Waaree Renewable Q2 Results October 19, 2026: Profit Falls 30% to ₹81 Crore Despite 37% Revenue Growth

Waaree Renewable Q2 results tell a story we see often after an acquisition: the top line races ahead while profit goes the other way. The solar EPC arm of the Waaree Group reported consolidated profit after tax of ₹81.48 crore for the July-September quarter, down 29.98% from ₹116.36 crore a year earlier, even though revenue from operations rose 36.53% to ₹1,057.84 crore. The figures are from the company’s revised results press release filed with BSE on October 19, 2026. The revision only fixed mislabelled quarter names; the company said none of the numbers changed.

Waaree Renewable Q2 results: where the profit went

Start with the operating line. EBITDA barely moved, rising 1.29% to ₹159.98 crore from ₹157.95 crore. With revenue up more than a third, that squeezed the EBITDA margin to 15.12% from 20.39% a year ago, and from 18.77% in the June quarter, according to the consolidated income statement in the investor presentation.

Below EBITDA, the damage gets bigger. Finance cost jumped to ₹36.83 crore from ₹3.62 crore, and depreciation rose to ₹26.97 crore from ₹2.18 crore. Together those two lines took ₹63.80 crore this quarter against ₹5.80 crore a year ago. That ₹58 crore gap is far larger than the ₹2.03 crore EBITDA gain, which is why profit before tax fell 32.71% to ₹105.36 crore.

• Revenue from operations: ₹1,057.84 crore, up 36.53% year-on-year and 14.45% higher than the June quarter’s ₹924.25 crore.
• Profit after tax: ₹81.48 crore, down 29.98% year-on-year and 31.51% lower than ₹118.97 crore in the June quarter.
• PAT margin: 7.70%, against 15.02% a year ago.
• EPS: ₹7.07, against ₹11.16 in Q2 FY26.

Costs rose across the board too. Employee expenses went to ₹33.30 crore from ₹13.19 crore, and other expenses to ₹55.38 crore from ₹11.99 crore. Business Standard (PTI) put total expenses at ₹961.66 crore, up from ₹622.63 crore.

The acquisition behind the margin squeeze

The company is not hiding the reason. CFO Manmohan Sharma said in the release that acquisition-related financing costs and the addition of a business with a different margin profile weighed on near-term profitability. That business is Associated Power Structures (APSPL), a transmission and distribution (T&D) player in which the presentation says WRTL bought a 55% stake.

The half-year numbers soften the picture. For April-September, revenue grew 43.84% to ₹1,982.09 crore and EBITDA grew 21.04% to ₹333.46 crore, while profit was almost flat at ₹200.44 crore against ₹202.75 crore.

Order book and the new solar plant

The consolidated unexecuted order book stands above ₹5,500 crore. The presentation splits that into roughly ₹3,300 crore of solar and battery storage EPC and about ₹2,200 crore of T&D. New wins in the quarter included ground-mounted solar projects of 1,082 MWp, 291 MWp and 210 MWp, plus a 280 MWh battery storage EPC order. The bidding pipeline covers more than 34.6 GWp of solar, over 12.5 GWh of battery storage and T&D work worth over ₹21,900 crore.

The board also approved capex for a 35 MWp solar plant in Wardha, Maharashtra, with 25 MW of AC capacity, which the company will run as an independent power producer, CNBC-TV18 reported. The stock closed 0.44% lower at ₹833.40 on NSE on Monday, before the numbers were out, so Tuesday’s trade is the first real test.

What we’d watch next is whether finance costs settle at this level or keep climbing, and whether the T&D book lifts margins as it scales. Revenue growth isn’t the question here. Converting it into profit is.

Another renewable name reported the same evening: read our take on IREDA’s Q2 results, or see the full Q2 results line-up for October 19. Our guide on how to analyse quarterly results walks through reading EBITDA, finance cost and margins together.

Disclaimer: This article is for information only and is not investment advice or a recommendation to buy or sell any security. Figures are from Waaree Renewable Technologies’ Q2 FY27 press release and investor presentation filed with BSE, and reports by Business Standard (PTI) and CNBC-TV18, all linked above. Please consult a SEBI-registered investment adviser before making any investment decision.