Waaree Renewable Q2 profit falls 29% as expenses climb

Waaree Renewable Technologies reported a roughly 29% year-on-year decline in consolidated net profit to Rs 81.48 crore for the quarter ended September 2026, as higher expenses weighed on earnings despite an increase in revenue. The Economic Times Markets, citing an exchange filing, reported the results on October 19.

Revenue from operations rose to Rs 1,057.84 crore from Rs 774.78 crore in the corresponding quarter a year earlier. Total expenses increased to Rs 961.66 crore from Rs 622.63 crore, while net profit fell from Rs 116.36 crore.

Acquisition costs and business mix weigh on profitability

Chief financial officer Manmohan Sharma attributed the quarter’s revenue growth to progress across the project portfolio, timely execution and broader capabilities in renewable energy and transmission and distribution, or T&D.

Sharma said the acquisition of APSPL had strengthened the company’s position in T&D infrastructure. However, acquisition-related financing costs and the addition of a business with a different margin profile had affected near-term profitability.

Management said its longer-term focus remained on expanding scale, diversifying capabilities and improving operating efficiency. Those objectives represent the company’s strategy rather than realised earnings gains.

Order book exceeds Rs 5,500 crore

The company reported a consolidated unexecuted order book of more than Rs 5,500 crore. It also cited a bidding pipeline exceeding 34.6 GWp in solar, 12.5 GWh in battery energy storage systems and Rs 21,900 crore in T&D.

The bidding pipeline is distinct from the unexecuted order book: opportunities being pursued are not secured orders, and neither measure is revenue already recognised.