Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately 2.8 gigawatts, to be executed over the next 12-15 months. Order book has declined from 3.2 GW to 2.8 GW year-on-year (March vs. March). Despite execution of over 2.7 GW in the last year, the order inflow remains robust with a pipeline of about 36 GW (23 GW domestic and ~12 GW international). The company is actively engaged in bilateral discussions and tender opportunities, selectively bidding based on margin and risk-reward criteria. New orders of around 2.3 GW to 2.4 GW were received in the last financial years, showing a slight 5% decrease primarily

Any current/future new fundraising through debt or equity?

As of now, the company is funding its IPP projects internally through internal accruals and has not tied up any kind of debt for these projects. There is no specific mention of current or planned new fundraising through debt or equity in the provided transcript. The company focuses on funding capex through internal sources for projects like the 227 megawatt IPP under construction. No clarity was provided on future fundraising plans or any debt arrangements for the announced projects. Group-level capex plans exist, but it is unclear how they will impact Waaree Renewable Technologies directly in

Any current/future capex/capital investment/strategic investment?

Current IPP capacity is around 54 MW operational, generating INR 26 crores revenue for FY26. Additional 227 MW IPP projects are under construction, funded through internal accruals with no debt tied up yet. Capex for solar capacity installation is roughly INR 3 to 3.5 crores per megawatt peak. The company plans smaller-size IPP projects to generate steady long-term revenue but will remain primarily focused on EPC business. No clarity yet if future power infrastructure assets will be housed under Waaree Renewable Technologies or other group companies. Group-level power infrastructure capex is a

Future growth expectations in sales/revenue/volumes?

Waaree Renewable Technologies expects continued growth supported by strong industry momentum and government renewable push. The company completed 2,727 MW in FY26 (highest ever) with an unexecuted order book of 2.83 GW, providing strong revenue visibility. A pipeline of ~36 GW (23 GW domestic, 12 GW international) is being pursued, indicating potential future order inflows. Despite a slight order book decline from 3.2 GW to 2.8 GW YoY, order inflows remain steady (~2.3 GW in FY26), showing consistent demand. Expansion into Battery Energy Storage Systems (BESS) is underway, with revenues expect

Future growth expectations in earnings/operating earnings/profits/EPS?

Order book of 2.8 GW provides strong revenue visibility; additional orders expected in coming quarters enhancing execution volume. Revenues expected to grow with ongoing and new order inflows, driven by government renewable energy push. EBITDA margins targeted around 15%, with historical delivery often exceeding 19%, showing operational efficiency. Recurring revenues from O&M portfolio (1.18 GW) to support steady cash flows. Expansion into Battery Energy Storage System (BESS) EPC segment anticipated to open new revenue streams within FY26. IPP capacity increasing from 54 MW operational to over

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Waaree Renewable Technologies LtdQ1 FY26Electrical Equipment

Waaree Renewable Technologies Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹954P/E: 22.2Market Cap: ₹10.6K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

N/A

Order

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Waaree Renewable Technologies expects continued growth supported by strong industry momentum and government renewable push.
→The company completed 2,727 MW in FY26 (highest ever) with an unexecuted order book of 2.83 GW, providing strong revenue visibility.
→A pipeline of ~36 GW (23 GW domestic, 12 GW international) is being pursued, indicating potential future order inflows.
→Despite a slight order book decline from 3.2 GW to 2.8 GW YoY, order inflows remain steady (~2.3 GW in FY26), showing consistent demand.
→Expansion into Battery Energy Storage Systems (BESS) is underway, with revenues expected to start in the current financial year, opening new growth avenues.
→Order pipeline growth and stable O&M portfolio (1.18 GW) support recurring revenues and sustainable growth.
→Execution efficiency and operational discipline are key to converting order pipeline into revenue over next 12-15 months.

Margin guidance

Category 3

→Order book of 2.8 GW provides strong revenue visibility; additional orders expected in coming quarters enhancing execution volume.
→Revenues expected to grow with ongoing and new order inflows, driven by government renewable energy push.
→EBITDA margins targeted around 15%, with historical delivery often exceeding 19%, showing operational efficiency.
→Recurring revenues from O&M portfolio (1.18 GW) to support steady cash flows.
→Expansion into Battery Energy Storage System (BESS) EPC segment anticipated to open new revenue streams within FY26.
→IPP capacity increasing from 54 MW operational to over 280 MW under construction; funded through internal accruals, contributing sustainable revenue.
→Working capital and trade receivables expected to normalize post current expansions.
→Overall earnings and PAT projected to maintain strong growth aligned with scale-up and efficient execution in renewable projects.

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Fundraise plans

→As of now, the company is funding its IPP projects internally through internal accruals and has not tied up any kind of debt for these projects.
→There is no specific mention of current or planned new fundraising through debt or equity in the provided transcript.
→The company focuses on funding capex through internal sources for projects like the 227 megawatt IPP under construction.
→No clarity was provided on future fundraising plans or any debt arrangements for the announced projects.
→Group-level capex plans exist, but it is unclear how they will impact Waaree Renewable Technologies directly in terms of funding sources.

Order book

→Current order book stands at approximately 2.8 gigawatts, to be executed over the next 12-15 months.
→Order book has declined from 3.2 GW to 2.8 GW year-on-year (March vs. March).
→Despite execution of over 2.7 GW in the last year, the order inflow remains robust with a pipeline of about 36 GW (23 GW domestic and ~12 GW international).
→The company is actively engaged in bilateral discussions and tender opportunities, selectively bidding based on margin and risk-reward criteria.
→New orders of around 2.3 GW to 2.4 GW were received in the last financial years, showing a slight 5% decrease primarily due to competition and market dynamics.
→Execution of current order book plus anticipated new orders in FY27 is expected to drive revenue and maintain order pipeline health.

Capex plans

Yes

→Current IPP capacity is around 54 MW operational, generating INR 26 crores revenue for FY26.
→Additional 227 MW IPP projects are under construction, funded through internal accruals with no debt tied up yet.
→Capex for solar capacity installation is roughly INR 3 to 3.5 crores per megawatt peak.
→The company plans smaller-size IPP projects to generate steady long-term revenue but will remain primarily focused on EPC business.
→No clarity yet if future power infrastructure assets will be housed under Waaree Renewable Technologies or other group companies.
→Group-level power infrastructure capex is about INR 2,250 crores, but Waaree's capex plans are separate and smaller in scale.
→BESS projects are expected to open a new revenue stream in the current financial year with ongoing execution of smaller projects.

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