Waaree Renewable shares slide 7% despite 34% YoY surge in Q1 profit. What's spooking investors?

Waaree Renewable's Q1 FY27 consolidated net profit rose 34% year on year to Rs 86 crore, but fell 26% sequentially from Rs 157 crore in Q4 FY26. Revenue grew 53% YoY to Rs 924 crore but declined 16% QoQ, with EBITDA margins contracting to 18.77% from 19.49%. Shares dropped 7% to Rs 951 as investors reacted to the sequential decline despite strong YoY growth, a Rs 5,300 crore order book, and the recent 55% acquisition of Associated Power Structures.