Waaree Renewable Q4 FY25 results: Q3 cues, stock moves

What is scheduled this week

Waaree Renewable Technologies Ltd. has told exchanges that its Board of Directors will meet on Thursday, April 16. The agenda is to consider and approve the audited standalone and consolidated financial results for the fourth quarter and the full financial year ended March 31. For investors tracking India’s solar EPC space, this date matters because the company has seen a sharp swing in quarterly profitability in FY25, even as revenues have grown. The outcome will also close the FY25 reporting cycle for the company’s standalone and consolidated numbers. The stock has been active in recent sessions, which typically puts more focus on near-term triggers such as earnings and margins. The board meeting disclosure sets the timeline for audited numbers, rather than provisional updates.

Quick recap: Q3 FY25 profit decline despite revenue growth

For the quarter ended December 31, 2024 (Q3 FY25), Waaree Renewable Technologies reported a decline in profitability year-on-year. Net profit fell 16.7% to ₹53.5 crore. Over the same period, revenue increased 11% to ₹360 crore from ₹324 crore a year earlier. The combination points to growth in topline but weaker operating leverage during the quarter. The company is described as a solar power producer and a solar EPC subsidiary of the Waaree Group. Q3 therefore became a key reference point for the market heading into the audited Q4 and full-year results.

EBITDA and margin pressure in Q3 FY25

Operating performance in Q3 FY25 showed a more pronounced decline than revenue. EBITDA fell 18% to ₹72 crore from ₹88 crore in the year-ago period. EBITDA margin contracted to 20% from 27%, a decline of 700 basis points. This margin compression is important because it highlights that the quarter’s profit decline was driven not only by costs but also by a weaker profitability profile on the revenue base reported. Investors often track margin stability in EPC businesses because execution pace, project mix, and cost control can shift reported profitability even when revenue rises.

Q4 FY25 and FY25 audited results already reported in later coverage

Separate reporting on the company’s audited performance for Q4 FY25 and FY25 indicates strong year-on-year growth in revenue. In Q4 FY25, revenue from operations was reported at ₹476.58 crore, up 74.5% year-on-year from ₹273.31 crore. On a sequential basis, Q4 revenue from operations rose 32.3% from ₹360.35 crore in Q3 FY25. Including other income of ₹4.86 crore, total income for the quarter stood at ₹481.44 crore.

For the full year FY25, revenue from operations was reported at ₹1,597.75 crore, up 82.3% year-on-year from ₹876.50 crore in FY24. Including other income, total income for FY25 was reported at ₹1,612.55 crore versus ₹881.99 crore in the previous fiscal year. The cost of EPC contracts for the full year was reported at ₹1,238.80 crore. In commentary attributed to CFO Manmohan Sharma, the FY25 revenue from operations figure of ₹1,597.75 crore versus ₹876.50 crore in FY24 was highlighted as 82.29% growth.

Another data point: September quarter surge

In a separate September-quarter update included in the provided material, Waaree Renewable Technologies’ consolidated net profit was reported at ₹116.34 crore. Revenue for that quarter was reported at ₹774.78 crore, up 47.73%. This update framed the period as a strong quarter supported by higher revenue. It also referenced expansion into new energy verticals, without detailing financial line items beyond profit and revenue.

Stock movement: recent gains, mixed medium-term trend

Waaree Renewable Technologies shares have risen 10.42% in the last five trading sessions on the NSE. Over one month, the stock gained 19.96%, while it declined 22.62% over six months. Year-to-date, the stock was up 0.60%, and it rose 3.74% over the last one year.

On Monday, the stock ended 5.99% higher at ₹973.80 per share on the NSE. As per the NSE data cited, the stock touched a 52-week high of ₹1,358.00 on October 27, 2025, and a 52-week low of ₹779.50 on March 30. These levels provide context for where the stock is trading relative to its recent range as audited results are discussed.

Group context: Waaree Energies’ audited FY25 numbers (separate company)

The material also included audited results for Waaree Energies, a group entity, which reported Q4 revenue of ₹4,140.92 crore, up 37.69% year-on-year, and Q4 PAT of ₹648.49 crore, up 254.49% year-on-year. For FY25, Waaree Energies reported revenue of ₹14,846.06 crore, up 27.62% year-on-year, and PAT of ₹1,932.15 crore, up 107.08% year-on-year. It also reported production of 7.13 GW in FY25 versus 4.77 GW in FY24, and stated that as of March 2025 it had an order book exceeding 25 GW valued at ₹47,000 crore. These figures relate to Waaree Energies and are not Waaree Renewable Technologies’ financials, but they add context on broader group activity in solar manufacturing and demand conditions.

Why the Q4 and FY25 audited approval matters

The board meeting is a formal step because it is tied to audited standalone and consolidated financial statements. For Waaree Renewable Technologies, the recent narrative has included a Q3 quarter where margins compressed, alongside FY25 reporting that shows a sharp year-on-year increase in revenue from operations. The audited approval and accompanying disclosures help investors reconcile quarterly profitability swings with full-year performance trends. The release can also clarify how other income contributed in Q4 and how full-year EPC contract costs tracked alongside revenue.

Key figures at a glance

Conclusion

Waaree Renewable Technologies’ April 16 board meeting sets the immediate timetable for audited Q4 and full-year results for the year ended March 31. Recent disclosures show a Q3 FY25 profit decline and sharp margin contraction, while FY25 reporting referenced strong growth in revenue from operations and higher Q4 revenue versus both the prior year and the previous quarter. The stock has rallied over the past month and five sessions, even as the six-month trend remains negative. The next confirmed step is the board’s consideration and approval of audited standalone and consolidated financial statements, after which the company’s detailed filings will frame how FY25 growth and quarterly profitability trends fit together.