Waaree Renewable profit falls more than 29% despite sales gain

Waaree Renewable Technologies said in an exchange filing on Monday that consolidated net profit for Q2 FY27 fell more than 29% year on year to Rs 81.48 crore.

Waaree’s operating revenue rose 36.5% in the quarter ended Sept. 30 to Rs 1,057.84 crore from Rs 774.78 crore, making the profit decline a margin story rather than a demand slowdown.

The company said consolidated net profit was Rs 116.36 crore in Q2 FY26. Total expenses rose to Rs 961.66 crore in Q2 FY27 from Rs 622.63 crore a year earlier, according to the exchange filing.

Chief Financial Officer Manmohan Sharma said the quarter’s growth came from progress across the company’s project portfolio, timely execution and broader capabilities across renewable energy and transmission and distribution, the filing said.

Sharma also said acquisition-related financing costs and the addition of businesses with a different margin profile affected near-term profitability. He said the acquisition of APSPL strengthened Waaree’s position across the transmission and distribution infrastructure value chain.

Waaree reported a consolidated unexecuted order book of more than Rs 5,500 crore, which the company said gives it revenue visibility for coming quarters.

The company also cited a bidding pipeline of more than 34.6 GWp of solar projects, over 12.5 GWh of battery energy storage system opportunities and transmission and distribution projects worth more than Rs 21,900 crore. GWp, or gigawatt peak, measures maximum rated solar output under standard conditions; 34.6 GWp equals 34,600 MWp, putting the pipeline in utility-scale terms rather than rooftop-scale terms. GWh, or gigawatt-hour, measures energy storage capacity.

Source: exchange filing reported by Prokerala, Oct. 19, 2026