Waaree Renewable Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Waaree Renewable Technologies Ltd filed with BSE on 24 Apr 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 Q4 FY26 revenue of Rs 1,102.40 crore, up 131.31% year-on-year, with EBITDA of Rs 206.82 crore at an 18.76% margin and PAT of Rs 155.72 crore. For the full year FY26, revenue reached Rs 3,331.42 crore, EBITDA was Rs 641.10 crore, and PAT was Rs 478.65 crore, with the company executing 2,727 megawatt peak of projects during the year. Management said the unexecuted order book stood at 2.83 gigawatt peak at year-end, with an O&M portfolio of 1.18 gigawatt peak, and discussed order pipeline, margins, and its IPP and BESS plans in the Q&A.
Numbers mentioned
Revenue from operations: INR 1,102.40 crores (Q4 FY26)
p. 3
“our revenue from operations stood at INR 1,102.40 crores, reflecting a growth of 131.31% compared to the same quarter of last year”
Manmohan Sharma, page 3 of the filed PDF · View the filing
EBITDA: INR 206.82 crores, 18.76% margin (Q4 FY26)
p. 3
“EBITDA comes at INR 206.82 crores with a margin of 18.76%”
Manmohan Sharma, page 3 of the filed PDF · View the filing
PAT: INR 155.72 crores (Q4 FY26)
p. 3
“PAT for the quarter reached INR155.72 crores, marking a year-on-year increase of 66.08%”
Manmohan Sharma, page 3 of the filed PDF · View the filing
Revenue: INR3,331.42 crores (FY2026)
p. 3
“For the financial year 2026, we reported revenue of INR3,331.42 crores, a growth of 108.51% over FY2025”
Manmohan Sharma, page 3 of the filed PDF · View the filing
EBITDA: INR641.10 crores (FY2026)
p. 3
“EBITDA stood at INR641.10 crores, up 106.21% year-on-year basis”
Manmohan Sharma, page 3 of the filed PDF · View the filing
PAT: INR478.65 crores (FY2026)
p. 3
“While PAT reached INR478.65 crores, showing growth of 109.09% on year-on-year basis”
Manmohan Sharma, page 3 of the filed PDF · View the filing
Executed capacity: 2,727 megawatt peak (FY2026)
p. 4
“During FY '2026, we have successfully executed 2,727 megawatt peak of projects, which is highest for any year”
Manmohan Sharma, page 4 of the filed PDF · View the filing
Unexecuted order book: 2.83 gigawatt peak (FY26 year-end)
p. 4
“For the year-end our unexecuted order book stood at 2.83 gigawatt peak, providing us with strong visibility and continuity of business going forward”
Manmohan Sharma, page 4 of the filed PDF · View the filing
O&M portfolio: 1.18 gigawatt peak (FY26 year-end)
p. 4
“our O&M portfolio stood at 1.18 gigawatt peak, further strengthening our base of recurring revenue”
Manmohan Sharma, page 4 of the filed PDF · View the filing
IPP revenue: INR26 crores (FY26)
p. 12
“The revenue is around INR26 crores for this financial year.”
Manmohan Sharma, page 12 of the filed PDF · View the filing
Operational IPP capacity: 54 megawatts
p. 12
“we have current around 54 megawatts of IPP assets which are running and generating revenue”
Manmohan Sharma, page 12 of the filed PDF · View the filing
FY26 EBITDA margin: more than 19.24% (FY26)
p. 6
“As far as if you will notice that for the entire financial year, we are able to maintain EBITDA margin more than 19.24%.”
Manmohan Sharma, page 6 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 threshold — around 15%
stated as an aspiration by Manmohan Sharma
p. 6
“the EBITDA margin should remain around 15%, but definitely we are delivering on a continuous basis”
Manmohan Sharma, page 6 of the filed PDF · View the filing
Order execution timeline — 2.8 gigawatt order book · next 12 to 15 months
stated firmly by Manmohan Sharma
p. 8
“So that we are going to execute in next quarters which we mentioned 12 to 15 months.”
Manmohan Sharma, page 8 of the filed PDF · View the filing
BESS revenue stream — current financial year
stated as an aspiration by Manmohan Sharma
p. 15
“So this revenue stream will open up during the current financial year. That is what we are maybe expectations.”
Manmohan Sharma, page 15 of the filed PDF · View the filing
IPP capacity build-out — more than 200 megawatt additional · during this current financial year
stated firmly by Manmohan Sharma
p. 12
“probably during this current financial year, they will get commission and”
Manmohan Sharma, page 12 of the filed PDF · View the filing
EPC company revenue dominance
stated firmly by Manmohan Sharma
p. 11
“So it will be dominated by the EPC only because we are the EPC company.”
Manmohan Sharma, page 11 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 said it depended on the mix of orders executed, with roughly half of this quarter's revenue coming from orders that included module supply.
Answered by Manmohan Sharma
Asked by Sahil Sheth: Why was the quarterly per-megawatt realization unusually high?
p. 5
“So, for this quarter actually, around, if I say any rough idea is around 50% of the execution revenue numbers are coming from with module.”
Manmohan Sharma, page 5 of the filed PDF · View the filing
Management pointed to an existing 2.8 gigawatt order book plus a pipeline of about 36 gigawatt being chased, split between domestic and international markets.
Answered by Manmohan Sharma
Asked by Ishita Lodha: Why has the order book declined year-on-year and what is the order inflow outlook?
p. 5
“Apart from that, we are also chasing the order pipeline of around 36 gigawatt, which is around 23 gigawatt is from domestic and maybe another 12 gigawatt from the international market.”
Manmohan Sharma, page 5 of the filed PDF · View the filing
Management said margins vary by customer/order mix per quarter but full-year margins have remained above 19% for two consecutive years.
Answered by Manmohan Sharma
Asked by Balasubramanian: Are margins settling into a new lower band of 18-20% versus historical 25%?
p. 6
“So, if you will see on a year-on-year basis also, we have more or less, we have able to achieve similar kind of margin.”
Manmohan Sharma, page 6 of the filed PDF · View the filing
Management said the IPP projects are funded through internal accruals with no debt tied up so far, and the strategy is to build smaller IPP projects for recurring revenue.
Answered by Manmohan Sharma
Asked by Balasubramanian: How is the IPP capex being funded and what is the strategy?
p. 7
“So far, we have not tied up any kind of debt for this. We are funding it internally.”
Manmohan Sharma, page 7 of the filed PDF · View the filing
Management gave a rough range of Rs 1-1.25 crore per megawatt with roughly 20% of scope including modules, cautioning the mix varies quarter to quarter.
Answered by Manmohan Sharma
Asked by Deepak Poddar: What is the order book worth per megawatt and module composition?
p. 7
“it is broadly this range in between INR1 crores to INR1.25 crores or INR1.2 crores megawatt.”
Manmohan Sharma, page 7 of the filed PDF · View the filing
Management said EPC contracts are awarded only after developers have completed connectivity and evacuation studies, so existing order backlog is not impacted.
Answered by Manmohan Sharma
Asked by Sumit Kishore: Could Rajasthan grid evacuation delays affect new EPC order awards?
p. 9
“we have been awarded when the all studies have must have been done from their side. And once it is awarded and timeline is given, we execute within those timelines only.”
Manmohan Sharma, page 9 of the filed PDF · View the filing
Management described 15% as a guiding/threshold number set during budgeting, not a ceiling, and said operational efficiency should keep improving results above it.
Answered by Manmohan Sharma
Asked by Karan Gupta: Why does the company guide to a 15% margin threshold despite delivering higher margins?
p. 9
“the 15% which we are mentioning is a calculation or a guiding number. This is some threshold which we are maintaining.”
Manmohan Sharma, page 9 of the filed PDF · View the filing
Management said the IPP business will remain a small contributor overall, with the company continuing to be dominated by EPC.
Answered by Manmohan Sharma
Asked by Paras Kulkarni: What is the long-term role and scale of the IPP business relative to EPC?
p. 11
“But in overall revenue stream, the percentage will be very less actually.”
Manmohan Sharma, page 11 of the filed PDF · View the filing
Management said there is currently no revenue from these segments but one smaller BESS project is being executed this financial year, with inquiries also coming in for data centers.
Answered by Manmohan Sharma
Asked by Harshit Jain: Is the company earning revenue from BESS and data centers currently?
p. 15
“So from the current existing revenue is all from EPC, IPP or O&M. So there is no order or revenue from these two segments which you have mentioned.”
Manmohan Sharma, page 15 of the filed PDF · View the filing
Management said module price changes are passed through to customers in turnkey pricing, so the company itself is not directly impacted.
Answered by Manmohan Sharma
Asked by Ashray Sheth: Will rising module ALMM costs impact top line or margins?
p. 14
“for Waaree Renewable Technologies, there is like nothing, even if it goes up also, it is passed through to the customer.”
Manmohan Sharma, page 14 of the filed PDF · View the filing
Management attributed quarter-to-quarter execution variation to the changing mix of order types (BOS vs turnkey vs with/without module) rather than a capacity constraint.
Answered by Manmohan Sharma
Asked by Hiten Boricha: Why has the quarterly execution rate declined over the last four quarters?
p. 14
“Now, this quarter execution is because of the variety of order which I am executing.”
Manmohan Sharma, page 14 of the filed PDF · View the filing
Risks flagged
Order negotiation and conversion from pipeline to firm contracts takes time given the scale of projects
p. 16
“So, it takes some time with the customers for the negotiation of the order. So, that is how it is working.”
Manmohan Sharma, page 16 of the filed PDF · View the filing
Land acquisition for ground-mounted solar projects is a challenge, though largely in the developer's scope
p. 11
“So acquisition of land, as you rightly said, it is a challenge.”
Manmohan Sharma, page 11 of the filed PDF · View the filing
Difficulty quantifying how much of the weak order inflow relates to competition versus execution timing at scale
p. 17
“So maybe, like, what you said is correct. It can contribute, but it is difficult to quantify how much is on each count.”
Manmohan Sharma, page 17 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.