Waaree Renewable Technologies reported a 29.98% year-on-year decline in net profit for the second quarter of FY27, with PAT falling to ₹81.48 crore from ₹116.36 crore in Q2FY26. This drop occurred despite robust top-line performance, as revenue from operations rose 36.53% YoY to ₹1,057.84 crore.

Operating profitability faced significant pressure during the quarter. EBITDA margins contracted to 15.12% from 20.39% in the corresponding period last year. While absolute EBITDA saw a marginal increase of 1.29% to ₹159.98 crore, the divergence between strong revenue growth and flat operating profit indicates compression in operating efficiency or higher input costs.

Financial Performance Overview

The financial results for the quarter and half-year ended September 30, 2026, highlight a mixed picture for Waaree Renewable Technologies. While the demand side appears healthy with substantial revenue expansion, the bottom-line operating metrics suggest challenges in maintaining previous margin levels.

For the half-year ended September 30, 2026, revenue from operations stood at ₹1,982.09 crore, registering a growth of 43.84% over H1FY26. However, PAT for H1FY27 was ₹200.44 crore, a slight decline of 1.14% compared to ₹202.75 crore in H1FY26.

Strategic Expansion and Capex Approval

In addition to approving the un-audited financial results, the Board of Directors approved capital expenditure for setting up a 35 MWp/25 MWac Independent Power Producer (IPP) solar plant at Wardha, Maharashtra. This decision signals continued investment in renewable energy generation assets alongside the company's existing Engineering, Procurement, and Construction (EPC) business.

The company also highlighted its strategic positioning beyond core renewable EPC. The acquisition of Associated Power Structures Private Limited (APSPL) strengthens its presence in the transmission and distribution (T&D) space. Furthermore, WRTL is actively pursuing EPC opportunities in Battery Energy Storage Systems (BESS) and data centre infrastructure, aiming to build a broader presence across the clean energy value chain.

Order Book and Pipeline Visibility

Waaree Renewable Technologies reported a consolidated unexecuted order book of ₹5,500+ crore, which sustains revenue visibility. The bidding pipeline remains strong across key segments:

• Solar: 34.6 GWp+
• Battery Energy Storage Systems (BESS): 12.5 GWh+
• Transmission and Distribution (T&D): ₹21,900+ crore

What the Numbers Show

The sharp contraction in EBITDA margins despite strong revenue growth is largely attributable to the consolidation of Associated Power Structures Private Limited (APSPL), acquired in June 2026. The new segment, Transmission and Distribution, contributed significantly to Q2FY27 revenue but reported lower margins compared to the legacy Solar Power Plants segment.

Additionally, finance costs surged to ₹36.83 crore from ₹3.62 crore YoY, and depreciation rose to ₹26.97 crore from ₹2.18 crore, reflecting the increased asset base and debt taken on for the acquisition. CFO Manmohan Sharma noted that acquisition-related financing costs and the addition of business with a different margin profile influenced near-term profitability, while emphasizing focus on long-term value through scale and diversified capabilities.

Analyst Conference Call Details

To discuss these un-audited financial results, the company will host a conference call for analysts and investors on Wednesday, October 21, 2026, at 4:00 pm IST. The session is scheduled to cover the financial outcomes for the quarter and half-year ended September 30, 2026.

The management team participating in the call includes Hitesh Mehta, Whole Time Director; Manmohan Sharma, Chief Financial Officer; and Rohit Wade, General Manager of Investor Relations. The company stated that dial-in details and further information are available on its official website.

Waaree Renewable Technologies has received an expanded scope of work for its 150 MWAC solar project, with the order value increasing by ₹22 crore.

Project scope expansion details

The revision reflects an enhancement to the existing project mandate, with the incremental order value addition of ₹22 crore tied to the 150 MWAC solar assignment. The expanded scope signals a broadening of the company's responsibilities under the project.