Mumbai, Oct 19 (IANS) Waaree Renewable Technologies Limited on Monday reported a more than 29 per cent year-on-year (YoY) decline in consolidated net profit for the quarter ended September 30, 2026 (Q2 FY27), as a sharp increase in expenses weighed on profitability despite strong revenue growth.
The company's consolidated net profit fell to Rs 81.48 crore during the quarter from Rs 116.36 crore in the corresponding period of the previous fiscal (Q2 FY26), according to an exchange filing.
Revenue from operations, however, rose 36.5 per cent year-on-year to Rs 1,057.84 crore from Rs 774.78 crore, supported by ongoing execution of renewable energy projects and expansion across new business segments.
Total expenses climbed sharply to Rs 961.66 crore during the quarter, compared with Rs 622.63 crore in the year-ago period.
Waaree Renewable Technologies said its consolidated unexecuted order book remained robust at more than Rs 5,500 crore, providing revenue visibility for the coming quarters.
The company also highlighted a strong bidding pipeline comprising more than 34.6 GWp of solar projects, over 12.5 GWh of battery energy storage system (BESS) opportunities and transmission and distribution (T&D) projects worth more than Rs 21,900 crore.
Commenting on the performance, Chief Financial Officer Manmohan Sharma said the growth during the quarter was driven by steady progress across the company's project portfolio, timely execution and expanding capabilities across the renewable energy value chain and T&D segment.
He added that the strategic acquisition of APSPL strengthened the company's presence across the transmission and distribution infrastructure value chain.
Sharma noted that acquisition-related financing costs and the addition of businesses with a different margin profile affected near-term profitability, but said the company remains focused on creating long-term value through scale expansion, diversified capabilities and operational efficiencies.
According to the company, the ongoing expansion and integration efforts are expected to provide a strong foundation for its next phase of growth.
--IANS
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