Waaree Renewable Q3 Profit Doubles as Revenue Surges 136%

Introduction to Q3 Performance

Waaree Renewable Technologies Ltd announced a robust financial performance for the third quarter of fiscal year 2026 on January 14, 2026. The company reported a significant 124.74% year-on-year increase in its profit after tax, which reached ₹120.19 crore. This growth was primarily driven by its highest-ever quarterly revenue and strong execution of its project pipeline, reinforcing its position in India's expanding renewable energy sector.

Detailed Financial Highlights for Q3 FY26

The company's revenue from operations for the quarter ending December 31, 2025, surged by 136.18% to ₹851.06 crore, compared to ₹360.35 crore in the same period of the previous fiscal year. This record revenue figure highlights the company's capacity to scale its operations effectively. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also saw a substantial rise of 120.79% year-on-year, standing at ₹158.80 crore. The EBITDA margin for the quarter was 18.66%, while the profit after tax (PAT) margin was 14.12%, indicating healthy profitability alongside rapid top-line growth.

Sustained Growth in Nine-Month Period

The strong quarterly performance contributed to an impressive nine months for FY26. For the period ending December 31, 2025, Waaree Renewable's revenue from operations grew by 98.81% year-on-year to ₹2,229.03 crore. This figure has already surpassed the company's performance for the entire previous fiscal year. The net profit for the nine-month period increased by 138.92% to ₹322.93 crore, while EBITDA grew by 135.29% to ₹434.28 crore, with a margin of 19.48%.

Operational Strength and Order Pipeline

A key factor behind Waaree Renewable's financial success is its strong operational base and a healthy project pipeline. The company reported a substantial unexecuted order book of 2.92 GWp, which is expected to be completed over the next 12 to 15 months, providing clear revenue visibility. Furthermore, its bidding pipeline remains robust at approximately 29 GWp, indicating strong potential for future project wins. During the third quarter, the company secured new orders for two ground-mounted solar power projects with capacities of 217.5 MWp and 39.8 MWp.

Strategic Expansion Initiatives

Looking ahead, Waaree Renewable is focused on strategic expansion to capitalize on the growing demand for renewable energy. The company's board has approved a capital expenditure plan to establish a 120 MWp solar power park in Buldhana, Maharashtra. This move is part of a broader strategy to strengthen its portfolio as an Independent Power Producer (IPP) and diversify its revenue streams beyond its core Engineering, Procurement, and Construction (EPC) services.

Management Commentary

Manmohan Sharma, the Chief Financial Officer of Waaree Renewable Technologies, commented on the results, stating, "India's renewable energy sector continues to gain momentum, with over 30 GW of solar capacity added in the first nine months of FY26, which already surpasses last year's full-year addition." He added, "With an unexecuted EPC orderbook of 2.92 GWp, WRTL is positioned to deliver large-scale solar projects, also ensuring long-term performance through integrated O&M services. India’s energy transition is not only about expanding capacity but also about embedding resilience and efficiency."

Peer Comparison

To provide market context, it is useful to compare Waaree Renewable with its industry peers. While smaller in market capitalization, the company has demonstrated exceptional growth rates.

Stock Market Reaction

Despite the strong financial results, shares of Waaree Renewable Technologies Ltd closed lower on January 14, 2026. The stock ended the trading session at ₹972.00 on the BSE, down ₹34.35 or 3.41% from its previous close. This movement could be attributed to broader market trends or profit-booking by investors following a significant rally in the stock's price in previous months.

Outlook and Conclusion

Waaree Renewable Technologies has delivered a standout performance in Q3 FY26, marked by record revenue and a more than doubling of net profit. The company's robust order book, strong execution capabilities, and strategic expansion plans position it well to benefit from India's clean energy transition. Investors and analysts will be watching closely for the upcoming investor call scheduled for January 16, 2026, which is expected to provide further details on the company's strategy and outlook.