Conference Call with Waaree Renewable Technologies Management and Analysts on Q1FY26 Performance and Outlook. Listen to the full earnings transcript.
Power & Electric Utilities company Waaree Renewable Technologies announced Q1FY26 results Revenue for Q1FY26 stood at Rs 603.19 crore representing a growth of 155.20% YoY as compared to Rs 236.35 crore in Q1FY25. EBITDA for Q1FY26 stood at Rs 117.54 crore as compared to Rs 41.08 crore in Q1FY25 representing a growth of 186.14% YoY. PAT for Q1FY26 stood at Rs 86.39 crore as compared to Rs 28.16 crore in Q1FY25 representing a growth of 206.77% YoY. Manmohan Sharma, CFO, Waaree Renewable Technologies, said: “We are pleased to report revenue of Rs 603.19 crore for Q1FY26, compared to Rs 236.35 crore in Q1FY25, delivering a robust growth of 155.20%. This performance reflects the strength of our business model, our disciplined operational approach, and our ability to execute large-scale projects efficiently in a rapidly evolving clean energy landscape. As of June 2025, India’s total renewable energy capacity stood at 234 GW, with solar contributing 116.25 GW. In the first half of CY2025, solar installations grew by 51.6% year-on-year, underscoring the sector’s accelerating momentum. This growth is being propelled by India’s ambitious clean energy roadmap, rising demand across industrial and utility segments. India has also achieved a major milestone in its clean energy transition, with 50% of its total installed power capacity now sourced from non-fossil fuels, reaching this target five years ahead of schedule. With 484.8 GW of total installed capacity, and 242.8 GW from non-fossil sources, this progress reinforces the country’s leadership in sustainable energy. In response to the evolving energy landscape, we have broadened our portfolio to include Battery Energy Storage System (BESS) EPC solutions, reinforcing our position as a full-spectrum clean energy provider. With a strong order book of 3.15 GWp in Solar EPC and 40 MWh in BESS EPC, we are wellequipped to deliver next-generation, large-scale integrated energy projects. We remain resilient, future-ready, and committed to enabling India’s energy transition through high-quality, sustainable solutions. With innovation and sustainability at the heart of our operations, we are confident in our ability to generate long-term value for all stakeholders.” Result PDF
Conference Call with Waaree Renewable Technologies Management and Analysts on Q4FY25 & Full Year Performance and Outlook. Listen to the full earnings transcript.
Electric Utilities company Waaree Renewable Technologies announced Q4FY25 & FY25 results Q4FY25 Financial Highlights: Revenue for Q4FY25 stood at Rs 476.58 crore representing a growth of 74.37% YoY as compared to Rs 273.31 crore in Q4FY24. EBITDA for Q4FY25 stood at Rs 126.33 crore as compared to Rs 75.29 crore in Q4FY24 representing a growth of 67.79% YoY. PAT for Q4FY25 stood at Rs 93.77 crore as compared to Rs 51.31 crore in Q4FY24 representing a growth of 82.73% YoY. FY25 Financial Highlights: Revenue for FY25 stood at Rs 1,597.75 crore representing a growth of 82.29% YoY as compared to Rs 876.50 crore in FY24. EBITDA for FY25 stood at Rs 310.90 crore as compared to Rs 207.18 crore in FY24 representing a growth of 50.06% YoY. PAT for FY25 stood at Rs 228.92 crore as compared to Rs 145.22 crore in FY24 representing a growth of 57.64% YoY Manmohan Sharma, CFO, Waaree Renewable Technologies, said: “We are pleased to report a revenue of Rs 1,597.75 crore for FY25, compared to Rs 876.50 crore in FY24, reflecting an impressive growth of 82.29%, significantly outpacing India’s solar sector growth in the same period. This performance underlines the strength of our integrated business model, execution capabilities, and deep understanding of the renewable energy ecosystem. As of March 2025, India’s total renewable energy capacity reached 220.10 GW, with solar contributing 105.65 GW. The government aims to achieve 500 GW of renewable energy by 2030, including 280 GW from solar, driving rapid sector growth and creating opportunities for expansion and innovation. This shift is being fueled by supportive policies and advances in clean energy technologies, along with rising demand in the C&I;, utility-scale, and hybrid project segments. Recognising the evolving needs of the energy landscape, we have expanded our capabilities into Battery Energy Storage System (BESS) EPC solutions, further strengthening our position as a comprehensive clean energy player, backed by a robust order book of 3.2 GW in Solar EPC and 40 MWh in BESS EPC, we are well-positioned to deliver large-scale, next-generation projects. We remain well-positioned, operationally resilient, and committed to driving the energy transition with high-quality, sustainable solutions. With innovation and sustainability at the core of our business, we are confident in our ability to create long-term value for all stakeholders.” Result PDF
Electric Utilities company Waaree Renewable Technologies announced 9MFY25 & Q3FY25 results Revenue for the 9MFY25 stood at Rs 1,121.17 crore as against Revenue of Rs 603.19 crore in comparative period during 9MFY24 representing growth of 85.87% YoY. EBITDA for the 9MFY25 grew by 39.95% from Rs 131.89 crore in 9MFY24 to Rs 184.57 crore. Revenue for Q3FY25 stood at Rs 360.35 crore as compared to Rs 324.19 crore in Q3FY24. EBITDA for Q3FY25 stood at Rs 71.92 crore as compared to Rs 87.81 crore in Q3FY24. The EPC segment delivered exceptional performance, achieving customer revenue of Rs 1,093.99 crore for a volume of 1,024.92 MWp, compared to Rs 580.80 crorefor a volume of 473.44 MWp. The company has announced an interim dividend of Rs 1 per share, representing 50% of the face value of Rs 2. Order book Position: Unexecuted order book stands at 3.4 GWp to be executed between 09-15 months. Bidding pipeline remains robust at 23.37 GWp. Key Updates: The company plans to foray into EPC for Data Centre industry in India and globally. Recent Order Wins: 2012.47 MWp Ground Mounted Solar PV project from leading IPP player. Setting up 41.6 MWp Independent Power Producer (IPP) Plant. Dilip Panjwani, CFO, Waaree Renewable Technologies, said: “With a robust nine-month revenue growth of 85.87%, amounting to Rs 1,121.17 crore, we are pleased to share our performance as a leading EPC player with commitment to help corporates attain sustainability in their renewable energy needs. By the end of December 2024, India’s renewable energy capacity reached 209.44 GW, with solar energy accounting for nearly half. The country added 24.5 GW of solar capacity in 2024, driven by a significant rise in utility-scale solar and rooftop solar. WRTL continues to invest strongly in technology reflecting in successful execution of complex projects in Floating Solar and Battery Energy Storage Systems. The company is also set to expand its presence by undertaking EPC projects for the Data Centre industry in India and globally. The solar and wind sectors continue to drive this transformation, aligning with India’s ambitious targets for 2030 and 2070.For Waaree Renewable Technologies, these developments present exciting opportunities. With our strong order book and financial position, we are well-equipped to deliver value to our stakeholders and contribute to the global push for sustainable energy solutions.” Result PDF
Electric Utilities company Waaree Renewable Technologies announced H1FY25 & Q2FY25 results Revenue for Q2FY25 stood at Rs 524.47 crore representing a growth of 249.50% YoY as compared to Rs 150.06 crore in Q2FY24. EBITDA for Q2FY25 stood at Rs 71.57 crore as compared to Rs 30.68 crore in Q2FY24 representing a growth of 133.27% YoY. Revenue for the H1FY25 stood at Rs 760.82 crore as against Revenue of Rs 279.00 crore in the comparative period during H1FY24 representing growth of 172.70% YoY. EBITDA for the H1FY25 grew by 155.56% from Rs 44.08 crore in H1FY24 to Rs 112.65 crore. The EPC segment delivered exceptional performance, achieving customer billing of Rs 583.36 crore for a volume of 528.56 MWp, compared to Rs 141.09 crore for a volume of 169.59 MWp. Dilip Panjwani, CFO, Waaree Renewable Technologies Limited said: “We are pleased to announce the highest-ever quarterly revenue in the company’s history at Rs 524.47 crore with a volume of 528.56 MWp which reflects robust execution capabilities built on the strength of highly scalable platform. WRTL continues to invest strongly in technology reflecting in the successful execution of complex projects in Floating Solar and Battery Energy Storage Systems. India’s dedication to reducing carbon intensity, achieving 50% renewable energy by 2030, and reaching net-zero emissions by 2070 is evident. As of August 2024, RE installations have expanded nearly fivefold to approximately 200 GW from around 63 GW in March 2012. This impressive growth has been primarily driven by solar power which surged to approximately 89 GW in August 2024. This growth highlights India’s critical role in the global renewable energy landscape, with robust government policies prioritizing solar energy in the nation’s energy transition. With continued technological advancements and policy support, we are well-positioned to capitalize on these opportunities. Our strong order book and healthy balance sheet empower us to deliver lasting value to our stakeholders while advancing in global sustainability.” Result PDF
Conference Call with Waaree Renewable Technologies Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Electric Utilities company Waaree Renewable Technologies announced Q1FY25 results: Financial Highlights: Revenue for Q1FY25 stood at Rs 236.35 crore representing a growth of 83.31% YoY as compared to Rs 128.94 crore in Q1FY24 EBITDA for Q1FY25 stood at Rs 41.08 crore as compared to Rs 13.40 crore in Q1FY24 representing a growth of 206.60% YoY PAT for Q1FY25 stood at Rs 28.16 crore as compared to Rs 9.13 crore in Q1FY24 representing a growth of 208.51% YoY The EPC segment delivered exceptional performance, achieving customer billing of Rs 301.30 crore for a volume of 302.95 MWp, compared to Rs 131.17 crore for a volume of 109.45 MWp Unexecuted order book stands at 2,191 MWp to be executed between 09-12 months Bidding pipeline remains robust at 15.5 GW Business Highlights: 30 MWp Ground Mounted solar power project 26.4 MWp Ground Mounted solar power project 700 KWp Rooftop solar power project 1.090 MWp Floating solar power project Commenting on the results Dilip Panjwani, CFO, Waaree Renewable Technologies said: As a company dedicated to sustainability, we are pleased to share our progress and future prospects. By June 2024, India's solar energy capacity has exceeded 85 GW, accounting for 19% of the country's total power capacity. This milestone underscores India's significant role in the global renewable energy sector, with the government prioritizing the energy transition and providing robust policy support emphasizing on solar energy. India’s commitment to cutting carbon intensity, achieving 50% renewable energy by 2030, and reaching net-zero emissions by 2070 is clearly demonstrated. Solar energy now represents 85% of all new renewable capacity, signalling a strategic shift towards greater energy security and reduced reliance on fossil fuels. The benefits of India's renewable energy investments extend beyond environmental improvements. This sector enhances energy security by reducing reliance on imported fossil fuels and drives technological advancements, leading to economic growth. With ongoing technological progress and supportive policies, we are confident to capitalize on these opportunities. Our robust order pipeline and strong balance sheet positions us to deliver significant value to our stakeholders while furthering global sustainability efforts." Result PDF
Electric Utilities company Waaree Renewable Technologies announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Revenue for Q4FY24 stood at Rs 273.25 crore representing a growth of 344.40% YoY as compared to Rs 61.49 crore in Q4FY23 EBITDA for Q4FY24 stood at Rs 75.30 crore as compared to Rs 22.29 crore in Q4FY23 representing a growth of 237.83% YoY PAT for Q4FY24 stood at Rs 54.18 crore as compared to Rs 12.28 crore in Q4FY23 representing a growth of 341.41% YoY FY24 Financial Highlights: Revenue for FY24 stood at Rs 876.44 crore representing a growth of 149.73% YoY as compared to Rs 350.96 crore in FY23 EBITDA for FY24 stood at Rs 207.18 crore as compared to Rs 83.75 crore in FY23 representing a growth of 147.40% YoY PAT for FY24 stood at Rs 148.04 crore as compared to Rs 55.33 crore in FY23 representing a growth of 167.55% YoY Commenting on the results, Dilip Panjwani, CFO, Waaree Renewable Technologies said: "As a company committed to driving sustainable solutions, we are excited to share our progress and the significant opportunities that lie ahead. India has set an ambitious target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50 percent cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. The country aims for 500 GW of renewable energy installed capacity by 2030. The country’s renewable energy market is on the rise, with a record 69GW of bids in FY24, surpassing the government's target. Solar power, both grid-scale and rooftop, remains the primary contributor, accounting for 81% of the added capacity. The installed solar energy capacity has increased by 30 times in the last 9 years and stands at 81.81 GW as of March 2024. Policy initiatives like the PM Surya Ghar: Muft Bijli Yojana aim to further boost solar installations, particularly in residential areas. With a strong balance sheet and disciplined financial management, the focus is on executing profitable projects with higher returns. This progress signifies not only environmental strides but also promising economic prospects in India's renewable energy landscape. We are also pleased to inform you that the board of directors has recommended a dividend of Rs 1/- for the face value of share of Rs 2/- each. With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support.” Result PDF
Electric Utilities company Waaree Renewable Technologies announced Q3FY24 & 9MFY24 results: Revenue for Q3FY24 stood at Rs 324.19 crore representing a growth of 338.78% YoY as compared to Rs 73.88 crore in Q3FY23 EBITDA for Q3FY24 stood at Rs 87.81 crore as compared to Rs 35.80 crore in Q3FY23 representing a growth of 145.30% YoY PAT for Q3FY24 stood at Rs 64.46 crore as compared to Rs 24.98 crore in Q3FY23 representing a growth of 158.09% YoY Revenue for 9MFY24 stood at Rs 603.19 crore as compared to Rs 289.47 crore in a comparative period during 9MFY23 representing growth of 108.38% YoY EBITDA for 9MFY24 grew by 114.60% from Rs 61.46 crore in 9MFY23 to Rs 131.89 crore PAT for 9MFY24 grew by 117.98% from Rs 43.06 crore in 9MFY23 to Rs 93.86 crore Order book Position: The unexecuted order book stands at 749+ MW as of December 31, 2023 Bidding pipeline remains robust Key Updates: The Board has announced the corporate action of stock split the face value of Equity shares in the ratio 1:5 per share subject to the approval of shareholders The Company has signed a collaboration agreement with “5B Maverick Services PTY Ltd.” The Company has received 70 MW Capacity ground-mounted solar power project Commenting on the results, Dilip Panjwani, CFO, Waaree Renewable Technologies said: "During the quarter, the company registered a strong performance, with YoY growth of 338.78% in revenues and a robust growth of over 158% in profitability. EBITDA margins stood at 27.09% driven by operating leverage and a sharp focus on cost control. India's Renewable Energy sector continues to play a pivotal role in the nation's pursuit of sustainable growth and energy security. As of August 2023, solar energy accounts for an impressive 17% of the installed power generation capacity, reflecting a significant increase from 2.8% in FY19 to 6.3% in FY23 in power consumption. Aligned with the government's commitment to achieving a net-zero emissions target by 2070, India's solar energy sector is at the forefront of renewable energy advancements. Key policies such as the Solar Park Scheme, PM KUSUM, Grid Connected Solar Rooftop Schemes, and other initiatives underscore our dedication to expanding renewable energy sources. We remain enthusiastic about sustaining momentum. Our commitment to global expansion, innovation, product diversification, and increased productivity through automation positions us for success. With a sound balance sheet, substantial net cash reserves, and a disciplined working capital cycle, we are well-equipped to undertake lucrative projects that yield higher returns. We also would like to extend our gratitude to stakeholders for their continued trust and support, driving us forward in this exciting phase of growth.” Result PDF