1,597 crore and about 58 times FY25 net profit of ₹229 crore. Those multiples, as stated, frame expectations against the company’s recent growth profile.

Analysis: why Q3 FY26 stands out

The quarter combines three elements that investors usually track in EPC-heavy renewable companies. First is growth driven by execution, reflected in the jump in revenue and expenses. Second is profitability staying elevated even as margins ease, with EBITDA and PAT rising at triple-digit rates year-on-year. Third is visibility indicators, including an unexecuted order book of 2.92 GW and a bidding pipeline of around 29 GW, along with a board-approved 80 MW solar power park. The rating upgrade to IND A/Stable also adds a datapoint on credit perception at a time of higher operating scale.

Conclusion

Waaree Renewable Technologies’ Q3 FY26 result showed PAT of ₹120.19 crore on revenue from operations of ₹851.06 crore, alongside EBITDA of ₹158.80 crore and an 18.66% margin. Over 9M FY26, the company reported revenue from operations of ₹2,229.03 crore and PAT of ₹322.93 crore. The reported 2.92 GW unexecuted order book and the 80 MW Maharashtra solar park approval are the key operating updates cited with the earnings. The next set of quarterly disclosures will be closely watched for execution pace, margin movement, and order book conversion, based on the indicators provided.