Waaree Renewable Technologies Ltd.revenue +36.5%, order book ₹5,500 Cr

Waaree Renewable Technologies' Q2 FY27 call, held on 21 October 2026, reported revenue of ₹1,057.84 crore, up 36.53%, EBITDA of ₹159.98 crore at a 15.12% margin and profit after tax of ₹81.48 crore; for the half, revenue was ₹1,982.09 crore, up 43.84%, with EBITDA of ₹333.46 crore at 16.82% and profit after tax of ₹200.44 crore. Solar EPC execution fell to 456 MWp in the quarter, which the CFO attributed to developers' delays in handing over land and connectivity.

The unexecuted order book was above ₹5,500 crore, including more than ₹3,300 crore of solar and BESS EPC and more than ₹2,200 crore of transmission and distribution orders, and 1.7 GWp of new orders were won in the quarter. The T&D business earns margins of 9% to 10%, below solar EPC, and management expects them to improve. Analysts pointed to sharply higher finance cost and depreciation after the debt-funded acquisition of APSPL; the CFO said both will stabilise.

Management expects the EPC and BESS order book to be executed over three to four quarters and consolidated margin to stay above 15%, and declined to give an execution target or a quarterly business mix.