Waaree Renewable Technologies Limited (WRTL) reported a 34.26% year-on-year (YoY) increase in consolidated net profit to ₹116 crore for the first quarter of FY27, compared with ₹86.4 crore in Q1 FY26. Consolidated revenue from operations rose 53.23% YoY to ₹924.25 crore in the quarter ended June 30, 2026, from ₹603.19 crore a year earlier, supported by continued execution of its solar engineering, procurement and construction (EPC) projects.
Waaree Q1 Profit FY27 results mark the company’s first quarterly performance since WRTL acquired a 55% stake in Associated Power Structures Private Limited (APSPL) on June 18, 2026, for approximately ₹1,225 crore. The acquisition expands WRTL’s presence beyond solar EPC into the transmission and distribution (T&D) segment and strengthens its broader clean energy infrastructure portfolio. The company is also looking to expand its presence in areas such as battery energy storage systems (BESS) and data centre-related power infrastructure.
WRTL entered FY27 with an unexecuted solar EPC order book of approximately 2.92 GWp, valued at more than ₹5,300 crore. The sizeable project pipeline provides visibility for future revenue growth, although execution timelines, project costs, and the integration of APSPL will remain key factors for the company’s financial performance in the coming quarters.
The company’s EBITDA margin stood at 19.24% for FY26, while the margin for Q4 FY26 was 18.76%. Investors are expected to closely monitor margins as WRTL scales its EPC operations and integrates the newly acquired T&D business.
The company’s cash generation also improved during FY26. Net cash inflow from operating activities stood at ₹286.95 crore, while investing activities resulted in a cash outflow of ₹264.48 crore. Financing activities generated a net cash inflow of ₹22.55 crore. As of the end of FY26, cash and cash equivalents increased to ₹71.81 crore from ₹26.79 crore a year earlier.
WRTL’s expansion into T&D, BESS, and data centre infrastructure reflects a broader shift among renewable energy and solar EPC companies in India. As the clean energy market becomes increasingly competitive, EPC players are diversifying across the value chain, covering power generation, transmission, evacuation infrastructure, and energy storage.
However, the strategy also presents execution challenges. Managing the integration of APSPL while executing a 2.92 GWp solar EPC order book could put pressure on project management and operational capabilities. The company has also highlighted external risks, including geopolitical tensions, tariff uncertainties, supply chain adjustments, and regional conflicts.
Despite these challenges, WRTL’s Q1 FY27 performance indicates strong growth momentum, with revenue increasing by more than 53% and net profit growing at a faster pace than the topline. Its sizeable order book, expanding clean energy portfolio, and growing focus on T&D and BESS position the company to benefit from India’s ongoing renewable energy and power infrastructure expansion
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