Waaree Renewable Technologies

Quick check

The five things to look at first. Open one for more.

• DebtAdequate safetyRated A+ to A by 2 agencies.
• ResultsProfit fallingIn the Sep 2026 quarter, sales rose 37% and profit fell 30% from a year earlier.
• DilutionNo new sharesNo new shares issued in the last year, so existing shareholders' slices were not cut.
• PromotersSteadyThe promoters (founders or parent) own 74% of the company, about the same as in Sep 2025.
• ValuationCheap vs its pastThe share trades at 15.2 times its yearly earnings (P/E), cheaper than 100% of the time in the last 5 years. Its usual P/E is about 50.

Waaree Renewable Technologies against the typical company in its industry. The rank is out of the companies that report each figure; green means the better quarter of the pack, red the worse quarter.

• Valuation (P/E)15.2 against a typical 25.4: cheaper than most peers (1st = cheapest).28th of 80
• Sales growth+36.5% against a typical +32% from a year earlier.31st of 69
• Profit growth−30.2% against a typical +15.9% from a year earlier.44th of 64
• Share price, 3 months−26.1% against a typical −11%.62nd of 74
• Size₹ 7,099.3 Cr. market value against a typical ₹ 553.8 Cr. (1st = largest).10th of 77

Exchange filings and their impact on the company.

• 27 Oct 2026Bagging/Receiving of orders/contractsHigh impactPositivePrice +3.3% that day
  Won 450 MWp domestic solar EPC order due in FY28, adding over Rs 1,200 cr to order book.

  Waaree Renewable Technologies received a Letter of Award on October 27, 2026 for EPC works of a 450 MWp domestic solar power project from a leading IPP. No order value was disclosed and completion is scheduled during FY27-28. At typical utility EPC rates this implies a large backlog addition of over Rs 1,200 crore, supporting revenue growth over the next 12-18 months.

  Full analysisFiling
• 23 Oct 2026Bagging/Receiving of orders/contractsLow impactPositivePrice −3.4% on 26 Oct
  Existing 800 MWac solar EPC order upsized by 27 MWp to 1,109 MWp, adding ~Rs 80 cr of work for FY27-28.

  Waaree Renewable Technologies said the scope of its two existing solar EPC orders has been increased to a combined 800 MWac / 1,109 MWp from 800 MWac / 1,082 MWp. One order is now 400 MWac / 552 MWp and the other was raised from 400 MWac / 530 MWp to 400 MWac / 557 MWp. The projects are to be completed in FY27-28, adding a small incremental workload to its large solar EPC pipeline.

  Full analysisFiling
• 19 Oct 2026Outcome of Board MeetingHigh impactNegativePrice −10% on 21 Oct
  Strong revenue growth from APSPL acquisition offset by 30% profit fall and 10x jump in debt.

  Waaree Renewable Technologies reported Q2 FY27 consolidated revenue of Rs 1,057.84 crore, up 36% from last year, but net profit fell 30% to Rs 81.48 crore as interest and depreciation surged after consolidating its new transmission subsidiary APSPL. Standalone solar EPC sales fell sharply while the acquired transmission business added Rs 606 crore of lower-margin sales. The board also approved capex for a 35 MWp solar power plant at Wardha, Maharashtra for its own IPP portfolio.

  Full analysisFiling
• 15 Oct 2026Bagging/Receiving of orders/contractsLow impactPositivePrice +3.8% on 16 Oct
  Rs 22 cr add-on to existing 150 MWac solar EPC order adds <1% to revenue.

  Waaree Renewable Technologies received a revised scope adding about Rs 22 crore to its existing EPC contract for a 150 MWac / 217.5 MWp ground-mount solar project from a domestic renewable energy company. The project size stays the same and all other terms are unchanged, with completion due in FY2026-27. The add-on is very small versus annual revenue of over Rs 3,300 crore, so it supports near-term execution only modestly.

  Full analysisFiling
• 8 Oct 2026Bagging/Receiving of orders/contractsLow impactPositivePrice +0.8% on 9 Oct
  Won a tiny 5 MWp PSU solar EPC order for execution in 12 months plus 10-year O&M.

  Waaree Renewable Technologies received a Letter of Acceptance on Oct 8, 2026 from a domestic PSU for turnkey EPC of a 5 MWp grid-connected solar PV project to be completed in 12 months, with 10 years of operation and maintenance thereafter. No order value was disclosed, only the 5 MWp size. At typical utility EPC rates this implies roughly Rs 15 crore of execution over the next year, a very small addition versus FY26 sales of Rs 3331 crore.

  Full analysisFiling

Results dates and other board meetings. Full calendar

Compounded yearly rates over each period.

Listed companies in the same business.

Manmohan Sharma

Chief Financial Officer

Heema Shah

Compliance Officer, Company Secretary

Pujan Pankaj Doshi

Managing Director, Executive Director

Virenkumar Chimanlal Doshi

Executive Director

Hitesh Pranjivan Mehta

Executive Director

Sunil Nankishor Rathi

Executive Director