Waaree Renewable Technologies Q4 FY26 profit up 66%

Waaree Renewable Technologies (NSE: WAAREERTL) has been in focus across market forums as investors tracked a sharp step-up in quarterly revenue and profit through FY26. Social posts are largely centred on the company’s solar Engineering, Procurement and Construction (EPC) performance and the pace of execution implied by quarterly numbers. The latest discussion points reference the March 2026 quarter and the full year ended March 2026, alongside earlier FY26 quarterly milestones. The company has also shared operational updates in FY26 such as order book, bidding pipeline, executed capacity and growth in its operations and maintenance (O&M) portfolio. Separately, some posts recall that FY25 had volatility, including a Q3 FY25 profit dip despite revenue growth. Together, these datapoints have shaped a “results plus execution” narrative in online chatter.

Q4 FY26 headline numbers that dominated feeds

For the quarter ended March 2026, social and news summaries stated that consolidated net profit rose 66.02% to Rs 155.74 crore versus Rs 93.81 crore in the March 2025 quarter. The same summary said sales rose 131.31% to Rs 1,102.40 crore from Rs 476.58 crore in the year-ago quarter. A separate quarterly results table circulating in posts shows net sales at Rs 1,102.34 crore and profit after tax (PAT) at Rs 157.31 crore for March 2026. The same table shows March 2025 net sales at Rs 476.52 crore and PAT at Rs 93.89 crore. Users have largely treated these two snapshots as consistent in direction, even if the profit figure differs slightly between sources. Operating profit in the table increased to Rs 206.78 crore in March 2026 from Rs 126.33 crore in March 2025. The quarter also showed other income at Rs 7.65 crore and interest at Rs 2.68 crore in March 2026, as per the shared table.

Sequential momentum across FY26 quarters

Quarterly data shared on social media shows revenue scaling up through FY26. Net sales rose from Rs 603.10 crore (June 2025) to Rs 774.72 crore (September 2025), then Rs 850.99 crore (December 2025) and Rs 1,102.34 crore (March 2026). Over the same sequence, operating profit moved from Rs 117.56 crore (June 2025) to Rs 157.87 crore (September 2025), Rs 158.75 crore (December 2025) and Rs 206.78 crore (March 2026). PAT in the same table is shown at Rs 86.54 crore (June 2025), Rs 117.00 crore (September 2025), Rs 121.69 crore (December 2025) and Rs 157.31 crore (March 2026). Total expenditure tracked higher with scale, reaching Rs 895.56 crore in March 2026 from Rs 692.25 crore in December 2025. The quarterly series also shows interest cost trending down to Rs 2.68 crore by March 2026 from Rs 4.38 crore in March 2025. Depreciation stayed low and stable around Rs 2 crore per quarter through FY26 in the table. These quarter-on-quarter steps are a key reason WAAREERTL results remained a frequent topic.

Key quarterly comparison table used in discussions

The following figures are repeatedly reposted as a quick way to compare the latest quarter with the year-ago base and to track the FY26 run-rate.

FY26 full-year profit and the multi-year ramp-up

Posts also referenced a full-year comparison: net profit for the year ended March 2026 rising 108.89% to Rs 478.70 crore versus Rs 229.16 crore in the year ended March 2025. That full-year growth is frequently linked to a broader expansion visible in older profit and loss snapshots shared in forums. The annual net sales table shows sales rising from Rs 7.60 crore (Mar 2021) to Rs 153.56 crore (Mar 2022), Rs 341.73 crore (Mar 2023), Rs 876.18 crore (Mar 2024) and Rs 1,597.46 crore (Mar 2025). Over the same period, net profit is shown increasing from Rs 2.34 crore (Mar 2021) to Rs 20.40 crore (Mar 2022), Rs 59.41 crore (Mar 2023), Rs 145.48 crore (Mar 2024) and Rs 229.49 crore (Mar 2025). Operating profit in that annual table rises to Rs 310.99 crore in Mar 2025 from Rs 206.90 crore in Mar 2024. Interest expense in the same annual view is listed at Rs 14.84 crore in Mar 2025, higher than earlier years. Exceptional items of -Rs 4.02 crore appear in Mar 2025 in that table, which users sometimes cite while discussing comparability.

FY25 volatility: Q3 profit dip that investors still cite

Not all commentary is based on uninterrupted growth, and FY25 is often used as a reminder of operating swings. One widely shared note said WAAREERTL reported a 16.7% year-on-year profit decline to Rs 53.5 crore for Q3 FY25, even as revenue rose 11% to Rs 360 crore. In that same snapshot, EBITDA was said to have fallen 18% to Rs 72 crore, with EBITDA margin narrowing by 7 percentage points to 20% from 27% in the prior year. Some traders linked that period to heightened sensitivity around margins and execution costs in EPC. It is also mentioned that shares had surged in recent trading while the company was set to announce results, with a board meeting scheduled for April 16 in that specific context. The Q3 FY25 datapoint tends to be contrasted with the later FY26 quarters where revenue scaled sharply. For investors tracking consistency, this contrast is part of the ongoing debate in online threads. The result is that WAAREERTL discussions often move beyond headline PAT to include margin direction and cost line items.

Q2 and Q3 FY26: record revenue and strong YoY growth

Several FY26 updates were repeatedly reposted because they provided both financial and operating indicators. For Q2 FY26 (quarter ended September 30, 2025), the company reported revenue from operations of Rs 774.78 crore, up 47.73% YoY, and PAT of Rs 116.34 crore, up 117.40% YoY. EBITDA for Q2 FY26 was reported at Rs 157.94 crore, up 120.69% YoY, with an EBITDA margin of 20.39% and PAT margin of 15.02%. For Q3 FY26, another widely circulated summary stated net profit rose 124.74% YoY to Rs 120.19 crore, while revenue from operations grew 136.18% YoY to Rs 851.06 crore. In that Q3 FY26 snapshot, EBITDA was Rs 158.80 crore and EBITDA margin was listed at 18.66%. For the nine months of FY26, posts cited revenue from operations of Rs 2,229.03 crore, EBITDA of Rs 434.28 crore and PAT of Rs 322.93 crore, all with strong YoY growth rates as stated. The CFO, Manmohan Sharma, was quoted attributing the performance to execution excellence, financial discipline and a robust operating model. These Q2 and Q3 datapoints set the backdrop for the March 2026 quarter expectations.

Order book, execution and O&M metrics shared alongside results

Operational metrics have been a major part of WAAREERTL’s social media narrative, especially where they can explain revenue visibility. For Q2 FY26, the company reported an unexecuted order book of 3.48 GWp to be executed over 12 to 15 months and a bidding pipeline of 27+ GWp. In a later Q3 FY26 update, the unexecuted order book was stated at 2.92 gigawatt peak. The same Q3 FY26 note said the company executed 2,230 megawatt peak of EPC projects during the nine months period. It also said the O&M portfolio was approximately 1,180 megawatt peak as of December 2025. These numbers are frequently used in threads to connect quarterly revenue jumps with project delivery capacity. Investors also compare order book figures across quarters and try to reconcile how execution affects the remaining backlog. Because these are operational disclosures, they are treated as important context beyond profit growth alone. The repeated sharing suggests that a large part of the market interest is anchored in execution pace.

Capex approvals and adjacent verticals mentioned in posts

Beyond EPC, forums highlighted board-approved capex for Independent Power Producer (IPP) assets. The Q2 FY26 update referenced approvals for setting up 28 MWp IPP solar power plants (14 MWp each) at two locations in Maharashtra and a 37.5 MWp IPP solar power plant at Bikaner, Rajasthan. The same set of posts also listed recent order wins, including a 1,218 MWp ground mounted solar project and a 29.4 MWp ground mounted solar project. Some narratives noted expansion into new energy verticals, specifically Battery Energy Storage Systems (BESS) and data centres, as mentioned in the September 2025 results communication. These additions are often discussed as potential diversifiers, but the posts primarily present them as stated initiatives rather than quantified earnings drivers. The capex items are also treated as signals of a broader strategy beyond pure EPC contracting. Because the shared context does not include project-level financial details, online discussions tend to focus on capacity, approvals and timelines. The repeated mention of these items indicates investors are tracking both scale and business mix.

Market metrics that frequently appear in WAAREERTL threads

Social posts often pair results with valuation and size metrics, even when the focus is earnings. In the shared context, WAAREERTL’s market capitalisation is shown as about Rs 138.80 billion. The price-to-earnings ratio (TTM) is listed at 36.95, with basic EPS (TTM) at Rs 33.60. Net income (FY) is displayed around Rs 2.29 billion in the same snapshot. These numbers are typically used by retail investors to compare WAAREERTL with other renewable and EPC names, without necessarily adjusting for cyclicality in project execution. The combination of high growth rates and a visible P/E figure is a common trigger for debate on whether growth is fully priced in. Since the posts also include past periods of margin pressure, some users frame valuation discussions around sustainability of margins. Others focus on the pace of revenue expansion shown in FY26 quarters. Overall, the market metrics act as quick reference points in otherwise results-driven conversations.

Sector backdrop cited in the same social narratives

Some posts placed the company’s performance within India’s renewable energy build-out. One widely shared note stated that India’s renewable energy transition continued to accelerate, with non-fossil fuel capacity more than 265 gigawatts. It also said that as of December 2025, India’s cumulative solar capacity was over 135 gigawatts, with addition of over 30 gigawatts in the current financial year. Another disclosure referenced total installed capacity reaching 256.1 GW as of September 2025 and reiterated the 500 GW target for 2030, alongside solar installed capacity of 127.33 GW within renewables. These sector datapoints are often used to support the view that EPC opportunities remain large. At the same time, the company-specific discussions return quickly to execution metrics, quarterly costs and margins. The net result is a narrative where macro tailwinds are acknowledged, but quarterly delivery remains the key variable investors track. This is consistent with the way WAAREERTL results posts blend sector milestones with backlog and execution updates.