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    Waaree Renewable Technologies Limited

    WAAREERTL
    Capital Goods·16 Jan 2026
    Management Summary

    Waaree Renewable Technologies delivered strong financial performance in Q3 and 9M FY26, driven by robust revenue and profit growth. The company maintains a healthy unexecuted order book of 2.9 gigawatts and is actively pursuing diversification into BESS and Data Center EPC. Despite some Q3 margin contraction and competitive pressures, management expressed confidence in sustaining profitability and growth, supported by a significant order pipeline and strategic IPP generation.

    Highlights

    5

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

    • EBITDA for Q3 FY26 increased 120.79% YoY to INR 158.80 crores.

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

    • For 9M FY26, revenue grew 98.81% YoY to INR 2,229.03 crores, and PAT increased 138.92% YoY to INR 322.93 crores.

    • The unexecuted order book of 2.9 gigawatts provides strong revenue visibility for 12-15 months.

    Concerns

    3

    • Q3 FY26 EBITDA margin of 18.66% was slightly lower than the previous quarter, though 9M FY26 margin improved YoY.

    • Order book reduced from 3.2 gigawatts to 2.9 gigawatts, partly due to adjustment for a revised order amount.

    • Analysts raised concerns about competitive intensity and potential margin threats from new players and pricing pressures.

    Key financials

    Metrics

    7

    Periods

    2

    Q3

    4
    • Revenue from Operations
      ₹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

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

    Order Book

    high confidence

    Total Value

    ₹ 2.9 gigawatts

    as of 2025-12-31

    quantified

    Execution

    existing 2.9 gigawatt order book executable over next 12 to 15 months

    Composition

    Mix2 client types
    • Government10.0%
    • Government (value)22.0%

    Share of order book by client type · partial disclosure (32.0% of book)

    Pipeline

    deal pipeline tcv

    Order pipeline of around 29 gigawatts, including 5-6 gigawatts of tenders

    Cancellations / Deferrals

    • renegotiated:Order book adjusted for revised amount on one order

    "The order book remains healthy, providing clear visibility for upcoming quarters, with continuous order inflow and a strong pipeline."

    Source:
    Prepared remarks

    Capital allocation

    2
    medium confidence
    CategoryHeadline
    Debt

    Debt disclosed

    Liquidity

    Liquidity disclosed

    Company operates without fund-based working capital from banks, utilizing available cash flow for IPP projects.

    Guidance & targets

    5
    CategoryTargetPriority
    Profitability
    EBITDA Margin
    around 15%
    		Medium
    Order Book
    Execution Timeline for 2.9 GW
    12-15 months
    		High
    Capacity
    500 GW Renewable Target Achievement
    by 2028 or '29
    		Medium
    Business Mix
    Revenue Stream Focus
    more in solar EPC plus BESS EPC
    		High
    IPP Projects
    120 MW IPP Commissioning
    some during March, some next financial year
    		High

    What to watch in Q4 FY26

    5

    Order Book Execution Velocity

    next quarter
    Current2.9 GW order book
    TargetProgress towards 12-15 month execution timeline

    Why it matters

    To ensure revenue conversion from the strong order book and maintain execution pace.

    So, execution timeline for the existing 2.9 gigawatt is around 12 to 15 months actually. So, this will get executed in the next few quarters⏳.

    Risks & concerns

    3
    RiskSeverity

    Margin pressure from competitive intensity

    Analysts questioned sustainability of margins given new entrants and pricing pressures. Management asserted ability to maintain margins through execution efficiency. — Analyst acknowledged

    medium

    Order book execution and inflow slowdown

    Analyst noted a slowdown in Q3 execution and inflow. Management clarified it's a continuous process with quarterly variations, and 9M performance is strong. — Analyst downplayed

    low

    Rising BESS cell prices due to Chinese actions

    Analyst raised concerns about price volatility for BESS cells. Management stated that for turnkey orders, costs are locked in at prevailing prices and orders placed immediately to mitigate risk. — Analyst acknowledged

    medium

    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 questioned the higher realization per megawatt, suggesting module supply, which management confirmed is part of some orders but couldn't quantify the exact contribution.

    asked by Deepak Krishnan

    2 min read6 chapters

    Detailed Narrative

    01

    Strong Financial Performance in Q3 & 9M FY26

    Waaree Renewable Technologies reported robust financial results for Q3 FY26, with revenue from operations growing 136.18% YoY to INR 851.06 crores. EBITDA increased 120.79% YoY to INR 158.80 crores, achieving an EBITDA margin of 18.66%. For the nine months ended December 31, 2025, total revenue from operations surged 98.81% YoY to INR 2,229.03 crores, and PAT grew 138.92% YoY to INR 322.93 crores, reflecting consistent performance and strong operating leverage.

    02

    Healthy Order Book and Execution Highlights

    The company's unexecuted order book stands at 2.9 gigawatts, providing clear revenue visibility for the next 12-15 months. In the first nine months of FY26, Waaree executed 2,230 megawatt peak of EPC projects, demonstrating strong execution capabilities. The O&M portfolio also expanded to approximately 1,180 megawatt peak as of December 2025, contributing to recurring revenue streams. The order book saw a slight adjustment from 3.2 GW to 2.9 GW due to a revised order amount.

    03

    Strategic Diversification into BESS and Data Center EPC

    Waaree is actively pursuing opportunities in Battery Energy Storage Systems (BESS) and Data Center EPC, identifying them as key growth drivers. The company is already executing a small BESS order of 45 megawatt hours and expects the margin profile for these new segments to be similar to its core solar EPC business. This diversification aligns with the growing need for grid stability and reliable peak power supply in the evolving renewable energy landscape.

    04

    Industry Outlook and Accelerated Renewable Targets

    India's renewable energy transition continues to accelerate, with non-fossil fuel capacity exceeding 265 gigawatts and cumulative solar capacity over 135 gigawatts as of December 2025. Management believes the national target of 500 gigawatts by 2030 could be achieved earlier, potentially by 2028 or 2029, driven by strong demand and government initiatives like PM Surya Ghar Muft Bijli Yojana. The company is well-positioned to capitalize on this growth with its integrated expertise.

    05

    Margin Management and Competitive Landscape

    Despite competitive intensity and new market entrants, Waaree aims to maintain an EBITDA margin of around 15% going forward⏳. Management attributes its ability to achieve higher-than-industry-average EPC margins to efficient execution of large-scale projects, timely delivery, budgetary control, and financial discipline. The company participates in tenders that align with its risk-reward metrics and profitability guidelines.

    06

    Robust Order Pipeline and Future Growth Prospects

    Beyond the firm order book, Waaree maintains a significant order pipeline of approximately 29 gigawatts, including 5-6 gigawatts in live tenders. This pipeline encompasses various project types, including BESS, from both government and private sectors. The company expects to convert a good portion of this pipeline into firm orders in the coming quarters⏳, ensuring sustained growth and market leadership.

    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.