Waaree Renewable Technologies reported a 36.5% jump in revenue to Rs 1,057.84 crore for the September quarter, but net profit fell by 36.5% to Rs 73.89 crore. The results reflect the consolidation of its newly acquired subsidiary, Associated Power Structures. Separately, the board approved a new 35 MWp solar plant in Maharashtra to bolster its IPP capacity.
Waaree Renewable Technologies Reports Q2 Results
Revenue: Rs 1,057.84 crore | Net Profit: Rs 73.89 crore
Reader Takeaway: Strong revenue growth driven by capacity scale-up offset by profit compression and subsidiary integration costs.
What just happened
Waaree Renewable Technologies Ltd has released its financial results for the quarter and half-year ended September 30, 2026. The company recorded a consolidated revenue of Rs 1,057.84 crore, marking a 36.5% increase compared to the same quarter last year. Despite the top-line growth, net profit attributable to owners declined by 36.5% to Rs 73.89 crore.
Why this matters
The financial performance includes the impact of the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL), completed earlier this year. The integration of this new subsidiary has altered the cost structure, contributing to the margin pressure seen in the current quarter.
Capacity Expansion
Demonstrating its focus on long-term growth, the company’s board has approved capital expenditure for a 35 MWp/25 MWac Independent Power Producer (IPP) solar plant located in Wardha, Maharashtra. This project is a key part of Waaree's strategy to expand its utility-scale solar footprint.
Risks to watch
Investors should monitor the impact of integrating APSPL on future margins. The decline in Basic EPS from Rs 11.16 in the previous year to Rs 7.07 suggests that the company is currently navigating the teething costs associated with recent inorganic growth and capacity build-up.
What to track next
Watch for updates on the commissioning timeline for the Wardha solar project and whether the company can stabilize its bottom-line growth as the integration of the new subsidiary matures.