Waaree Renewable Technologies Ltd. Share Price

Waaree Renewable guides EBITDA margins above 15%.

(WAAREERTL) expects to maintain consolidated EBITDA margins above 15 percent. Its unexecuted order book stands at over ₹5,500 crore, including ₹3,300 crore from solar EPC and BESS. Consolidated EBITDA margins are guided to stay above 15 percent. T&D segment margins, now at 9-10 percent, are expected to improve in coming quarters. The order book of over ₹5,500 crore should convert to revenue over the next three to four quarters. The update supports revenue visibility. Key numbers are the above 15 percent EBITDA margin guidance and the ₹5,500 crore unexecuted order book. These may support near-term interest in the stock. Peers such as Adani Green Energy, KPI Green Energy and Suzlon could face relative comparison on order books and margins. Risks include slower order conversion or margin pressure. Competitors listed: Adani Green Energy, KPI Green Energy, Suzlon. We have no financial interest in this news.

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Waaree Renewable Q2 FY27 – Profit Jumps 61%

Waaree Renewable Technologies Ltd (WAAREERTL) shares are in focus today after the company reported robust Q2 FY27 results and announced a major expansion in solar EPC and module manufacturing capacity. ☀️ Waaree Renewable Technologies Q2 FY27 Highlights Revenue: ₹1,185 crore (+42% YoY) Net Profit: ₹168 crore (+61% YoY) EBITDA Margin: 18.2% (vs 15.1% YoY) Order Book: ₹6,800 crore (record high) New Projects: 1.2 GW EPC contracts secured in Rajasthan and Gujarat ⚙️ Key Developments Capacity Expansion: Plans to increase solar module capacity to 12 GW by FY28. New manufacturing line for TOPCon and HJT panels commissioned at Surat. Green Hydrogen Initiative: Signed MoU with NTPC Green Energy for 50 MW pilot hydrogen project. Exploring electrolyzer manufacturing partnership with European firm. Subsidiary Update: Waaree Energies to merge with Waaree Renewable Technologies by FY27-end for operational synergy. 📈 Market Reaction Stock Price: ₹2,145 (+5.8%) intraday 52-Week Range: ₹1,120 – ₹2,220 Analyst Sentiment: Bullish; brokerages expect FY27 revenue to cross ₹4,500 crore. 🌍 Outlook Management targets 30% CAGR in revenue over next three years. Focus on utility-scale EPC, green hydrogen, and export markets. Expected to benefit from India’s solar PLI scheme and rising global demand for renewable infrastructure.

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Waaree Renewables profit falls 30% despite revenue growth

reported mixed Q2 FY27 results for the quarter ended September 2026. Revenue from operations increased 36.53% year on year to ₹1,057.84 crore, compared with ₹774.78 crore in the corresponding quarter last year. However, EBITDA grew just 1.29% to ₹159.98 crore, while net profit declined 29.98% to ₹81.48 crore from ₹116.36 crore. The contrasting performance indicates pressure on quarterly profitability despite strong revenue growth. For H1 FY27, revenue rose 43.84% to ₹1,982.09 crore and EBITDA increased 21.04% to ₹333.46 crore. H1 net profit edged down 1.14% to ₹200.44 crore. The company’s unexecuted order book exceeds ₹5,500 crore, providing future revenue visibility. Its growth pipeline includes solar projects exceeding 34.6 GWp, BESS opportunities exceeding 12.5 GWh and transmission and distribution bids worth over ₹21,900 crore. Management cited acquisition-related financing costs and differing margin profiles in new businesses as factors affecting near-term profitability. My View: Revenue growth and the large order book support the long-term outlook, but the sharp quarterly profit decline is a concern. The key question is whether margins recover as the company expands into energy storage and power infrastructure. Pipeline opportunities are not confirmed orders, so conversion and execution remain important. What to watch: Quarterly profit and EBITDA margin recovery, acquisition-related financing costs, conversion of the bidding pipeline into orders, execution of the ₹5,500 crore order book and BESS business development. Stance: WAAREERTL – NEGATIVE (6/10)

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Analyse Waaree Renewable Technologies Ltd

S — Strengths - High revenue growth: FY26 revenue increased 108.51% year-on-year. - Established solar EPC operations: Experience in delivering utility-scale solar projects. - Project visibility: A 2.83 GWp unexecuted order book at FY26 year-end. - Group association: Subsidiary of Waaree Energies Ltd., offering potential advantages in industry relationships and solar supply-chain access. W — Weaknesses - Execution dependence: Revenue recognition depends on completing projects and meeting contractual milestones. - Margin pressure: Q1 FY27 EBITDA margin declined year-on-year. - Working-capital exposure: Large EPC contracts can tie up cash in inventory, project costs and receivables. - Earnings volatility: The timing of project completions can make quarterly results uneven. These are key business-model risks to monitor, rather than proof that every issue is currently worsening. O — Opportunities - India's energy transition: Rising solar installations create demand for EPC contractors. - Large-scale projects: Utility solar parks and commercial and industrial solar installations can expand the addressable market. - Storage and hybrid solutions: Battery energy storage and solar-plus-storage projects could broaden the company's offerings. - New markets: Overseas expansion may create additional opportunities if contracts are commercially attractive. India's solar capacity additions and the company's stated storage ambitions support this opportunity thesis. T — Threats - Competition: Aggressive bidding can reduce project margins. - Grid and transmission delays: Completed solar assets may face delays in evacuation or commissioning. - Policy and tender risks: Changes in regulations, project approvals or tender economics can affect demand and execution. - Input-cost and supply risks: Module prices, equipment availability, labour and logistics affect project economics.

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Waaree Renewables adds ₹22 crore to solar project order

has received an enhanced scope for a 150 MWAC solar power project, increasing the order value by ₹22 crore. The additional scope expands the company’s existing project responsibilities and adds to its contracted business. The higher order value is positive for the company’s project pipeline and may support future revenue as the expanded work progresses. However, the announcement does not specify the revised total contract value, additional execution timeline or expected profit margin on the incremental scope. The actual financial benefit will depend on timely project execution, cost management and the conversion of the additional order value into revenue and profit. My View: The order enhancement is a positive business development because it increases the value of an existing solar project. The immediate share-price impact will depend on the size of the ₹22 crore addition relative to the company’s overall order book and financial performance. What to watch: Revised total project value, execution schedule, project margins and further solar project orders. Stance: WAAREERTL – POSITIVE (7/10)

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