Waaree Renewable Technologies Ltd Q2 FY26 — Solar Profits So Bright, You’ll Need Sunglasses to Read the P&L ☀️
1. At a Glance
Welcome to India’s solar blockbuster — Waaree Renewable Technologies Ltd (NSE: WAAREERTL) — where every quarter feels like a Diwali sale of megawatts. At ₹1,133 a share (as of 10 Oct 2025), the stock shines with a market cap of ₹11,813 crore, a P/E of 33.4, and a ROE that makes CAs blush at 65.6%.
Q2 FY26? Absolute daylight robbery — in the best way. Revenue jumped to ₹775 crore, up 47.7% YoY, while PAT shot up 117% YoY to ₹116 crore. The operating margin stood healthy at 21.4%, with power generation and EPC projects blazing across India’s deserts faster than your EV battery drains in traffic.
It’s not all sunshine though — the stock has fallen 35% in the past year, mainly because valuation gravity still works (even for solar companies). But with an unexecuted order book of 3.48 GWp, a debt-to-equity of 0.12, and ROCE of 82%, Waaree’s cash registers are generating more energy than most SEBs distribute.
2. Introduction — When Solar Meets Bollywood Accounting
Once upon a time in Chikhli, a group of engineers decided that making megawatts was cooler than making megabytes. Thus, Waaree was born — now India’s poster child for renewable glory.
Every few months, the management drops a “new record” presentation — revenue doubled, PAT tripled, order book multiplied, and the only thing dividing shareholders is whether the stock should be ₹1,000 or ₹1,800.
The company has become a solar startup that grew up but didn’t lose its hustle. Its modules power everything from Reliance rooftops to Aditya Birla factories. Even Mumbai Metro runs cleaner because of Waaree panels (and a few politicians’ photo-ops).
But behind the glamour of renewable awards and glossy investor decks, lies an old Indian corporate truth — EPC margins are thinner than your Wi-Fi signal at a family function. The solar game is capital-intensive, and one late payment can turn “green energy” into “red balance sheets.”
Still, Waaree seems to have cracked the formula — execution discipline, global exports, and keeping debt on a diet. If the Indian solar dream ever needed a poster boy, this is it.
3. Business Model — WTF Do They Even Do?
Waaree Renewable Technologies Ltd (WRTL) is the solar arm of the Waaree Group, which boasts 15 GW module capacity and 5.4 GW cell capacity. WRTL itself runs the EPC (Engineering, Procurement, and Construction) show — the guy who builds, wires, and flips the solar switch while everyone else just tweets about sustainability.
Think of it this way:
EPC (98% of revenue) — They build turnkey solar plants (ground-mounted, rooftop, or floating) for clients like Adani, NTPC, and L&T.
Power Sale (2%) — The small IPP side where they sell electricity from their own plants.
O&M (Operation & Maintenance) — Once they’ve built your plant, they stay on retainer to clean panels, manage uptime, and make sure the sun doesn’t sue for underperformance.
The company now has a 12 GW manufacturing base in Gujarat, a 6 GW export footprint, and clients across 68 countries. They even signed an MoU for a 100 MWp solar project in Vietnam — because clearly, the desi sun wasn’t bright enough.
Basically, they’re the solar equivalent of a wedding planner — from panel to plug, everything under one roof. Except here, the baraat is powered by photons.
4. Financials Overview — The Sun Shines on Numbers
Source table
Metric
Latest Qtr (Q2 FY26)
Same Qtr Last Yr (Q2 FY25)
Prev Qtr (Q1 FY26)
YoY %
QoQ %
Revenue
₹775 Cr
₹525 Cr
₹603 Cr
47.7%
28.5%
EBITDA
₹166 Cr
₹123 Cr
₹118 Cr
35%
40%
PAT
₹116 Cr
₹53 Cr
₹86 Cr
117%
34.8%
EPS (₹)
11.16
5.13
8.29
117%
34.6%
Commentary: If solar energy could be converted into profit directly, this is what it’d look like. The PAT margin stands at ~15%, and Waaree’s Q2 shows consistent growth with minimal leverage. For a sector known for delayed payments, this kind of cash control is suspiciously good — like finding a PSU that runs on time.
