Waaree Renewable Technologies, the engineering, procurement, and construction (EPC) arm of the Waaree Group, reported consolidated revenue from operations of ₹10.58 billion (~$111.59 million) for the second quarter (Q2) of the financial year (FY) 2027, a 36.53% year-over-year (YoY) increase from ₹7.75 billion (~$81.74 million).

The company’s profit after tax (PAT) declined 29.98% YoY to ₹814.8 million (~$8.59 million) from ₹1.16 billion (~$12.27 million).

The company attributed the growth in revenue to steady progress across its project portfolio, timely execution, and expanding capabilities in renewable energy and transmission and distribution (T&D).

Waaree said acquisition-related financing costs and the addition of businesses with different margin profiles affected its profitability during the quarter.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 1.29% YoY to ₹1.60 billion (~$16.87 million) from ₹1.58 billion (~$16.66 million). The EBITDA margin narrowed to 15.12% from 20.39%.

Earnings per share (EPS) declined to ₹7.07 (~$0.075) from ₹11.13 (~$0.118) in the corresponding quarter of the previous year.

The company’s finance costs increased to ₹368.3 million (~$3.88 million) from ₹36.2 million (~$381,816) a year earlier, while depreciation rose to ₹269.7 million (~$2.84 million) from ₹21.8 million (~$229,933).

1H 2026

For the first half (1H) of FY 2027, Waaree reported consolidated revenue from operations of ₹19.82 billion (~$209.06 million), a 43.84% YoY increase from ₹13.78 billion (~$145.34 million).

PAT declined 1.14% to ₹2 billion (~$21.14 million) from ₹2.03 billion (~$21.38 million) in the corresponding period last year. The PAT margin narrowed to 10.11% from 14.71%.

EBITDA increased 21.04% YoY to ₹3.33 billion (~$35.17 million) from ₹2.75 billion (~$29.06 million). The EBITDA margin declined to 16.82% from 19.99%.

EPS stood at ₹18.16 (~$0.192), compared with ₹19.40 (~$0.205) in 1H FY 2026.

As of September 30, 2026, the company had a consolidated unexecuted order book exceeding ₹55 billion (~$580.11 million), comprising over ₹33 billion (~$348.06 million) in solar and battery energy storage system EPC orders and more than ₹22 billion (~$232.04 million) in T&D orders.

Waaree’s bidding pipeline comprised more than 34.6 GW of solar projects, over 12.5 GWh of battery energy storage system projects, and T&D opportunities worth over ₹219 billion (~$2.31 billion).

During Q2, the company secured orders for three ground-mounted solar projects with capacities of 1,082 MW, 210 MW, and 291 MW, along with a 280 MWh battery energy storage system EPC project.

Waaree has executed more than 6.35 GW of solar EPC projects, including 59.26 MW of rooftop solar projects and 2.29 MW of floating solar projects. Its operations and maintenance portfolio stands at approximately 1.5 GW.

The company has developed 82.82 MW of independent power producer (IPP) assets and is setting up another 233.6 MW of IPP capacity. It is also developing an additional 450 MW of IPP capacity through a subsidiary.

Through APSPL, Waaree has expanded into transmission infrastructure, substations, and lattice tower manufacturing. APSPL has an existing manufacturing capacity of 108,000 metric tons per annum and another 100,000 metric tons per annum under construction.

Waaree Group has approximately 26 GW of solar module manufacturing capacity, 5.4 GW of solar cell manufacturing capacity, and 3 GW of inverter manufacturing capacity.

Waaree Renewable Technologies reported consolidated revenue from operations of ₹9.24 billion (~$95.7 million) in Q1 FY27, a 53.23% YoY increase from ₹6.03 billion (~$62.49 million).