Waaree Renewable Technologies Limited, the EPC arm of the Waaree Group, continues to strengthen its position as a leading player in India’s solar EPC segment while expanding its footprint into Battery Energy Storage Systems (BESS) and data centres.
The company has announced strong unaudited financial results for the quarter and nine months ended December 31, 2025, reflecting robust execution and sustained demand in the renewable energy sector.
During Q3 FY26, the company reported revenue of ₹851.06 crore, registering a sharp year-on-year growth of 136.18% compared to ₹360.35 crore in Q3 FY25. EBITDA for the quarter stood at ₹158.80 crore, up 120.79% from ₹71.92 crore in the corresponding period last year, while profit after tax (PAT) rose to ₹120.19 crore from ₹53.48 crore, marking a growth of 124.74% year-on-year.
For the nine months ended December 31, 2025, Waaree Renewable Technologies posted revenue of ₹2,229.03 crore, surpassing its full-year FY25 performance and recording a year-on-year growth of 98.81 compared to ₹1,121.17 crore in 9M FY25. EBITDA during the period increased significantly to ₹434.28 crore from ₹184.57 crore, reflecting a growth of 135.29%, with EBITDA margins remaining healthy at 19.48%. PAT for the nine-month period stood at ₹322.93 crore, up 138.92% from ₹135.16 crore in the previous year.
The company’s order book remains strong, with an unexecuted EPC order book of 2.92 GWp scheduled for execution over the next 12–15 months. Its bidding pipeline also continues to remain robust at approximately 29 GWp, underlining strong visibility for future growth. During Q3 FY26, the company secured new orders, including a 217.5 MWp and a 39.8 MWp ground-mounted solar power project. Additionally, the board has approved a capital expenditure budget for setting up a 120 MWp solar power park in Buldhana, Maharashtra.
Commenting on the performance, Manmohan Sharma, Chief Financial Officer of Waaree Renewable Technologies Limited, said the company’s strong revenue growth in Q3 FY26 reflects its execution excellence, financial discipline, and resilient operating model. He highlighted that India’s renewable energy sector continues to gain momentum, with over 30 GW of solar capacity added in the first nine months of FY26, already exceeding last year’s full-year additions. He further noted that cumulative solar installations in India have reached approximately 135 GW, while total non-fossil fuel capacity stands at around 267 GW, accounting for more than half of the country’s installed renewable capacity.
Sharma added that with an unexecuted EPC order book of 2.92 GWp, the company is well-positioned to deliver large-scale solar projects while ensuring long-term asset performance through integrated operations and maintenance services. He emphasized that India’s energy transition is not only about capacity expansion but also about resilience and efficiency, supported by prudent capital allocation, strong governance standards, and a focus on healthy cash flows and conservative leverage. Looking ahead, the company plans to further strengthen its capabilities, invest in innovation, and expand partnerships to capture emerging opportunities across the renewable energy ecosystem.
