Waaree Renewable Technologies Limited delivered outstanding financial results for the third quarter of fiscal year 2026, showcasing robust growth across key performance metrics. The renewable energy company's consolidated net profit surged 124.7% year-on-year to ₹120.19 crores, while revenue from operations jumped 136.2% to ₹851.06 crores for the quarter ended December 31, 2025.

Strong Financial Performance Across Quarters

The company's financial performance demonstrates consistent growth momentum across multiple periods. The following table highlights the key financial metrics:

For the nine-month period ended December 31, 2025, the company maintained its strong performance trajectory with net profit increasing 139.0% to ₹322.93 crores compared to ₹135.16 crores in the corresponding period of the previous year. Revenue from operations for the nine-month period grew 98.8% to ₹2,229.03 crores.

Segment-wise Revenue Performance

The company's revenue is primarily driven by two key segments - EPC contracts and power sales. EPC contracts contributed ₹843.96 crores in Q3FY26, representing a significant increase from ₹354.46 crores in Q3FY25. Power sales generated ₹7.10 crores compared to ₹5.89 crores in the previous year quarter.

Earnings Per Share Growth

Earnings per share (EPS) demonstrated substantial improvement across all periods:

Strategic Expansion Initiative

The board of directors approved a significant expansion project during their meeting held on January 14, 2026. The company will establish an 80 MWac/120 MWp solar power park in Buldhana, Maharashtra, further strengthening its renewable energy portfolio and market presence.

Operational Highlights

The company's total comprehensive income for Q3FY26 reached ₹119.78 crores compared to ₹53.53 crores in Q3FY25. Cost of EPC contracts, the largest expense component, increased to ₹673.01 crores from ₹275.93 crores, reflecting the substantial growth in business operations. Employee benefit expenses grew to ₹13.64 crores from ₹7.92 crores, indicating expanded workforce to support business growth.

Financial Position and Equity

The company's paid-up equity share capital stood at ₹20.87 crores as of December 31, 2025, with a face value of ₹2 per share. Other equity amounted to ₹494.10 crores as of March 31, 2025, reflecting the company's strong financial foundation for future growth initiatives.

Waaree Renewable Technologies Limited has announced a credit rating upgrade from India Ratings, enhancing its financial profile with an improved assessment of its bank loan facilities. The company informed stock exchanges about this positive development on January 09, 2026, pursuant to regulatory disclosure requirements under SEBI regulations.

Credit Rating Enhancement Details

India Ratings has upgraded the company's bank loan facilities rating, reflecting improved creditworthiness and financial stability. The rating upgrade demonstrates the company's strengthened financial position and enhanced ability to service its debt obligations.

Facility Structure and Banking Arrangement

The upgraded bank loan facilities are provided by the Indian Renewable Energy Development Agency Limited (IREDA), a specialized financial institution supporting renewable energy projects. The facility amount reduction from ₹289.40 crores to ₹258.00 crores indicates effective debt management and potentially improved cash flow position.

Regulatory Compliance and Timeline

The company received the rating communication from India Ratings on January 08, 2026, at 6:00 PM and promptly disclosed the information to BSE and NSE on January 09, 2026. This demonstrates adherence to regulatory timelines and transparency requirements under SEBI listing obligations.

Rating Agency Assessment

India Ratings' upgrade reflects their assessment of Waaree Renewable Technologies' improved credit profile and financial metrics. The rating agency has maintained a stable outlook, indicating confidence in the company's medium-term financial prospects and operational performance. The detailed credit rating rationale has been made available on India Ratings' official website for stakeholder reference.

This credit rating upgrade positions Waaree Renewable Technologies favorably for future financing requirements and reflects positively on the company's financial management and business fundamentals in the renewable energy sector.