Waaree Renewable Technologies, the engineering, procurement, and construction (EPC) arm of the Waaree Group, reported a consolidated revenue from operations of ₹8.51 billion (~$94.27 million) for the third quarter (Q3) of the financial year (FY) 2026, a 136.18% year-over-year (YoY) increase from ₹3.60 billion (~$39.93 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹1.59 billion (~$17.61 million), a 120.79% increase from ₹719.2 million (~$7.97 million) in the same quarter of the previous year. The EBITDA margin was 18.66%.

The company’s profit after tax (PAT) rose 124.74% YoY to ₹1.20 billion (~$13.31 million) from ₹534.8 million (~$5.93 million).

Earnings per share (EPS) for the quarter came in at ₹11.50 (~$0.127), compared to ₹5.14 (~$0.056) a year ago.

The company’s unexecuted EPC order book stood at a robust 2.92 GW, providing revenue visibility over the next 12–15 months, supported by a bidding pipeline of around 29 GW.

During the quarter, the board also approved an 80 MW solar power park in Maharashtra, reinforcing its expansion strategy.

9M FY 2026 Results

Waaree reported a consolidated revenue from operations of ₹22.29 billion (~$246.96 million) for the first nine months (9M) of FY2026, a 98.81% YoY increase from ₹11.21 billion (~$124.18 million).

EBITDA stood at ₹4.34 billion (~$48.08 million), up 135.29% from ₹1.85 billion (~$20.50 million) in the same period previous year. The company’s EBITDA margin was 19.48%.

The company’s PAT rose 138.92% YoY to ₹3.23 billion (~$35.78 million) from ₹1.35 billion (~$14.96 million).

EPS for the period came in at ₹30.95 (~$0.342), compared to ₹12.99 (~$0.143) a year ago.

In Q2, Waaree Renewable Technologies reported a consolidated revenue from operations of ₹7.75 billion (~$85.86 million), up 47.73% YoY from ₹5.24 billion (~$58.06 million).

In December last year, the company secured a letter of award from an undisclosed Indian customer for the EPC of a 28.6 MW ground-mounted solar project on a turnkey basis. The contract is valued at approximately ₹965.1 million (~$10.70 million).

In June last year, the company received a letter of award from Purvah Green Power for the EPC of a 300 MW solar power project in Bikaner, Rajasthan. The project’s contract value is ₹3.46 billion (~$38.34 million).