Waaree Renewable Technologies Ltd
Waaree Renewable Technologies Q3 FY26 earnings call: Revenue & Margins
Q3 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Revenue growth has been robust, with INR1,597 crores in March 2025 increasing to over INR2,200 crores recently, indicating strong upward momentum. Over the past 9 months, EBITDA margin improved by ~300 bps, from 16.46% to 19.48%, with an effort to maintain around 15% going forward.
From Waaree Renewable Technologies Ltd's Q3 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Revenue growth has been robust, with INR1,597 crores in March 2025 increasing to over INR2,200 crores recently, indicating strong upward momentum.
- Execution capacity supports consistent order fulfillment, with a current unexecuted order book of about 2.9 GW, expected to be executed over 12-15 months.
- A large bid pipeline of 29 GW represents significant future revenue visibility, with aggressive bid follow-up ongoing.
- Growth will be supported by expansion into BESS EPC alongside core solar EPC services.
- IPP segment is growing steadily, with 120 MW IPP projects planned, funded by internal cash flows and potential debt if required.
- O&M revenues will grow alongside rising completed solar projects, supporting a diversified revenue base.
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Profitability & Margins
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Capital Expenditure Plans
- Waaree Renewable Technologies is actively expanding into the IPP (Independent Power Producer) segment with a portfolio of 120 MW IPP projects announced, expected to add in the next financial year.
- Approximate capex for these IPP projects is around INR 3.5 crores per MW, depending on the location.
- Future IPP projects are funded through cash flow, unencumbered cash balances, and potentially term loans if required.
- The company is also investing in Battery Energy Storage System (BESS) EPC opportunities, with current execution of around 45 MWh BESS order.
- BESS is seen as a growth area aligned with solar projects to support grid stability and meet compliance, with expectations of increased inquiries converting into firm orders.
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Fundraising & Capital Structure
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Order Book & Pipeline
- Current order book stands at around 2.9 gigawatts, which includes mostly EPC orders and some turnkey orders with modules.
- Execution timeline for this order book is approximately 12 to 15 months.
- Order book decreased slightly from about 3.2 gigawatts due to order adjustments, but steady inflow compensates.
- Over the last 9 months, the executed order value has been replenished by new orders, indicating no slowdown.
- There is an active pipeline of around 29 gigawatts, including government and private tenders, domestic and international.
- The pipeline includes about 5 to 6 gigawatts of live tenders and some BESS-related orders.
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Waaree Renewable Technologies Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q2 FY27): revenue ₹452 Cr, net profit ₹68 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Waaree Renewab.'s management said in earlier quarters
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Frequently Asked Questions
What were Waaree Renewable Technologies Ltd Q3 FY26 results?
Revenue growth has been robust, with INR1,597 crores in March 2025 increasing to over INR2,200 crores recently, indicating strong upward momentum. Over the past 9 months, EBITDA margin improved by ~300 bps, from 16.46% to 19.48%, with an effort to maintain around 15% going forward.
What is Waaree Renewable Technologies Ltd share price analysis?
Waaree Renewable Technologies Ltd currently shows a neutral. The stock trades at a P/E of 17.1 with a market cap of ₹8,738 Cr. Investors should review the full earnings analysis for detailed insights.
Is Waaree Renewable Technologies Ltd planning capital expenditure?
Waaree Renewable Technologies is actively expanding into the IPP (Independent Power Producer) segment with a portfolio of 120 MW IPP projects announced, expected to add in the next financial year.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.