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    Waaree Renewab.

    WAAREERTL
    Capital Goods·16 Jan 2026
    Management Summary

    Waaree Renewable Technologies reported strong Q3 FY26 results, with revenue growing 136.18% YoY to INR 851.06 crores and PAT up 124.74% to INR 120.19 crores. The unexecuted order book stands at 2.92 gigawatt peak, with an execution timeline of 12-15 months. Management highlighted a healthy order pipeline of 29 gigawatts and a strategic focus on BESS EPC opportunities, while maintaining a strong operating margin.

    Highlights

    5

    • Q3 FY26 Revenue from operations grew 136.18% YoY to INR 851.06 crores.

    • Q3 FY26 EBITDA increased 120.79% YoY to INR 158.80 crores, maintaining an 18.66% margin.

    • Q3 FY26 PAT rose 124.74% YoY to INR 120.19 crores.

    • 9M FY26 total revenue from operations grew 98.81% YoY to INR 2,229.03 crores, with PAT up 138.92% YoY to INR 322.93 crores.

    • Order book remains healthy at 2.92 gigawatt peak, providing clear visibility for upcoming quarters.

    Concerns

    3

    • Q3 EBITDA margin of 18.66% was slightly lower than the previous quarter, though 9M margin improved to 19.48%.

    • Order book saw a slight reduction from 3.2 gigawatt to 2.9 gigawatt this quarter due to adjustment for a revised order amount.

    • Analyst concern about potential slowdown in order inflow and execution velocity, which management addressed by stating continuous order flow.

    Key financials

    Metrics

    7

    Periods

    2

    Q3 FY26

    4
    • Revenue
      ₹851.06 Cr
      YoY+136.2%
    • EBITDA
      ₹158.8 Cr
      YoY+120.8%
    • EBITDA Margin
      18.7%
    • PAT
      ₹120.19 Cr
      YoY+124.7%

    9M FY26

    3
    • Revenue
      ₹2,229.03 Cr
      YoY+98.8%
    • EBITDA
      ₹434.28 Cr
      YoY+135.3%
    • PAT
      ₹322.93 Cr
      YoY+138.9%

    Segment breakdown

    EPC
    97% Revenue Share (9M FY26)
    O&M and IPP
    3% Revenue Share (9M FY26)
    List

    Order Book

    high confidence

    Total Value

    ₹ 2.92 gigawatt

    as of 2025-12-31

    quantified

    Execution

    execution timeline for the existing 2.9 gigawatt is around 12 to 15 months actually.

    Composition

    Turnkey orders (including modules)(contract type)
    Pure EPC orders(contract type)
    Government orders (value term)(client type)
    20.0%

    Pipeline

    deal pipeline tcv

    order pipeline of around 29 gigawatts, with 5-6 gigawatts in live tenders

    Cancellations / Deferrals

    • renegotiated:Absolute order book addition was slightly lower due to adjustment for a revised amount on one order.

    "Our order book remains healthy, providing clear visibility for the upcoming quarters, and we are actively pursuing a 29 gigawatt pipeline."

    Source:
    Prepared remarks

    Capital allocation

    2
    medium confidence
    CategoryHeadline
    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    The company operates without fund-based working capital from banks, relying on efficient receivables management and credit periods.

    Guidance & targets

    6
    CategoryTargetPriority
    Margin
    EBITDA Margin
    over and above 15%
    		High
    Margin
    EBITDA Margin
    around 15%
    		High
    Order Inflow
    Order Book Growth
    good amount of order
    		Medium
    Execution
    Order Execution
    continuous
    		High
    Capacity
    IPP Project Addition
    120 megawatt
    		High
    Project Cost
    IPP Project Cost per MW
    INR 3.5 crores
    		High

    EBITDA Margin

    next quarter
    Current18.66% (Q3 FY26), 19.48% (9M FY26)
    TargetMaintain over 15%

    Why it matters

    Sustaining strong operating profitability is key for the company's financial health and growth.

    But we have always guided that our margin -- EBITDA margin should be over and above 15%, close to that.

    How to verify

    key_financials.metrics[label='EBITDA Margin']

    Risks & concerns

    5
    RiskSeverity

    EBITDA margin contraction in Q3

    Q3 EBITDA margin of 18.66% was slightly lower than previous quarter, though 9M margin improved significantly. — Analyst acknowledged

    medium

    Order book reduction due to revised amount

    Order book decreased from 3.2 GW to 2.9 GW due to an adjustment for a revised order amount, not a cancellation. — Analyst acknowledged

    low

    Competitive intensity in the industry

    New players entering the market increase competition, but management believes their execution capability and timely delivery provide an edge. — Analyst acknowledged

    medium

    Impact of changes in China's export rebates on module prices

    Management states they calculate costs and book raw materials upon order confirmation to mitigate the impact of price variations. — Analyst downplayed

    low

    Potential slowdown in order inflow and execution velocity

    Management denies a slowdown, stating that order inflow and execution are continuous processes, with a healthy pipeline. — Analyst downplayed

    low

    Q&A highlights

    8

    “So, you rightly said that our total order includes turnkey order also. During the quarter, there is an execution of the order, which includes module also. So, this is difficult to give you any number as of now out of this mix, how much is contributed by that supplied module, et cetera.”

    Analyst sought clarity on the revenue realization per megawatt and the contribution of modules (supplied by Waaree or external) to the revenue, which management found difficult to quantify precisely.

    asked by Deepak Krishnan

    2 min read5 chapters

    Detailed Narrative

    01

    Strong Q3 & 9M FY26 Financial Performance

    Waaree Renewable Technologies reported robust financial results for Q3 FY26, with revenue from operations growing 136.18% YoY to INR 851.06 crores. EBITDA for the quarter stood at INR 158.80 crores, up 120.79% YoY, achieving an EBITDA margin of 18.66%. Net profit (PAT) also saw a significant increase of 124.74% YoY, reaching INR 120.19 crores. For the nine months ended December 31, 2025, total revenue was INR 2,229.03 crores (up 98.81% YoY), EBITDA was INR 434.28 crores (up 135.29% YoY), and PAT was INR 322.93 crores (up 138.92% YoY), reflecting consistent performance and strong operating leverage.

    02

    Healthy Order Book and Execution Capabilities

    The company's unexecuted order book stands at 2.92 gigawatt peak as of December 31, 2025, providing clear revenue visibility for the upcoming quarters. Management indicated an execution timeline of 12 to 15 months for the existing order book. During the nine months of FY26, the company executed 2,230 megawatt peak of EPC projects, reinforcing its execution capability and leadership in India's solar EPC space. The O&M portfolio also grew to approximately 1,180 megawatt peak by December 2025.

    03

    Strategic Focus on EPC, IPP, and BESS Expansion

    Waaree Renewable Technologies primarily derives its revenue from EPC projects, accounting for 97-98% of the 9M FY26 total. The company is actively expanding its IPP portfolio, with 120 megawatts of projects planned for addition in the next financial year, estimated at INR 3.5 crores per megawatt. Furthermore, the company is actively pursuing opportunities in Battery Energy Storage Systems (BESS) EPC, with one BESS order currently under execution and significant inquiries for integrating BESS into solar projects, aligning with the growing need for grid stability and reliable peak power supply.

    04

    Robust Order Pipeline and Market Opportunity

    Beyond the current order book, the company maintains a healthy order pipeline of approximately 29 gigawatts, including 5 to 6 gigawatts in live tenders. This pipeline encompasses both domestic and international inquiries, with a portion including BESS components. Management expressed confidence in converting a good portion of this pipeline into firm orders, driven by government initiatives like PM Surya Ghar Muft Bijli Yojana and PM-KUSUM Yojana, and the national target of 500 gigawatts of non-fossil fuel capacity by 2030.

    05

    Working Capital Efficiency and Margin Management

    The company operates without availing fund-based working capital from banks, relying on efficient management of receivables and credit periods. Management stated that receivables are in line with expectations, indicating strong operational cash flow. Despite competitive pressures, the company aims to maintain its EBITDA margin over and above 15%, attributing its higher-than-industry-average EPC margins to efficient execution of large-scale projects, timely completion, budgetary control, and financial discipline.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.