Waaree Renewable Technologies Limited, the EPC arm of the Waaree Group and a leading player in India’s solar engineering, procurement, and construction (EPC) sector, has announced its unaudited financial results for the quarter and half year ended September 30, 2025. The company achieved its highest-ever quarterly revenue and profit after tax (PAT), supported by strong project execution, favorable industry conditions, and continued expansion into emerging clean energy segments such as Battery Energy Storage Systems (BESS) and data centers.
For the second quarter of FY26, the company reported revenue from operations of ₹774.78 crores, reflecting a year-on-year (YoY) growth of 47.73%. EBITDA stood at ₹157.94 crores, marking an increase of 120.69% YoY, while PAT rose by 117.40% YoY to ₹116.34 crores. For the first half of FY26, Waaree Renewable Technologies recorded revenue of ₹1,377.97 crores, up 81.12% YoY, and PAT of ₹202.73 crores, up 148.21% YoY.
The company’s unexecuted order book currently stands at 3.48 GWp, which will be executed over the next 12 to 15 months. Its project bidding pipeline remains strong at more than 27 GWp, indicating continued business momentum and visibility. In terms of recent business developments, the company secured major new project orders, including a 1,218 MWp ground-mounted solar power project and a 29.4 MWp ground-mounted solar power project. Additionally, the Board of Directors has approved capital expenditure plans for setting up 28 MWp of IPP solar power plants (14 MWp each) at two locations in Maharashtra and another 37.5 MWp IPP solar power plant at Bikaner, Rajasthan.
Commenting on the results, Mr. Manmohan Sharma, CFO of Waaree Renewable Technologies Limited, stated, “We are pleased to report our highest-ever quarterly revenue of ₹774.78 crores for Q2 FY26, compared to ₹524.47 crores in Q2 FY25, marking a strong growth of 47.73%. This performance reflects our strong execution capabilities and the positive growth trajectory of the renewable energy sector.”
He further highlighted that India’s renewable energy landscape continues to gain momentum, with total installed capacity reaching 256.1 GW as of September 2025—marking the halfway point toward the country’s 500 GW renewable energy target by 2030 and aligning with its long-term net-zero goals. Solar energy contributes 127.33 GW of the total installed renewable capacity, underscoring its vital role in India’s clean energy transition, driven by robust policy support and ambitious national goals.
Mr. Sharma added that India’s solar EPC sector is rapidly evolving, and Waaree Renewable Technologies’ integrated project execution capabilities position it as a frontrunner in this transformation. With a strong unexecuted solar EPC order book of 3.48 GWp, the company is well placed to execute large-scale, end-to-end renewable energy projects—from design and delivery to commissioning and operations and maintenance (O&M). Additionally, the company is also developing substation and transmission infrastructure for specific solar power projects, further strengthening its value chain presence in the renewable energy ecosystem.
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