Waaree Energies share price drops 3% as Q2FY27 net profit plunges 14% to ₹753 crore

Shares of India’s leading solar power equipment manufacturer Waree Energies fell 3% on Wednesday after the company announced their Q2FY27 results on Tuesday. The shares opened ₹2225 apiece on the NSE against the previous close of ₹2,275 on Tuesday.

The overall earnings for the quarter depict a subdued performance for the company as the operating profit dipped in single digits and the bottom line fell in double digits, while the top line posted steady growth.

Waaree Energies Q2FY27 results

Waaree Energies consolidated revenue for the quarter ended September 2026, jumped 23.9% YoY to ₹7,517 crore as compared to ₹6,065 crore in the same period of the last year. On a sequential basis, the revenue fell from ₹7,917 crore in the Q1FY27.

The revenue mix for the quarter ended September 2026, indicates, increased mix from Retail segment at 46%, followed by Utilities segment at 22.9%, Overseas segment at 18.5% and EPC, O&M and T&D at 12.6%. The share of retail segment in the revenue mix increased substantially from 28.9% in Q1 to 46% in Q2FY27.

At the segmental level, the solar photovoltaic modules’ segment revenue surged from ₹5,369 crore in Q2FY26 to ₹6,571 crore in quarter ended September of FY27. The EPC contract business saw major drawdown during the quarter as the segment’s revenue fell from ₹763 crore in Q2FY26 and ₹801 crore in Q1FY27 to ₹447 crore in Q2FY27.

However, new order wins in transmission and distribution EPC revenue of ₹600 crore helped offset the loss in the core solar EPC segment.

At the operational level, company’s EBITDA (Earnings before interest, taxes and depreciation and amortization) fell 5.1% YoY to ₹1,335 crore as compared to ₹1,406 crore. Similarly, the EBITDA margin dropped to 17.8% from 23.2%

At the bottomline level, the net profit for the quarter ended September 2026 dipped 14.2% YoY to ₹753 crore as compared to ₹878 crore in the previous year’s same quarter.

Management commentary

Commenting on the results Mr. Jignesh Rathod, Whole Time Director & CEO, Waaree Energies Ltd said “Our H1’ FY27 performance reflects the strength of our business fundamentals and consistent execution of our growth strategy. For H1’FY27 a 47% increase in revenues, coupled with 15% EBITDA growth and significant improvement in Operating Cashflows by almost 5x, demonstrates the resilience of our execution”

Waaree Energies share price

Shares of Waaree Energies have largely underperformed its broader benchmark category for the year. The shares have delivered -23% returns in 2026 on a YTD basis and fell 34% in the trailing twelve months.