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Waaree Renewable Technologies share price & results

Waaree Renewable Technologies Limited· Capital Goods· Industrials

Results to
Sept 2026
Latest analysed call
Q1 FY27
Ownership as of
Sept 2026

Mumbai-based solar EPC company that designs, builds, owns and maintains utility, rooftop and floating solar plants across India.

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Reported

The figures, each with its period

Each figure keeps its basis and period; nothing is filled in.

MetricValueChangeBasisPeriodNote
Revenue1,058 ₹ crore+36.5% YoYQuarterly, as filedQuarter to Sept 2026Revenue from operations as filed.
Operating margin15.0 %−5.0 pts YoYOperating profit / revenueQuarter to Sept 2026For the quarter; a change is in percentage points.
Net profit81.0 ₹ crore−30.2% YoYQuarterly, as filedQuarter to Sept 2026Profit after tax as filed.
Return on equity41.55 %+2.9 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Adjusted profit attributable to owners ÷ average owners’ equity.
Free cash flow margin4.95 %−7.7 ptsFY Mar 2026 vs FY Mar 2025Fiscal yearFY ending Mar 2026(Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Revenue growth (YoY)77.65 %+26.0 ptsFY Mar 2026 vs FY Mar 2025Trailing twelve monthsTTM to Sept 2026Revenue change against the same period one year earlier.

Source: Inve data from filed results; ratios from the Screener-verified panel · to Sept 2026

Guidance

What management said, and what became of it

2 of 4 judged targets kept · 5 open · verdicts reflect calls analysed to Q1 FY27.

Waaree Renewable Technologies Limited management guidance track record on Inve: 9 targets tracked across analysed earnings calls (2 achieved, 2 missed, 5 open).

TargetOriginal wordingSaidLatest callVerdict
IPP Project Execution51 MWp (14+37) to be executed in H2 FY26 or maybe a little later
Call transcript, Q2 FY26 · 13 Oct 2025		Q2 FY26Q1 FY27:Company reports 82 MWp of IPP assets are now operational, with some commissioned in Q1. This demonstrates progress towards commissioning the 200+ MW of projects under construction for FY27.
Call transcript, Q1 FY27 · 23 Jul 2026		On Track
EBITDA Margin14-16% for the current financial year
Call transcript, Q1 FY26 · 18 Jul 2025		Q1 FY26Q4 FY26:Full year FY26 EBITDA margin was 19.24%, significantly exceeding the conservative guidance of ~15%.
Call transcript, Q4 FY26 · 17 Apr 2026		Achieved
BESS Tender ConversionTender award takes 6 to 8 months
Call transcript, Q1 FY26 · 18 Jul 2025		Q1 FY26Q4 FY26:The specific 6-8 month timeline was not mentioned. Management shifted to a new, vaguer promise that the BESS revenue stream 'will open up' in FY27.
Call transcript, Q4 FY26 · 17 Apr 2026		Ghosted

Source: Inve Guidance Tracker for Waaree Renewable Technologies Limited · to Q1 FY27

A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.

2 of Waaree Renewable Technologies Limited's 9 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 6 more targets are in the full ledger.

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Price

₹677.3 +3.33% · +₹21.8

Last close 27 Oct 2026 · NSE · INR · Source: Inve

Performance −45.3% 1Y

₹0.8k₹1.0k₹1.2kOct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Oct 26Q3 FY26 — 16 Jan 2026Q4 FY26 — 17 Apr 2026Q1 FY27 — 23 Jul 2026

1Y: ₹1,238.1 on 24 Oct 2025 → ₹677.3. High ₹1,330.5 (27 Oct 2025), low ₹655.5 (26 Oct 2026).

Previous close
₹655.5
Market cap
₹6.8k Cr
52-week range
₹655.5 – ₹1,330.5
One year
−49.09%
Price to earnings (TTM to Sept 2026)
14.71×
Return on equity (TTM to Sept 2026)
41.55%

Overview

Symbol
NSE:WAAREERTL
Industry
Industrials
Exchange
NSE
Currency
INR

What Waaree Renewable Technologies Limited does

Based on the company's own presentations, annual report and earnings calls.

Waaree Renewable Technologies Limited (WRTL), a subsidiary of Waaree Energies Limited, is a solar Engineering, Procurement and Construction (EPC) company that develops, constructs, owns and operates solar power projects for industrial, commercial and utility-scale customers. It earns primarily by executing turnkey EPC contracts (design, land development, procurement of modules/inverters/cables/transformers, construction and grid evacuation) for ground-mounted, rooftop and floating solar installations, and also earns recurring fees from long-term Operations & Maintenance (O&M) contracts on solar assets it or third parties own. It additionally holds a small Independent Power Producer (IPP) portfolio of solar assets that it has developed and operates itself.

Segments

  • EPC Services
  • Operations & Maintenance (O&M)
  • Independent Power Producer (IPP)
Cumulative solar EPC capacity commissioned
5.06 GWp
Project sites currently under execution
2,832 MWp
O&M portfolio (solar power plants under maintenance)
~1,180 MWp
Rooftop solar projects commissioned
59.26 MWp
IPP solar assets developed (own generation portfolio)
54.82 MWp
Floating solar project capacity
2.29 MWp
Headquarters Mumbai, MaharashtraEmployees 395 (FY26) Company website

How the price took the results

close before → close after

Q1 FY27
−7.4%
23 Jul
Q4 FY26
+5.3%
17 Apr
Q3 FY26
−3.2%
16 Jan

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

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