Waaree Renewable Technologies, the EPC arm of the Waaree Group and a leading player in the solar EPC space, has announced exceptional financial results for the quarter and nine months ended December 31, 2025. The company, which has expanded into Battery Energy Storage Systems (BESS) and data centres, delivered record-breaking performance across key financial metrics.

Outstanding Q3FY26 Financial Performance

The company achieved its highest ever quarterly revenue, demonstrating strong execution capabilities and market positioning. The financial highlights showcase consistent growth momentum across all major parameters.

Nine-Month Performance Exceeds Expectations

The nine-month results for FY26 demonstrate sustained growth momentum, with revenue already surpassing the previous full-year performance. The company maintained healthy margins while scaling operations significantly.

Strong Order Book and Recent Wins

The company maintains a robust business pipeline with substantial committed projects and active bidding opportunities. Recent order acquisitions during Q3FY26 further strengthen the revenue visibility.

The recent order wins include a 217.5 MWp ground mounted solar power project and a 39.8 MWp ground mounted solar power project, both secured during Q3FY26.

Strategic Expansion Initiatives

The Board has approved a significant capex budget for establishing a 120 MWp Solar Power Park in Buldhana, Maharashtra, demonstrating the company's commitment to expanding its operational capabilities and market presence.

Management Commentary on Performance

CFO Manmohan Sharma highlighted the company's execution excellence and financial discipline, noting that India's renewable energy sector added over 30 GW of solar capacity in the first nine months of FY26. He emphasized that cumulative solar installations now stand at approximately 135 GW, while total non-fossil fuel capacity has reached around 267 GW, accounting for more than half of India's installed renewable capacity. The management remains committed to maintaining healthy cash flows, conservative leverage, and strong governance standards while continuing to strengthen capabilities and expand partnerships in the renewable ecosystem.

Waaree Renewable Technologies Limited delivered exceptional financial performance in Q3FY26, reporting a consolidated net profit of ₹120.19 crores, marking a substantial 124.7% increase compared to ₹53.48 crores in Q3FY25. The company's revenue from operations demonstrated robust growth of 136.2%, reaching ₹851.06 crores against ₹360.35 crores in the corresponding quarter of the previous fiscal year.

Strong Financial Performance Across Key Metrics

The company's financial results for the quarter ended December 31, 2025, showcase consistent growth across multiple parameters:

Nine-Month Performance Highlights

For the nine-month period ended December 31, 2025, Waaree Renewable Technologies maintained its strong momentum with consolidated net profit reaching ₹322.93 crores, representing a remarkable 139.0% increase from ₹135.16 crores in the corresponding period of FY25. Revenue from operations for the nine-month period stood at ₹2,229.03 crores, up 98.8% from ₹1,121.17 crores.

Segment-wise Revenue Performance

The company's business segments showed strong performance during Q3FY26. EPC Contracts generated revenue of ₹843.96 crores compared to ₹354.46 crores in Q3FY25, while Power Sale segment contributed ₹7.10 crores against ₹5.89 crores in the previous year quarter.

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 at Buldhana, Maharashtra, reinforcing its commitment to expanding renewable energy infrastructure.

Cost Management and Profitability

The company demonstrated effective cost management with total expenses of ₹697.80 crores in Q3FY26 compared to ₹293.39 crores in Q3FY25. Despite the increase in absolute terms due to business expansion, the company maintained healthy profit margins. Cost of EPC Contracts, the largest expense component, stood at ₹673.01 crores.

Balance Sheet Strength

As of December 31, 2025, the company's paid-up equity share capital stood at ₹20.87 crores with a face value of ₹2 per share. The company continues to maintain a strong financial position to support its growth initiatives in the renewable energy sector.