Waaree Renewable Technologies reported a significant decline in profitability for Q2FY27, with consolidated net profit falling 29% to ₹81.48 crore compared to ₹116.36 crore in the same quarter last year. According to the company's unaudited financial results filed with stock exchanges on Monday, the profit decline was primarily attributed to higher operational expenses and acquisition-related financing costs that weighed on earnings despite strong revenue performance. The latest earnings report shows consolidated net profit of ₹81.48 crore in Q2FY27, representing a substantial decline from the previous year's performance. Basic earnings per share (EPS) fell to ₹7.07 from ₹11.16 in the corresponding quarter of the previous fiscal year. Manmohan Sharma, CFO of Waaree Renewable Technologies, attributed the profitability impact to acquisition-related financing costs and the addition of businesses with different margin profiles affecting near-term profitability. Commenting on the results, Sharma noted that "the growth during the quarter was driven by steady progress across our project portfolio, timely execution, and our expanding capabilities across the renewable energy value chain and T&D segment."
Revenue from operations demonstrated robust growth, increasing 36.53% to ₹1,057.84 crore in Q2FY27 from ₹774.78 crore in the corresponding quarter of the previous fiscal year. As reported by the company's unaudited financial results, consolidated total income rose to ₹1,067.02 crore from ₹779.21 crore a year earlier. The company's total expenses rose substantially to ₹961.66 crore in the quarter from ₹622.63 crore in the same period last year, representing a significant increase that contributed to the profit decline. On a quarter-on-quarter basis, revenue from operations increased 14.5% from ₹924.25 crore in Q1 FY27, while total expenses rose 25.5% sequentially from ₹766.14 crore. For the six months ended September 30, 2026, revenue from operations grew 43.84% year-on-year to ₹1,982.09 crore compared with ₹1,377.97 crore in the first half of FY26.
Earnings before interest, tax, depreciation and amortisation (EBITDA) grew modestly by 1.29% to ₹159.98 crore from ₹157.95 crore a year earlier, but the relatively modest growth compared with revenue weighed on profitability. According to the company's financial results, EBITDA margin contracted to 15.12% from 20.39% in the year-ago quarter, a decline of 528 basis points. Profit before tax declined from ₹163.38 crore to ₹105.36 crore on a quarter-on-quarter basis. Finance costs increased significantly to ₹36.83 crore from ₹3.62 crore, while unallocable income rose to ₹9.17 crore from ₹4.45 crore. The company's segment revenue breakdown included ₹444.98 crore from engineering, procurement and construction (EPC) contracts for solar power plants, ₹606.13 crore from transmission and distribution EPC contracts, and ₹6.73 crore from power sales. Solar EPC revenue stood at ₹444.98 crore in Q2 FY27, compared with ₹769.19 crore a year earlier, while the transmission and distribution EPC segment contributed ₹606.13 crore.
Waaree Renewable Technologies maintains a consolidated unexecuted order book exceeding ₹5,500 crore, demonstrating strong business prospects ahead. According to The Economic Times, the company's bidding pipeline remains robust across multiple segments, including solar projects of over 34.6 GWp, BESS capacity of more than 12.5 GWh, and T&D projects worth over ₹21.9k crore. The company has approved a new 35 MWp independent power producer (IPP) solar power plant in Wardha, Maharashtra, with an alternating-current capacity of 25 MWac. Manmohan Sharma, CFO, noted that "the acquisition of APSPL had strengthened the company's presence in the transmission and distribution infrastructure business." The company plans to expand its EPC and transmission and distribution businesses while pursuing opportunities in India and overseas, and intends to grow its operations and maintenance (O&M) business through both internal expansion and acquisitions.
Despite the latest earnings pressure, Waaree Renewable Technologies shares closed 0.44% lower at ₹833.40 on the NSE on Monday, October 19, ahead of the company's Q2 FY27 results. The company is focusing on improving operational efficiency, integrating its businesses and raising profitability across its expanded operations. While the margin contraction and profit decline underline the importance of tracking earnings quality alongside revenue growth, the company's strong order book and recent project approvals position it well for future growth in India's expanding renewable energy sector. Sharma emphasized that "while acquisition-related financing costs and the addition of business with a different margin profile have influenced near-term profitability, our focus remains firmly on creating long-term value through greater scale, diversified capabilities and operational efficiencies."
