Waaree Renewable Technologies Ltd Q4 FY2025-26 Earnings Conference Call
Why It Matters
Waaree’s explosive growth and expanding service portfolio cement its role as a leading EPC player in India’s solar boom, while margin stability and internal IPP funding underscore a resilient, cash‑generative business model for investors.
Key Takeaways
- •Revenue surged 108% YoY to ₹3,331 crore in FY26.
- •Executed record 2,727 MW of projects, highest ever in FY26.
- •Order book stands at 2.8 GW, with 36 GW pipeline.
- •EBITDA margin held above 19% despite competitive pressure.
- •Expanding into BESS EPC and IPP, funding internally.
Summary
Waaree Renewable Technologies Ltd held its Q4 and FY2025‑26 earnings conference call, highlighting a breakout fiscal year driven by robust solar EPC activity and expanding service offerings. The company reported revenue of ₹3,331.42 crore for FY26, up 108.5% year‑on‑year, with EBITDA of ₹641.10 crore and PAT of ₹478.65 crore, each more than doubling prior‑year figures. Quarterly results showed a 131% revenue jump to ₹1,102.40 crore and an EBITDA margin of 18.76%, underscoring strong operating leverage.
Management emphasized execution depth, completing a record 2,727 MW of projects in FY26 and maintaining an unexecuted order book of 2.83 GW. The O&M portfolio now covers 1.18 GW, providing recurring revenue, while a pipeline of roughly 36 GW—23 GW domestic and 12 GW international—offers visibility. CFO Manmohan Sharma noted that about 50% of Q4 revenue came from module‑inclusive contracts, explaining a higher per‑MW realization, and affirmed that EBITDA margins remain above 19% despite competitive tendering.
Analysts heard specific comments on margin dynamics and strategic focus. The CFO clarified that margin variation is order‑mix dependent, with fixed‑price contracts and a target EBITDA margin of around 15‑19% for the coming years. On the IPP side, Waaree operates 54.8 MW of solar assets and is internally funding an additional 200 MW, aiming for a steady cash‑flow stream. The company also highlighted its entry into battery energy storage system (BESS) EPC, positioning itself for emerging grid‑stability projects.
The results signal Waaree’s solid foothold in India’s rapidly expanding renewable sector, where solar capacity additions reached 44 GW in FY26, accounting for 82% of total renewables. With a sizable order backlog, diversified revenue streams, and a strategic push into BESS and IPP, the firm is well‑placed to capture further market share, though margin pressure from aggressive tendering remains a watchpoint for investors.
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