Waaree Renewable has reported higher Q1 FY27 revenue and profit; it is actively pursuing opportunities in BESS and data centers
Its INR 5,300 crore order book is led by solar EPC projects, along with BESS facilities
It has expanded into transmission infrastructure with the acquisition of a 55% stake in Associated Power Structures
Waaree Renewable Technologies Limited (WRTL) has reported higher revenue and profit for Q1 FY27 (quarter ended June 30, 2026). It says the growth is driven by project execution and a growing order pipeline.
Its revenue from operations rose 53.2% year-on-year (YoY) in the reporting quarter to INR 924.25 crore, while EBITDA rose 47.58% to INR 173.48 crore. Profit after tax (PAT) increased 37.7% from the year-ago period to INR 118.97 crore.
The company executed 888.81 MW of projects during the quarter. Its consolidated unexecuted order book stood at INR 5,300 crore, including power and distribution projects, while its operations and maintenance (O&M) portfolio reached 1.15 GW, providing recurring revenue visibility.
Speaking with the analysts, WRTL clarified that its INR 5,300 crore order book includes about INR 200 crore of battery energy storage system (BESS) EPC work and INR 2,400 crore for pure solar EPC projects.
Management said the company targets executing the current order book over the next 12 to 18 months, with additional orders likely during the remainder of FY27.
An arm of Waaree Group, WRTL also said it is tracking an order pipeline of around 27 GW in the domestic market and approximately 10 GW internationally, although it did not provide guidance on how much of this pipeline is expected to convert into firm orders. It is also actively pursuing EPC opportunities in BESS and data center space.
Addressing competition in the solar EPC market, management said the company remains focused on bidding for projects that meet its profitability and risk criteria. “We are only taking those projects which are really profitable and suit our risk-reward metrics,” management said.
During the quarter, Waaree Renewable completed the acquisition of a 55% equity stake in Vadodara-based Associated Power Structures Pvt. Ltd. (APSPL), an EPC solutions provider for substation and transmission lines. APSPL has an annual manufacturing capacity of 108,000 metric tons and manufactures structures for transmission towers, wind turbine lattice towers, telecom towers and solar mounting structures. It financed 75% of the transaction through debt.
The acquisition, it explained, is intended to create a broader EPC platform spanning both renewable energy and transmission infrastructure.
“We see this acquisition as a step that brings us closer to the grid and power evacuation requirements that go alongside renewable energy capacity addition in the country,” the company said during its earnings call.
Commenting on the industry outlook, management said India's renewable energy market continues to offer long-term opportunities, driven by rising clean energy demand, storage requirements and grid expansion.
It cited the Central Electricity Authority's National Electricity Plan, which proposes INR 4.9 lakh crore in investments in transmission infrastructure between 2027 and 2032 to support the integration of renewable energy.
“With India targeting 500 GW of non-fossil fuel capacity by 2030, there remains a significant pipeline of projects yet to be built, providing a strong runway for utility-scale renewable development. Beyond this, BESS EPC and hybrid renewables represent an emerging growth opportunity, supported by rising demand for grid stability and round-the-clock clean power,” said WRTL CFO Manmohan Sharma.
Recently, the company announced securing two letters of award (LOAs) for EPC works on ground-mounted PV plants with 530 MW DC/400 MW AC and 552 MW DC/400 MW AC capacities, aggregating 1,082 MW DC/800 MW AC. Awarded by a domestic entity, the projects will be completed by FY 2027-28.
Additionally, it has signed an Early Contractor Involvement (ECI) Agreement with a special purpose vehicle of a leading unidentified global Independent Power Producer (IPP) (Principal), for the development of a utility-scale solar PV project integrated with BESS in New Zealand, in consortium with two local companies. This marks the company’s strategic entry into the Australia and New Zealand (ANZ) renewable energy market. WRTL added that this is an early-stage engagement for preliminary work, and upon completion of ECI work, the Principal may sign the EPC contract for the project with the consortium.
