Waaree Renewable revenue up 37%, but net profit falls almost 30%

what happened

According to Moody's, Waaree Renewable Technologies (WRTL) raised consolidated revenue by 37% in the second quarter of FY27, while profit after tax fell by almost 30%. In an interview with BW Businessworld, CFO Manmohan Sharma linked the margin pressure to combining the transmission and distribution business with the company's solar EPC operations.

He said the company received about 1.7 GW of orders in the quarter and has an unexecuted solar EPC order book of roughly Rs 3,300 crore. Transmission and distribution revenue reached more than Rs 600 crore in the quarter following the acquisition of Associated Power Structures, and the segment's order pipeline is around Rs 2,200 crore. The company is also doubling its galvanising and processing capacity from 1.08 lakh to over 2 lakh metric tonnes a year.

why it matters

For markets, the message is that growth in India's solar sector is increasingly coming with margin pressure, so investors are likely to focus on profitability and order execution rather than revenue alone. India installed more than 44 GW last year and added about 20 GW in the first half of the current financial year, which supports demand for EPC services and grid infrastructure.

market impact

Solar EPC in India: revenue growth against thinner margins, with order execution in focus

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instruments