Waaree Renewable Technologies Limited — Q4 FY26 earnings call

Call held 17 Apr 2026

Management summary

Waaree Renewable Technologies reported robust Q4 and FY26 results, with significant revenue and PAT growth driven by strong execution in the solar EPC segment. The company maintained healthy EBITDA margins and built a substantial order book of 2.8 GW, providing good future visibility. Management highlighted its asset-light IPP strategy and focus on operational efficiency, while addressing concerns around order inflow and working capital.

Highlights

  • Q4 FY26 revenue from operations grew 131.31% YoY to INR 1,102.40 crores.

  • FY26 revenue grew 108.51% YoY to INR 3,331.42 crores, demonstrating strong execution capability.

  • FY26 EBITDA stood at INR 641.10 crores, up 106.21% YoY, with a margin over 19.24%.

  • Successfully executed 2,727 megawatt peak of projects in FY26, the highest for any year.

  • Unexecuted order book of 2.8 gigawatt peak provides strong visibility for the future.

Concerns

  • Order inflow for FY26 was 2.3 gigawatt, a slight decrease from 2.4 gigawatt in FY25.

  • Increase in trade receivables and inventory in the balance sheet, though management attributes it to project-specific requirements and expects billing.

  • Q4 execution rate (600-500 MW) was lower than H1 (700-900 MW), attributed to the variety of orders being executed.

Key financials

2 periods

Q4

  • Revenue from Operations
    ₹1,102.4 Cr
    YoY +131.3%
  • EBITDA
    ₹206.82 Cr
  • EBITDA Margin
    18.8%
  • PAT
    ₹155.72 Cr
    YoY +66.1%

FY26

  • Revenue
    ₹3,331.42 Cr
    YoY +108.5%
  • EBITDA
    ₹641.1 Cr
    YoY +106.2%
  • PAT
    ₹478.65 Cr
    YoY +109.1%

What they filed

Q1 FY27: revenue up 34.5%, net profit up 31.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue524 360 477 603 775 +48%851 +136%1,102 +131%811 +34%
EBITDA72 72 126 118 158 +119%159 +121%207 +64%159 +35%
Net profit54 54 94 87 117 +117%122 +126%157 +67%114 +31%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Order book

high confidence

Total value

2.8 gigawatt

as of 2026-03-31 quantified

-12.5% YoY

Execution

executable over next 12-15 months

Composition

  • With module (contract type) 20%
  • Rajasthan (geography)

Pipeline

deal pipeline tcv

Chasing an order pipeline of around 36 gigawatt

The company is actively participating in tenders, including BESS, and only takes orders suitable for its margin and risk-reward metrics. Despite execution, the order book is maintained.

Source: Prepared remarks

Capital allocation

high confidence
  • Capex Capex disclosed internal accruals only
    • Setting up additional IPP projects In progress ETA during this current financial year

    Timeline: Additional IPP projects will get commissioned during the current financial year.

    So, these projects are necessary as of now it is funded; is under construction, is funded through internal accruals only. So far, we have not tied up any kind of debt for this. We are funding it internally.
  • Debt Debt disclosed
    As you rightly said, we are the asset light company and we are not carrying any significant debt in our books as of now for these projects.
  • Liquidity Liquidity disclosed Target is to conserve cash and put it back into projects. Other financial assets include balance with government authorities (GST receivables) and advances to suppliers.
    So whatever cash which we are generating from the operations, all cash are mostly conserved and like it is going in the like either development of our own IPP projects or maybe like whenever some margin requirement is there with the banks that we are fulfilling out of it. So our target is to conserve cash, put it back into the project so that there will be a revenue out of it.

Guidance & targets

Profitability

  • EBITDA Margin Profitability · long-term · Medium confidence around 15%
    But always we are mentioning that the EBITDA margin should remain around 15%, but definitely we are delivering on a continuous basis. That is what it is.

    — Manmohan Sharma

Order Inflow

  • Order Inflow Order Inflow · current financial year · Medium confidence similar kind of order
    So whatever orders we are executing, more or less, we are getting the similar kind of order in the current financial year.

    — Manmohan Sharma

Revenue

  • BESS EPC Revenue Revenue · current financial year · Medium confidence will open up
    So this revenue stream will open up during the current financial year. That is what we are maybe expectations.

    — Manmohan Sharma

Execution

  • Execution Pace Execution · going forward · Medium confidence continue
    So definitely the pace will continue and of course, every business has a challenge, so but the project will be installed going forward.

    — Manmohan Sharma

What to watch in Q1 FY27

Order inflow and pipeline conversion

next quarters
Current Chasing 36 GW pipeline (23 GW domestic, 12 GW international)
Target Conversion of pipeline into firm orders, maintaining order book growth

Why it matters

Order inflow is a key indicator for future revenue growth and sustaining the current execution pace.

Apart from that, we are also chasing the order pipeline of around 36 gigawatt, which is around 23 gigawatt is from domestic and maybe another 12 gigawatt from the international market. So, this scenario will keep on happening, actually. We are getting to get orders.

Risks & concerns

  • Land acquisition challenges for ground-mounted solar projects

    low

    Management stated land acquisition is primarily the developer's scope and does not significantly impact their top-line growth.

    So acquisition of land, as you rightly said, it is a challenge. But mostly it is in the scope of developer. So mostly lands are procured and connectivity is seen by the developer and then only the EPC contract is awarded to us.

    Analyst downplayed

  • Clarity on power substation for RE evacuation impacting new EPC projects

    low

    Management clarified that they are awarded projects only after all necessary studies and timelines are in place, so their current order book is not impacted.

    So similarly, but as far as we as the EPC player are concerned, we have been awarded when the all studies have must have been done from their side. And once it is awarded and timeline is given, we execute within those timelines only.

    Analyst downplayed

Q&A highlights

7 direct
High realization per megawatt in Q4 FY26 Direct
So, for the particular quarter, which is this current quarter, some of the orders are executed with module. So therefore, you are getting this kind of amount.

Clarified that higher realization was due to a specific mix of orders including modules, not a one-time event.

Asked by Sahil Sheth

Order book decline and future inflow outlook Direct
So, order inflow going forward, if you see that we have existing order book of 2.8 gigawatt. Apart from that, we are also chasing the order pipeline of around 36 gigawatt, which is around 23 gigawatt is from domestic and maybe another 12 gigawatt from the international market.

Addressed concerns about YoY order book decline by highlighting a significant pipeline and consistent order acquisition despite execution.

Asked by Ishita Lodha

Margin perspective and new normal for EBITDA Direct
So, if you will see on a year-on-year basis also, we have more or less, we have able to achieve similar kind of margin. So maybe in a particular quarter, you may see some slightly different, but overall basis from last FY25 as well as FY26 also, we are more than 19%.

Clarified that while Q4 margins might fluctuate, the overall FY26 EBITDA margin was maintained above 19%, higher than their long-term target of 15% due to operational efficiencies.

Asked by Balasubramanian

IPP asset strategy, funding, and IRR Direct
So, these projects are necessary as of now it is funded; is under construction, is funded through internal accruals only. So far, we have not tied up any kind of debt for this. We are funding it internally.

Confirmed the asset-light approach for IPP projects, funding through internal accruals, and the strategic goal of continuous revenue streams from smaller IPP projects.

Asked by Balasubramanian

Execution traction and potential grid infrastructure delays Direct
So, from our side, once we receive the order, we start executing and deliver as early as possible or within the required time discussion with the customer.

Reassured that the company's execution is not impacted by external infrastructure issues as they only take orders after all pre-conditions are verified by the developer.

Asked by Deepak Poddar

Impact of ALCM regulations and module price increases on margins Direct
So, for Waaree Renewable Technologies, there is like nothing, even if it goes up also, it is passed through to the customer.

Indicated that the company is insulated from module price volatility as increases are passed on to customers for turnkey projects.

Asked by Ashray Sheth

Increase in trade receivables and inventory Partial
So inventory whatever inventory we are procuring, whatever components we are offering, mostly almost all are for the specific project requirements only. So it may be a point of time whenever we are finalizing our financials you can see. But it will get billed subsequently to the customer based on their project requirement.

Addressed concerns about working capital by explaining that inventory is project-specific and will be billed, implying a temporary nature to the increase.

Asked by Harshit Jain

Impact of global situation (raw material inflation, labor issues) Direct
So, from the current situation, which is prevailing in the world. So, indirectly, everybody is impacted, actually, in one or the other form. But as far as the company is concerned, we are, we have all domestic orders and all domestic supply chains. So we all are forcing from the domestically only. These are available in India, all the components which are required for the construction of solar power projects. So, that way, directly, we are not having any kind of impact.

Reassured that domestic sourcing insulates the company from direct impacts of global supply chain disruptions and inflation, potentially creating an opportunity for solar.

Asked by Avnish Tiwari

2 min read 6 chapters

Detailed narrative

Robust Q4 and FY26 Financial Performance

Waaree Renewable Technologies delivered strong financial results for Q4 and FY26. Q4 FY26 revenue from operations stood at INR 1,102.40 crores, marking a significant 131.31% year-on-year growth. The company achieved an EBITDA of INR 206.82 crores with a healthy margin of 18.76%, and PAT reached INR 155.72 crores, up 66.08% YoY. For the full fiscal year 2026, revenue grew 108.51% to INR 3,331.42 crores, with EBITDA at INR 641.10 crores (up 106.21% YoY) and PAT at INR 478.65 crores (up 109.09% YoY).

Strong Execution and Order Book Visibility

In FY26, the company successfully executed 2,727 megawatt peak of projects, representing its highest annual execution. The unexecuted order book stood at 2.8 gigawatt peak as of March 31, 2026, providing strong revenue visibility for the next 12-15 months. Management noted that despite a slight decrease in order inflow from 2.4 GW in FY25 to 2.3 GW in FY26, they are actively chasing a substantial pipeline of 36 gigawatt, comprising 23 GW domestic and 12 GW international opportunities.

Strategic IPP Development and Asset-Light Model

Waaree Renewable Technologies continues its asset-light strategy, funding its IPP projects entirely through internal accruals without significant debt. Currently, 54 megawatts of IPP projects are operational, generating revenue of INR 26 crores for FY26. Additionally, over 200 megawatts of IPP projects are under construction and are expected to be commissioned during the current financial year, contributing to continuous revenue streams. The estimated cost for solar installation is between INR 3-3.5 crores per megawatt.

Margin Management and Operational Efficiency

The company maintained a robust EBITDA margin of over 19.24% for FY26, exceeding its long-term target of around 15%. Management attributed this to operational improvements, timely execution, and tight budgeting controls. They emphasized that for turnkey projects, any increase in module prices, such as those potentially arising from ALCM regulations, is passed through to the customer, thus protecting margins.

Emerging Opportunities in BESS and Domestic Sourcing Advantage

Waaree Renewable Technologies is actively exploring new opportunities, particularly in Battery Energy Storage Systems (BESS) EPC, which is seen as a key enabler for grid stability. While BESS revenue is not yet significant, it is expected to open up during the current financial year. The company also highlighted its advantage of domestic sourcing for all components required for solar power projects, insulating it from global raw material inflation and supply chain disruptions, and positioning it favorably in the growing Indian renewable energy sector.

Working Capital and Receivables Management

The company observed an increase in trade receivables and inventory. Management clarified that inventory is primarily procured for specific project requirements and will be billed to customers upon project completion. They aim to conserve cash generated from operations and reinvest it into projects, including IPP development, to generate future revenue. Receivables from government authorities (GST) and advances to suppliers also contribute to the 'other financial assets' category.

This is an AI-generated summary of a publicly available earnings call transcript.
View original transcript

More Capital Goods earnings calls