Waaree Renewable Technologies Reports Q4FY26 Results and Earnings Call Highlights
Waaree Renewable Technologies published Q4FY26 financial results showing consolidated revenue of ₹1,102.40 crores and PAT of ₹155.72 crores for the quarter. The company held an earnings conference call on April 17, 2026, where management discussed record project execution of 2,727 MW peak in FY26 and maintained order book of 2.83 GW peak with strong pipeline visibility.
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Waaree Renewable Technologies Limited has published its audited financial results for the quarter and financial year ended March 31, 2026. The company submitted the mandatory newspaper advertisement to BSE Limited and National Stock Exchange of India Limited on April 18, 2026, fulfilling regulatory compliance requirements under Regulation 33. Additionally, the company held an earnings conference call on April 17, 2026, to discuss the financial performance with investors and analysts.
Financial Performance Overview
The renewable energy company demonstrated strong financial performance across both quarterly and annual metrics. During the earnings call, CFO Manmohan Sharma highlighted that revenue from operations for Q4FY26 stood at ₹1,102.40 crores, reflecting a growth of 131.31% compared to the same quarter of last year. EBITDA reached ₹206.82 crores with a margin of 18.76%, while PAT for the quarter reached ₹155.72 crores, marking a year-on-year increase of 66.08%.
| Financial Metric: | Q4FY26 (Consolidated) | Q4FY25 (Consolidated) | FY26 (Consolidated) | FY25 (Consolidated) |
|---|---|---|---|---|
| Total Income: | ₹1,10,844.31 lakhs | ₹48,143.61 lakhs | ₹3,35,184.78 lakhs | ₹1,61,255.00 lakhs |
| Net Profit Before Tax: | ₹20,808.60 lakhs | ₹12,116.55 lakhs | ₹63,961.02 lakhs | ₹30,047.56 lakhs |
| Net Profit After Tax: | ₹15,570.74 lakhs | ₹9,376.51 lakhs | ₹47,863.59 lakhs | ₹22,892.47 lakhs |
| Total Comprehensive Income: | ₹15,595.52 lakhs | ₹9,391.24 lakhs | ₹47,819.30 lakhs | ₹22,897.93 lakhs |
For the full financial year 2026, the company reported revenue of ₹3,331.42 crores, representing a growth of 108.51% over FY25. EBITDA stood at ₹641.10 crores, up 106.21% year-on-year, while PAT reached ₹478.65 crores, showing growth of 109.09% on a year-on-year basis.
Operational Highlights and Order Book
During the earnings call, management emphasized that FY26 was marked by scale and steady execution. The company successfully executed 2,727 megawatt peak of projects during FY26, which represents the highest execution for any year. The unexecuted order book stood at 2.83 gigawatt peak at year-end, providing strong visibility for future business continuity.
| Operational Metrics: | Details |
|---|---|
| Projects Executed (FY26): | 2,727 MW peak |
| Unexecuted Order Book: | 2.83 GW peak |
| O&M Portfolio: | 1.18 GW peak |
| Order Pipeline: | 36 GW (23 GW domestic, 12 GW international) |
The company's O&M portfolio stood at 1.18 gigawatt peak, strengthening its base of recurring revenue. Management indicated they are chasing an order pipeline of around 36 gigawatt, with approximately 23 gigawatt from domestic markets and 12 gigawatt from international markets.
Standalone Results and Capital Structure
The standalone financial results showed similar positive trends, with total income for Q4FY26 reaching ₹1,10,999.21 lakhs compared to ₹48,145.91 lakhs in Q4FY25. Net profit after tax for the quarter stood at ₹15,731.26 lakhs, significantly higher than ₹9,388.70 lakhs in the corresponding quarter of the previous year.
| Standalone Metrics: | Q4FY26 | Q4FY25 | FY26 | FY25 |
|---|---|---|---|---|
| Total Income: | ₹1,10,999.21 lakhs | ₹48,145.91 lakhs | ₹3,35,549.46 lakhs | ₹1,61,259.42 lakhs |
| Net Profit After Tax: | ₹15,731.26 lakhs | ₹9,388.70 lakhs | ₹48,254.93 lakhs | ₹22,948.53 lakhs |
| Total Comprehensive Income: | ₹15,756.04 lakhs | ₹9,403.43 lakhs | ₹48,210.64 lakhs | ₹22,953.99 lakhs |
The company maintained a stable equity share capital of ₹2,086.92 lakhs as of March 31, 2026. Consolidated reserves, excluding revaluation reserves, stood at ₹91,295.60 lakhs for FY26, compared to ₹43,410.14 lakhs in the previous year.
IPP Assets and Future Strategy
During the earnings call, management discussed their Independent Power Producer (IPP) strategy. The company currently operates 54 megawatt peak of IPP assets, generating revenue of ₹26 crores for FY26. Additionally, they are setting up 227.1 megawatt peak of new IPP projects with an estimated capex of ₹3.00 to ₹3.50 crores per megawatt peak. These projects are being funded through internal accruals without taking on significant debt.
| IPP Portfolio: | Current Status |
|---|---|
| Operational Capacity: | 54 MW peak |
| IPP Revenue (FY26): | ₹26 crores |
| Under Construction: | 227.1 MW peak |
| Estimated Capex: | ₹3.00-3.50 crores per MW peak |
Market Outlook and BESS Opportunities
Management highlighted the strong momentum in India's renewable energy sector, with total installed renewable capacity crossing 274 gigawatt and solar contributing over 150 gigawatt as of March 2026. In FY26, over 44 gigawatt of solar capacity was added, with solar accounting for approximately 82% of total renewable installations. The company is also exploring Battery Energy Storage System (BESS) opportunities as an emerging segment within the EPC ecosystem.
Historical Stock Returns for Waaree Renewable Technologies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.78% | -7.17% | -15.68% | -16.50% | -9.92% | +9.91% |
How will Waaree's aggressive expansion into the 36 GW order pipeline impact their working capital requirements and cash flow management over the next 2-3 years?
What competitive advantages does Waaree need to develop to successfully capture the 12 GW international market opportunity they are pursuing?
How might the company's BESS exploration strategy affect their traditional EPC business model and revenue diversification in the evolving energy storage market?
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