Waaree Renewable Technologies Ltd
Waaree Renewable Q2 FY27 Revenue up 36.53% YoY to Rs. 1,057.84 crores
RESULTS
◆ Monitor Closely
MEDIUM RISK
📅 Filed on BSE: 19 Oct 2026, 08:53 PM IST · BSE ID: 4baf156e-285a-4913-940d-4ff524a0becc
View Original BSE Filing (PDF)
💡
In Simple Terms
Waaree Renewable's sales grew by 36.53% to Rs. 1,057.84 crores in the latest quarter, though its profit declined.
🤖 AI Summary
- Waaree Renewable Technologies reported Q2 FY27 Revenue from Operations at Rs. 1,057.84 crores, a 36.53% YoY growth.
- Q2 FY27 Profit After Tax (PAT) stood at Rs. 81.48 crores, representing a -29.98% YoY change.
- EBITDA for Q2 FY27 was Rs. 159.98 crores, an increase of 1.29% compared to Q2 FY26.
- Half Year FY27 (H1 FY27) Revenue from Operations reached Rs. 1,982.09 crores, up 43.84% YoY.
- The company maintains an unexecuted order book exceeding Rs. 5,500 crores, providing revenue visibility.
🔢 Key Numbers — exact figures from BSE filing, not rounded
Q2 FY27 Revenue from Operations
Rs. 1,057.84 crores
36.53%
Q2 FY27 EBITDA
Rs. 159.98 crores
1.29%
Q2 FY27 PAT
Rs. 81.48 crores
-29.98%
H1 FY27 Revenue from Operations
Rs. 1,982.09 crores
43.84%
H1 FY27 EBITDA
Rs. 333.46 crores
21.04%
H1 FY27 PAT
Rs. 200.44 crores
-1.14%
Consolidated Unexecuted Orderbook
Rs. 5,500+ crores
🏢 How This Affects the Company
The company's revenue growth of 36.53% YoY in Q2 FY27 and 43.84% YoY in H1 FY27 indicates an expanding business pipeline, strengthened by the acquisition of APSPL and diversification into T&D, Battery Energy Storage Systems, and Data Centre EPC opportunities.
While revenue and EBITDA grew in Q2 FY27 and H1 FY27, PAT declined by -29.98% YoY in Q2 FY27 and -1.14% YoY in H1 FY27, which management attributes to acquisition-related financing costs and the addition of business with a different margin profile.
Expansion into adjacent T&D segments through the APSPL acquisition and pursuit of EPC opportunities in Battery Energy Storage Systems and Data Centres reflects an effort to broaden integrated presence across the clean energy value chain.
The decline in PAT margins (from 15.02% to 7.70% YoY in Q2 FY27) suggests potential integration challenges or differing profitability profiles from recent business expansions, introducing margin pressure risk.
👥 What This Means For Shareholders
✅
Action Required
No immediate action is required from shareholders based on this financial results filing.
👤
Who Is Affected
Shareholders are affected by the company's financial performance, with strong revenue growth but a decline in PAT impacting earnings per share.
🔍
Management Signal
Management aims to create long-term value through greater scale, diversified capabilities, and operational efficiencies, despite near-term profitability impacts from acquisitions and financing costs.
For information only. Not investment advice. ForgeUp is not SEBI-registered.
👁 Watch List — track these upcoming events
Q3 FY27 financial results — assess if PAT margin trends improve.
Updates on new order wins in Battery Energy Storage Systems and Data Centre EPC.
Further details on integration of Associated Power Structures Pvt. Ltd.
MEDIUM RISK
While revenue is growing, declining PAT and EBITDA margins suggest challenges in profitability from recent expansion activities.
💡 Investor Takeaway
Waaree Renewable Technologies reported Q2 FY27 Revenue from Operations at Rs. 1,057.84 crores, a 36.53% YoY increase. However, Profit After Tax (PAT) decreased by -29.98% YoY to Rs. 81.48 crores. The company's unexecuted order book stands at Rs. 5,500+ crores.
⚖️ Strengths & Concerns
✅ Positives
- Revenue from operations increased by 36.53% YoY to Rs. 1,057.84 crores in Q2 FY27 and 43.84% YoY to Rs. 1,982.09 crores in H1 FY27.
- A strong unexecuted order book of Rs. 5,500+ crores provides significant revenue visibility for future periods.
⚠️ Concerns
- Profit After Tax (PAT) decreased by -29.98% YoY to Rs. 81.48 crores in Q2 FY27 and -1.14% YoY to Rs. 200.44 crores in H1 FY27.
- EBITDA Margin reduced to 15.12% in Q2 FY27 from 20.39% in Q2 FY26, indicating a contraction in profitability per unit of revenue.
📅 Company Track Record
Waaree Renewable's Q1 FY27 consolidated net profit was Rs. 11,590.01 lakhs and revenue Rs. 92,425.06 lakhs, with comparability issues due to the APSPL acquisition. In FY26, four subsidiaries held Rs. 11,814.26 lakhs assets but generated only Rs. 26.59 lakhs revenue, posting Rs. 34.11 lakhs net loss.
Based on publicly available historical data. For context only.
❓ Frequently Asked Questions
What was Waaree Renewable Technologies' revenue in Q2 FY27?
Waaree Renewable Technologies reported Revenue from Operations of Rs. 1,057.84 crores for Q2 FY27, reflecting a 36.53% year-on-year growth.
What was Waaree Renewable Technologies' profit in Q2 FY27?
The Profit After Tax (PAT) for Waaree Renewable Technologies in Q2 FY27 stood at Rs. 81.48 crores, a -29.98% decrease year-on-year.
What is the unexecuted order book value for Waaree Renewable Technologies?
Waaree Renewable Technologies Limited has a consolidated unexecuted order book of Rs. 5,500+ crores.
How did Waaree Renewable Technologies' half-year revenue perform in H1 FY27?
For H1 FY27, Waaree Renewable Technologies' Revenue from Operations was Rs. 1,982.09 crores, representing a 43.84% growth year-on-year.
Why did Waaree Renewable Technologies' profit decline in Q2 FY27 despite revenue growth?
Management indicated that acquisition-related financing costs and the addition of business with a different margin profile influenced near-term profitability, leading to a PAT decline.
Questions based on this BSE filing only. For information purposes.