WAAREERTL - Waaree Renewab.

📊 NSE: WAAREERTL 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 81.12% YoY in H1 FY26 to INR 1,377.97 Cr, primarily driven by the core Solar EPC segment which executed 1,621 MWp of projects during the period.

Geographic Revenue Split

The company operates across 25 states and 2 Union Territories in India and provides EPC services overseas; specific percentage split between domestic and international revenue is not disclosed.

Profitability Margins

PAT margin improved significantly to 14.71% in H1 FY26 from 10.74% in H1 FY25. PBT margin stood at 19.82% for H1 FY26 compared to 14.27% YoY, reflecting strong operating leverage.

EBITDA Margin

EBITDA margin reached 19.99% in H1 FY26, up from 14.81% in H1 FY25, driven by operational efficiencies, tight budgeting controls, and real-time project monitoring.

Capital Expenditure

Fixed assets increased to INR 377.50 Cr as of September 30, 2025, compared to INR 160.02 Cr as of September 30, 2024, indicating significant investment in operational capacity.

Credit Rating & Borrowing

CARE A-; Stable / CARE A2 reaffirmed in October 2024. Total bank facilities rated at INR 1,423 Cr, including INR 28.94 Cr long-term and INR 1,394.06 Cr long/short-term limits.

⚙️ Operational Drivers

Raw Materials

PV Modules represent the primary raw material cost, followed by other solar-related components like solar water pumps and solar water heaters.

Import Sources

Sourced from India and Overseas markets; specific country-wise import percentages are not disclosed in the available documents.

Key Suppliers

Waaree Energies Limited (the parent company) is a key supplier of PV modules, ensuring supply chain security and strong operational linkages.

Capacity Expansion

Executed 1,621 MWp of EPC projects in H1 FY26, which exceeds the full-year execution of FY25. The company maintains a healthy unexecuted order book of 3.48 GWp.

Raw Material Costs

Cost of EPC contracts was INR 1,061.68 Cr in H1 FY26, accounting for approximately 77.05% of total revenue from operations.

Manufacturing Efficiency

ROCE stood at 61.94% in FY25, reflecting highly efficient capital utilization to drive profitability and create shareholder value.

📈 Strategic Growth

Expected Growth Rate

81%

Growth Strategy

Growth will be achieved by executing the 3.48 GWp unexecuted order book, scaling ground-mounted projects to 1-2 GWp capacities, expanding the O&M business segment, and integrating BESS (Battery Energy Storage Systems).

Products & Services

Solar EPC solutions, O&M (Operations and Maintenance) services, solar water pumps, and solar water heaters.

Brand Portfolio

Waaree

New Products/Services

Integration of BESS (Battery Energy Storage Systems) into EPC offerings to support grid stability and provide comprehensive energy solutions.

Market Expansion

Targeting large-scale ground-mounted projects across India and expanding solar EPC services in international markets.

Market Share & Ranking

Maintains a leadership position in India's solar EPC space with execution capacity now exceeding 1.6 GWp per half-year.

Strategic Alliances

Strong operational and financial linkages with parent company Waaree Energies Limited, which contributes ~10% to the group's overall profitability.

🌍 External Factors

Industry Trends

Rapid industry growth driven by the global energy transition, with a shift toward large-scale utility projects and integrated storage (BESS) solutions.

Competitive Landscape

Operates in a highly competitive solar EPC market, where operational efficiency and supply chain security are the primary differentiators.

Competitive Moat

Sustainable moat derived from parent company's module manufacturing leadership, execution scale, and cost leadership in the solar EPC segment.

Macro Economic Sensitivity

Sensitive to government renewable energy policies and interest rate fluctuations affecting project financing costs.

Consumer Behavior

Increasing demand for large-scale ground-mounted solar installations and integrated energy storage to ensure grid reliability.

Geopolitical Risks

Impacted by ALMM (Approved List of Models and Manufacturers) regulations and potential trade barriers affecting the import of components or overseas project execution.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with ALMM-I (Approved List of Models and Manufacturers) for solar modules and various pollution and manufacturing standards for power projects.

Taxation Policy Impact

Effective tax rate of approximately 25.7% based on H1 FY26 tax of INR 70.40 Cr on PBT of INR 273.14 Cr.

Legal Contingencies

Not disclosed in available documents; the company reports no material strictures or penalties from statutory authorities in the last three years except for minor SEBI-related filing delays.