Waaree Renewable Technologies shares fall 7% despite strong Q1 results; check June quarter numbers

However, the EPC arm of the Waaree Group saw its results decline quarter-on-quarter (QoQ). Furthermore, its EBITDA margin contracted on a YoY basis.

At around 11:09 AM, the stock was trading 5.73% lower at ₹960.80 per equity share.

The scrip has fallen 4% in the past week and more than 2% over the month. On a year-to-date (YTD) basis, it has declined 1%.

While the share hit a 52-week high of ₹1,358 apiece on October 25, 2025, it touched a year’s low of ₹779.50 on March 30, 2026.

Waaree Renewable Tech Q1 results

The renewable energy company recorded a 37.70% YoY surge in its consolidated profit after tax (PAT) to ₹118.97 crore in the June quarter of FY27, compared with ₹86.40 crore in the year-ago period.

Sequentially, however, its PAT fell 23.60% QoQ from ₹155.72 crore in the March quarter of the 2025-26 financial year (Q4 FY26).

Its consolidated revenue from operations soared 53.23% YoY to ₹924.25 crore during the quarter under review, as against ₹603.19 crore in the first quarter of FY26. It declined 16.16% QoQ from ₹1,102.40 crore in the quarter-ago period.

At an operational level, its EBITDA (earnings before interest, tax, depreciation and amortisation), also known as operating profit, stood at ₹173.48 crore in Q1 FY27, marking a 47.58% YoY from ₹117.55 crore in the corresponding period of the previous fiscal year. It dropped by 16.12% QoQ from ₹206.82 crore in Q4 FY26.

Its EBITDA margin contracted YoY to 18.77% for the reporting period, as against 19.49% in the June FY26 quarter. However, it remained stable QoQ.

The company’s unexecuted order book stood at over ₹5,300 crore, with a strong bidding pipeline for solar of more than 37 gigawatt-peak (GWp), Battery Energy Storage System (BESS) of 10 Gigawatt-hour (GWh), and transmission and distribution of ₹20,000 crore.

Here’s what the CFO said

Commenting on the earnings, Manmohan Sharma, CFO of Waaree Renewable Technologies, said: “The global business environment continues to face multiple challenges, including geopolitical tensions, tariff uncertainties, supply chain adjustments and regional conflicts. Despite these headwinds, we are pleased to begin FY27 on a strong note, with consolidated revenue for Q1 FY27 at ₹ 924.25 crores compared to ₹603.19 crore in Q1 FY26, reflecting a robust growth of 53.23%.”

He added that the performance was driven by steady execution across our EPC portfolio, efficient resource deployment, and a sustained focus on disciplined project delivery.

“India's installed renewable energy capacity stood at over 288 GW as of June 2026, with solar capacity crossing 162 GW and remaining the leading driver of the country's clean energy transition,” Sharma stated.

Sharma further said that 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,” he said.

During the quarter, the firm completed the acquisition of a 55% stake in Associated Power Structures Pvt. Ltd, strengthening its capabilities in transmission and distribution (T&D), and enabling it to offer integrated solutions while continuing to expand its renewable EPC business in a “disciplined and scalable manner”, Sharma stated.

“Backed by a healthy unexecuted order book of ₹5,300+ crore, WRTL remains well positioned for sustained growth, supported by expanding O&M capabilities. Supported by a strong execution track record and expanding capabilities, we remain confident in our long-term growth strategy. We will continue to focus on disciplined execution, operational excellence, and delivering sustainable value to our stakeholders,” he added.

Waaree Renewable Technologies has a total market capitalisation of ₹10,025.54 crore as of July 23, 2026, according to data on the NSE.