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 😏)
“Our unexecuted order book stands at 2.92 GW.”
(Yes, we already replaced what we executed.)
“EBITDA margins are guided above 15%.”
(Race-to-the-bottom bidders, please exit the room.)
“We only bid where risk-reward metrics are met.”
(Translation: We don’t work for free.)
“BESS margins will be similar to solar EPC.”
(No charity work, even with batteries.)
“IPP will create stable 20–25 year cash flows.”
(Annuity quietly loading in the background.)
4. Numbers Decoded
| Metric | Q3 FY26 | YoY Change |
|---|---|---|
| Revenue | ₹851 Cr | +136% |
| EBITDA | ₹158.8 Cr | +121% |
| EBITDA Margin | 18.7% | Slight QoQ dip |
| PAT | ₹120.2 Cr | +125% |
| 9M Execution | 2,230 MW | Industry-leading |
Decode:
Margins dipped
