Waaree Renewable Technologies delivered stellar FY26 results with revenue of ₹3,331.42 crore — up 108.51% year-on-year. Q4 FY26 revenue reached ₹1,102.40 crore, growing 131.31% YoY. EBITDA margin held at 18.76% in Q4 (19.24% full year). The company executed a record 2,727 MWp in FY26 and enters FY27 with a 2.83 GW order book and a 36 GW pipeline.
Key Financial Highlights — Q4 & FY26
| Metric | Q4 FY26 | FY26 | Change |
|---|---|---|---|
| Revenue | ₹1,102.40 cr | ₹3,331.42 cr | +131.31% YoY (Q4), +108.51% YoY (FY26) |
| EBITDA | ₹206.82 cr | — | — |
| EBITDA Margin | 18.76% | 19.24% | — |
| Projects Executed | — | 2,727 MWp | Record FY26 |
| Order Book (Unexecuted) | 2.83 GW | — | — |
| Order Pipeline | 36 GW | — | — |
| O&M Portfolio | 1.18 GWp | — | — |
| EBITDA Margin Floor (Guidance) | 15% | — | Maintained |
What Drove the Results
Execution breakout at 2,727 MWp. Waaree executed a record volume of 2,727 megawatt-peak in FY26 — more than doubling the prior year. This reflects both project pipeline conversion and improved project management capability. At 2.83 GW of unexecuted orders, the execution runway for FY27 is already locked in.
Revenue more than doubling is not a one-year spike. The 36 GW pipeline (against an executed base of ~2.7 GW per year) suggests this trajectory is supported for multiple years, not just one cycle. This is a function of India's accelerating solar targets under the National Solar Mission and PM KUSUM scheme.
Domestic sourcing protects margins. EBITDA margin at 18.76% in Q4 and 19.24% for FY26 is above the 15% floor management maintains for project acceptance. Domestic raw material sourcing — reducing dependency on imported panels — is the key buffer against commodity inflation.
O&M portfolio (1.18 GWp) as recurring revenue. Operations & Maintenance work on 1.18 GWp of commissioned projects is a growing annuity income stream that diversifies revenue away from pure project execution.
According to the Ministry of New and Renewable Energy, India's total installed solar capacity crossed 100 GW in FY26, and the government target is 500 GW renewable capacity by 2030 — Waaree Renewable is positioned directly in this tailwind.
What Management Said
Management described FY26 as a "proof of scale" year — the company demonstrated it can execute multi-GW volumes while maintaining EBITDA margins above 18%. For FY27, the strategic focus is on maintaining the 15% EBITDA floor (a discipline that prioritises margin over volume), converting the 36 GW pipeline selectively, and scaling the O&M business for recurring revenue.
No specific FY27 revenue or volume guidance was given, but the combination of 2.83 GW unexecuted orders and 36 GW pipeline implies strong topline visibility.
Key Tailwinds and Risks
Tailwinds:
- Government policy momentum: PM Surya Ghar, PM KUSUM, National Solar Mission all driving demand
- India's 500 GW renewable target by 2030 is a decade-long tailwind
- Domestic manufacturing push under PLI scheme reduces import dependency
- O&M recurring revenue is growing — reduces cyclicality in overall revenue mix
Risks:
- Land acquisition delays are the single biggest execution risk in India's solar sector
- Policy changes or budget allocation cuts could defer projects in the pipeline
- Raw material availability for solar components (if domestic supply chains are stressed)
- Geopolitical disruptions affecting supply chain inputs
StockMirror AI Signal Summary
| Signal | Reading |
|---|---|
| Overall Sentiment | Strong Positive |
| Management Confidence | Medium (no specific FY27 guidance) |
| Revenue Growth on Track | Yes — 108% FY26, 131% Q4 |
| Earnings Quality | Clean (volume-driven, not one-time) |
| Margin Direction | Stable (18-19% range, above 15% floor) |
| Order Visibility | Very High — 2.83 GW unexecuted + 36 GW pipeline |
Full analysis including outlook and analyst Q&A at /WAAREERTL/earnings.
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Key Takeaways
- Waaree Renewable FY26 revenue of ₹3,331 cr (+108% YoY) with 2,727 MWp executed is a record
- 2.83 GW unexecuted order book + 36 GW pipeline provides strong FY27-FY28 revenue visibility
- EBITDA margin at 18.76-19.24% is well above the 15% floor — management is disciplined on project selection
- O&M portfolio of 1.18 GWp growing as a recurring revenue stream
- Key risk: land acquisition and policy execution remain India-specific execution risks for solar EPC companies
FAQ
What were Waaree Renewable Technologies Q4 FY26 results? Revenue ₹1,102.40 crore (+131.31% YoY), EBITDA ₹206.82 crore (margin 18.76%). FY26 full-year revenue was ₹3,331.42 crore (+108.51% YoY) with record 2,727 MWp executed.
What is Waaree Renewable's order book and pipeline? Unexecuted order book is 2.83 GW. The total pipeline stands at 36 GW. O&M portfolio is 1.18 GWp.
What is Waaree Renewable's EBITDA margin? Q4 FY26 EBITDA margin was 18.76%, FY26 full-year was 19.24%. Management maintains a 15% EBITDA margin floor for project acceptance.
What are the risks for Waaree Renewable Technologies? Key risks include land acquisition delays, policy execution risk, and raw material supply chain disruptions. The 36 GW pipeline provides visibility, but conversion depends on these factors.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StockMirror AI analysis is based on earnings call transcripts. Always do your own research before making investment decisions.