1. Opening Hook
When markets are panicking about solar oversupply, margin crashes, and Chinese cells doing price gymnastics, Waaree RTL calmly walks in and drops a 136% YoY revenue growth. No drama, no excuses—just execution slides and confident pauses.
While everyone else is arguing about tenders, transmission bottlenecks, and BESS uncertainty, management is busy executing 2.2 GW in nine months and still calling it “comfortable.” Bold.
This wasn’t a concall full of grand future visions or hydrogen buzzwords. It was more like: “Here are the numbers. They work. Next question.”
And the interesting part? They’re doing this while insisting margins above 15% are non-negotiable.
Stick around—because behind the calm tone is a company quietly reshaping what “solar EPC” profitability looks like in India.
2. At a Glance
- Revenue ₹851 Cr (+136% YoY) – Solar EPC on steroids, no policy adrenaline needed.
- EBITDA ₹159 Cr (+121%) – Operating leverage showed up early to the party.
- EBITDA Margin 18.7% – EPC players blinked; Waaree didn’t.
- PAT ₹120 Cr (+125%) – Profits ran faster than installations.
- 9M Revenue ₹2,229 Cr (+99%) – Nearly doubled, casually.
- Order Book 2.9 GW – Still full after executing 2.2 GW.
3. Management’s Key Commentary (Decoded)
“Revenue grew 136% YoY in Q3.”
(Execution muscle > macro noise 😏)
