Waaree Renewable Technologies Doubles FY26 Revenue To ₹3,331 Crore Amid Strong Solar EPC Growth

Mumbai: Waaree Renewable Technologies is riding the solar boom, delivering sharp financial growth and scaling execution as India accelerates its energy transition.

Revenue Growth Accelerates

The company reported revenue from operations of Rs. 3,331.42 crore in FY26, marking a 108.51 percent increase over the previous year. Quarterly performance was equally strong, with Q4FY26 revenue at Rs. 1,102.40 crore, up 131.31 percent year-on-year. This surge reflects higher execution of engineering, procurement, and construction (EPC) projects, supported by a growing pipeline and strong demand for solar infrastructure, as seen in the financial summary on page 26.

Profitability Improves Sharply

Profitability kept pace with revenue growth. EBITDA for FY26 stood at Rs. 641.10 crore, up 106.21 percent, while profit after tax rose 109.09 percent to Rs. 478.65 crore. EBITDA margins remained stable at 19.24 percent. In Q4FY26, profit after tax increased to Rs. 155.72 crore, highlighting sustained earnings momentum. The company’s return ratios, including return on equity of 68.93 percent and return on capital employed of 62.54 percent, indicate efficient capital deployment, as outlined on page 14.

Execution and Order Book Strength

Operationally, Waaree Renewable has built a strong execution track record. The company has commissioned 5.06 GWp of projects and currently has 2,832 MWp under execution, as detailed on page 16. It also secured multiple new orders during FY26, including projects of 420 MWp, 35 MWp, and 14 MWp in Q4 alone. This steady inflow of contracts continues to expand its unexecuted order book and revenue visibility.

Strategic Positioning Strengthens

The company benefits from its integration within the Waaree Group, which brings manufacturing scale, supply chain strength, and access to global markets. As highlighted on page 5, the group has a module capacity of around 26 GWp and exports to 25 countries. With capabilities spanning EPC, O&M services, inverters, and green hydrogen solutions, Waaree Renewable is positioning itself as a comprehensive renewable solutions provider aligned with India’s long-term clean energy targets.

Waaree Renewable Technologies’ FY26 performance underscores its rapid scaling, supported by strong execution, a growing order pipeline, and alignment with India’s expanding solar energy ambitions.

Disclaimer: This article is based solely on the contents of the company’s investor presentation and does not include independent verification or additional sources.