Waaree Renewable Technologies Limited Earnings Summary — Q4 FY2026
Waaree Renewable Technologies Hits Record Quarterly Revenue and Profit Amid Massive EPC Growth
Key Takeaways
- Revenue witnessed explosive growth of 131% YoY, driven by accelerated execution of the solar EPC order book.
- Quarterly net profit surged to an all-time high of 156 Cr, maintaining a strong growth trajectory.
- Operating margins have normalized to 19% from 27% YoY, reflecting the execution of larger-scale utility projects.
- The balance sheet remains robust despite a jump in borrowings to 146 Cr to support working capital for larger projects.
- Receivables have seen a significant spike to 1,168 Cr as of March 2026, indicating potentially longer payment cycles.
- Inventory levels increased sharply to 146 Cr to support the massive scale-up in order execution.
- The company maintains a highly efficient ROCE (over 80%) despite the shift to a larger scale of operations.
Management Guidance
Management remains focused on maintaining market leadership in the Solar EPC segment with a robust unexecuted order book for FY27. Strategic focus remains on vertical integration benefits from the parent Waaree Group and execution speed.
Sentiment Shift
Stable
Despite a year-over-year compression in operating margins, the sheer scale of revenue and profit growth remains exceptional and consistent with the company's hyper-growth trajectory.
Outlook
The outlook remains strong supported by a massive order backlog, though the business is entering a phase of normalized margins and increased working capital requirements as project ticket sizes increase.
From the Annual Report (Key Quotes)
“The company has undergone a massive transformation from a near-dormant power generator to a high-growth EPC powerhouse.”
“Current market leadership in Solar EPC is supported by a robust order book and parentage advantages.”
“The major concern is the high dependence on large-scale utility projects which can introduce lumpy revenue recognition.”
Earnings Call Transcript — Q4 FY2026
Open originalApril 24, 2026 \| To The Manager BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400001 \| To The Manager National Stock Exchange of India Limited Exchange Plaza,C-1 Block G, Bandra-Kurla Complex,Bandra(East) Mumbai-400 051 \| \| \-\-\- \| \-\-\- \| \| Scrip Code:534618 \| Scrip Symbol:WAAREERTL \| To The Manager National Stock Exchange of India Limited Exchange Plaza, C-1 Block G, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 051 Scrip Symbol: WAAREERTL Dear Sir/Madam Sub.: Transcript of Investors/Analyst Earnings Conference Call held on April 17, 2026. Further to our communication dated April 14, 2026, and April 17, 2026, please find enclosed the transcript of the Earning Conference Call held on Friday, April 17, 2026, at 04:00 p.m. to discuss the Audited Financial Results for the quarter and financial year ended March 31, 2026. This transcript shall also be available on the website of the Company at [www.waareertl.com](http://www.waareertl.com/). We request you to take the same on your record. Thanking you, Yours faithfully, For Waaree Renewable Technologies Limited HEEMA Digitally signed by HEEMA KALPESHKUMAR KALPESHKU KALPES SHAH MAR SHAH Date: 2026.04.24 17:34:03 +05'30' Waaree Renewable Technologies Limited Heema Shah Company Secretary Company Secretary ACS 52919 (A subsidiary of Waaree Energies Limited) Email Id: [info@waareertl.com](mailto:info@waareertl.com) Encl : as above 504, Western Edge-1, Off. Western Express Highway, Tel.: +91 22 6644 4444 CIN : L93000MH1999PLC120470 Borivali (E), Mumbai 400 066. Maharashtra INDIA E : [info@waareertl.com](mailto:info@waareertl.com) GST: 27AADCS 1824J2ZB W : [www.waareertl.com](http://www.waareertl.com/) * * * WAAREE\|RTL Execution with Pace & Comfort “Waaree Renewable Technologies Limited Q4 & FY '26 Earnings Conference Call” April 17, 2026 WAAREE\|RTL Execution with Pace & Comfort MUFG MANAGEMENT: MR. HITESH MEHTA – WHOLE-TIME DIRECTOR – WAAREE RENEWABLE TECHNOLOGIES LIMITED MR. MANMOHAN SHARMA – CHIEF FINANCIAL OFFICER – WAAREE RENEWABLE TECHNOLOGIES LIMITED MR. NEERAJ VINAYAK – VICE PRESIDENT, INVESTOR RELATIONS – WAAREE RENEWABLE TECHNOLOGIES LIMITED MR. ROHIT WADE – GENERAL MANAGER – INVESTOR RELATIONS – WAAREE RENEWABLE TECHNOLOGIES LIMITED MODERATOR: MR. NIKUNJ JAIN – MUFG INTIME INDIA PRIVATE LIMITED * * * Moderator: Ladies and gentlemen, good day and welcome to Waaree Renewable Technologies Limited Q4 and FY '26 Earnings Conference Call hosted by MUFG Intime India Private Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nikunj Jain from MUFG Intime India Private Limited. Thank you and over to you, sir. Nikunj Jain: Thank you. Good afternoon, ladies and gentlemen. I welcome you all to the Q4 and FY '26 Earnings Conference Call of Waaree Renewable Technologies Limited. Today on the call, we have from the management, Mr. Hitesh Mehta, Whole-Time Director; Mr. Manmohan Sharma, Chief Financial Officer; Mr. Neeraj Vinayak, Vice President, Investor Relations; and Mr. Rohit Wade, General Manager, Investor Relations. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Without further ado, I would like to hand over the call to Mr. Manmohan Sharma for his opening remarks and then we will open the floor for Q&A. Thank you and over to you, sir. Manmohan Sharma: Thank you, Nikunj. Good afternoon, everyone. And I would like to extend …
Source: NSE — Latest Concall Transcript
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