Waaree Renewable Technologies Reports Q2 Revenue of INR 1,057.84 Crore

Revenue grew 36.53% year-on-year to INR 1,057.84 crore, while Profit After Tax reached INR 81.48 crore.

Reader Takeaway: Strong order visibility supports long-term growth, though investors must track margin sustainability and debt reduction progress.

What just happened

Waaree Renewable Technologies released its Q2 FY2027 performance, highlighting revenue growth driven by significant EPC execution. The company successfully executed 456 MWp of solar projects during the quarter. However, the consolidation of Associated Power Structures Pvt Ltd (APSPL) has introduced higher interest costs and depreciation, impacting the bottom line. Management noted that Q2 revenue was slightly tempered by external project delays regarding land acquisition and grid connectivity.

Why this matters

As the company pivots toward an integrated energy transition platform, its ability to scale solar EPC alongside BESS and T&D infrastructure is critical. The consolidated unexecuted order book of over INR 5,500 crore provides strong revenue visibility. Investors should note that the integration of the T&D business is currently influencing the consolidated EBITDA margin, which stood at 15.12% for the quarter.

Risks to watch

Management is currently focused on deleveraging the balance sheet following the acquisition of APSPL. Investors should monitor the company's ability to maintain EBITDA margins above 15% as the lower-margin T&D vertical begins to account for a larger share of the overall revenue mix. The pace of execution for the existing order book will also remain a key performance metric in the coming quarters.

What to track next

The company aims to reduce debt through internal accruals and operational cash flow. Future updates on project site readiness and the successful integration of APSPL's operational synergies will be key to margin stability and stock performance.