Waaree Renewable shares rally 10% on record Q2 sales, profit; key details

Shares of Waaree Renewable Technologies Ltd, the EPC arm of the Waaree Group, climbed 10 per cent in Monday's trade after the company reported record September quarter in terms of sales and profit. The company, which has further expanded into Battery Energy Storage Systems (BESS) and data centres, said its profit after tax for the quarter grew 117.40 per cent to Rs 116.34 crore compared with  Rs 53.52 crore in the same quarter last year. Revenue for Q2FY26 stood at Rs 774.78 crore, representing a growth of 47.73 per cent YoY, compared with Rs 524.47 crore in the year-ago quarter. Ebitda for the quarter grew 121 per cent YoY to Rs 157.94 crore, while Ebitda margin came in at 20.39 per cent against 13.65 per cent YoY. 

Following the development, the stock rose 9.71 per cent to hit a high of Rs 1244.85. Waaree Renewable said its unexecuted order book stands at 3.48 GWp and will be executed over the next 12-15 months. Bidding pipeline remains robust at 27+ GWP, it said.

The company board has approved a capex budget for setting up of 28 MWp IPP Solar Power Plants of 14 MWp each at two locations in Maharashtra. A capex budget for setting up of 37.5 MWp IPP Solar Power Plant at Bikaner, Rajasthan, is also approved. 

CFO Manmohan Sharma said the substantial growth in the Q2 numbers is a result of our execution capabilities and increasing sector performance. India’s renewable energy momentum continues to build, with total installed capacity reaching 256.1GW as of September 2025 marking a significant milestone in its clean energy transition reaching halfway to the 500 GW target of 2030 and further aligning with India’s long-term net-zero vision.

"Solar energy accounts for 127.33 GW of the total renewable installed capacity, underscoring its pivotal role in the country’s clean energy transition, driven by robust policy support, and ambitious national targets. India’s solar EPC sector is also rapidly evolving and our integrated capabilities place us at the forefront of this transformation," Sharma said.

"With a robust solar EPC unexecuted orderbook of 3.48 GWp, we are strategically positioned to execute large-scale, integrated energy projects and lead India’s energy transition by serving value across the lifecycle from design and delivery to commissioning and O&M. Further the company is also building substation and transmission line for specific solar power
project,” he added.