Waaree Renewable Technologies Ltd, a leading player in India’s solar energy segment and a subsidiary of Waaree Energies Ltd, has reported its highest-ever quarterly revenue and profit for the September quarter of FY26 on October 10, 2025. The company’s results reflect solid project execution, expanding margins, and continued momentum in India’s renewable energy push.
Record-Breaking Financial Performance
For the quarter ended September 2025, Waaree Renewable Technologies’ consolidated net profit more than doubled to ₹116.3 crore, compared with ₹53.5 crore in the same period last year. This marks a 117% year-on-year rise in profitability.
Revenue for the quarter stood at ₹774.78 crore, up 47.73% from ₹524.47 crore in Q2 FY25, making it the company’s highest-ever quarterly revenue. The surge was supported by a sharp rise in project execution, improved operational efficiency, and a broader client base across sectors.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) also showed strong growth, climbing from ₹71.6 crore to ₹157.9 crore, with margins improving to 20.4% from 13.6% a year earlier. This reflects the company’s ability to optimise costs while expanding its project portfolio.
Robust Order Book and Project Pipeline
As of September 2025, Waaree Renewable Technologies’ unexecuted order book stood at 3.48 GWp, to be delivered over the next 12–15 months. The firm also reported a strong bidding pipeline exceeding 27 GWp, underlining its solid market position in India’s solar EPC space.
During the quarter, the company secured new solar project orders totalling about 1.25 GWp, adding significant visibility to its future revenue streams. This sustained order inflow highlights both the company’s competitive edge and the growing demand for renewable infrastructure across India.
Strategic Expansion and Capital Investment
The board of Waaree Renewable Technologies has approved capital expenditure for the development of new Independent Power Producer (IPP) solar plants. This includes 28 MWp projects in Maharashtra (14 MWp each across two locations) and a 37.5 MWp project in Bikaner, Rajasthan. These investments align with the firm’s strategy of expanding its generation portfolio while maintaining its engineering, procurement, and construction (EPC) leadership.
The continued diversification into emerging energy verticals such as Battery Energy Storage Systems and data centres demonstrates the company’s commitment to supporting India’s clean energy transition through innovation and integration.
Management Commentary and Sector Outlook
Commenting on the results, Chief Financial Officer Manmohan Sharma said that the company’s quarterly performance “reflects execution capabilities and increasing sector performance” amid India’s accelerating renewable energy buildout. As of September 2025, the country’s installed renewable energy capacity has reached 256 GW, underscoring a favourable environment for sustainable energy firms.
The results were also driven by “robust execution, strong sectoral tailwinds, and continued expansion into new energy verticals,” according to the company’s official statement.
Market Reaction and Industry Position
Following the results announcement, shares of Waaree Renewable Technologies closed at approximately ₹1,134.60 per share on the BSE, marking a 2.2% rise on Friday. The company’s stock has shown resilience amid broader market fluctuations, reflecting investor confidence in its growth trajectory.
With its record quarterly performance and expanding order book, Waaree Renewable Technologies now stands among the prominent solar EPC firms leading India’s renewable energy transformation. As a subsidiary of Waaree Energies Ltd, it finances, constructs, owns, and operates solar projects across various geographies, catering to both commercial and industrial clients.
Conclusion
Waaree Renewable Technologies’ impressive Q2FY26 performance highlights its growing influence in India’s renewable energy landscape. With record profits, an expanding order book, and strategic investments in IPP projects, the company is well-positioned to capitalise on the country’s accelerating shift towards sustainable energy.
Its strong execution capabilities, widening margins, and clear focus on innovation underscore Waaree Renewable Technologies’ role as a driving force in powering India’s clean energy future.
To stay updated with daily financial results, market insights, and developments, make sure to follow Torus Digital!
