Waaree Renewable Q3 Profit Soars 125% to ₹120 Crore

Introduction to Q3 Performance

Waaree Renewable Technologies Ltd (WRTL) announced a remarkable financial performance for the third quarter of fiscal year 2026 on January 14. The company reported that its profit after tax more than doubled, surging by 124.74% year-on-year to reach ₹120.19 crore. This substantial growth was propelled by the company's highest-ever quarterly revenue and strong project execution, cementing its position as a key player in India's rapidly expanding renewable energy landscape. The results reflect both strong sectoral tailwinds and the company's enhanced operational capabilities.

Record-Breaking Quarterly Financials

The quarter ending December 31, 2025, saw WRTL achieve unprecedented top-line growth. Revenue from operations jumped by 136.18% to ₹851.06 crore, a significant increase from the ₹360.35 crore recorded in the same quarter of the previous fiscal year. This record revenue underscores the company's capacity to effectively scale its operations to meet growing demand. Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also grew substantially by 120.79% year-on-year, reaching ₹158.80 crore. Despite the rapid expansion, the company maintained healthy profitability, with an EBITDA margin of 18.66% and a profit after tax (PAT) margin of 14.12% for the quarter.

Nine-Month Performance Exceeds Full Year FY25

The strong quarterly results contributed to an impressive performance for the first nine months of FY26. For the period ending December 31, 2025, Waaree Renewable's revenue from operations increased by 98.81% year-on-year to ₹2,229.03 crore. Notably, this nine-month revenue figure has already surpassed the company's total revenue for the entire previous fiscal year. The net profit for the nine-month period saw a 138.92% increase to ₹322.93 crore, while EBITDA grew by 135.29% to ₹434.28 crore, with the EBITDA margin expanding to 19.48% from 16.46% in the prior year.

Robust Order Book and Project Pipeline

A primary driver of Waaree Renewable's financial success is its strong operational foundation and a healthy project pipeline. The company reported a substantial unexecuted order book of 2.92 GWp, which is scheduled for completion over the next 12 to 15 months, ensuring clear revenue visibility. Furthermore, its bidding pipeline remains robust at approximately 29 GWp, signaling strong potential for future project acquisitions. During the third quarter alone, the company secured new orders for two ground-mounted solar power projects with a combined capacity of 257.30 MWp.

Strategic Expansion in Maharashtra

Looking forward, Waaree Renewable is actively pursuing strategic expansion to capitalize on the increasing 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 initiative 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's Perspective on Growth

Manmohan Sharma, the Chief Financial Officer of Waaree Renewable Technologies, commented on the results and the sector's outlook. "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 stated. Sharma 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."

Market Reaction and Stock Performance

Despite the strong financial results and positive outlook, shares of Waaree Renewable Technologies Ltd closed lower on January 14, 2026. The stock ended the trading session at ₹972.70 on the NSE, down 3.35% 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 over the preceding months.

Conclusion

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