Waaree Renewable Technologies Limited announced its Q3 FY26 results on January 14, showcasing exceptional financial performance with record-breaking quarterly revenue and strong profitability growth in India's rapidly expanding solar energy sector.

Record Q3 FY26 Financial Performance

The company delivered its highest-ever quarterly revenue and demonstrated remarkable execution capabilities during the quarter ended December 31, 2025.

The company maintained healthy profitability margins despite the significant scale-up in operations, with EBITDA margin at 18.66% and PAT margin at 14.12% for Q3 FY26.

Nine Months FY26 Performance Exceeds Full Year FY25

For the nine-month period, the company continued its strong growth trajectory, with revenue surpassing the previous full-year performance.

Notably, the company achieved significant margin expansion during this period, with EBITDA margin improving to 19.48% from 16.46% in the previous year.

Strong Order Book and Recent Project Wins

Waaree Renewable Technologies maintains a robust unexecuted order book of 2.92 GWp, expected to be executed over the next 12 to 15 months. The company's bidding pipeline remained strong at around 29 GWp.

Q3 FY26 Order Wins

Expansion Plans

The board approved a capital expenditure budget for setting up a 120 MWp solar power park in Buldhana, Maharashtra, as part of the company's strategic expansion initiatives.

Management Commentary and Market Outlook

Manmohan Sharma, CFO of Waaree Renewable Technologies, highlighted India's renewable energy momentum: "India's renewable energy sector continues to gain momentum, with over 30 GW of solar capacity added in the first nine months of FY26, which already surpasses last year's full-year addition."

He further emphasized the company's positioning: "With an unexecuted EPC orderbook of 2.92 GWp, WRTL is positioned to deliver large-scale solar projects, also ensuring long-term performance through integrated O&M services. India's energy transition is not only about expanding capacity but also about embedding resilience and efficiency."

Comprehensive Service Portfolio

The company provides end-to-end renewable energy solutions including utility-scale solar projects, rooftop installations, floating solar, and energy storage systems. It operates approximately 1,180 MWp of O&M portfolio and has developed 54.82 MWp of IPP assets, having commissioned 4.56 GWp of projects to date.

Market Position and Growth Drivers

As a subsidiary of Waaree Energies Limited, the company benefits from vertical integration within the group's renewable energy ecosystem. With 15 years of EPC experience and strong customer relationships, Waaree Renewable Technologies is well-positioned to capitalize on India's solar energy expansion, which targets 280 GW of solar capacity by 2030 from the current 106 GW.

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.