Waaree Renewab.Q1 FY27
Waaree Renewab. Q1 FY27 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Price: ₹874P/E: 17.9Market Cap: ₹9.1K CrSector: Electrical Equipment
Management growth scorecard
Revenue
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Margin
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Fundraise
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Order
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Capex
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0 of 0 growth signals are positive — mixed outlook.
Full analysisRevenue guidance
- →Waaree Renewable Technologies began FY 2027 strongly with Q1 revenue at INR 924.25 crores, a 53.23% year-on-year growth.
- →The company has a consolidated unexecuted order book of INR 5,300 crores providing healthy revenue visibility over the next 12-15 months.
- →Approximately INR 925 crores of the order book was executed in Q1 FY27.
- →Actively chasing a large bidding pipeline: around 27 GW domestically and 10-11 GW internationally in solar EPC, and around INR 20,000 crores in T&D order pipeline.
- →New orders are expected in upcoming quarters from existing and potential customers.
- →Plans to expand EPC capabilities, including building for data centers and BESS segments.
- →Continuous efforts to improve margins and operational efficiency are likely to support revenue growth.
- →No fixed guidance was given, but execution of existing and new orders indicates solid growth prospects for FY 2027 and beyond.
Margin guidance
- →Waaree Renewable Technologies reports a strong start to FY 2027 with 53.23% revenue growth and 37.7% PAT growth YoY (Page 4).
- →The consolidated unexecuted order book stands at INR 5,300 crores with execution visibility over 12-18 months, indicating steady revenue flow (Pages 4, 6).
- →Management expects ongoing margin improvement in the Associated Power Structures subsidiary, targeting EBITDA margins around 15% but remains cautious giving no firm margin guidance yet (Pages 6, 10).
- →Expansion into Transmission & Distribution (T&D) business, with a robust INR 20,000 crore pipeline, is expected to complement solar EPC and provide diversified revenue sources (Pages 6, 10).
- →Battery Energy Storage System (BESS) segment growing with a current order book of around INR 200 crores and increasing industry demand, supporting long-term growth (Pages 9, 15).
- →No explicit EPS guidance given yet, but operational efficiency, diversification, and strong order pipeline imply positive growth prospects.
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Fundraise plans
- The acquisition of a 55% stake in Associated Power was funded with approximately 75% debt, indicating current use of leverage for expansion.
- There was mention of allied costs related to the fund raise for this acquisition but no explicit mention of any new fundraising plans through debt or equity going forward.
- Management indicated opportunities for margin improvement and business expansion but did not provide details on fresh fundraising.
- No specific guidance or plan on new debt or equity issuance was discussed during the call for the near future.
- The company intends to focus on improving margins and leveraging existing financial structuring rather than immediate new fundraising.
Overall, as of the July 2026 call, Waaree Renewable Technologies did not announce any new or upcoming equity or debt fundraising beyond the debt taken for the recent acquisition.
Order book
- →Waaree Renewable Technologies has an unexecuted order book of approximately INR 5,300 crores as of July 2026, spanning solar EPC and T&D businesses.
- →Out of this, around INR 925 crores revenue has been achieved in the current quarter.
- →The remaining INR 5,300 crores is expected to be executed over the next 12 to 15 months.
- →Standalone solar EPC order book stands at around 2.4 GW, with an additional INR 200 crores from BESS EPC orders.
- →The company is actively chasing a large order pipeline: ~27 GW domestic and ~10-11 GW international for solar EPC and INR 20,000 crores pipeline in T&D.
- →New orders are expected to flow in the upcoming quarters, supporting continued execution beyond the current order book.
- →BESS orders include a combined 300 MW power capacity and 1,520 MWh storage capacity.
Capex plans
- Waaree Renewable Technologies acquired a 55% stake in Associated Power Structures Private Limited (APSPL), marking a strategic entry into the transmission and distribution (T&D) segment to complement its renewable EPC business.
- The acquisition was financed with approximately 75% debt.
- The company is actively building capabilities and taking on board people to develop an EPC stream for data centers, indicating strategic investment in new business areas.
- There is ongoing investment in setting up IPP (Independent Power Producer) projects totaling around 198 MW pipeline, involving small-scale projects to create regular revenue streams.
- The company is pursuing a large pipeline in T&D with an order pipeline of INR 20,000 crores and expanding execution capabilities in this capital-intensive segment.
- Future investments are likely to focus on capacity ramp-ups in the galvanization plant (APSPL) and improving operational efficiencies across subsidiaries.
No explicit standalone capital expenditure guidance was provided.
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