Can Waaree Renewable Technologies Sustain Record-Breaking Growth After Q3 Results?

Synopsis: A record-breaking quarter, strong execution momentum, and a growing order book of 2.9 GW underpin the recent rally. With 29 GW bidding pipeline, rising solar additions toward 280 GW by 2030, and expanding EPC demand, growth visibility remains strong despite near-term volatility.

India’s Other Electrical Equipment sector powers the nation’s infrastructure boom, fueled by a renewable energy push and grid modernisation. In FfY2025, the market reached $80.18 billion, with robust 15%+ YoY growth driven by rising demand for transformers and switchgears. Projections show a 14.3% CAGR through 2033, backed by PLI schemes boosting domestic output.

With a market capitalization of Rs 10,170.06 crore, on Wednesday, the shares of Waaree Renewable Technologies Ltd  closed at Rs 974.65 per share, decreased around 3.22 percent as compared to the previous closing price of Rs 1,007.05 apiece 

Waaree Renewable Technologies is a leading solar EPC and renewable solutions provider in India, known for strong execution capabilities and large-scale project delivery. Backed by the Waaree Group, it operates across utility-scale, rooftop, O&M, and IPP segments, supported by a robust order book and pan-India presence.

Q3FY26 Highlights

Waaree Renewable Technologies Ltd posted an impressive Q3FY26, with revenue surging 136% YoY from  Rs 360 crore to  Rs 851 crore. This marks the highest ever revenue for the company. On a sequential basis, revenue grew 10% QoQ from  Rs 775 crore in Q2FY26, reflecting strong execution, higher project inflows, and sustained momentum in renewable energy deployment.

Moreover, net profit jumped by 140 percent on a yearly basis from Rs 53 crore in Q3FY25 to Rs 120 crore in Q3FY26, meanwhile, on a quarter-on-quarter basis, net profit zoomed by 3 percent from Rs 116 crore in Q2FY26 to Rs 120 crore in Q3FY26.

The company reported strong operating performance, with EBITDA rising to  Rs 158.8 crore in Q3FY26, up sharply from  Rs 71.9 crore in Q3FY25, reflecting robust operating leverage. EBITDA margin stood at 18.66%, slightly lower year-on-year, while 9MFY26 EBITDA margin improved to 19.48% from 16.46%, indicating better cost efficiency over the period.

Robust Order Pipeline

The company’s order book remains strong, with an unexecuted pipeline of 2.92 GW scheduled for execution over the next 12–15 months, providing clear near-term revenue visibility. Additionally, a healthy bidding pipeline of around ~29 GW highlights sustained demand and strong positioning in the renewable energy space.

Recent order wins further reinforce growth momentum, including 217.5 MWp and 39.8 MWp ground-mounted solar projects secured in Q3FY26. Complementing this, the board’s approval to set up a 120 MWp solar power park in Buldhana, Maharashtra, signals continued capacity expansion and long-term growth intent.

Execution Strength

Waaree Group demonstrates strong vertical integration with leadership across modules, cells, and inverters. With ~22 GW module capacity, 5.4 GW cell capacity, and a ~24 GW order book worth ~ Rs 47,000 crore, its Tier-1 status, wide domestic reach, and global exports underline scale, credibility, and execution strength.

Waaree Renewable Technologies works with marquee clients such as ArcelorMittal, Reliance Industries, NTPC, JSW, Aditya Birla Group, Tata Power, Kirloskar, Mondelez, Acciona, INOX Green, and ReNew. These long-standing relationships, combined with strong lender and supplier confidence, reinforce execution strength, credibility, and consistent order inflows.

Policy-Led Expansion

The energy transition theme remains strong, with global solar PV additions projected to rise from about 402 GW in CY24 to nearly 540 GW by CY28. In India, annual solar additions are expected to reach 46–48 GW by FY30, supporting the target of 280 GW solar capacity by 2030 and sharply increasing solar’s share in the energy mix.

Additionally, Supportive policies are accelerating solar growth in India. EPC demand is projected to rise from about  Rs 605 bn in FY23 to  Rs 1,705 bn by FY28, while the O&M market could expand from  Rs 5.8 bn to  Rs 25.5 bn by 2030. Initiatives like PLI, rooftop solar, energy storage, and large solar parks strengthen long-term visibility.

Strong Order Visibility

Waaree Renewable Technologies has built a strong execution track record, with 4.56 GWp projects commissioned and 2,922 MWp currently under execution. Its diversified portfolio spans rooftop (59.26 MWp), floating solar (2.29 MWp), and a sizeable ~1,180 MW O&M portfolio, supported by an in-house R&D team driving technology-led delivery.

The Unexecuted order book has scaled sharply from 817 MWp in 2023 to 2,922 MWp by 9MFY26, reflecting sustained order inflows and execution strength. Annual execution rose to 2,230 MWp in 9MFY26, backed by multiple large EPC wins, IPP assets of 54.82 MWp, and setting up 227.10 MWp capacity, ensuring strong visibility and continuity.

Waaree Renewable Technologies is a leading solar EPC and renewable solutions provider in India, known for strong execution capabilities and large-scale project delivery. Backed by the Waaree Group, it operates across utility-scale, rooftop, O&M, and IPP segments, supported by a robust order book and pan-India presence.

In conclusion, Waaree Renewable Technologies appears well-positioned to sustain strong growth, backed by record Q3 performance, robust execution, and a healthy 2.9 GW unexecuted order book. A large 29 GW bidding pipeline, supportive government policies, and rising solar adoption in India provide long-term visibility, though near-term volatility may persist due to execution and market dynamics.

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