Waaree Renewable Technologies: Strategic Expansion & Q3 FY26 Performance Update

Executive SummaryWaaree Renewable Technologies Ltd (WRTL) has announced a transformative strategic move to vertically integrate into the Power Transmission and Distribution (T&D) sector. This acquisition is supported by a record-breaking financial performance in Q3 FY26, where the company demonstrated triple-digit growth across Revenue, EBITDA, and PAT.1. Strategic Acquisition: Associated Power Structures Ltd (APS)The Board has approved the acquisition of a controlling stake in APS to diversify revenue streams and enhance infrastructure ***** Value & Stake: Acquisition of ~55% stake for an estimated consideration of ₹1,225 ***** Structure: Executed via a mix of primary capital infusion and secondary share purchase. Upon completion (subject to due diligence), APS will become a subsidiary of ***** Rationale:Diversification: Moves WRTL beyond its core Solar EPC business into the high-barrier Power T&D infrastructure ***** Leverages APS's established track record (since 1996) to capture the full value chain of renewable energy evacuation and grid connectivity.2. Q3 FY26 Financial Highlights (YoY)WRTL delivered its highest-ever quarterly revenue, signaling strong operational efficiency and project ***** ₹851.06 Cr ($\uparrow$ 136% vs. ₹360.35 Cr).EBITDA: ₹158.80 Cr ($\uparrow$ 121%), achieving an EBITDA Margin of 18.66%.Profit After Tax (PAT): ₹120.19 Cr ($\uparrow$ 125% vs. ₹53.48 Cr).PAT Margin: Maintained a healthy margin of >14%.3. 9M FY26 Cumulative GrowthThe company has outperformed its entire FY25 revenue within the first nine months of the current fiscal ***** ₹2,229.03 Cr ($\uparrow$ 99%).EBITDA: ₹434.28 Cr ($\uparrow$ 135%).PAT: ₹322.93 Cr ($\uparrow$ 139%).4. Market PerformanceClosing Price: ₹875 (as of Jan 23, 2026).YTD Performance: The stock has corrected by 9.6% year-to-date, potentially presenting a consolidation phase amidst strong fundamental growth.