Waaree Renewable Technologies Limited (WRTL), the engineering, procurement and construction (EPC) arm of the Waaree Group, reported strong revenue growth for the quarter and half year ended September 30, 2026. The growth was driven by project execution, business expansion and rising opportunities in the renewable energy sector. However, quarterly profit after tax declined due to acquisition-related financing costs and the integration of businesses with different profit margins.
For the second quarter of fiscal year 2027 (Q2 FY27), WRTL reported revenue from operations of ₹1,057.84 crore, marking an increase of 36.53% compared with ₹774.78 crore in the corresponding quarter of the previous financial year. The growth reflects the company’s expanding operations and continued progress in executing renewable energy projects.
The company’s earnings before interest, tax, depreciation and amortisation (EBITDA) stood at ₹159.98 crore in Q2 FY27, compared with ₹157.95 crore in Q2 FY26. Despite the increase in revenue, profitability at the net level declined during the quarter. Profit after tax (PAT) fell 29.98% year-on-year to ₹81.48 crore from ₹116.36 crore in the corresponding period last year. The company attributed the decline primarily to financing costs associated with acquisitions and the integration of businesses operating with different margin structures.
For the first half of FY27, WRTL reported revenue from operations of ₹1,982.09 crore, representing a 43.84% increase from ₹1,377.97 crore in the corresponding period of the previous year. EBITDA increased 21.04% year-on-year to ₹333.46 crore. However, profit after tax stood at ₹200.44 crore, compared with ₹202.75 crore in the first half of FY26, indicating a marginal decline despite higher revenue and operating earnings.
The company stated that its performance was supported by steady project execution, timely project progress and expanding capabilities across the renewable energy value chain. The acquisition of Associated Power Structures Pvt. Ltd. (APSPL) has strengthened WRTL’s presence in the transmission and distribution (T&D) segment, providing opportunities beyond solar power generation. The company is also pursuing opportunities in battery energy storage systems (BESS) and data centre infrastructure as it seeks to diversify its business operations.
As of September 30, 2026, Waaree Renewable Technologies Limited (WRTL) had an unexecuted order book worth more than ₹5,500 crore, providing visibility into future revenue. Its bidding pipeline includes opportunities across over 34.6 GWp of solar projects, more than 12.5 GWh of battery energy storage projects and transmission and distribution (T&D) opportunities valued at over ₹21,900 crore.
The management highlighted government initiatives, including Green Energy Corridor Phase III and the Pradhan Mantri Surya Sarovar Yojana, as drivers of opportunities in renewable energy generation, energy storage and grid infrastructure.
With a strong order book and expanding opportunities across related business segments, WRTL plans to scale its operations, improve efficiency and create long-term value while tapping into India’s growing clean energy market.
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