Waaree Renewable Tech Q4FY26: Profit up 66%, stock jumps 14%

What drove the sharp move in the stock

Waaree Renewable Technologies shares rallied in Friday’s trade after the company reported a strong set of January to March (Q4FY26) numbers. The results were announced on Thursday after market hours, setting up buying interest at the open. On the BSE, the stock was reported up 13.53% at one point, with an intra-day high of ₹1,202.60 per share. Another data point during the session showed the stock rising as much as 12% to ₹1,185.

The early move also stood out against a muted benchmark. At 9:33 AM, Waaree Renewable Technologies was trading 10.7% higher at ₹1,172.55, while the BSE Sensex was up 0.13% at 78,090.18.

Share price and recent trading context

The company’s shares had closed the prior session at ₹1,060.30, compared with ₹1,039.45 at the previous close, as per NSE data. The Q4 release came after trading hours on April 16, keeping the stock in focus for April 17.

Exchange data also showed mixed medium-term performance. The stock had declined 2.9% over one year, but was up 9.9% so far in 2026. Over the past month, it was up 28% and trading 15.8% higher over the last five market sessions.

Q4FY26 profit rises 66% year-on-year

For Q4FY26, Waaree Renewable Technologies reported a 66.08% rise in net profit to ₹155.72 crore, compared with the year-ago quarter. Another reported figure pegged Q4 profit after tax (PAT) at ₹155.70 crore versus ₹93.76 crore in the same quarter last year, based on consolidated statements.

On a sequential basis, profit was up 29.55%. The rise in profitability was backed by a sharp increase in revenue, even as margins showed pressure on a year-on-year basis.

Revenue jumps 131% as execution accelerates

Revenue from operations for the quarter rose 131.3% year-on-year to ₹1,102.4 crore. Another disclosure put Q4 revenue at about ₹1,102 crore versus ₹476.57 crore in the corresponding period last year.

Sequentially, revenue grew 29.53%. The company’s filings also indicated that the EPC contracts segment was the primary driver of the surge in income in the fourth quarter.

EBITDA grows, but margins soften year-on-year

EBITDA for Q4FY26 stood at ₹206.82 crore, up from ₹126.33 crore a year ago. The year-on-year growth in EBITDA was reported at 63.71%.

EBITDA margin came in at 18.76%. The company’s margin was 18.66% in Q3FY26 and 26.51% in Q4FY25, indicating a notable contraction on an annual comparison.

Full-year FY26: revenue more than doubles

For the full year, revenue from operations more than doubled to ₹3,331.42 crore, reflecting a 108.51% increase over ₹1,597.75 crore in FY25. Profit after tax rose 109% to ₹478.65 crore.

Full-year EBITDA rose 106.21% to ₹641.10 crore from ₹310.90 crore. These full-year numbers pointed to a year of strong scale-up in operations.

Orders, order book, and execution visibility

Waaree Renewable’s unexecuted order book stood at 2.83 GWp, with execution expected over the next 12 to 15 months. The company also flagged momentum from a healthy bidding pipeline reaching over 36 GWp.

During the quarter, the company secured three ground-mounted solar power project orders of 420 MWp, 35 MWp, and 14 MWp, as per its official release. Investors often track these indicators because they provide a sense of revenue visibility for an EPC-focused business.

Segment cues: EPC strength, power sales decline

The consolidated filings pointed to the EPC contracts segment as the key contributor to the Q4 income jump. In contrast, income from power sales declined 25% year-on-year.

Earnings per share (EPS) also increased to 14.96 in Q4FY26, compared with 9 in the same period a year earlier, based on the disclosed numbers.

Key numbers at a glance

Market impact and what investors may track next

The immediate market reaction reflected the combination of strong year-on-year growth in profit and revenue, along with a sizeable unexecuted order book. The margin trend, however, remains a key monitorable, given the year-on-year decline in EBITDA margin despite higher absolute EBITDA.

Separately, exchange data put the stock’s 52-week high at ₹1,358 on October 27, 2025, and the 52-week low at ₹779.50 on March 30, 2026. Waaree Renewable Tech’s market capitalisation was reported at ₹11,102.39 crore as of the market close on Thursday.

Conclusion

Waaree Renewable Technologies’ Q4FY26 results showed sharp growth in revenue and profit, supported by EPC-led execution and a 2.83 GWp unexecuted order book slated for delivery over the next 12 to 15 months. After releasing the numbers post-market on April 16, the stock moved sharply higher in the following session, keeping investor attention on order execution, segment mix, and margin trajectory in coming quarters.