Mumbai: Waaree Energies Limited reported a 14.18 percent year-on-year decline in consolidated net profit to Rs 753.64 crore for the quarter ended September 30, 2026, compared with Rs 878.21 crore in the corresponding quarter last year.
Despite the decline in profitability, the solar energy company's revenue from operations increased 23.94 percent to Rs 7,517.74 crore from Rs 6,065.64 crore a year earlier, according to its stock exchange filing dated October 27.
Revenue Growth
The company's total income rose 23.10 percent to Rs 7,664.81 crore during Q2 FY27, compared with Rs 6,226.54 crore in Q2 FY26.
However, total expenses jumped 32.83 percent to Rs 6,635.06 crore from Rs 4,995.08 crore, putting pressure on profitability.
The cost of materials consumed increased to Rs 4,715.29 crore from Rs 3,198.96 crore in the year-ago quarter.
Profit before tax declined to Rs 1,029.75 crore from Rs 1,231.46 crore.
Sequential Performance
On a quarter-on-quarter basis, consolidated net profit fell 15.50 percent from Rs 891.87 crore reported in the April-June quarter.
Revenue from operations declined 5.22 percent from Rs 7,931.79 crore in Q1 FY27.
Total income also slipped from Rs 8,102.60 crore to Rs 7,664.81 crore.
Basic earnings per share stood at Rs 24.98, compared with Rs 29.33 in the corresponding quarter last year.
Half-Year Performance
For the six months ended September 30, 2026, Waaree Energies reported consolidated revenue from operations of Rs 15,449.53 crore, up 47.26 percent from Rs 10,491.47 crore in the corresponding period last year.
However, consolidated net profit declined marginally to Rs 1,645.51 crore from Rs 1,651.10 crore.
Total expenses for the first half increased to Rs 13,527.28 crore from Rs 8,648.90 crore.
Customs Investigation
The company disclosed that a US Customs and Border Protection investigation concerning the origin of components used in solar modules exported to the United States remains unresolved.
Waaree had recognised a provision of Rs 294.78 crore in the previous financial year. It said no further adjustments had been made pending the final outcome.
The group also recognised Rs 360.40 crore in other operating revenue during the half-year period relating to refunds of reciprocal duties.
Data Centre Acquisition
Separately, Waaree Energies approved the acquisition of 100 percent shareholding in Waaree Green Data Centers Private Limited, along with its two subsidiaries, from Waaree Renewable Technologies Limited.
The transaction involves cash consideration of Rs 1 lakh and is expected to be completed during FY27.
The company said it is evaluating opportunities in hyperscale, AI-ready and edge data centres.
Disclaimer: This report is based on unaudited financial results filed by the company and does not constitute investment advice.
