Waaree Renewable's 15.12% margin beats sector median amid new order wins
Management also outlined further IPP, O&M and energy-infrastructure expansion, while the consolidated tax rate was 22.67%.
Filed 19 Oct 2026, 18:13 IST · after market close · Waaree Renewable Technologies Ltd (WAAREERTL)
Key takeaways
- Waaree Renewable's consolidated operating margin of 15.12% was 2.69 percentage points above the 12.43% median for 15 reported Industrials peers.
- Management said the company won a 1,082 MWp solar project and a 280 MWh battery-storage EPC order in Q2FY27.
- Management said it is adding 233.6 MWp of IPP capacity and developing another 450 MWp through a subsidiary.
Price around the results
Operating margin outpaced reported Industrials peers
The key read from consolidated Q2FY27 is a 15.12% operating margin, 2.69 percentage points above the 12.43% median for 15 Industrials peers that have reported. Operating profit was Rs 159.98 cr and net profit was Rs 81.48 cr, with EPS at Rs 7.07.
Interest and depreciation narrowed the operating-to-profit bridge
Interest of Rs 36.83 cr and depreciation of Rs 26.97 cr reduced operating profit of Rs 159.98 cr to profit before tax of Rs 105.36 cr. Other income was Rs 9.18 cr, while the reported tax rate was 22.67%, so the quarter's earnings were not driven only by the operating line.
Q2 orders broaden the project pipeline
Management said the company won a 1,082 MWp ground-mounted solar project and a 280 MWh battery-storage EPC order during Q2FY27. The company told investors that it is setting up an additional 233.6 MWp IPP plant, while a subsidiary is developing another 450 MWp of IPP capacity.
Management is extending beyond core solar execution
Management said the company is expanding into transmission and energy-infrastructure adjacencies and is participating in government and private bidding for EPC and T&D work. It also said the O&M offering will include drone thermography, analytics and underground cable fault finding, while the O&M market is expected by the company to grow as more solar capacity is added.
Results were filed after market close
The consolidated results were filed at 18:13 IST on 19 October 2026, after market close. The sector comparison places the company's 15.12% operating margin above the reported peer median, but there is no post-results market move to assess yet.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 |
|---|---|
| Revenue | ₹1,058 cr |
| Other income | ₹9 cr |
| Expenses | ₹898 cr |
| Operating profit | ₹160 cr |
| Operating margin (%) | 15.12% |
| Interest | ₹37 cr |
| Depreciation | ₹27 cr |
| Profit before tax | ₹105 cr |
| Tax | ₹24 cr |
| Net profit | ₹81 cr |
| EPS (₹) | ₹7.07 |
Operating margin of 15.12% compares with a Industrials sector median of 12.43% across 15 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- The company won a 1,082 MWp ground-mounted solar power project in Q2FY27.
- The company won a 280 MWh battery storage system EPC order in Q2FY27.
Guidance & outlook
- The company expects the O&M market to grow as more solar capacity is added.
Expansion
- The company is setting up an additional 233.6 MWp independent power producer plant.
- A subsidiary is developing an additional 450 MWp of IPP capacity.
- The company is strategically expanding into transmission and energy-infrastructure adjacencies.
New initiatives
- The company plans to offer differentiated O&M services including drone thermography, analytics and underground cable fault finding.
- The company is participating in government and private bidding processes to grow its EPC and T&D business.
What to watch
- Whether operating margin is maintained at or above 15.12%.
- Progress on the 1,082 MWp solar and 280 MWh battery-storage orders.
- Updates on the planned 233.6 MWp and 450 MWp IPP capacity additions and the new O&M services.