Waaree Renewable Technologies Ltd Q3 FY26: ₹851 Cr Revenue, ₹120 Cr PAT, 82% ROCE – When Solar Panels Print Money Faster Than Sunlight
1. At a Glance – The Sun Is Shining… On the P&L
Waaree Renewable Technologies Ltd is currently trading around ₹973 with a market capitalisation of roughly ₹10,150 crore, and yes, this is one of those rare solar EPC companies where the balance sheet doesn’t look like it survived a cyclone. In Q3 FY26 alone, the company reported revenue of ₹851 crore and PAT of ₹120 crore, translating into a quarterly profit growth of about 125% and sales growth of 136% year-on-year. ROCE is sitting at a jaw-dropping 82%, ROE at 65%, and the stock still trades at a P/E of ~24x despite having delivered profit growth that most manufacturing CEOs only show in investor day PPT fantasies.
The last three months have been painful for the stock price (down ~23%), but operationally the company is behaving like it drank three espressos before entering FY26. EPC contributes 98% of revenue, order book stands near 3 GWp, debt is just ₹81 crore, and promoter holding remains a stable 74.4% with zero pledging. If solar EPC were a Bollywood genre, this one is currently an over-budget blockbuster with surprisingly good reviews. Curious how long the sun stays this bright?
2. Introduction – From Boring Solar EPC to Main Character Energy
Once upon a time, solar EPC companies were treated like boring cousins at Indian equity family functions—low margins, lumpy execution, and constant working capital tantrums. Then Waaree Renewables decided to break the stereotype. Incorporated in 1999 and now the spearhead of the Waaree Group’s solar EPC ambitions, the company has quietly transformed itself into a high-ROCE, high-growth execution machine.
Being part of the Waaree Group helps. A lot. This is not some random EPC guy buying panels from whoever gives credit. The group is India’s largest solar module manufacturer with ~15 GW module capacity and 5.4 GW cell capacity, plus ambitions in batteries and green hydrogen. Vertical integration is not just a buzzword here; it’s literally the family business.
What makes this story spicy is the speed. Revenue went from ₹351 crore in FY23 to ₹1,598 crore in FY25, and TTM sales are already at ₹2,706 crore. PAT moved from ₹55 crore to ₹229 crore in the same period. That’s not “green energy transition”; that’s green energy acceleration with nitro boost.
But before we get carried away and start installing solar panels on our emotions, let’s slow down and understand what this company actually does.
3. Business Model – WTF Do They Even Do?
At its core, Waaree Renewables is a solar EPC company. EPC stands for Engineering, Procurement, and Construction, which basically means: “Give us land, money, and patience—we’ll give you a working solar plant.”
The company offers end-to-end solutions: design, procurement of modules and inverters, construction, commissioning, and sometimes even operations & maintenance. Projects span rooftop, ground-mounted, and floating solar, across both on-site captive plants and off-site open-access solar farms.
Revenue is brutally simple:
Build solar plants for clients (EPC)
Sell power from owned assets (small but growing)
Maintain plants (O&M portfolio ~769 MWp)
EPC contributes 98% of FY25 revenue. Power sale and others contribute 2%, which is basically the side dish right now. Clients include Adani, NTPC, Reliance, L&T, Mumbai Metro, and other names that don’t usually trust random contractors with thousand-crore projects.
The real kicker? Execution scale. In FY25 alone, the company executed ~1,524 MWp of projects. In FY26 so far, ~699 MWp is already done. The order book as of Q1 FY26 stands at ~3,155 MWp, to be executed over the next 9–12 months. That’s not an order book; that’s a solar buffet.
So yes, this is a “simple” EPC business—but executed with manufacturing backing, scale, and surprisingly high margins. Now let’s open the financial statements and see how much sunlight is actually converting into cash.
4. Financials Overview – Numbers That Glow in the Dark
Result Type Lock: The latest announcement clearly states Quarterly Results for Q3 FY26. Lock it. EPS will be annualised by multiplying the latest quarterly EPS by 4.
