Waaree Renewable Technologies LimitedQ2 FY27 Results & Financial Update
Waaree Renewable Technologies Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,057.84 Cr, PAT ₹81.48 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Waaree Renewable Technologies Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Waaree Renewable Technologies Limited reported consolidated revenue from operations of Rs. 1,057.84 crore for Q2 FY27, representing a top-line expansion of 36.53% year-on-year compared to Rs. 774.78 crore in Q2 FY26 and a 14.45% sequential increase over Rs. 924.25 crore in Q1 FY27.
Despite robust top-line growth driven by project portfolio execution and the inclusion of newly acquired transmission businesses, profitability metrics experienced a contraction. Consolidated profit after tax (PAT) stood at Rs. 81.48 crore for Q2 FY27, down 29.98% compared to Rs. 116.36 crore in Q2 FY26 and 31.52% lower than Rs. 118.96 crore in Q1 FY27.
The profit compression relative to revenue expansion reflects higher financing expenses and depreciation charges associated with recent corporate acquisitions and capital investments, alongside shifts in segment margin profiles following the integration of Associated Power Structures Private Limited (APSPL).
Segment reporting highlights significant structural expansion, with EPC contracts for transmission and distribution contributing Rs. 606.13 crore in revenue during Q2 FY27, compared to zero in the year-ago period, following the effective acquisition of APSPL on June 18, 2026. Conversely, solar power plant EPC revenue moderated to Rs. 444.98 crore from Rs. 769.19 crore a year earlier.
The company's unexecuted consolidated order book remained robust at over Rs. 5,500 crore as of September 30, 2026, providing multi-quarter revenue visibility across solar, transmission, and emerging storage verticals.
Management highlighted that ongoing macroeconomic and regulatory tailwinds, including the government's Green Energy Corridor Phase-III and PM Surya Sarovar Yojana initiatives, continue to expand addressable bidding pipelines across solar, BESS, and T&D infrastructure.
01 · Business model
What does Waaree Renewable Technologies do?
Waaree Renewable Technologies Limited (WRTL) operates as the renewable engineering, procurement, and construction (EPC) arm of the Waaree Group, specializing in solar power plant execution, independent power generation, and power transmission and distribution (T&D) infrastructure.
The company provides clean energy solutions to individual, commercial, and industrial (C&I) clients by designing, financing, constructing, owning, and operating both on-site solar installations (rooftop and ground-mounted) and off-site solar farms through open-access channels.
Headquartered in Mumbai, the company has broadened its addressable footprint beyond traditional solar EPC into adjacent infrastructure verticals, including transmission and distribution networks, battery energy storage systems (BESS), and data center infrastructure.
WRTL's commercial model combines project-based EPC contract revenues with recurring power sales from owned solar utility assets, positioning itself across multiple segments of the evolving clean energy value chain.
02 · Historical context
What shaped the business before this quarter
On January 26, 2026, the Board approved the acquisition of a 55% equity stake in Associated Power Structures Private Limited (APSPL), an infrastructure entity engaged in power transmission and distribution, for a total consideration of Rs. 1,22,500 lakh.
The acquisition of APSPL was formally completed on June 18, 2026, making it a subsidiary of the company from that date and introducing transmission and distribution segment revenues into consolidated financial results starting in Q1 FY27.
The parent company previously instituted the Employees Stock Option Plan (ESOP) 2022, approved by shareholders and the Nomination and Remuneration Committee, resulting in ongoing quarterly charges under employee benefits in accordance with Ind AS 102.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,057.84 Cr | ₹774.78 Cr | ₹924.25 Cr |
| Total income | ₹1,067.02 Cr | ₹779.21 Cr | ₹929.53 Cr |
| EBITDA | ₹159.98 Cr | ₹157.95 Cr | ₹157.95 Cr |
| Profit before tax | ₹105.36 Cr | ₹156.58 Cr | ₹163.39 Cr |
| Profit after tax | ₹81.48 Cr | ₹116.36 Cr | ₹118.98 Cr |
| EPS | ₹7.07 | ₹11.16 | ₹11.11 |
| EBITDA margin | 15.12% | 20.39% | 20.39% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
EPC contracts in transmission and distribution contributed Rs. 606.13 crore in revenue during Q2 FY27, establishing a major new revenue stream following the post-acquisition integration of APSPL.
Solar power plant EPC contracts generated Rs. 444.98 crore in revenue during the quarter, reflecting project execution pace across commercial and industrial customer portfolios.
Recurring power sales from owned independent power producer (IPP) assets contributed Rs. 6.73 crore in Q2 FY27, compared to Rs. 5.59 crore in Q2 FY26 and Rs. 8.05 crore in Q1 FY27.
What drove margins
Finance costs escalated to Rs. 36.83 crore in Q2 FY27 from Rs. 3.62 crore in Q2 FY26 and Rs. 9.59 crore in Q1 FY27, reflecting acquisition-related borrowings and funding costs.
Depreciation and amortization expenses rose to Rs. 26.97 crore in Q2 FY27 compared to Rs. 2.18 crore in Q2 FY26, driven by higher asset capitalization from business combinations and property, plant, and equipment additions.
Segment results before unallocable items and finance costs stood at Rs. 101.71 crore for solar power plants, Rs. 2.45 crore for power sales, and Rs. 28.86 crore for transmission and distribution EPC contracts.
EBITDA margin contracted to 15.12% in Q2 FY27 from 20.39% in Q2 FY26 and Q1 FY27, influenced by the differing margin profile of newly consolidated transmission and distribution operations.
05 · Demand, customers & order book
Where demand is coming from
The company reported a consolidated unexecuted order book exceeding Rs. 5,500 crore as of September 30, 2026.
Management noted a strong active bidding pipeline comprising over 34.6 GWp for solar projects, 12.5 GWh+ for battery energy storage systems (BESS), and over Rs. 21.9k crore for transmission and distribution (T&D).
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Reported revenue of Rs. 444.98 crore and segment results of Rs. 101.71 crore for Q2 FY27, with segment assets standing at Rs. 1,414.59 crore.
Generated revenue of Rs. 6.73 crore and segment results of Rs. 2.45 crore for Q2 FY27, with segment assets at Rs. 532.94 crore.
Contributed revenue of Rs. 606.13 crore and segment results of Rs. 28.86 crore for Q2 FY27, backed by segment assets of Rs. 2,315.61 crore.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The Board of Directors approved a capital expenditure plan on October 19, 2026, to establish a 35 MWp / 25 MWac IPP solar plant at Wardha, Maharashtra.
Projects, capex and execution
Property, plant, and equipment increased to Rs. 549.76 crore as of September 30, 2026, up from Rs. 187.64 crore as of March 31, 2026, reflecting ongoing asset additions and subsidiary consolidations.
08 · Strategy & new businesses
How the company is trying to change its growth mix
WRTL continued expanding its capabilities across adjacent segments, including power transmission and distribution via APSPL, alongside active pursuit of EPC opportunities in Battery Energy Storage Systems (BESS) and data center infrastructure.
09 · Reported developments
What changed operationally
Delivered a 36.53% year-on-year increase in operating revenue to Rs. 1,057.84 crore for Q2 FY27.
Maintained a healthy unexecuted consolidated order book of over Rs. 5,500 crore, ensuring strong forward revenue visibility.
10 · Pressure points & risks
What is not going smoothly
Consolidated net profit after tax declined by 29.98% year-on-year to Rs. 81.48 crore for Q2 FY27, pressured by higher financing costs and depreciation.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash outflow from operating activities for the six months ended September 30, 2026, stood at Rs. 16.27 crore, compared to an inflow of Rs. 83.75 crore in the corresponding period of the previous year, impacted by tax payments of Rs. 105.76 crore and working capital changes.
Net cash used in investing activities for H1 FY27 was Rs. 711.54 crore, driven primarily by the acquisition of subsidiaries (net of cash) amounting to Rs. 829.02 crore and property, plant, and equipment purchases of Rs. 60.60 crore, offset by redemption in bank deposits of Rs. 246.89 crore.
Net cash generated from financing activities in H1 FY27 was Rs. 766.39 crore, supported by net proceeds from borrowings of Rs. 846.78 crore, net of interest and lease liability payments.
Capital allocation & funding
Non-current borrowings increased to Rs. 828.25 crore as of September 30, 2026, from Rs. 18.48 crore as of March 31, 2026. Current borrowings stood at Rs. 584.74 crore compared to Rs. 63.19 crore at the end of the previous fiscal year, largely reflecting funding for business acquisitions and operational expansion.
12 · Beyond the numbers
What changed beyond the numbers
Reported update
Macro Policy Tailwinds
Management highlighted government policy support including Green Energy Corridor Phase-III (targeting evacuation of up to 135 GW of renewable energy and 50 GWh of BESS by FY2032-33) and the Pradhan Mantri Surya Sarovar Yojana (planning 5 GWh of floating solar) as key drivers expanding future market opportunities.
13 · Previous-quarter changes
What changed since the previous quarter
Revenue from operations increased by 14.45% sequentially from Rs. 924.25 crore in Q1 FY27 to Rs. 1,057.84 crore in Q2 FY27.
Net profit after tax decreased by 31.52% sequentially from Rs. 118.96 crore in Q1 FY27 to Rs. 81.48 crore in Q2 FY27, alongside an increase in quarterly finance costs to Rs. 36.83 crore from Rs. 9.59 crore.
14 · Key Q&A
The quarter, answered directly
What does Waaree Renewable Technologies do?
Waaree Renewable Technologies Limited (WRTL) operates as the renewable engineering, procurement, and construction (EPC) arm of the Waaree Group, specializing in solar power plant execution, independent power generation, and power transmission and distribution (T&D) infrastructure.
What is the clearest takeaway from Q2 FY27?
Waaree Renewable Technologies Limited reported consolidated revenue from operations of Rs. 1,057.84 crore for Q2 FY27, representing a top-line expansion of 36.53% year-on-year compared to Rs. 774.78 crore in Q2 FY26 and a 14.45% sequential increase over Rs. 924.25 crore in Q1 FY27.
What drove revenue or demand?
EPC contracts in transmission and distribution contributed Rs. 606.13 crore in revenue during Q2 FY27, establishing a major new revenue stream following the post-acquisition integration of APSPL.
What mattered most for margins or profitability?
Finance costs escalated to Rs. 36.83 crore in Q2 FY27 from Rs. 3.62 crore in Q2 FY26 and Rs. 9.59 crore in Q1 FY27, reflecting acquisition-related borrowings and funding costs.
What changed operationally beyond the headline numbers?
The Board of Directors approved a capital expenditure plan on October 19, 2026, to establish a 35 MWp / 25 MWac IPP solar plant at Wardha, Maharashtra.
What are the main pressure points disclosed for the quarter?
Consolidated net profit after tax declined by 29.98% year-on-year to Rs. 81.48 crore for Q2 FY27, pressured by higher financing costs and depreciation.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Execution of Wardha IPP Project: Progress on the newly approved 35 MWp / 25 MWac IPP solar plant at Wardha, Maharashtra.
- 02
Integration of APSPL: Performance and margin contributions from the transmission and distribution segment following the APSPL acquisition.
- 03
Order Book Conversion: Execution pace and conversion rates of the Rs. 5,500+ crore unexecuted order book into recognized operating revenue.
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