Waaree Renewable Technologies Limited Earnings Summary — Q1 FY2027
Waaree Renewable Reports Steady Top-line Growth Amidst Major EPC Acquisition
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 16.2% sequentially in Q1 FY2027.
- Revenue of ₹924 Cr is 53.2% higher year-on-year.
- Revenue has compounded at 71.9% annualised over the last 10 quarters.
- Net profit of ₹116 Cr is 34.1% above the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 43.6% annualised across the period.
- Operating margin stands at 18.8% in Q1 FY2027.
- Operating margin compressed by 72 bps year-on-year.
- Over the last two years operating margin has expanded by 139 bps.
- PBT margin is 17.7%.
- Expenses grew 54.6% against revenue growth of 53.2%.
- Operating profit of ₹173 Cr is 47.6% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 66/100 (Healthy) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 924 | 1,102 | 851 | 775 | 603 | 477 | 360 | 524 | 236 | 273 |
| Expenses | Improving | 751 | 896 | 692 | 617 | 486 | 350 | 288 | 453 | 195 | 198 |
| Operating Profit | Improving | 173 | 207 | 159 | 158 | 118 | 126 | 72 | 72 | 41 | 75 |
| Operating Margin | Stable | 18.8% | 18.8% | 18.7% | 20.4% | 19.5% | 26.5% | 20.0% | 13.7% | 17.4% | 27.6% |
| Other Income | Volatile | 5 | 6 | 5 | 4 | 5 | 1 | 4 | 3 | 3 | 2 |
| Interest | Volatile | 10 | 3 | 3 | 4 | 4 | 4 | 3 | 4 | 3 | 4 |
| Depreciation | Volatile | 6 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| Profit Before Tax | Improving | 163 | 208 | 158 | 157 | 117 | 121 | 71 | 69 | 39 | 72 |
| Tax | Improving | 44 | 52 | 38 | 40 | 30 | 27 | 17 | 16 | 11 | 21 |
| Net Profit | Improving | 116 | 156 | 120 | 116 | 86 | 94 | 54 | 54 | 28 | 51 |
| Net Margin | Stable | 12.5% | 14.1% | 14.1% | 15.0% | 14.3% | 19.7% | 14.8% | 10.2% | 12.0% | 18.8% |
Key Takeaways
- Revenue increased by 53.2% YoY to ₹924.3 Cr, though it saw a seasonal sequential decline from Q4 FY26.
- The company completed the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL) for ₹1,22,500 lakhs on June 18, 2026.
- Consolidated results for the quarter include APSPL's financials for only 12 days, contributing ₹112.8 Cr to revenue and ₹9.04 Cr to net profit.
- A new business segment for Transmission and Distribution (T&D) EPC was formally introduced following the APSPL acquisition.
- EBITDA margins moderated slightly to 17.68% compared to the prior year's 19.32%, partly due to higher finance costs related to the acquisition.
- Unexecuted order book remains healthy at 2.83 GWp, providing strong revenue visibility for the next 12-15 months.
Management Guidance
Management remains committed to maintaining a sustainable EBITDA margin threshold of approximately 15%, while pursuing a bilateral order pipeline of 36 GW (23 GW domestic, 13 GW international).
Sentiment Shift
Stable
While sequential profits declined, the successful acquisition of APSPL and a strong order book indicate continued momentum in the renewable transition.
Outlook
The outlook remains strong with the integration of Transmission & Distribution capabilities and a focus on emerging opportunities in BESS (Battery Energy Storage Systems).
From the Annual Report (Key Quotes)
“The above results include the financial results of APSPL w.e.f 18-06-2026 and hence the figures for the three months ended 30-06-2026 are not comparable with the previous corresponding period.”
“Our strategy is to have a smaller size of project IPP so that we can have continuous revenue for the next financial year, for the next few years.”
“We are well positioned with a strong order book, a healthy O&M portfolio, and expanding into BESS EPC while maintaining our focus on execution discipline.”
Official Quarterly Documents
Ask AI about this quarter
This summary is AI-generated from Waaree Renewable Technologies Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.