Waaree Renewable Technologies, the engineering, procurement, and construction (EPC) arm of the Waaree Group, reported a consolidated revenue from operations of ₹11.02 billion (~$118.27 million) for the fourth quarter (Q4) of the financial year (FY) 2026, a 131.31% year-over-year (YoY) increase from ₹4.77 billion (~$51.19 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹2.07 billion (~$22.23 million), a 63.71% increase from ₹1.26 billion (~$13.56 million) in the same quarter of the previous year. The EBITDA margin was 18.76%.

The company’s profit after tax (PAT) rose 66.08% YoY to ₹1.56 billion (~$16.72 million) from ₹937.6 million (~$10.06 million).

Earnings per share (EPS) for the quarter came in at ₹14.94 (~$0.16), compared to ₹8.98 (~$0.10) a year ago.

The company’s unexecuted EPC order book stood at 2.83 GW, providing revenue visibility over the next 12–15 months, supported by a bidding pipeline of over 36 GW.

During the year, the company secured multiple project wins, including 420 MW, 35 MW, and 14 MW ground-mounted solar projects in Q4.

FY 2026 Results

Waaree reported a consolidated revenue from operations of ₹33.31 billion (~$357.47 million) for FY 2026, a 108.51% YoY increase from ₹15.98 billion (~$171.52 million).

EBITDA stood at ₹6.41 billion (~$68.79 million), up 106.21% from ₹3.11 billion (~$33.38 million) in FY 2025. The company’s EBITDA margin was 19.24%.

The company’s PAT rose 109.09% YoY to ₹4.79 billion (~$51.40 million) from ₹2.29 billion (~$24.57 million).

EPS for the year came in at ₹45.85 (~$0.49), compared to ₹21.95 (~$0.24) in the previous year.

Waaree has commissioned over 5.06 GW of solar projects to date and has 2,832 MW under execution, alongside an operations and maintenance (O&M) portfolio of approximately 1,180 MW.

The company is also expanding beyond its core EPC business, with 54.82 MW of solar power assets operational under its independent power producer portfolio and an additional 227.10 MW under development. The company plans to expand its EPC footprint across domestic and international markets by participating in government and private sector tenders.

It is also targeting growth in the O&M segment, leveraging increasing installed capacity and demand for asset performance optimization services. The company is evaluating both organic and inorganic opportunities to expand its O&M portfolio.

The company is also exploring opportunities across adjacent segments, including energy storage, solar-wind hybrid solutions, and green hydrogen, as part of its broader energy transition strategy.

Waaree Renewable Technologies had reported a consolidated revenue from operations of ₹8.51 billion (~$94.27 million) in Q3 FY26, a 136.18% YoY increase from ₹3.60 billion (~$39.93 million).

In Q2, Waaree Renewable Technologies reported a consolidated revenue from operations of ₹7.75 billion (~$85.86 million), up 47.73% YoY from ₹5.24 billion (~$58.06 million).