Waaree Renewable Technologies Limited, the EPC arm of the Waaree Group, has announced robust unaudited financial results for the third quarter and nine months ended December 31, 2025, reflecting strong execution capabilities, rising demand for solar infrastructure, and expanding opportunities across India’s renewable energy ecosystem.
The company continues to strengthen its leadership position in the solar EPC segment, while also scaling its presence in Battery Energy Storage Systems (BESS) and data centre infrastructure, aligning with the evolving needs of India’s energy transition.
Strong Q3 FY26 Performance Driven by Execution Excellence
During Q3 FY26, Waaree Renewable Technologies reported revenue of ₹851.06 crore, registering a sharp year-on-year growth of 136.18%, compared to ₹360.35 crore in Q3 FY25. The strong topline performance highlights the company’s ability to execute large-scale projects efficiently amid a rapidly expanding solar market.
Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter stood at ₹158.80 crore, up 120.79% from ₹71.92 crore in the corresponding quarter last year. The company maintained healthy operating margins, supported by disciplined cost management and operational efficiencies.
Profit after tax (PAT) for Q3 FY26 increased to ₹120.19 crore, compared to ₹53.48 crore in Q3 FY25, representing a 124.74% year-on-year growth. The sharp improvement in profitability reflects scale benefits, improved execution cycles, and a resilient operating model.
Nine-Month Results Surpass Full-Year FY25 Performance
For the nine months ended December 31, 2025, Waaree Renewable Technologies delivered an impressive financial performance, with revenue of ₹2,229.03 crore, nearly doubling from ₹1,121.17 crore in 9M FY25 and recording 98.81% year-on-year growth. Notably, the company’s nine-month revenue has already surpassed its full-year FY25 performance, underscoring sustained demand momentum.
EBITDA for the nine-month period rose sharply to ₹434.28 crore, compared to ₹184.57 crore in the previous year, reflecting a 135.29% increase. EBITDA margins remained strong at 19.48%, highlighting the company’s focus on profitable growth.
PAT for 9M FY26 stood at ₹322.93 crore, marking a 138.92% increase over ₹135.16 crore recorded in the same period last year.
Robust Order Book and Strong Growth Visibility
Waaree Renewable Technologies continues to enjoy strong visibility for future growth, supported by a healthy unexecuted EPC order book of 2.92 GWp, scheduled for execution over the next 12–15 months. In addition, the company’s bidding pipeline stands at approximately 29 GWp, reflecting sustained opportunities across utility-scale solar projects.
During Q3 FY26, the company secured new EPC orders, including a 217.5 MWp and a 39.8 MWp ground-mounted solar power project, further strengthening its execution pipeline. The board has also approved a capital expenditure plan for setting up a 120 MWp solar power park in Buldhana, Maharashtra, signalling continued investment in asset development.
Management Commentary and Sector Outlook
Commenting on the results, Manmohan Sharma, Chief Financial Officer of Waaree Renewable Technologies Limited, said the company’s strong revenue growth in Q3 FY26 reflects execution excellence, financial discipline, and a resilient operating model.
He highlighted that India’s renewable energy sector continues to gain momentum, with over 30 GW of solar capacity added in the first nine months of FY26, already exceeding the total additions recorded in FY25. According to industry data cited by the company, cumulative solar installations in India have reached around 135 GW, while total non-fossil fuel capacity stands at approximately 267 GW, accounting for more than half of the country’s installed power capacity.
Sharma noted that with a large unexecuted order book and integrated operations and maintenance (O&M) capabilities, the company is well positioned to deliver large-scale projects while ensuring long-term asset performance. He emphasized that India’s energy transition is not only about capacity expansion but also about resilience, efficiency, strong governance, healthy cash flows, and conservative leverage.
Looking ahead, Waaree Renewable Technologies plans to further strengthen its execution capabilities, invest in innovation, and expand partnerships to capture emerging opportunities across solar EPC, BESS, and data-driven energy infrastructure, supporting India’s long-term clean energy ambitions.
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