/*** blogpostTitle: Waaree RTL FY26: Scaling EPC Execution While Keeping Margins Steady blogpostSlug: waaree-rtl-fy26 blogpostCoverImageDescription: Ultra-realistic corporate finance cover image showing a clean desk with a laptop displaying a rising line chart for annual revenue from FY22 to FY26, with the FY26 point highlighted to reflect revenue from operations of 3,331.42 crore. Next to it, a second panel shows a bar chart comparing unexecuted order book in MWp across FY23 to FY26, ending at 2,832 MWp. The scene includes subtle elements like a notepad, pen, and a neutral office background with soft lighting. No logos or readable text. blogpostShortTitle: Waaree RTL FY26 execution and margins ***/

Waaree RTL FY26: Scaling EPC Execution While Keeping Margins Steady

Waaree Renewable Technologies Limited reported a sharp step-up in scale in FY26, led by strong solar EPC execution. Consolidated revenue from operations rose to 3,331.42 crore in FY26 from 1,597.75 crore in FY25, a year-on-year increase of 108.51%. Profitability grew in tandem. EBITDA more than doubled to 641.10 crore, while PAT increased to 478.65 crore.

For Q4FY26, revenue from operations stood at 1,102.40 crore compared to 476.58 crore in Q4FY25. PAT for the quarter rose to 155.72 crore, up 66.08% year-on-year. Management attributed performance to execution capability and operating leverage, with FY26 marked by high project completion volumes.

FY26 financial performance and profitability profile

The company maintained broadly stable annual margins even while scaling rapidly. FY26 EBITDA margin was about 19.46% versus about 19.24% in FY25. PAT margin was about 14.37% in FY26, similar to FY25 levels.

In Q4FY26, EBITDA margin was 18.76%. Management indicated that quarterly realization and margin can vary based on order mix, including whether modules are included in scope or the contract is a pure EPC or BOS scope.

Execution scale, order book visibility, and mix effects

FY26 stood out for the company’s execution volumes. Management stated that 2,727 MWp of projects were executed during the year, which it described as the highest annual execution for the company. The unexecuted order book at year end stood at 2,832 MWp, offering visibility into the next 12 to 15 months of execution.

The investor presentation showed unexecuted order book progression from 817 MWp in FY23 to 2,365 MWp in FY24, 3,263 MWp in FY25, and 2,832 MWp in FY26. The company also listed several key ongoing projects across Rajasthan, Andhra Pradesh, Maharashtra, Gujarat, Tamil Nadu, and Madhya Pradesh.

During the concall, management highlighted why quarterly revenue per MW can look elevated in some periods. The company executes different contract types: pure EPC, EPC with modules, and other scope variations. For Q4FY26, management estimated that around 50% of execution revenue came from projects that included module supply, which increased the implied realization compared to quarters dominated by non-module scopes.

Portfolio breadth: EPC, O&M, and IPP with early steps into BESS

Management described three revenue streams: EPC, O&M, and IPP. EPC remains the dominant business. On the recurring side, the company reported an O&M portfolio of about 1,180 MWp.

The company has developed 54.82 MWp of operational IPP assets and is setting up an additional 227.10 MWp of IPP capacity, as per the presentation. In the concall, management stated that IPP revenue for FY26 was around 26 crore. It also indicated that IPP projects under construction are being funded through internal accruals, with no debt tied up for these projects so far.

On storage, management noted that battery energy storage systems are increasingly appearing in tenders and are important for grid stability. The company indicated it is executing a smaller BESS project and expects BESS EPC to begin contributing revenue during the current financial year, though it did not provide standardized project costing due to scope variability.

Balance sheet and cash flow snapshot

The consolidated balance sheet showed shareholder funds of 933.83 crore at FY26 versus 454.95 crore at FY25. Cash and cash equivalents were reported at 71.81 crore at March 31, 2026.

Operating cash inflow was 286.95 crore in FY26, while investing cash outflow was 264.48 crore. Management indicated that operating cash is being conserved and deployed into areas such as IPP development and bank-related margin requirements.

Takeaways

Waaree Renewable Technologies delivered a high-growth FY26 on the back of higher project execution, while maintaining stable annual profitability. The order book of 2.83 GWp provides near-term visibility, and the O&M base adds a recurring element. IPP remains small in the overall mix but is being expanded, with management indicating internal accrual funding.

The next set of monitoring variables are order inflows, working-capital movement as scale rises, and whether BESS EPC begins to show up more clearly in the financials during FY27.