India-based Waaree Renewable Technologies reported a 207% YoY surge in net profit for Q1 FY26, pushing its share price up 5% on July 18. Driven by robust EPC contract performance and operational efficiency, the company also highlighted a strong project pipeline and expansion into Battery Energy Storage Systems (BESS).
Waaree Renewable Technologies Ltd, a key player in India’s solar EPC market and a subsidiary of the Waaree Group, posted a stellar financial performance for Q1 FY26, sending its share price soaring by 5% to ₹1,240 on July 18. The surge came on the heels of a 207% year-on-year (YoY) increase in net profit, reaching ₹86 crore compared to ₹28 crore in the same quarter last year.
The company also reported a significant rise in revenue from operations, up 155% YoY to ₹603 crore, driven primarily by the growth of its Engineering, Procurement and Construction (EPC) segment. The EPC division contributed ₹594.3 crore to total revenue, a sharp rise from ₹228 crore in Q1 FY25. Power sales also expanded substantially, touching ₹9 crore, up from ₹2.3 crore a year earlier.
From a profitability standpoint, the company reported an EBITDA of ₹117.54 crore, nearly tripling from ₹41 crore in the corresponding quarter last year. Importantly, the EBITDA margin improved to 19.5% from 17.4%, reflecting enhanced operational efficiency amid project scale-up and margin optimization efforts.
The firm’s growth trajectory is further reinforced by a robust unexecuted order book of 3.15 gigawatt-peak (GWp), which is expected to be delivered over the next 12–15 months. A strong bidding pipeline of over 25 GWp, along with recent project wins—including a 435 MWp and a 131.6 MWp ground-mounted solar project—signals continued momentum.
Commenting on the results, Mr. Manmohan Sharma, CFO of Waaree Renewable Technologies, emphasized the company’s strategic diversification into Battery Energy Storage System (BESS) EPC projects. “With a strong order book of 3.15 GWp in Solar EPC and 40 MWh in BESS EPC, we are well-equipped to deliver next-generation, large-scale integrated energy projects,” he noted.
As India continues its aggressive push towards renewable energy adoption, Waaree Renewable’s integrated capabilities in solar and storage solutions position it favorably in the country’s evolving energy landscape. The market’s bullish response reflects growing investor confidence in the company’s execution strength, financial prudence, and long-term sustainability goals.
