Waaree Renewable Technologies Ltd. Q2 FY26 Investor Update

Waaree Renewable Technologies Ltd. experienced a significant stock rally, gaining 14% on October 13, 2025, driven by exceptionally strong financial results for the September quarter (Q2 FY26). The company reported consolidated revenue of ₹774.7 crore, marking a substantial 47.7% year-on-year increase from ₹524.4 crore in Q2 FY25. Profit After Tax (PAT) demonstrated even more robust growth, climbing 117.4% to ₹116.3 crore from ₹53.5 crore in the corresponding period. Operational efficiency improved dramatically, with EBITDA more than doubling, increasing 120.6% to ₹157.9 crore from ₹71.6 crore. Consequently, the EBITDA margin expanded considerably to 20.4% from 13.6% a year ago. The company's future outlook remains positive, underscored by a robust unexecuted order pipeline of 3.48 GWp slated for execution over the next 12−15 months, complemented by a substantial bidding pipeline exceeding 27 GWp. Significant recent contract wins include a 1,218 MWp and a 29.4 MWp ground-mounted solar project. Strategically, the board has approved capital expenditure for new Independent Power Producer (IPP) solar plants, including 28 MWp across two locations in Maharashtra and a 37.5 MWp plant in Bikaner, Rajasthan. Performance for the first half of FY26 (H1 FY26) also highlights strong momentum: Revenue grew 81.1% YoY to ₹1,377.9 crore, and PAT surged 148.1% to ₹202.7 crore. EBITDA for H1 rose 149.1% to ₹275.5 crore, with the EBITDA margin expanding to 19.9%. The results demonstrate accelerating execution capability and enhanced profitability across the business.