Waaree Renewable Technologies LimitedQ1 FY27 Results & Financial Update
Waaree Renewable Technologies Limited: Q1 FY27 consolidated results and company financials – revenue ₹924.25 Cr, PAT ₹118.98 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 Q1 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 INR 924.25 crore for the quarter ended June 30, 2026, alongside total income of INR 929.53 crore.
Consolidated profit before tax stood at INR 163.39 crore for the first quarter of fiscal 2027, with total tax expenses amounting to INR 44.41 crore, comprising current tax of INR 40.75 crore and deferred tax of INR 3.67 crore.
Consolidated net profit for the period reached INR 118.98 crore, out of which INR 115.90 crore is attributable to owners of the parent and INR 30.76 crore is attributable to non-controlling interests.
Basic and diluted earnings per share for the quarter were recorded at INR 11.11 and INR 11.09 respectively, on an equity share capital base with a face value of INR 2 per share.
During the quarter, the company completed the acquisition of a 55% equity stake in Associated Power Structures Private Limited (APSPL) effective June 18, 2026, expanding its operational scope into power transmission and distribution infrastructure.
The financial results for the quarter incorporate the operational performance of APSPL from the effective acquisition date of June 18, 2026, leading to structural additions in consolidated assets, liabilities, and segment revenues.
Total expenses for the quarter were reported at INR 766.13 crore, driven principally by the cost of EPC contracts amounting to INR 705.73 crore and inventory adjustments of INR 13.89 crore.
01 · Business model
What does Waaree Renewable Technologies do?
Waaree Renewable Technologies Limited operates primarily as a renewable energy solutions provider, specialising in engineering, procurement, and construction (EPC) services for solar power plants and power infrastructure projects.
The company generates its primary revenue through utility-scale EPC contracts for solar power installations, power generation and sales from its operating assets, and newly incorporated transmission and distribution infrastructure operations.
As a subsidiary of Waaree Energies Limited, the company is positioned within the domestic and international solar ecosystem, undertaking turnkey execution of renewable generation facilities and grid-connected infrastructure.
The operational model spans project conceptualization, procurement of solar modules and balance-of-system components, engineering design, construction execution, and long-term asset management.
02 · Historical context
What shaped the business before this quarter
Previously on January 26, 2026, the Board of Directors approved the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL) for a total consideration of INR 1,22,500 lakh through primary and secondary transactions.
On June 18, 2026, the company officially completed the acquisition of APSPL equity shares, transitioning the entity into a subsidiary and extending the company's operational capabilities into the power transmission and distribution infrastructure sector.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹924.25 Cr |
| Total income | ₹929.53 Cr |
| Profit before tax | ₹163.39 Cr |
| Profit after tax | ₹118.98 Cr |
| EPS | ₹11.11 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Generated segment revenue of INR 80,338.90 lakh (INR 803.39 crore) during the quarter ended June 30, 2026.
Contributed segment revenue of INR 805.00 lakh (INR 8.05 crore) from power generation operations during the quarter.
Contributed segment revenue of INR 11,281.16 lakh (INR 112.81 crore) following the consolidation of subsidiary APSPL effective June 18, 2026.
Other income for the quarter stood at INR 527.46 lakh (INR 5.27 crore).
What drove margins
Material procurement and execution costs for EPC operations stood at INR 70,572.97 lakh, forming the largest share of total quarterly expenses.
Finance costs increased to INR 958.62 lakh for the quarter, reflecting borrowings and financing activities associated with expanded operations and project execution.
Depreciation and amortisation expenses were recorded at INR 578.18 lakh for the quarter.
Employee benefit expenses totalled INR 1,604.45 lakh, which includes an ESOP charge of INR 11.50 lakh for the quarter under the Employee Stock Option Plan 2022.
05 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Reported segment revenue of INR 80,338.90 lakh and segment results of INR 15,228.82 lakh, with segment assets at INR 1,50,148.74 lakh and liabilities at INR 1,16,405.75 lakh.
Reported segment revenue of INR 805.00 lakh and segment results of INR 498.99 lakh, with segment assets of INR 48,551.68 lakh and liabilities of INR 8,599.61 lakh.
Reported segment revenue of INR 11,281.16 lakh and segment results of INR 1,042.43 lakh for the period from June 18, 2026, to June 30, 2026, backed by segment assets of INR 2,41,057.90 lakh and liabilities of INR 1,02,019.25 lakh.
06 · Strategy & new businesses
How the company is trying to change its growth mix
Completed the acquisition of 55% equity share capital in APSPL on June 18, 2026, for a total consideration of INR 1,22,500 lakh through primary and secondary transactions, establishing presence in the power transmission and distribution infrastructure sector.
Consolidated financial results incorporate new subsidiaries including Waasang Solar One Private Limited, Sunsational Power Private Limited, Sunsational Solar Private Limited, Sunsantional Energy Private Limited, and APSPL along with its subsidiary and joint venture (JV of APSPL-CEC).
07 · Reported developments
What changed operationally
Delivered a consolidated net profit after tax of INR 118.98 crore for Q1 FY27, supported by robust execution across solar EPC and newly integrated transmission segments.
Successfully integrated APSPL into the consolidated corporate structure, immediately contributing INR 112.81 crore in operating revenue and expanding addressable market opportunities in power transmission infrastructure.
08 · Beyond the numbers
What changed beyond the numbers
Reported update
ESOP Charge Allocation
The company recognized an ESOP charge of INR 11.50 lakh during the quarter ended June 30, 2026, under employee benefits expense pursuant to Ind AS 102 for options granted under ESOP 2022.
Reported update
Provisional Purchase Consideration Allocation
In accordance with Ind AS 103, the purchase consideration for the acquisition of APSPL has been allocated on a provisional basis, pending the final determination of fair values for acquired assets and liabilities.
09 · Key Q&A
The quarter, answered directly
What does Waaree Renewable Technologies do?
Waaree Renewable Technologies Limited operates primarily as a renewable energy solutions provider, specialising in engineering, procurement, and construction (EPC) services for solar power plants and power infrastructure projects.
What is the clearest takeaway from Q1 FY27?
Waaree Renewable Technologies Limited reported consolidated revenue from operations of INR 924.25 crore for the quarter ended June 30, 2026, alongside total income of INR 929.53 crore.
What drove revenue or demand?
Generated segment revenue of INR 80,338.90 lakh (INR 803.39 crore) during the quarter ended June 30, 2026.
What mattered most for margins or profitability?
Material procurement and execution costs for EPC operations stood at INR 70,572.97 lakh, forming the largest share of total quarterly expenses.
What changed operationally beyond the headline numbers?
Completed the acquisition of 55% equity share capital in APSPL on June 18, 2026, for a total consideration of INR 1,22,500 lakh through primary and secondary transactions, establishing presence in the power transmission and distribution infrastructure sector.
What should the next disclosure help confirm?
Monitor subsequent disclosures regarding the final fair valuation of assets and liabilities acquired under the APSPL business combination as required by Ind AS 103.
10 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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11 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Finalisation of Purchase Price Allocation: Monitor subsequent disclosures regarding the final fair valuation of assets and liabilities acquired under the APSPL business combination as required by Ind AS 103.
- 02
Transmission Segment Scaling: Track revenue and margin contributions from the newly formed EPC Contracts - Transmission and Distribution segment following its full-quarter inclusion in subsequent reporting periods.
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