Waaree Renewable Technologies Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Waaree Renewable Technologies Ltd filed with BSE on 30 Jul 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Waaree Renewable Technologies reported Q1 FY27 revenue from operations of Rs 924.25 crore, up 53.23% year-on-year, with EBITDA of Rs 173.48 crore and profit after tax of Rs 118.97 crore, up 37.7% year-on-year. Management highlighted the completed acquisition of a 55% equity stake in Associated Power Structures Private Limited, a transmission and distribution EPC company, and reported an unexecuted consolidated order book of Rs 5,300 crore including T&D. The company executed 888.81 megawatt peak of projects during the quarter and its O&M portfolio stood at 1.15 gigawatt peak.
Numbers mentioned
Revenue from operations: INR924.25 crores (Q1 FY27)
p. 4
“our revenue from operations stood at INR924.25 crores, reflecting a healthy growth of 53.23% over the same quarter of last year”
Manmohan Sharma, page 4 of the filed PDF · View the filing
EBITDA: INR173.48 crores (Q1 FY27)
p. 4
“EBITDA for the quarter comes at INR173.48 crores, while profit after tax stood at INR118.97 crores, registering a growth of 37.7% on a year-on-year basis”
Manmohan Sharma, page 4 of the filed PDF · View the filing
Profit after tax: INR118.97 crores (Q1 FY27)
p. 4
“EBITDA for the quarter comes at INR173.48 crores, while profit after tax stood at INR118.97 crores, registering a growth of 37.7% on a year-on-year basis”
Manmohan Sharma, page 4 of the filed PDF · View the filing
Projects executed: 888.81 megawatt peak (Q1 FY27)
p. 4
“During Q1 FY '27, we executed 888.81 megawatt peak of projects and our consolidated unexecuted order book stood at INR5,300 crores, including T&D, which provides healthy visibility for the coming quarters to us”
Manmohan Sharma, page 4 of the filed PDF · View the filing
Unexecuted order book: INR5,300 crores
p. 4
“During Q1 FY '27, we executed 888.81 megawatt peak of projects and our consolidated unexecuted order book stood at INR5,300 crores, including T&D, which provides healthy visibility for the coming quarters to us”
Manmohan Sharma, page 4 of the filed PDF · View the filing
O&M portfolio: 1.15 gigawatt peak
p. 4
“Our O&M portfolio stood at 1.15 gigawatt peak.”
Manmohan Sharma, page 4 of the filed PDF · View the filing
APSPL manufacturing capacity: 108,000 metric tons per annum
p. 3
“having manufacturing capacity of 108,000 metric tons per annum that provides fabrication and galvanization”
Manmohan Sharma, page 3 of the filed PDF · View the filing
India installed renewable energy capacity: around 288 gigawatts (as of 30th June 2026)
p. 4
“As of 30th June 2026, India's total installed renewable energy capacity stood at around 288 gigawatts”
Manmohan Sharma, page 4 of the filed PDF · View the filing
BESS unexecuted order value: around INR200 crores
p. 9
“So around -- we have around INR200 crores of the unexecuted BESS order .”
Manmohan Sharma, page 9 of the filed PDF · View the filing
IPP capacity in financials: 82-megawatt peak
p. 13
“See, IPP pipeline, we have already 82-megawatt peak of IPP as of now in the financials.”
Manmohan Sharma, page 13 of the filed PDF · View the filing
IPP pipeline capacity: 198-megawatt peak
p. 13
“Pipeline we have around 198-megawatt peak.”
Manmohan Sharma, page 13 of the filed PDF · View the filing
O&M portfolio: 1.154 gigawatt
p. 13
“we have 1.154 gigawatt of O&M portfolio”
Manmohan Sharma, page 13 of the filed PDF · View the filing
Last year EBITDA margin: around 19% (FY26)
p. 10
“Last year, we have maintained around 19% of the EBITDA margin.”
Manmohan Sharma, page 10 of the filed PDF · View the filing
Domestic order pipeline chased: 27 gigawatt
p. 6
“Yes. So as of now, we are already chasing this order pipeline maybe 27 gigawatt of around domestically plus around 10 gigawatt international order pipeline which we are chasing.”
Manmohan Sharma, page 6 of the filed PDF · View the filing
T&D order pipeline followed: around INR20,000 crores
p. 10
“similarly, for the T&D also, we are following around INR20,000 crores of the order pipeline, which are actively we are following”
Manmohan Sharma, page 10 of the filed PDF · View the filing
Last financial year revenue: INR3,300 crores (FY26)
p. 10
“our revenue for the last financial year was INR3,300 crores.”
Manmohan Sharma, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
EBITDA margin considering Associated Power — around 15% · FY27
stated as an aspiration by Manmohan Sharma
p. 10
“But definitely, we'll try to maintain around 15% of the margin for the financial year.”
Manmohan Sharma, page 10 of the filed PDF · View the filing
Order book execution timeline — INR5,300 crores · 12 to 15 months
stated firmly by Manmohan Sharma
p. 10
“So, we have similar line of capability. We can enhance it further also because there is no capacity concerns as far as we are concerned in the industry.”
Manmohan Sharma, page 10 of the filed PDF · View the filing
Order book execution timeframe — 12 to 15 months
stated firmly by Manmohan Sharma
p. 10
“Not 9 months. It will range from 12 to 15 months.”
Manmohan Sharma, page 10 of the filed PDF · View the filing
Order pipeline conversion
stated conditionally by Manmohan Sharma
p. 6
“So, these are the order pipeline which are likely to get converted into firm order in the upcoming quarters. So that is also executed during this financial year.”
Manmohan Sharma, page 6 of the filed PDF · View the filing
T&D execution timeline — 18 to 24 months
stated conditionally by Manmohan Sharma
p. 10
“So, T&D business, I think it is relatively a little higher, but maybe around 18 months to 24 months is there.”
Manmohan Sharma, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management clarified the order book is split between solar EPC and BESS EPC portions
Answered by Manmohan Sharma
Asked by Ninad Sarpotdar: Whether the order book includes the BESS order and its split from solar EPC
p. 5
“This INR2,400 crores is the pure solar EPC and remaining INR200 crores is from the BESS EPC.”
Manmohan Sharma, page 5 of the filed PDF · View the filing
Management confirmed standalone EPC margins improved while consolidation of the T&D business caused the consolidated margin drop
Answered by Manmohan Sharma
Asked by Ninad Sarpotdar: Whether the consolidated margin dip is due to consolidation of the lower-margin T&D business
p. 6
“our standalone EPC business margin has improved from the last quarter as well as we have maintained the line with last 2 years, in fact. But while consolidating this T&D business, there is a slightly drop in the margin that is purely because of that.”
Manmohan Sharma, page 6 of the filed PDF · View the filing
Management said more projects are likely to come as deadlines approach
Answered by Manmohan Sharma
Asked by Paras Kulkarni: Impact of ALMM-II regulation extension on order inflows and execution
p. 6
“So, with respect to the extension of this timeline which you have mentioned, as far as Waaree Renewable Technologies is concerned, we are the EPC player, doing the EPC execution work of those solar projects. So, more and more projects is likely to come before we go nearer to these deadlines.”
Manmohan Sharma, page 6 of the filed PDF · View the filing
Management said the acquisition was funded through self-funding plus roughly 75% debt
Answered by Manmohan Sharma
Asked by Paras Kulkarni: Debt-equity mix used to finance the Associated Power Structures acquisition
p. 7
“Yes. So, this acquisition is through self-funding or plus debt component is there. So, we have taken around 75% debt for the entire acquisition.”
Manmohan Sharma, page 7 of the filed PDF · View the filing
Management described margin improvement as an ongoing, continuous exercise
Answered by Manmohan Sharma
Asked by Paras Kulkarni: Steps to improve EBITDA margins at Associated Power given it is a low margin business
p. 7
“Definitely, this margin improvement will be an ongoing exercise for the entire company for Waaree Renewable Technologies and our subsidiaries.”
Manmohan Sharma, page 7 of the filed PDF · View the filing
Management said operational cash flow will continue given the nature of the business, though allied fund-raise costs will appear
Answered by Manmohan Sharma
Asked by Umang Adatia: Whether operating cash flow conversion will structurally decline post-APSPL acquisition
p. 8
“No, operational cash flow will definitely be there because of our business, the way we are doing the business, not only in our Waaree Renewable but also in associates.”
Manmohan Sharma, page 8 of the filed PDF · View the filing
Management declined to give formal margin guidance but referenced past EBITDA margins and a target range including APSPL
Answered by Manmohan Sharma
Asked by Deeya Jain: FY27 margin guidance
p. 10
“So, margin, we are not giving any kind of guidance. But however, you have seen in the past for the EPC business, which we are doing as of now.”
Manmohan Sharma, page 10 of the filed PDF · View the filing
Management said working capital is around 60-90 days based on progressive billing
Answered by Manmohan Sharma
Asked by Ashray Sheth: Working capital cycle on a consolidated basis
p. 11
“So, the working capital is maybe around from maybe 60 to 90 days actually when we receive because all these are the progressive payments.”
Manmohan Sharma, page 11 of the filed PDF · View the filing
Management said no data center order has been received yet though negotiations are ongoing
Answered by Manmohan Sharma
Asked by Rajesh: BESS order pipeline and data center strategy
p. 11
“as far as data center is concerned, so far, we have not received any kind of order, but negotiations are there with the customers so that if we get the order, we'll announce through exchange.”
Manmohan Sharma, page 11 of the filed PDF · View the filing
Management estimated 30-40% of the order book is from group entities
Answered by Manmohan Sharma
Asked by Manish More: What proportion of the 2.4 gigawatt order book is from group entities
p. 12
“So as of now, we have around -- maybe I need to check those real number, maybe around 30% to 40% of the order book is from the group entities.”
Manmohan Sharma, page 12 of the filed PDF · View the filing
Management said the current numbers reflect only partial consolidation and they will work on improving all parameters
Answered by Manmohan Sharma
Asked by Ninad Sarpotdar: APSPL margin trajectory and capacity plans for the galvanization plant
p. 15
“Yes. So, as I mentioned in my earlier conversation that this is the beginning or partially consolidation for a few days in our financials.”
Manmohan Sharma, page 15 of the filed PDF · View the filing
Risks flagged
Consolidation of the lower-margin T&D business is diluting consolidated EBITDA margins
p. 6
“But while consolidating this T&D business, there is a slightly drop in the margin that is purely because of that.”
Manmohan Sharma, page 6 of the filed PDF · View the filing
Increasing competition in the solar EPC space from new entrants
p. 7
“No. Actually, there are -- competition is always good for the industry.”
Manmohan Sharma, page 7 of the filed PDF · View the filing
Interest costs from acquisition debt will affect future quarters
p. 7
“So definitely, this all -- the interest portion will also come in the coming quarters, etcetera.”
Manmohan Sharma, page 7 of the filed PDF · View the filing
T&D execution timeline varies and can extend depending on line length, area and terrain
p. 10
“But it depends upon the construction of the line, area, terrain, etcetera, all these are the factors when we need to consider before we give any kind of timeline.”
Manmohan Sharma, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.