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    Waaree Renewable Technologies Limited

    WAAREERTL
    Capital Goods·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

    5

    • 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

    3

    • 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

    Metrics

    7

    Periods

    2

    Q4

    4
    • 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

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

    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)
    20.0%
    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

    3
    high confidence
    CategoryHeadline
    Capex

    Capex disclosed

    internal accruals only

    Debt

    Debt disclosed

    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.

    Guidance & targets

    4
    CategoryTargetPriority
    Profitability
    EBITDA Margin
    around 15%
    		Medium
    Order Inflow
    Order Inflow
    similar kind of order
    		Medium
    Revenue
    BESS EPC Revenue
    will open up
    		Medium
    Execution
    Execution Pace
    continue
    		Medium

    What to watch in Q1 FY27

    4

    Order inflow and pipeline conversion

    next quarters
    CurrentChasing 36 GW pipeline (23 GW domestic, 12 GW international)
    TargetConversion 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

    2
    RiskSeverity

    Land acquisition challenges for ground-mounted solar projects

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

    low

    Clarity on power substation for RE evacuation impacting new EPC projects

    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. — Analyst downplayed

    low

    Q&A highlights

    8

    “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

    2 min read6 chapters

    Detailed Narrative

    01

    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).

    02

    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.

    03

    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.

    04

    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.

    05

    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 disruption🌐s, and positioning it favorably in the growing Indian renewable energy sector.

    06

    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. 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.