Quarter Ended: March 2026
Waaree Renewable Technologies Ltd – Q4 FY26 Results Analysis
NSE
waareertl
BSE
534618
Waaree Renewable delivered explosive growth in both revenue and profits, supported by strong EPC execution and renewable sector tailwinds.
key financial highlights
- Revenue from Operations:
- Q4 FY26 Revenue: ₹1,10,239.65 Lakhs
- QoQ Change: +29.5% (from ₹85,106.07 Lakhs)
- YoY Change: +131.4% (from ₹47,657.99 Lakhs)
- Exceptional growth driven by strong order execution in renewable EPC
- Profit After Tax (PAT):
- Q4 FY26 PAT: ₹15,570.74 Lakhs
- QoQ Change: +29.6% (from ₹12,019.45 Lakhs)
- YoY Change: +66.1% (from ₹9,376.51 Lakhs)
- Strong profit growth supported by operating leverage
- QoQ Trend Insight:
- Revenue Trend: Strong Growth
- Profit Trend: Strong Growth
Margin Analysis
- Strong operating leverage from scale
- EPC execution efficiency
- Rising project volumes
Key Signal: Margins remain healthy despite rapid scale-up, indicating strong execution capability
Segment performance
Segment Insight:
- Core business: Solar EPC + renewable infrastructure
- Revenue linked to project execution cycle
Characteristics:
- High growth sector
- Execution-driven revenue recognition
- Working capital intensive
Earning quality check
Drivers:
- Core business-driven growth
- No heavy reliance on exceptional items
- Strong operating profit expansion
Interpretation: Earnings quality is strong but execution-dependent
balance sheet analysis
- Total Assets: ₹2,37,379 Lakhs
- Total Liabilities: ₹1,32,887 Lakhs
Indicates: Balance sheet expanded significantly, indicating rapid business scaling, but working capital intensity is high
key risks
- High working capital requirements
- Execution delays in EPC projects
- Policy/regulatory dependence (renewable sector)
- Margin pressure from rising input costs
management strategy
- Scaling EPC execution capacity
- Expanding renewable project portfolio
- Improving operational efficiency
Financial Metrics
| Particular | In ₹ Lakhs | Q.O.Q (%) | Y.O.Y(%) |
|---|---|---|---|
| Total Income | 1,10,844.31 | +29.2 | +129.6 |
| PBT | 20,808.60 | +31.4 | +65.4 |
| PAT | 15,570.74 | +29.6 | +66.1 |
| EPS | 14.96 | +30.1 | +66.2 |
Waaree Renewable Technologies delivered a high-growth, high-momentum quarter, with strong revenue expansion and robust profitability. While growth visibility remains strong, execution and working capital management will be key going forward
Official Exchange Filing: Waaree Renewable Technologies Limited
Quarterly Performance Context
FISCAL YEAR
2025-2026
AUDIT STATUS
REVIEWED