Waaree Renewable Technologies Q2 FY27 results: net profit down 30.0% to ₹81.48 crore, revenue up 36.5%

How did Waaree Renewable Technologies perform in Q2 FY27?

Waaree Renewable Technologies reported consolidated Q2 FY27 revenue of ₹1,058 crore, up 36.5% from ₹774.78 crore in Q2 FY26 and 14.5% from ₹924.25 crore in Q1 FY27. EBITDA rose 1.3% year on year to ₹159.98 crore but fell 7.8% from ₹173.48 crore in the previous quarter. The EBITDA margin was 15.1%, down 5.3 percentage points from 20.4% a year earlier and 3.7 percentage points from 18.8% in Q1 FY27.

Net profit was ₹81.48 crore, down 30.0% from ₹116.34 crore in Q2 FY26 and 31.5% from ₹118.98 crore in Q1 FY27. Profit attributable to owners fell 36.5% year on year to ₹73.89 crore, while basic EPS declined to ₹7.07 from ₹11.16 a year earlier and ₹11.11 in the previous quarter. On the standalone basis, revenue was ₹451.64 crore and profit after tax was ₹68.13 crore.

What changed in Waaree Renewable Technologies' costs and profit?

Total expenses rose 54.4% year on year to ₹961.66 crore, outpacing the 36.5% increase in revenue. Cost of materials increased by ₹81.83 crore to ₹673.48 crore, employee cost rose by ₹20.11 crore to ₹33.30 crore, and other expenses increased by ₹43.39 crore to ₹55.38 crore. Finance costs rose by ₹33.21 crore to ₹36.83 crore, while depreciation increased by ₹24.79 crore to ₹26.97 crore; the filing does not state the specific reasons for these cost movements.

Other income increased by ₹4.75 crore to ₹9.18 crore, while there was no exceptional item in Q2 FY27. Tax expense declined by ₹16.34 crore to ₹23.88 crore. Even with lower tax, profit before tax fell by ₹51.20 crore to ₹105.36 crore and net profit fell by ₹34.86 crore to ₹81.48 crore, indicating that the rise in expenses, finance costs and depreciation weighed on profit.

How did the first half of FY27 go?

In the first half of FY27, revenue rose 43.8% to ₹1,982.09 crore from ₹1,377.96 crore in H1 FY26. Total income increased 43.9% to ₹1,996.54 crore from ₹1,387.22 crore. Profit before tax declined 1.6% to ₹268.74 crore from ₹273.14 crore.

Net profit for the first half fell 1.1% to ₹200.44 crore from ₹202.73 crore, and basic EPS declined to ₹18.18 from ₹19.45. Thus, the higher first-half revenue did not translate into higher profit, although the decline was smaller than in Q2 FY27.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹4,868.89 crore, compared with ₹2,373.79 crore at 31 March 2026. Total equity rose to ₹1,745.57 crore from ₹933.83 crore, while borrowings increased to ₹1,412.99 crore from ₹81.67 crore. Cash stood at ₹110.40 crore, compared with ₹71.82 crore at the previous balance-sheet date.

Inventories rose to ₹272.62 crore from ₹116.76 crore, trade receivables increased to ₹1,877.56 crore from ₹1,172.01 crore, and trade payables were ₹913.28 crore against ₹771.77 crore. In H1 FY27, operating cash flow was negative ₹16.27 crore, compared with ₹83.73 crore in H1 FY26; investing cash flow was negative ₹711.54 crore and financing cash flow was ₹766.39 crore. Capital expenditure was ₹60.60 crore, against ₹63.95 crore a year earlier.

How has Waaree Renewable Technologies done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters and reached ₹1,057.84 crore in Q2 FY27, above ₹924.25 crore in Q1 FY27. The recent high was ₹1,102.40 crore in Q4 FY26, while the low in the reported series was ₹360.35 crore in Q3 FY25. Revenue therefore remained elevated but was below the Q4 FY26 peak.

Net profit reached ₹155.71 crore in Q4 FY26 and fell to ₹118.98 crore in Q1 FY27 and ₹81.48 crore in Q2 FY27. The EBITDA margin was 26.5% in Q4 FY25, the highest in the series, and 15.1% in Q2 FY27, the lowest. Revenue was moving upward before Q2 FY27, while profit and margin moved lower.

Which businesses drove the quarter?

EPC Contracts - Solar Power Plants reported revenue of ₹444.98 crore and EBIT of ₹101.71 crore, with an EBIT margin of 22.9%. The filing does not provide the segment’s year-ago revenue, EBIT or growth rate. EPC Contracts - Transmission and Distribution reported revenue of ₹606.13 crore and EBIT of ₹28.86 crore, with an EBIT margin of 4.8%; its year-ago figures and growth rate were not provided.

Power Sale reported revenue of ₹6.73 crore, up 20.4% from ₹5.59 crore in Q2 FY26. EBIT fell to ₹2.45 crore from ₹3.66 crore, while the segment’s EBIT margin was 36.4%. The filing gives no reason for the decline in EBIT.

What else did the company announce?

The board approved the un-audited consolidated and standalone financial results for the quarter and half year ended 30 September 2026, together with the limited review report. The company also filed an investor presentation on 19 October 2026 under Regulation 30 for use in meetings with analysts and institutional investors.

The board approved capital expenditure for setting up a 35 MWp/25 MWac IPP solar plant at Wardha, Maharashtra. The same-day filings did not announce a dividend, fund raise or appointment, and the presentation described itself as an information document rather than an offer or recommendation to purchase securities.

What did Waaree Renewable Technologies' management say?

Management said Q2 solar EPC execution fell to 456 MWp and attributed the lower execution to developer-side land and connectivity handoffs. It said the consolidated unexecuted order book exceeded INR 5,500 crore after 1.7 GWp of new orders, including more than INR 3,300 crore from solar and BESS EPC and more than INR 2,200 crore from T&D. The solar and BESS order book was expected to be executed over the next 3-4 quarters.

Management maintained its FY2027 group EBITDA margin objective at more than 15%. It said T&D margins were currently around 9%-10% and expected improvement through scale, efficiency and integration synergies; the T&D order book was expected to contribute to revenue in coming quarters. Management also said it intended to reduce acquisition debt as group progress permitted, without committing to a repayment schedule.

Management identified developer land and connectivity delays, the lower-margin T&D mix, higher finance costs and depreciation following the debt-funded APSPL acquisition, integration timing, and working-capital needs for larger EPC projects as risks. The CFO said, “With this, WRTL is evolving from a pure solar EPC player into a broader energy transition EPC platform.” No FY2027 revenue or megawatt execution target was provided, and no analyst concerns were recorded.

How did Waaree Renewable Technologies shares react?

After the filing appeared, the stock was up 3.7% after five minutes, 4.4% after 15 minutes and 4.2% after 30 minutes. By the first trading session that could act on the results, it had fallen 10.9% from the previous close of ₹833.40. By the next day’s close, it was down 13.9% from that pre-results close, and by five sessions it was down 19.3%.

The Other Electrical Equipment industry median fell 2.4% on the reaction day, 4.0% by the next close and 3.9% over five sessions. Waaree Renewable Technologies therefore underperformed the industry median by 8.5 percentage points on the reaction day, 10.0 percentage points by the next close and 15.4 percentage points over five sessions. Earlier reaction-day moves were negative 8.3% on 22 July 2026, positive 5.4% on 16 April 2026, negative 3.9% on 14 January 2026, positive 8.9% on 10 October 2025 and negative 3.1% on 17 July 2025.

How did other Other Electrical Equipment companies do?

Nineteen other Other Electrical Equipment companies had filed for the quarter by 4 November 2026, and their median revenue growth was 43.3%. Of these peers, seven grew slower than Waaree Renewable Technologies and 12 grew faster than the company. The company’s Q2 FY27 consolidated revenue growth of 36.5% was therefore below the peer median.

Among the 17 peers for which profit was compared, 12 reported higher profit. The peer set covered Other Electrical Equipment companies, while Waaree Renewable Technologies itself was not included in those counts.