Waaree Renewable Technologies Ltd, the engineering and construction arm of the Waaree Group, reported a 30% year-on-year decline in net profit to ₹82 crore for the September quarter of FY27, compared with ₹116 crore a year earlier. Revenue from operations increased 36.53% to ₹1,057.84 crore from ₹775 crore in the same quarter last year.
However, earnings before interest, tax, depreciation and amortisation rose only 1.3% to ₹160 crore from ₹158 crore. The EBITDA margin, which measures operating profit as a share of revenue, fell to 15% from 20% a year ago. Waaree Renewable's performance in the first half of FY27For the six months ended September 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.
EBITDA increased 21.04% to ₹333.46 crore from ₹275.49 crore. However, net profit remained largely unchanged at ₹200.44 crore, compared with ₹202.75 crore in the year-ago period. The company said acquisition-related financing costs and the addition of businesses with different profit margins had affected its profitability in the near term.
New 35 MW solar project in MaharashtraWaaree Renewable’s board has approved capital expenditure to set up a 35-megawatt-peak solar power plant in Wardha, Maharashtra. The facility will have an alternating-current capacity of 25 megawatts and operate as an independent power producer, meaning the company will generate and sell electricity from the project.
The company’s unexecuted order book — projects it has won but not yet completed — stood at more than ₹5,500 crore. Its bidding pipeline includes over 34.6 gigawatts-peak of solar projects, more than 12.5 gigawatt-hours of battery energy storage projects and transmission and distribution opportunities worth over ₹21,900 crore.
What the company said about its performanceManmohan Sharma, chief financial officer of Waaree Renewable Technologies, said revenue growth during the quarter was driven by progress across projects, timely execution and expansion into more areas of the renewable energy and power infrastructure businesses.
He added that the acquisition of APSPL had strengthened the company’s presence in the transmission and distribution infrastructure business. Sharma said financing costs related to acquisitions and the addition of businesses with different margin profiles had affected near-term profitability.
The company is focusing on improving operational efficiency, integrating its businesses and raising profitability across its expanded operations. Waaree Renewable's growth plansThe company plans to expand its engineering, procurement and construction and transmission and distribution businesses while pursuing opportunities in India and overseas.
It also intends to grow its operations and maintenance business, which involves maintaining and servicing renewable energy projects after they are built. The company is exploring opportunities to provide these services to other businesses through both internal expansion and acquisitions.
Its planned services include using drones to detect heat-related issues in solar panels, analysing performance data to identify potential problems before they occur, and detecting faults in underground power cables. Waaree Renewable share priceWaaree 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.