Waaree Renewable Technologies Limited (WRTL), a leading player in the solar EPC space, has announced its financial results for the second quarter, showcasing impressive growth and a strong order book position. The company has also revealed plans for a new power plant project.

Record-Breaking Financial Performance

WRTL reported its highest-ever quarterly revenue of Rs. 774.78 crore for Q2, marking a substantial 47.73% year-on-year growth compared to Rs. 524.47 crore in the same quarter of the previous year. The company's profitability saw an even more dramatic improvement, with Profit After Tax (PAT) surging by 117.40% to Rs. 116.34 crore, up from Rs. 53.52 crore in the corresponding quarter last year.

Key Financial Highlights for Q2

The company's EBITDA margin improved significantly to 20.39% in the current Q2, compared to 13.65% in the previous year's Q2, indicating enhanced operational efficiency.

Robust Order Book and Recent Wins

WRTL's unexecuted order book stands at an impressive 3.48 GWp, to be executed over the next 12-15 months. This strong pipeline underscores the company's market position and future growth potential. Notable recent order wins include:

• A 1,218 MWp ground-mounted solar power project
• A 29.4 MWp ground-mounted solar power project

New Power Plant Project and Operations Portfolio

Waaree Renewable Tech has announced plans to construct a 107.1 MWP independent power plant. This new project demonstrates the company's commitment to expanding its power generation capabilities. Additionally, the company currently maintains a substantial operations and maintenance portfolio of 769 MWP, showcasing its expertise in managing large-scale renewable energy assets.

Expansion into IPP Solar Power Plants

The company's board has approved capital expenditure budgets for setting up multiple Independent Power Producer (IPP) solar power plants:

• Two 14 MWp plants in Maharashtra
• A 37.5 MWp plant in Bikaner, Rajasthan

These investments signal WRTL's strategic move to diversify its revenue streams and capitalize on the growing demand for renewable energy in India.

Market Position and Industry Outlook

Manmohan Sharma, CFO of Waaree Renewable Technologies Limited, commented on the results: "The substantial growth in our numbers is a result of our execution capabilities and increasing sector performance. India's renewable energy momentum continues to build, with total installed capacity reaching 256.1 GW as of September, marking a significant milestone in its clean energy transition."

India's solar energy sector, which accounts for 127.33 GW of the total renewable installed capacity, is experiencing rapid growth driven by robust policy support and ambitious national targets. WRTL's integrated capabilities position it at the forefront of this transformation, enabling the company to execute large-scale, integrated energy projects and lead India's energy transition.

Looking Ahead

With its strong financial performance, robust order book, and strategic expansions into IPP projects, Waaree Renewable Technologies Limited appears well-positioned to capitalize on the growing renewable energy market in India. The company's focus on solar EPC services, coupled with its move into power generation and the new 107.1 MWP power plant project, suggests a comprehensive approach to capturing value across the renewable energy value chain.

As India progresses towards its goal of 500 GW of renewable energy capacity by 2030, WRTL's growth trajectory and market position make it a company to watch in the evolving landscape of India's clean energy sector.

Waaree Renewable Technologies Limited (WRTL) has announced strong financial results for the second quarter and half-year ended September 30, 2025, showcasing significant growth in revenue and profitability. The company's board has also approved capital expenditure budgets for three new solar plant projects, signaling an aggressive expansion strategy in the renewable energy sector.

Financial Highlights

WRTL reported impressive consolidated financial results for Q2 FY26:

The company's performance for the first half of FY26 was equally strong:

Segment Performance

WRTL's growth was primarily driven by its EPC (Engineering, Procurement, and Construction) contracts segment:

• EPC Contracts Revenue: ₹1,36,358.95 lakhs in H1 FY26, up from ₹74,818.62 lakhs in H1 FY25
• Power Sale Revenue: ₹1,437.55 lakhs in H1 FY26, compared to ₹1,263.46 lakhs in H1 FY25

Expansion Plans

The Board of Directors has approved capital expenditure budgets for three new solar plant projects:

1. 14 MWp/10 MWac IPP Solar Plant at Bhurikavate Akkalkot, Maharashtra
2. 14 MWp/10 MWac IPP Solar Plant at Hunnur Mangalvedha, Maharashtra
3. 37.5 MWp/25 MWac IPP Solar Plant at Bikaner, Rajasthan

These projects underscore WRTL's commitment to expanding its renewable energy portfolio and strengthening its position in the solar power sector.

Employee Stock Option Plan

The company has also approved a postal ballot notice seeking shareholder approval for amendments to the Waaree Renewable Technologies Limited - Employee Stock Option Plan 2022 (Waaree RTL ESOP 2022). This move is likely aimed at attracting and retaining top talent in the competitive renewable energy industry.

Balance Sheet Strength

As of September 30, 2025, WRTL's consolidated balance sheet showed:

• Total Assets: ₹1,45,145.15 lakhs, up from ₹1,12,012.33 lakhs on March 31, 2025
• Total Equity: ₹65,761.92 lakhs, compared to ₹45,495.07 lakhs at the end of FY25

The significant increase in total assets and equity reflects the company's growth and improved financial position.

Outlook

Waaree Renewable Technologies Limited's strong financial performance and strategic expansion plans position it well in the rapidly growing renewable energy market. The company's focus on EPC contracts and increasing power generation capacity through new solar plants indicates a clear growth strategy aligned with India's push towards clean energy.

As the renewable energy sector continues to gain momentum, WRTL's robust financial results and expansion initiatives suggest it is well-positioned to capitalize on the increasing demand for solar power solutions in India.