Waaree Renewable Technologies Buzzes with Q1 FY26 Results
Waaree Energy counter at Indian Energy Week (Image credit X.com)
The slight QoQ PAT decline suggests potential seasonality or project-specific delays, which investors should monitor
By S JHA
Mumbai, July 17, 2025 – Waaree Renewable Technologies Limited, a leading player in India’s renewable energy sector, has reported exceptional results for the first quarter of fiscal year 2026 (Q1 FY26), showcasing robust growth in revenue, profitability, and order book strength.
Waaree Renewable Technologies reported a remarkable 155% year-on-year (YoY) revenue growth, reaching ₹603 crore compared to ₹236 crore in Q1 FY25. The company’s Profit After Tax (PAT) surged by an impressive 207% YoY to ₹86 crore from ₹28 crore in the same quarter last year.
Additionally, EBITDA grew by 186% YoY to ₹118 crore, with EBITDA margins expanding to 19.49% from 17.38% in Q1 FY25, reflecting improved operational efficiency. On a quarter-on-quarter (QoQ) basis, revenue rose by 26%, though PAT saw a slight decline of 8%, likely due to seasonal factors or project execution timelines. The company’s unexecuted order book stands at a robust 3.15 GWp, set to be executed over the next 12-15 months, with a bidding pipeline of over 25 GWp, suggesting strong future growth prospects.
Posts on X highlighted the company’s commentary, emphasizing its “highest-ever quarterly performance” driven by strong execution in Engineering, Procurement, and Construction (EPC) contracts and steady growth in power sales. EPC revenues surged to ₹594 crore from ₹228 crore YoY, while power sales revenue grew modestly to ₹9 crore from ₹8 crore. The management underscored its robust order book and a healthy project pipeline as key drivers for sustained growth.
The company’s consistent outperformance, as seen in its Q4 FY25 results (revenue up 74% YoY to ₹476 crore and PAT at ₹94 crore), has set a high benchmark, and Q1 FY26 builds on this momentum. Analysts spotlighted Waaree’s ability to capitalize on India’s renewable energy push, particularly in solar EPC and power generation.
The 155% YoY revenue increase reflects the company’s ability to scale its EPC business and capitalize on rising demand for renewable energy projects in India, said commentators. The 207% PAT growth and 19.49% EBITDA margin indicate improved cost management and operational leverage, despite a slight QoQ PAT dip.
A 3.15 GWp unexecuted order book and a 25+ GWp bidding pipeline provide high revenue visibility and position Waaree as a leader in India’s renewable energy market, said analysts.
The slight QoQ PAT decline suggests potential seasonality or project-specific delays, which investors should monitor. Additionally, execution risks in large-scale projects and dependency on government policies could impact future performance.
The stock has seen increased trading volume and price appreciation in the run up to the announcement of the Q1 FY 26 results. The stock has risen by over 20% this week. The stock is trading above its 50-day and 200-day moving averages, which shows a bullish trend.
Disclaimer: This article does not constitute financial advice. Investors should conduct their own research before making investment decisions.
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