Waaree Renewable Technologies Ltd (Solar EPC) — fundamental analysis, earnings data, and key metrics. PE: 24.3. ROE: 68.9%. This stock is not currently in the Nifty 500 momentum outperformers list.
Based on Q4 FY26 earnings • Updated Apr 19, 2026
What: Unexecuted Order Book: 2,832 MWp
“Operationally, our order book remains healthy, providing clear visibility for the upcoming quarters with unexecuted order book of 2.83 gigawatt peak.”
What: Revenue Growth vs Expense: 108.5% Revenue vs 65.6% Employee Exp
Impact: 300 bps margin improvement
“These results reflect our consistent performance and strong operating leverage for the current financial year.”
What: Bid Pipeline: 29 GW
“And we are also following up 29 gigawatt of order pipeline, which includes around 5 to 6 gigawatt of tender.”
What: International Inquiries: Not Quantified
“Apart from that, this domestic, there is an inquiry or order pipeline from the international space as well.”
What: BESS Execution: 90 MWh
“Storage solutions are now being included in the renewable tenders... which opens new opportunity for us to expand into BESS EPC.”
What: Revenue growth of 131.31% YoY in Q4
“Revenue from operations stood at INR 1,102.40 crores, a growth of 131.31% over the same period of last year.”
Earnings deceleration risks from management commentary
Trigger: China revoked export rebates on modules and cells, potentially increasing input costs.
Management view: The company books raw material components immediately upon order confirmation to hedge against price variations.
Monitor: commodity
Trigger: Market talk suggests transmission constraints might hinder new project awards.
Management view: Management states they have not sensed a slowdown and the 29 GW pipeline remains active.
Monitor: regulatory
Key quotes from recent conference calls
“But we have always guided that our margin -- EBITDA margin should be over and above 15%, close to that. [Previous EBITDA Margin guidance]”
“So, execution timeline for the existing 2.9 gigawatt is around 12 to 15 months actually. [Previous Execution Timeline guidance]”
“So, BESS also is one of the requirement to have a continuous power in the peak time... we are getting a lot of inquiries. [Initiative: BESS EPC Expansion]”
“Whatever I am adding to the IPP business, it is getting into more profitable and giving a revenue stream for the company for next 20 years. [Initiative: IPP Asset Addition]”
Headline numbers from the latest earnings call
Revenue
₹1,102.40 Cr
Why: Growth was driven by the execution of large-scale solar EPC projects across various geographies and states.
Revenue growth significantly outpaced the previous year's performance due to a higher rate of order execution.
EBITDA
₹206.82 Cr
Why: Margin expansion was supported by budgetary and monitoring control, financial discipline, and timely completion of large-scale projects.
While EBITDA grew in absolute terms, margins contracted compared to Q4FY25's 26.51% due to project mix.
PAT
₹155.72 Cr
Why: Profitability followed the revenue trajectory, benefiting from strong operating leverage and consistent execution performance.
PAT growth remains robust, nearly doubling on a full-year basis compared to FY25.
Other Highlights
• Full year FY26 revenue reached ₹3,331.42 Cr, a 108.51% increase over FY25.
• Order book remains at 2,832 MWp as of March 31, 2026.
• Net worth increased to ₹933.83 Cr in FY26 from ₹454.95 Cr in FY25.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Unexecuted Order Book (MWp)
2,832 MWp
Why: The decrease from Q3 (2.92 GW) is due to high execution during the quarter exceeding new order inflows.
Bid Pipeline (GW)
29 GW
Why: Pipeline remains steady with a mix of government tenders and private inquiries.
Executed Order Book (MWp)
2,727 MWp
Why: Reflects the full-year execution capability for FY26.
O&M Portfolio (MWp)
1,180 MWp
Why: Steady growth as completed EPC projects transition into O&M contracts.
Developed IPP Assets (MWp)
54.82 MWp
Why: Current commissioned capacity in the Independent Power Producer segment.
IPP Assets Under Development (MWp)
227.10 MWp
Why: Planned expansion into the IPP segment to diversify revenue.
Government Orders (% of Value)
20-22%
Why: Reflects the company's selective participation in PSU/Government tenders based on margins.
BESS Storage System (MWh)
90 MWh
Why: New project win in the battery energy storage space.
Working Capital Status
Non-fund based limits
Why: The company operates without fund-based working capital from banks, relying on internal accruals and credit periods.
Revenue CAGR (FY23-26)
111.73%
Why: Reflects the rapid scaling of the solar EPC business over the last three years.
Forward-looking targets from management for FY27
OPM Guidance
15%
Capex Plan
₹3.5 Cr
REAFFIRMED
₹3.5 Cr per MW
IPP project installation
Guidance Changes
EBITDA Margin: 15% → 15%
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Waaree Renewable Technologies Ltd's latest quarterly results (Mar 2026) show
Waaree Renewable Technologies Ltd's current PE ratio is 24.3x.
Waaree Renewable Technologies Ltd's price-to-book ratio is 12.5x.
Waaree Renewable Technologies Ltd's fundamental strength based on key financial ratios
Waaree Renewable Technologies Ltd has a debt-to-equity ratio of N/A.
Waaree Renewable Technologies Ltd's return ratios over recent years
Waaree Renewable Technologies Ltd's operating cash flow is positive (FY2026).
Waaree Renewable Technologies Ltd's current dividend yield is 0.09%.
Waaree Renewable Technologies Ltd's shareholding pattern (Dec 2025)
Waaree Renewable Technologies Ltd's promoter holding has decreased recently.
Waaree Renewable Technologies Ltd is an established outperformer with 1 weeks of consecutive Nifty 500 outperformance.
Waaree Renewable Technologies Ltd has 6 key growth catalysts identified from recent earnings analysis
Waaree Renewable Technologies Ltd has 2 key risks worth monitoring
In Q4 FY26, Waaree Renewable Technologies Ltd's management highlighted
Waaree Renewable Technologies Ltd's management has provided the following forward guidance for FY27
Waaree Renewable Technologies Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Waaree Renewable Technologies Ltd may be worth studying
Waaree Renewable Technologies Ltd investment thesis summary:
Waaree Renewable Technologies Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
