Waaree Renewable Technologies Limited (WRTL), the engineering, procurement and construction (EPC) arm of the Waaree Group, has reported strong revenue growth for the quarter and half year ended September 30, 2026, supported by project execution, business expansion and growing opportunities across the renewable energy sector. However, the company recorded a decline in quarterly profit after tax due to acquisition-related financing costs and the integration of businesses with different margin profiles.
For the second quarter of fiscal year 2027 (Q2 FY27), WRTL reported revenue from operations of ₹1,057.84 crore, marking an increase of 36.53% compared with ₹774.78 crore in the corresponding quarter of the previous financial year. The growth reflects the company’s expanding operations and continued progress in executing renewable energy projects.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) stood at ₹159.98 crore in Q2 FY27, compared with ₹157.95 crore in Q2 FY26. Despite the increase in revenue, profitability at the net level declined during the quarter. Profit after tax (PAT) fell 29.98% year-on-year to ₹81.48 crore from ₹116.36 crore in the corresponding period last year. The company attributed the decline primarily to financing costs associated with acquisitions and the integration of businesses operating with different margin structures.
For the first half of FY27, WRTL reported revenue from operations of ₹1,982.09 crore, representing a 43.84% increase from ₹1,377.97 crore in the corresponding period of the previous year. EBITDA increased 21.04% year-on-year to ₹333.46 crore. However, profit after tax stood at ₹200.44 crore, compared with ₹202.75 crore in the first half of FY26, indicating a marginal decline despite higher revenue and operating earnings.
The company stated that its performance was supported by steady project execution, timely project progress and expanding capabilities across the renewable energy value chain. The acquisition of Associated Power Structures Pvt. Ltd. (APSPL) has strengthened WRTL’s presence in the transmission and distribution (T&D) segment, providing opportunities beyond solar power generation. The company is also pursuing opportunities in battery energy storage systems (BESS) and data centre infrastructure as it seeks to diversify its business operations.
As of September 30, 2026, WRTL had an unexecuted order book exceeding ₹5,500 crore, providing visibility for future revenue. Its bidding pipeline includes opportunities across more than 34.6 GWp of solar projects, over 12.5 GWh of battery energy storage projects and T&D opportunities valued at more than ₹21,900 crore.
Management highlighted the role of government initiatives, including Green Energy Corridor Phase III and the Pradhan Mantri Surya Sarovar Yojana, in expanding opportunities across renewable energy generation, storage and grid infrastructure.
With a substantial order book and a growing presence across complementary business segments, WRTL aims to expand its operations, improve efficiencies and deliver long-term value while capitalising on India’s evolving clean energy market.
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