WAAREERTLWaaree Renewable Technologies Ltd

Waaree Renewable Technologies Q2 FY27 Results: Consolidated Net Profit ₹81.48 Crore on Total Income of ₹1,067 Crore

Earnings
Renewable Energy

Blacklitt Research19 October 20263 min read

Rows of ground-mounted solar panels beside a field — Wikideas1, via Wikimedia Commons (CC0 1.0). Illustrative image.

Waaree Renewable Technologies reported consolidated total income of ₹1,067.02 crore and net profit of ₹81.48 crore for the quarter ended 30 Sep 2026. Standalone total income was ₹457.93 crore and net profit was ₹68.13 crore.

Key highlights

Consolidated

Including its subsidiaries

Total income: ₹1,067 crore, up 36.9% YoY, up 14.8% QoQ
Net profit: ₹81.48 crore, down 30.0% YoY, down 31.5% QoQ
EPS: ₹7.07, against ₹11.16 in Q2 FY26
Finance costs: ₹36.83 crore, ten times last year's ₹3.62 crore; depreciation ₹26.97 crore

Standalone

The company on its own, without its subsidiaries

Total income: ₹458 crore, down 41.3% YoY, down 44.0% QoQ
Net profit: ₹68.13 crore, down 41.8% YoY, down 40.5% QoQ
EPS: ₹6.53, against ₹11.23 in Q2 FY26
Revenue from operations: ₹451.64 crore, down 41.7% YoY and 44.3% QoQ

Summary

Consolidated ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	1,067.02	779.21	+36.9%	929.53	+14.8%
Revenue from operations	1,057.84	774.78	+36.5%	924.26	+14.5%
Other income	9.18	4.43	+107.2%	5.27	+74.2%
	81.48	116.34	-30.0%	118.98	-31.5%
Finance costs	36.83	3.62	+917.4%	9.59	+284.0%
Depreciation	26.97	2.18	n/a	5.78	+366.6%
Tax expense	23.88	40.22	-40.6%	44.41	-46.2%
Net profit margin	7.64%	14.93%	-7.29 pp	12.80%	-5.16 pp
Tax as share of profit before tax	22.7%	25.7%	-3.02 pp	27.2%	-4.52 pp
EPS, basic (₹)	7.07	11.16	-36.6%	11.11	-36.4%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

Revenue grew 36.5% and profit fell 30.0%, because the group has taken on assets and debt. Revenue from operations rose to ₹1,057.84 crore, but finance costs rose from ₹3.62 crore to ₹36.83 crore and depreciation from ₹2.18 crore to ₹26.97 crore, a ₹58 crore rise in the two lines together (derived), against a fall of about ₹51 crore in profit before tax (derived). Net profit fell to ₹81.48 crore from ₹116.34 crore and the margin to 7.64% from 14.93%; against June profit fell 31.5% from ₹118.98 crore as finance costs went from ₹9.59 crore to ₹36.83 crore.

The filing lists new subsidiaries, including a wholly owned data centre company, Waaree Green Data Centers Private Limited, and solar project companies, and the cash flow shows ₹60.60 crore paid for a subsidiary (net of cash). The board approved capital expenditure for a 35 MWp / 25 MWac independent power producer solar plant at Wardha, Maharashtra. The company is a subsidiary of Waaree Energies Limited. The filing text read does not give the debt or the assets behind the higher finance costs and depreciation.

Standalone ₹ crore
Particulars	Q2 FY27	Q2 FY26	YoY	Q1 FY27	QoQ
	457.93	779.85	-41.3%	818.25	-44.0%
Revenue from operations	451.64	774.73	-41.7%	811.34	-44.3%
Other income	6.29	5.12	+22.9%	6.91	-9.0%
	68.13	117.00	-41.8%	114.49	-40.5%
Finance costs	24.41	3.62	+574.3%	7.37	+231.2%
Depreciation	2.67	2.15	+24.2%	2.29	+16.6%
Tax expense	18.18	40.21	-54.8%	42.26	-57.0%
Net profit margin	14.88%	15.00%	-0.13 pp	13.99%	+0.89 pp
Tax as share of profit before tax	21.1%	25.6%	-4.51 pp	27.0%	-5.90 pp
EPS, basic (₹)	6.53	11.23	-41.9%	10.97	-40.5%

Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.

The listed company's own business is shrinking while the group's grows. Standalone revenue from operations fell 41.7% to ₹451.64 crore and net profit 41.8% to ₹68.13 crore, a margin of 14.88%, about the same as a year ago. So about ₹606 crore of the group's ₹1,058 crore revenue arises in subsidiaries (derived), and the group's profit is ₹13 crore above the standalone profit.

Standalone finance costs rose to ₹24.41 crore from ₹3.62 crore and tax fell to 21.1% of profit before tax from 25.6%. Earnings per share were ₹6.53 against ₹11.23 standalone, and ₹7.07 against ₹11.16 consolidated.

Inference

Waaree Renewable's revenue is growing through subsidiaries while the parent's own revenue and profit are falling, and borrowing and depreciation have risen sharply.

The filing text read does not give the new debt or project timelines, so how the added assets turn into profit is not shown by it.

Reference: Original filing (PDF)

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