Waaree Renewable Technologies Q4 FY26: Revenue Doubles to ₹3,331 Crore, PAT Crosses ₹478 Crore While Order Book Swells to 2,832 MWp
1. At a Glance
There are companies that talk about India’s renewable future. Then there are companies that quietly show up with a bulldozer, a few thousand solar panels, and a giant EPC contract worth hundreds of crores.
Waaree Renewable Technologies has clearly chosen the second route.
In FY26, the company delivered revenue of ₹3,331 crore, up 109% YoY, while PAT jumped to ₹479 crore. Q4 alone saw revenue of ₹1,102 crore and PAT of ₹156 crore. That is not “good growth.” That is the kind of growth which makes old-school infrastructure companies stare at their balance sheets and question their life choices.
But this is also where things get interesting.
The company trades at around 25 times earnings, has ROE of nearly 69%, ROCE above 83%, and an order book of 2,832 MWp waiting to be executed. On paper, it looks like a dream.
Then you notice that debt has suddenly climbed from ₹27 crore in FY25 to ₹146 crore in FY26. Other liabilities have exploded to ₹1,294 crore. Receivable cycles remain stretched at 128 days. Margins have also slipped from the 26% range in Q4 FY25 to around 19% in Q4 FY26.
So what exactly is happening here?
Waaree Renewable is growing so fast that it is starting to look like a company sprinting downhill with a rocket tied to its back. The opportunity is huge, but execution discipline matters. In solar EPC, one delayed project, one spike in raw material cost, one land acquisition problem, and suddenly your beautiful PowerPoint turns into a painful conference call.
The market knows this. That is why despite explosive numbers, the stock has corrected from its highs.
Still, Waaree Renewable is not some tiny hopeful startup with two projects and a dream. It is backed by the broader Waaree Group, India’s largest solar module manufacturer, with 26 GW module capacity and 5.4 GW cell capacity. It has marquee clients like Adani, Reliance, NTPC, L&T and Aditya Birla. It has become one of the most serious EPC players in India’s renewable buildout.
The real question is not whether the company can grow.
The real question is whether it can keep this growth machine under control without blowing up working capital, margins, or execution timelines.
Because in solar EPC, everyone looks like a genius during the boom. The real test comes when projects get delayed, steel prices move, modules get expensive, and customers suddenly want changes after the contract is already signed.
Waaree is currently playing the role of the class topper.
Investors are now waiting to see if it can survive the tougher exams.
2. Introduction
Waaree Renewable Technologies is essentially the execution arm of the larger Waaree ecosystem.
While Waaree Energies manufactures modules and talks about capacity expansion, Waaree Renewable goes out and actually builds the projects.
It is the company that takes a solar park from PowerPoint to reality.
That means dealing with land, approvals, transformers, structures, cables, labor, logistics, grid connectivity, deadlines, and customers who always want the project completed yesterday.
The company earns the majority of its revenue from EPC contracts. Around 98% of FY25 revenue came from EPC activities, while the remaining came from power sales and other services.
And this model has worked spectacularly so far.
Revenue has grown from ₹351 crore in FY23 to ₹876 crore in FY24, then ₹1,598 crore in FY25 and now ₹3,331 crore in FY26.
That is almost a 10x jump in just three years.
PAT has also surged from ₹55 crore in FY23 to ₹145 crore in FY24, ₹229 crore in FY25 and ₹479 crore in FY26.
Very few listed companies in India are compounding at this pace.
But hypergrowth comes with complications.
As order books grow, the company needs more guarantees, more working capital, more employees, more suppliers and more financing lines.
That is why CARE upgraded its rating to CARE A+ Stable in February 2026, while enhancing facilities to more than ₹2,200 crore. The agency highlighted strong parent support, healthy order book visibility and an improving receivable cycle. At the same time, it also warned about rising competition, raw material volatility and dependence on working capital facilities.
The company’s order book at the end of FY26 stood at 2,832 MWp, compared to 817 MWp in FY23.
That is the kind of number which gives management confidence.
It is also the kind of number which gives finance teams migraines.
Because now they need to execute all of that without delays.
Can they do it?
So far, management sounds confident.
They have repeatedly guided for EBITDA margins above 15%, and say their edge comes from execution discipline, monitoring control and financial discipline. They also claim to have already replenished most of the order book they executed during FY26.
Confident management teams are nice.
Execution is better.
3. Business Model – WTF Do They Even Do?
Waaree Renewable Technologies is a solar EPC company.
EPC means Engineering, Procurement and Construction.
In plain English, customers hire Waaree to build solar projects for them.
The company designs the project, procures the modules and equipment, arranges the civil and electrical work, installs the system, tests it and hands it over.
It operates across rooftop, floating and ground-mounted projects.
It also provides O&M services, which means maintenance after the plant is operational.
The company’s revenue mix is heavily tilted toward EPC.
Management said around 97-98% of revenue currently comes from EPC, while only 2-3% comes from O&M and IPP assets.
The business model is actually smarter than it looks.
Since it belongs to the Waaree Group, it has easier access to modules, supplier networks and client relationships. That means it can sometimes source modules internally from Waaree Energies, helping protect margins and reduce execution risks.
The company also has a growing O&M portfolio of around 1,180 MWp and operational IPP assets of 54.82 MWp. It is additionally setting up 227.10 MWp of IPP capacity.
This is important because O&M and IPP revenues are recurring in nature.
EPC is glamorous because it creates big revenue spikes.
But O&M and IPP are what eventually create stability.
Management has openly said that they want to keep adding IPP assets using retained cash, because it creates a continuous revenue stream.
The company is also entering battery storage projects.
Management said BESS is becoming essential because renewable penetration is increasing and storage is now being included in more tenders. The company is already executing a small 45 MWh BESS project.
That could become a big business over the next five years.
Because eventually every solar company will realise that generating electricity is only half the battle.
The other half is storing it.
4. Financials Overview
The latest official result is Quarterly Results for Q4 FY26, so quarterly EPS annualisation rules apply.
Latest quarterly EPS is ₹14.93.
Annualised EPS becomes approximately ₹59.7.
At CMP of ₹1,160, annualised P/E comes to roughly 19.4 times.
Metric
Q4 FY26
Q4 FY25
Q3 FY26
Revenue
₹1,102 crore
₹477 crore
₹851 crore
EBITDA
₹207 crore
₹126 crore
₹159 crore
PAT
₹156 crore
₹94 crore
₹120 crore
EPS
₹14.96
₹9.00
₹11.50
Revenue grew 131% YoY and 30% QoQ. PAT grew 66% YoY and 30% QoQ.
Margins are lower than last year, but management insists that 18-19% EBITDA margin is fully in line with internal budgets.
