Projects Executed (FY26)
2,727 MWp
+42% YoY
Highest ever annual execution, reflecting strong operational capability.
WAAREERENEWABLETECHNOLOG
Information Technology
15 May 2026
Waaree Renewable Technologies Ltd — Q4 FY26
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.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Order Book
2.83 GWp
-12% YoY
Declined from 3.2 GWp a year ago due to high execution; pipeline of 36 GW under discussion.
Order Inflow (FY26)
2.3 GWp
-4% YoY
Slight decline from 2.4 GWp in FY25; management cites selective bidding on margin discipline.
IP Portfolio (Operational)
54 MWp
+0% YoY
Additional 227 MWp under construction; IP revenue of ₹26 crore in FY26.
Management Guidance
FY27 execution to be driven by existing order book plus new inflows
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 guidance revenueEBITDA margin guided around 15% but actuals above 19%
Management reiterated a 15% EBITDA margin threshold as a bidding benchmark, though full-year FY26 margin was 19.24%.
Management guidance marginsIP capex of ~₹3-3.5 crore per MW for 227 MW under construction
The 227 MWp IP projects are being funded through internal accruals; no debt tied up yet.
Management guidance capexBESS revenue expected to open up in FY27
Management noted increasing inquiries for battery energy storage systems alongside solar projects, with execution expected in the current financial year.
Management guidance growthKey Risks
Order inflow slowdown
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.
medium · analyst_questionGrid evacuation bottlenecks in Rajasthan
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.
medium · analyst_questionMargin pressure from aggressive bidding
Despite delivering 19%+ margins, management's guided 15% threshold suggests potential compression. New entrants bidding aggressively could pressure pricing.
medium · analyst_questionWorking capital stretch from rising receivables
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.
low · data_observationNotable 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.
Frequently Asked Questions
What was Waaree Renewable Technologies's revenue in Q4 FY26?
Waaree Renewable Technologies reported revenue of ₹1,102 Cr in Q4 FY26, representing a +131.31% change compared to the same quarter last year.
What guidance did Waaree Renewable Technologies management give for FY27?
FY27 execution to be driven by existing order book plus new inflows: Management expects to execute the current 2.83 GW order book over 12-15 months, supplemented by new orders from the 36 GW pipeline. EBITDA margin guided around 15% but actuals above 19%: Management reiterated a 15% EBITDA margin threshold as a bidding benchmark, though full-year FY26 margin was 19.24%. IP capex of ~₹3-3.5 crore per MW for 227 MW under construction: The 227 MWp IP projects are being funded through internal accruals; no debt tied up yet. BESS revenue expected to open up in FY27: Management noted increasing inquiries for battery energy storage systems alongside solar projects, with execution expected in the current financial year.
What are the key risks for Waaree Renewable Technologies in FY27?
Key risks include Order inflow slowdown — 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.; Grid evacuation bottlenecks in Rajasthan — 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.; Margin pressure from aggressive bidding — Despite delivering 19%+ margins, management's guided 15% threshold suggests potential compression. New entrants bidding aggressively could pressure pricing.; Working capital stretch from rising receivables — 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..
Did Waaree Renewable Technologies meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Waaree Renewable Technologies Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.