Waaree Renewable Technologies Analyzed

Key Points

• Waaree Renewable’s stock jumped due to strong Q2FY26 results.
• Revenue increased by 47.7% year-over-year to ₹774.78 crore.
• EBITDA more than doubled, and PAT jumped significantly.
• Large order book of 3.48 GWp provides future growth.
• Company expanding with new IPP plants in Maharashtra & Rajasthan.
• India’s renewable energy growth is strong, nearing 500 GW target.

Waaree Renewable Technologies’ stock price saw a significant increase on October 13, 2025, driven by outstanding financial results. The stock rose by 8.58% to ₹1,231.90 per share, reflecting investor confidence in the company’s performance. This surge is directly linked to a substantial growth in revenue and profitability, signaling a positive outlook for the company’s future expansion.

Financial Performance Highlights

The company’s September quarter results were particularly impressive. Revenue jumped 47.7% year-over-year to ₹774.78 crore, compared to ₹524.47 crore in the previous quarter. EBITDA more than doubled to ₹157.94 crore, up 120.7% year-over-year, and Profit After Tax (PAT) increased dramatically by 117.4% to ₹116.34 crore, compared to ₹53.52 crore in the prior quarter. These numbers demonstrate the company’s strong execution and the favorable market conditions.

For the half-year ending September 2025 (H1FY26), Waaree Renewable reported even stronger results. Revenue reached ₹1,377.97 crore, up 81.1% year-over-year, with EBITDA at ₹275.48 crore (a 144.6% increase) and PAT at ₹202.73 crore, reflecting a 148.2% year-over-year rise. These figures highlight the company’s successful implementation of its strategic plans and the continuing growth in the renewable energy sector.

Order Book and Expansion Plans

Waaree Renewable has a substantial unexecuted order book totaling 3.48 GWp, expected to be completed over a 12-15 month period. This provides a clear roadmap for future revenue generation. Furthermore, the company is actively expanding its operations with several new projects, including the construction of 28 MWp of IPP solar power plants in Maharashtra and a 37.5 MWp plant in Bikaner, Rajasthan.

As CFO Manmohan Sharma stated, “We are pleased to report highest ever quarterly revenue of ₹774.78 crore for Q2FY26, comparing to ₹524.47 crore in Q2FY25, delivering a robust growth of 47.73%.” He emphasized that India’s renewable energy momentum is continuing to build, with a total installed capacity of 256.1 GW (as of September 2025), getting closer to the 500 GW target by 2030, aligning with India’s long-term vision.

Sharma added, “Solar energy accounts for 127.33 GW of the total renewable installed capacity, underscoring its pivotal role in the country’s clean energy transition, driven by robust policy support, and ambitious national targets. India’s solar EPC sector is also rapidly evolving and our integrated capabilities place us at the forefront of this transformation.” The company is also building substation and transmission lines for specific solar power projects.

Waaree Renewable’s strong financial performance and ambitious expansion plans signal a promising future for the company and the broader Indian renewable energy market.