Waaree Renewable Technologies Ltd: Riding India’s Solar Energy Boom with Record Growth in FY26

Introduction

Waaree Renewable Technologies Ltd (NSE: WAAREERTL) continues to shine as one of India’s fastest-growing solar EPC and renewable energy companies. The stock has been trending strongly in 2025–26, supported by exceptional revenue and profit growth, a robust order book, and rising demand for solar energy across India.
With solar installations accelerating and the government targeting 500 GW of renewable capacity by 2030, Waaree Renewable is emerging as a high-growth player within India’s clean energy ecosystem.

This blog provides a complete company analysis — business model, corporate journey, key financials, strengths, risks, and investor outlook.

About the Company

Incorporated in 1999, Waaree Renewable Technologies Ltd engages in renewable power generation and turnkey solar EPC contracting. The company also provides consultancy services and executes large-scale rooftop, ground-mounted, floating solar and hybrid renewable energy projects.

Waaree Renewable Technologies is a subsidiary of the Waaree Group, India’s leading solar power conglomerate.
The Waaree Group is the #1 Indian solar module manufacturer, with:

• 15 GW module capacity
  
  

• 5.4 GW solar cell capacity
  
  

• India’s largest 12 GW solar module plant across Chikhli, Surat & Umbergaon
  
  

The Group has expanded into Battery Energy Storage Systems (BESS), Solar EPC, Green Hydrogen electrolyser manufacturing, and end-to-end clean energy solutions.

Waaree Renewable contributes around 10% of the group’s total profitability and is the primary EPC execution arm.

Promoter holding is stable at 74.39%, signalling strong parent ownership and long-term confidence.

 

Key Company Facts

 

Waaree Renewable Moves in 2025

• Q2 FY26 Revenue surged 47.73% YoY to 774.78 crore.
  
  

• Q2 FY26 Net Profit increased 117.22% YoY to 116.3 crore.
  
  

• Expanded BESS and utility-scale EPC projects across multiple states.
  
  

• Increased international EPC enquiries and global project proposals.
  
  

• Continued order pipeline build-up: 3.15 GW unexecuted order book and 25 GW pipeline.
  
  

• Expanded capabilities in floating solar & hybrid renewable systems.
  
  

Evolution & Corporate Journey

Financial Performance Overview

Quarterly Results (Rs crore)

Insight

Waaree delivered exceptional operating leverage, with margins strengthened due to high-demand EPC orders and disciplined cost control.

 

Yearly Financials (Profit & Loss)

(Standalone, Rs crore)

Insight

The company’s profitability remains among the highest in the solar EPC sector, thanks to efficient execution and low debt.

 

Balance Sheet Highlights

Insight

A light asset model + low debt allows higher returns and scalable growth.

 

Cash Flow Summary

Insight

Strong, consistently rising operating cash flows confirm durable business execution and cash discipline.

 

Shareholding Pattern (Q2 FY26)

Insight

High promoter holding signals confidence; increasing FII interest indicates institutional recognition.

 

Peer Comparison 

Insight

Waaree Renewable leads the entire peer group in ROE and ROCE, making it one of the most capital-efficient renewable energy players in India.

 

Strengths & Risks

Strengths

• Explosive 5-year profit CAGR of 143%
  
  

• Very high ROE (65%) & ROCE (82%)
  
  

• Strong unexecuted order book of 3.15 GW
  
  

• Parent group support with 15 GW manufacturing capacity
  
  

• Low debt, strong cash flows
  
  

• Early mover in BESS & hybrid renewable EPC
  
  

Risks

• Solar EPC margins depend on raw material costs
  
  

• Stock trades at premium valuations
  
  

• Order execution depends on policy timelines
  
  

• High volatility due to being a SmallCap stock
  
  

Market Performance & Investor Sentiment

Waaree Renewable has become one of the market’s most tracked renewable energy stocks.
Despite volatility in 2025, long-term sentiment remains highly positive due to:

• Strong order visibility
  
  

• High-margin EPC execution
  
  

• Low leverage
  
  

• Growing solar capacity installations in India
  
  

Investors consider it a strong growth stock, though valuation sensitivity is a key watchpoint.

 

Strategic Outlook (2026 & Beyond)

• Large EPC project execution across utilities
  
  

• Expansion into BESS & hybrid solar-wind solutions
  
  

• Increasing international EPC bids (Middle East, Asia)
  
  

• Scaling R&D for energy storage + green hydrogen
  
  

• Strengthening government partnerships under renewable policy missions
  
  

Investor View

Waaree Renewable Technologies Ltd is a high-growth, high-efficiency clean energy stock with substantial tailwinds from India’s 2030 renewable target.
With strong financials, low debt, and aggressive expansion, the company presents a compelling opportunity for medium to long-term investors seeking renewable energy exposure.

However, investors must consider valuation risks and the cyclical nature of EPC revenues.

 

Conclusion 

Waaree Renewable Technologies Ltd. is well-placed as a high-growth leader in India's growing renewable energy ecosystem. With strong financial performance on the back of a healthy order pipeline and strategic innovation, it is an attractive stock for medium- to long-term investors focused on sustainable energy. 

 

Frequently Asked Questions (FAQ)

1. Is Waaree Renewable Technologies debt-free?
Almost. It maintains very low borrowings, supporting high ROE/ROCE.

 

2. What drives its strong profitability?
Efficient EPC execution, low leverage and high-quality order pipeline.

 

3. What is the biggest growth driver?
India’s accelerating solar installations and large government tenders.

 

4. Is the promoter holding stable?
Yes — consistently around 74%.

 

5. Does the company pay dividends?
Dividend payout is low as the company reinvests for growth.

 

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