Waaree Renewable Technologies Ltd (WRTL), a prominent player in India’s solar EPC sector, has revealed its financial performance for Q1 FY26, showing robust growth in revenue and profit, alongside strategic moves in the clean energy market. The company generated ₹603.19 crore in revenue during the first quarter, marking a 26.5% increase over ₹476.58 crore in Q4 FY25 and a significant 156% rise from ₹236.35 crore in Q1 FY25. Net profit for the quarter surged to ₹86.39 crore, up from ₹28.16 crore in the same period last year, reflecting strong operational execution and efficient project management.
Total income for the quarter amounted to ₹608.02 crore, which included ₹4.83 crore in other income. This was achieved while maintaining a disciplined approach to cost management, with EPC contract expenses reaching ₹470.02 crore, employee benefit expenses at ₹9.35 crore, and finance and depreciation costs at ₹3.56 crore and ₹2.23 crore, respectively.
Manmohan Sharma, CFO of WRTL, stated, “We are pleased to report an impressive 155.20% growth in revenue for Q1 FY26 compared to the same period last year. This strong performance reflects our robust business model and efficient execution of large-scale projects in a dynamic clean energy landscape. As of June 2025, India’s renewable energy capacity reached 234 GW, with solar accounting for 116.25 GW. Solar installations grew by 51.6% year-on-year in the first half of 2025, driven by India’s growing clean energy ambitions.”
India has achieved a significant milestone, with 50% of its installed power capacity now coming from non-fossil fuel sources—five years ahead of the target. This aligns with WRTL’s strategy to expand its offerings, including Battery Energy Storage System (BESS) EPC solutions. The company’s solid order book, including 3.15 GWp in Solar EPC and 40 MWh in BESS EPC, ensures its readiness to lead the next phase of energy transformation.
In Q1 FY26, EPC contracts contributed ₹594.39 crore, with power sales adding ₹8.78 crore. This hybrid revenue model supports predictable cash flows and ongoing growth. Additionally, WRTL made a strategic investment of ₹7.98 crore in Smart Joules Private Limited (SJPL), an energy efficiency company specializing in cooling solutions for industrial buildings. This investment reinforces WRTL’s commitment to becoming a comprehensive clean energy and energy efficiency solutions provider.
India’s renewable energy sector is rapidly advancing, with over 220 GW of installed capacity, including 105.65 GW from solar as of March 2025. With the government’s goal of 500 GW of renewable energy by 2030, WRTL is poised to capitalize on emerging opportunities and continue its role in India’s energy transformation.
Waaree Renewable Technologies Ltd is a key subsidiary of the Waaree Group, focused on solar EPC services and development. Headquartered in Mumbai, WRTL is also engaged in financing, constructing, and operating solar projects. The company serves commercial, industrial, and individual clients, providing sustainable energy solutions through both on-site and offsite solar installations. Waaree Group is committed to reducing carbon emissions by encouraging the adoption of renewable energy solutions.
