Waaree Renewable Tech Q1 FY26 Reports 207% PAT Growth

Waaree Renewable Tech Limited, a leading solar energy solutions provider in India, has delivered a remarkable performance in its Q1 FY26 results. The company posted a massive 207% year-on-year (YoY) growth in profit after tax (PAT), amounting to ₹86.39 crores, driven by significant growth in operational revenues. This strong financial start follows a profitable FY25, during which the company reported ₹228.92 crores in net profit and ₹1,597.75 crores in revenue from operations.

With increasing government support for renewable energy and rising demand in the domestic and international markets, Waaree Renewable Tech continues to solidify its leadership in solar EPC (Engineering, Procurement, and Construction), independent power producer (IPP) projects, and utility-scale solar solutions. The Q1 results underline the company’s operational efficiency and market strength.

Q1 FY26 Financial Highlights

Key Consolidated Figures: Quarter Ended 30th June 2025

• Revenue from Operations: ₹603.19 crores

• Profit Before Tax (PBT): ₹116.57 crores

• Profit After Tax (PAT): ₹86.39 crores

• Earnings Per Share (EPS): ₹8.29

Comparative Performance: Q1 FY26 vs Q1 FY25

The revenue growth of 155% YoY reflects higher execution volumes and increasing project wins, particularly in large-scale solar EPC contracts. The PAT more than tripling year-on-year highlights margin expansion and operational leverage.

FY25 Performance Snapshot

Before entering FY26 with robust Q1 results, Waaree Renewable Tech ended FY25 on a strong note.

• Total Revenue: ₹1,597.75 crores

• PBT: ₹300.48 crores

• PAT: ₹228.92 crores

• EPS (FY25): ₹21.95

The FY25 performance set a solid base, with significant contribution from turnkey solar EPC projects, solar panel exports, and rooftop installations. The company’s vertically integrated capabilities in module manufacturing and project execution enabled strong profitability even amid global supply chain uncertainties.

Quarterly Momentum Indicates Full-Year Upside

Given that the company’s Q1 FY26 PAT already constitutes nearly 38% of its full-year FY25 profit, there are high expectations for continued performance momentum in the remaining quarters. If this pace sustains, Waaree Renewable Tech could surpass its FY25 profit benchmarks significantly by the end of FY26.

This performance in Q1 also reflects early traction from multiple utility-scale projects bagged in late FY25 and their swift execution in Q1 FY26.

Share Price Performance & Market Sentiment

On 18th July 2025, the shares of Waaree Renewable Tech opened at ₹1,202.00 per share, a 1.49% increase from the previous close. The stock has shown strong investor confidence, offering consistent long-term returns:

• 1-Year Returns: 37.45%

• 5-Year Returns: 32.83%

• Maximum Returns (Since Listing): 32.83%

The upward movement post-Q1 results indicates market optimism on the company’s growth trajectory. However, the broader market continues to remain volatile due to global macroeconomic uncertainties, and investors are advised to exercise due diligence.

Operational Strength: EPC, Manufacturing, and IPP Growth

Waaree Renewable Tech’s core strength lies in its integrated business model, which includes:

1. Turnkey EPC Services: The company delivers large-scale solar power plants with in-house design, engineering, and procurement capabilities.

2. Module Manufacturing: Through its parent and group companies, Waaree operates multiple module manufacturing facilities.

3. IPP (Independent Power Production): It has a growing portfolio of owned and operated solar power projects under long-term power purchase agreements (PPAs).

This diversification ensures resilience against market cycles and pricing pressures.

Industry Outlook & Growth Drivers

India’s renewable energy sector is expected to grow rapidly over the next decade, driven by:

• Government Targets: India aims to achieve 500 GW of non-fossil fuel capacity by 2030, and solar power will contribute a major portion of it.

• PLI Scheme & Local Manufacturing: Incentives under the Production Linked Incentive (PLI) scheme are boosting domestic solar equipment production.

• Corporate Decarbonization: More corporations are turning to solar for captive consumption to meet ESG goals.

Waaree Renewable Tech is well-positioned to benefit from these tailwinds, with proven experience in executing both government and private-sector projects.

Strategic Projects and Pipeline

Waaree has ongoing and upcoming projects across India, including:

• Utility-Scale Solar Parks in Rajasthan and Gujarat

• Rooftop Solar Deployments for Industrial Units

• Export Orders for Solar Modules to the Middle East and Africa

• Hybrid Solar-Wind Storage Projects (In Development)

The execution of these projects is expected to reflect in revenue recognition from Q2 FY26 onwards.

Technological Advancements and R&D Focus

Waaree continues to invest in high-efficiency solar technologies, including:

• TOPCon and HJT Modules: Higher conversion efficiency and better performance in varied weather conditions.

• BIPV Solutions (Building Integrated Photovoltaics): Aimed at commercial buildings and architectural integration.

• Smart Solar Management Systems: Digital control and AI-based monitoring tools for large-scale solar assets.

The company’s R&D efforts contribute to enhanced lifecycle value of installations, lower maintenance costs, and greater customer satisfaction.

Risks and Challenges

Despite strong financials, Waaree Renewable Tech faces sector-specific risks:

• Raw Material Price Volatility: Solar module and cell pricing is sensitive to global supply-demand dynamics.

• Policy Shifts: Changes in import duties, anti-dumping regulations, or state-level solar policies may impact margins.

• Execution Delays: Projects could face land acquisition, regulatory, or weather-related hurdles.

The company has mitigated some of these risks through long-term supplier contracts, proactive legal compliance, and strong project management frameworks.

Leadership and Corporate Governance

Waaree Renewable Tech is backed by a seasoned leadership team with deep domain expertise. Its management continues to emphasize transparency, corporate responsibility, and long-term stakeholder value creation. The company follows rigorous ESG reporting norms and is increasingly aligning operations with global sustainability benchmarks.

Market Position and Competitive Advantage

In the crowded renewable EPC space, Waaree distinguishes itself through:

• Integrated Capabilities: From manufacturing to execution and O&M services.

• Pan-India Presence: Projects in over 25 states.

• Global Reach: Exporting solar modules to over 68 countries.

• Brand Equity: Established trust across government tenders and corporate clients.

Its scale, brand, and execution track record give Waaree a competitive edge over smaller EPC players and make it a top-of-mind choice in tender-based procurement.

Future Outlook: FY26 and Beyond

With a strong start to FY26, Waaree Renewable Tech is on track to exceed FY25 financial performance. Key future expectations include:

• Revenue Forecast: Likely to surpass ₹2,000 crores for FY26, driven by accelerated project execution and export growth.

• Profitability: Margins may expand further due to improved scale and better pricing in new contracts.

• International Expansion: New orders from African and Middle Eastern markets could open up fresh growth avenues.

• Investor Confidence: Continued good results may lead to re-rating of the stock and higher institutional interest.

Conclusion

Waaree Renewable Tech Q1 Results have reaffirmed the company’s dominant position in the Indian solar energy space. A 207% YoY jump in PAT and 155% surge in revenues indicate strong fundamentals, project pipeline, and operational efficiency. With government policies favoring renewable expansion and Waaree’s established capabilities, the company is poised for sustainable and profitable growth throughout FY26 and beyond.

However, as with any stock, prudent investment decisions should be based on individual financial goals, risk appetite, and proper analysis. Waaree Renewable Tech’s long-term trajectory looks promising, and investors tracking the renewable energy sector will do well to watch its future earnings closely.

For more information, visit the company’s official website: https://www.waaree.com

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