Waaree Renewable Technologies, the engineering, procurement, and construction arm of the Waaree Group, reported a consolidated revenue from operations of ₹6.03 billion (~$70.23 million) for the first quarter (Q1) of the financial year (FY) 2026, a 155.2% year-on-year (YoY) increase from ₹2.36 billion (~$27.48 million).

The revenue growth was mainly driven by a strong performance in its engineering, procurement, and construction (EPC) business.

The company’s profit after tax (PAT) rose 207% YoY to ₹863.9 million (~$10.06 million) from ₹281.6 million (~$3.28 million).

The PAT margin during the quarter stood at 14.32% against 11.91% in Q1 FY 2025.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹1.17 billion (~$13.63 million), a 186.14% increase from ₹410.8 million (~$4.78 million) in the same quarter of the previous year. The company’s EBITDA margin was 19.49%.

Basic earnings per share (EPS) for the quarter came in at ₹8.29 (~$0.096), compared to ₹2.78 (~$0.032) a year ago.

The company said it had an unexecuted order book of 3.15 GW to be executed between 12-15 months and a bidding pipeline of ~25 GW.

During Q1, the company won a 435 MW solar project and a 131.6 MW solar project.

In June, Waaree Renewable Technologies received a letter of award from Purvah Green Power for the EPC of a 300 MW solar power project valued at 3.46 billion (~$40.49 million) in Bikaner, Rajasthan. The project is scheduled for completion this financial year.

Commenting on the results, Manmohan Sharma, CFO, said, “In response to the evolving energy landscape, we have broadened our portfolio to include Battery Energy Storage System (BESS) EPC solutions, reinforcing our position as a full-spectrum clean energy provider.”

He added that the company was well-equipped to deliver next-generation, large-scale, integrated energy projects. Besides BESS, it is also foraying into data centers.

In the fourth quarter of FY 2025, the company reported a 74.84% YoY increase in revenue to ₹4.81 billion (~$56.15 million) from ₹2.75 billion (~$32.1 million).