Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
ConCallIQ research layer
Signal, with the source still visible.
Use the controls below to narrow the view, then follow the evidence into the next layer of context.
Revenue
₹1,102 Cr
verified against source
Revenue YoY
131.31%
reported change
EBITDA
₹26.82 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Waaree Renewable Technologies delivered a stellar Q4 FY26 with revenue surging 131% YoY to ₹112.4 crore and PAT rising 66% YoY to ₹155.72 crore. Full-year revenue crossed ₹3,331 crore (+109% YoY), driven by record execution of 2,727 MWp of solar projects. The order book stands at 2.83 GWp, providing strong near-term visibility. Management highlighted a healthy pipeline of ~36 GW under bilateral discussions, though conversion timing remains uncertain. EBITDA margin for the quarter was 18.76%, with management guiding a sustainable ~15% threshold but delivering above 19% for the full year. Key risk: order inflow moderation (2.3 GW in FY26 vs 2.4 GW in FY25) amid intense competition and potential grid evacuation bottlenecks in Rajasthan.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to execute the current 2.83 GW order book over 12-15 months, supplemented by new orders from the 36 GW pipeline.
- Management reiterated a 15% EBITDA margin threshold as a bidding benchmark, though full-year FY26 margin was 19.24%.
- The 227 MWp IP projects are being funded through internal accruals; no debt tied up yet.
- Management noted increasing inquiries for battery energy storage systems alongside solar projects, with execution expected in the current financial year.
Risks flagged
- Order inflow declined to 2.3 GW in FY26 from 2.4 GW in FY25, and the order book shrank 12% YoY. Management attributed this to selective bidding, but competition may be intensifying.
- Analyst flagged that ~60 GW of projects in Rajasthan await clarity on substation coordinates, which could delay new EPC awards. Management acknowledged the risk but said current orders are unaffected.
- Despite delivering 19%+ margins, management's guided 15% threshold suggests potential compression. New entrants bidding aggressively could pressure pricing.
- Receivables have doubled from ₹500 crore to over ₹1,000 crore, though management says most are secured by letters of credit and less than six months old.
Key quotes
- We are able to maintain our order book. So how whatever orders we are executing more or less we are getting the same similar kind of order in the current financial year.
- Our target is to conserve cash put it back into the in the project so that there will be revenue out of it.
- We are only participating when there is a suitable to our margin or suitable to risk-reward matrix which we prefer.
Research modules