Waaree Renewable Ends FY26 with 2.83 GW Order Book and Record Project Execution; Reports 109% Growth in FY26 PAT

Waaree Renewable Ends FY26 with 2.83 GW Order Book and Record Project Execution; Reports 109% Growth in FY26 PAT

Company currently operates 54 MWp of solar power projects and is developing more than 200 MW of additional IPP capacity

The Electrical Post 

Waaree Renewable Technologies Limited reported a strong financial and operational performance for Q4 and FY26, reflecting significant growth across key business metrics. Speaking on the company's results, Mr. Hitesh Mehta, Whole-Time Director, said revenue from operations for Q4 FY26 stood at Rs. 1,102.40 crore, registering a growth of 131.31% compared to the corresponding quarter last year. EBITDA came in at Rs. 206.82 crore with a margin of 18.76%, while Profit After Tax (PAT) reached Rs. 155.72 crore, marking a year-on-year increase of 66.08%.

Waaree RTL is India’s leading renewable EPC partners, delivering hybrid renewable, BESS, and green hydrogen solutions. With over 8 GW EPC experience, engineering & procurement expertise, and a legacy of quality, safety, and on-time delivery. 

For FY26, the company reported revenue of Rs. 3,331.42 crore, representing growth of 108.51% over FY25. EBITDA stood at Rs. 641.10 crore, up 106.21% year-on-year, while PAT reached Rs. 478.65 crore, reflecting growth of 109.09%. According to Mr. Mehta, the results demonstrate the company’s strong execution capability and the operating leverage it continues to build across the business.

FY26 was marked by scale and steady execution, with Waaree Renewable Technologies successfully executing 2,727 MWp of projects during the year, the highest ever achieved by the company in a single year. At the end of FY26, the company’s unexecuted order book stood at 2.83 GWp, providing strong visibility and continuity of business going forward. Its Operations and Maintenance (O&M) portfolio reached 1.18 GWp, strengthening recurring revenue streams and reinforcing its position as a long-term partner for customers.

Mr. Mehta noted that momentum across India’s renewable energy sector remains strong, with the country’s installed renewable energy capacity crossing 274 GW and solar capacity exceeding 150 GW as of March 2026. Solar growth has been driven by 114.87 GW of ground-mounted projects, 25.73 GW of grid-connected rooftop solar installations and 9.66 GW from other solar segments. During FY26, India added more than 44 GW of solar capacity, significantly higher than 23.83 GW added in the previous year. Solar accounted for nearly 82% of total renewable energy capacity additions during the year, reinforcing its role as the primary growth driver within the sector.

The company believes renewable energy growth in India continues to benefit from supportive government initiatives such as the National Solar Mission, PM KUSUM and PM Surya Ghar Yojana, along with increasing demand from utility-scale, rooftop and decentralized energy segments. Battery Energy Storage Systems (BESS) are also emerging as a key enabler of grid stability, creating new opportunities within the EPC ecosystem.

Addressing concerns regarding a slowdown in tendering activity compared to FY25, Mr. Mehta stated that the company continues to actively evaluate opportunities in the tender segment, including projects integrated with BESS. However, Waaree participates only in projects that meet its margin expectations and risk-reward criteria. He added that the tender market continues to offer a healthy pipeline of opportunities.

On future order inflows, Mr. Mehta said the company currently has an order book of approximately 2.8 GW and is pursuing an order pipeline of around 36 GW, including nearly 23 GW from the domestic market and about 12 GW from international markets. He noted that despite executing projects that generated revenue exceeding ₹3,300 crore during FY26, the company has been able to maintain its order book, with new orders broadly replacing executed projects. Several bilateral discussions are ongoing and some opportunities are expected to convert into orders in the coming quarters.

The existing 2.8 GW order book is expected to be executed over the next 12 to 15 months, while additional orders anticipated during the current financial year will contribute to execution activities over the coming quarters.

Commenting on margins, Mr. Mehta said the company operates primarily through fixed-price contracts and quarterly margins can vary depending on the mix of customer projects under execution. However, Waaree Renewable Technologies maintained an EBITDA margin above 19.24% for FY26 and achieved a similar level in FY25. Through operational improvements, timely execution and tight budget controls, the company has consistently maintained healthy profitability, even though its stated long-term EBITDA margin guidance remains around 15%.

On the Independent Power Producer (IPP) business, Mr. Mehta stated that the company currently operates 54 MWp of solar power projects and is developing more than 200 MW of additional IPP capacity. These projects are being funded entirely through internal accruals, with no debt tied up so far. He emphasized that Waaree’s business model is built on three revenue streams—EPC, O&M and IPP—and the company intends to maintain a relatively smaller IPP portfolio that can provide stable and recurring revenue over the coming years.

With a strong order book, growing O&M portfolio, expanding participation in BESS EPC projects and a disciplined execution approach, Waaree Renewable Technologies remains optimistic about future growth opportunities while continuing to focus on sustainable value creation for stakeholders.
 

Published at : Sep 03, 2026 11:39 AM (IST)

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