Waaree Renewable Technologies Ltd reported a consolidated net profit of ₹118.97 crore for the quarter ended June 30, 2026, marking a 37.7% increase from ₹86.40 crore in the same period last year. Revenue from operations surged 53.2% to ₹924.25 crore from ₹603.19 crore in Q1FY26, driven by robust performance in its Engineering, Procurement, and Construction (EPC) division and the newly acquired transmission and distribution segments. The Board of Directors approved the unaudited standalone and consolidated financial results on July 22, 2026. The company subsequently held an earnings conference call with investors on July 23, 2026, making the audio recording publicly available on its website in compliance with Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.

Consolidated Financial Performance

The company's EBITDA for Q1FY27 stood at ₹173.48 crore, compared to ₹117.55 crore in the prior year, representing a growth of 47.58%. EBITDA margin for the quarter was 18.77%, slightly down from 19.49% in the corresponding period last year. Total expenses increased to ₹766.13 crore from ₹491.44 crore. Profit before tax rose to ₹163.38 crore from ₹116.59 crore. Basic earnings per share (EPS) increased to ₹11.11 from ₹8.29 in the previous year's corresponding quarter.

Standalone Results

Standalone net profit for the quarter was ₹114.49 crore, up 32.3% from ₹86.54 crore in Q1FY26. Revenue from operations stood at ₹811.34 crore, compared to ₹603.10 crore in the previous year. Total expenses increased to ₹661.51 crore from ₹491.31 crore. Basic EPS for the standalone entity was ₹10.97, compared to ₹8.30 in the same period last year.

Segment Performance and Acquisition

The EPC Contracts - Solar Power Plants segment generated revenue of ₹803.39 crore, while the newly included EPC Contracts - Transmission and Distribution segment contributed ₹112.81 crore following the acquisition of Associated Power Structures Private Limited. The Power Sale segment reported revenue of ₹8.05 crore. The financial results of the new subsidiary are included from June 18, 2026, making the figures for the quarter not comparable with the previous corresponding period. KKC & Associates LLP, the independent auditor, reviewed the financial results.

Strategic Expansion into Transmission and Distribution

During the current quarter, Waaree Renewable Technologies successfully completed the acquisition of a 55% equity stake in Associated Power Structures Private Limited (APSPL), based in Vadodara, Gujarat. APSPL is an integrated EPC solution provider for substations and transmission lines, with a manufacturing capacity of 108,000 metric tons per annum. The acquisition was funded through self-funding and debt, with approximately 75% of the financing coming from debt. APSPL has over two decades of experience in the T&D business and has executed over 10,461 circuit kilometers of transmission lines. This move allows Waaree to address growing demand for grid and power evacuation infrastructure alongside renewable energy capacity additions.

Order Book and Operational Highlights

In Q1FY27, the company executed 888.81 megawatt peak of projects. The consolidated unexecuted order book stood at ₹5,300 crore, including T&D, providing visibility for the next 12 to 15 months. The order book comprises ₹2,400 crore from pure solar EPC and ₹200 crore from Battery Energy Storage System (BESS) EPC. The O&M portfolio stood at 1.15 gigawatt peak, strengthening the recurring revenue base. Management indicated that they are chasing an order pipeline of approximately 27 gigawatts domestically and 10 gigawatts internationally for solar EPC, along with a ₹20,000 crore pipeline for T&D projects.

What the Numbers Show

The consolidation of APSPL has led to a slight compression in consolidated EBITDA margins to 18.77% from 19.49% in Q1FY26, primarily due to the lower margin profile of the T&D business compared to solar EPC. However, standalone EBITDA margins improved by 20 basis points, indicating strong operational performance in the core solar EPC business. The significant increase in total expenses to ₹766.13 crore reflects the integration costs and higher operational scale associated with the new T&D segment. Despite the margin dip, the absolute EBITDA grew by 47.6%, demonstrating the volume-driven growth strategy. The company aims to maintain an overall EBITDA margin of around 15% for FY27, leveraging synergies between solar EPC and T&D businesses.

Waaree Renewable Technologies Limited (WRTL) has signed an Early Contractor Involvement (ECI) Agreement to develop a utility-scale solar photovoltaic (PV) project integrated with a Battery Energy Storage System (BESS) in New Zealand. Disclosed on July 27, 2026, the deal marks the company’s strategic entry into the Australia-New Zealand (ANZ) renewable energy market. WRTL will execute preliminary work in a consortium with two local companies, partnering with a Special Purpose Vehicle of a leading global Independent Power Producer (IPP). The agreement positions the company to potentially secure the subsequent Engineering, Procurement, and Construction (EPC) contract upon successful completion of the ECI phase.

The transaction was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/I/3762/2026 dated January 30, 2026. The company received the Letter of Award on July 27, 2026, at 10:47 am IST. The disclosure confirms that the order is from an international entity and does not constitute a related party transaction, with no interest held by the promoter or promoter group in the awarding entity.

Project Structure and Scope

The ECI Agreement is an early-stage engagement focused on preliminary work. The validity period for this agreement is approximately four months, during which the parties will develop the project. If the principal decides to proceed after the ECI phase, the EPC contract may be signed with the consortium. The execution timeline for the full project is estimated at 24 months from the signing of the final contract. No broad consideration or financial size has been disclosed for the current ECI Agreement, as the commercial terms for the potential EPC contract remain to be finalized.

Strategic Implications

This move expands Waaree Renewable Technologies' geographic footprint beyond its existing operations into the ANZ region, a key growth market for renewable energy globally. By combining Solar PV generation with BESS storage, the company demonstrates its capability to deliver integrated clean energy solutions that address both power generation and storage requirements. The partnership with local firms mitigates entry risks while leveraging global expertise through the IPP client. Sunil Rathi, Executive Director of Waaree Renewable Technologies Limited, stated that the agreement marks an important milestone in the company's international expansion strategy, reflecting confidence in the region’s renewable energy potential.

What the Numbers Show

While no revenue figures are attached to the ECI stage, the structure of the deal highlights a phased approach to international expansion. The four-month development window allows for risk assessment before committing to a 24-month construction cycle. This model reduces upfront capital exposure while securing a pathway to larger EPC contracts, reflecting a disciplined strategy for entering new regulatory environments. The project is expected to become one of New Zealand’s largest solar energy projects upon completion, supporting the country’s transition towards a cleaner energy mix.