Waaree Renewable Technologies Limited (WRTL) has once again impressed the market with its Q1 FY26 results, building upon the strong foundation laid in Q4 FY25. The company’s growth trajectory, order book strength, and strategic diversification reflect a clear shift towards becoming a comprehensive renewable energy player.
In this post, we compare Q1 FY26 vs Q4 FY25 performance, highlight what has improved, and analyze what this means for long-term investors.
🚀 Financial Performance: A Quarter of Breakthrough Growth
The Q1 FY26 results mark a massive leap in revenue and profit growth compared to the previous quarter:
- Revenue: ₹603.19 Cr in Q1 FY26 vs ₹476.58 Cr in Q4 FY25 → +26.5% QoQ and +155% YoY growth.
- Profit After Tax (PAT): ₹86.39 Cr vs ₹93.77 Cr in Q4 FY25 → Slightly lower QoQ but +207% YoY jump vs Q1 FY25.
- EBITDA Margin: Improved to 19.49%, indicating better cost efficiency even as revenue scales rapidly.
- EPS: ₹8.29 in Q1 FY26 vs ₹2.72 in Q1 FY25 → +205% YoY growth in earnings per share.
These numbers highlight robust execution capabilities and high operating efficiency despite rising project volumes.
📦 Order Book and Execution Strength
WRTL continues to enjoy strong order book visibility with:
- 3.15 GWp Solar EPC projects and
- 40 MWh Battery Energy Storage System (BESS) projects pending execution.
Major projects include multi-MW solar plants across Rajasthan, Madhya Pradesh, Andhra Pradesh, and Gujarat, ensuring consistent revenue streams over the next few quarters.
🏗️ Strategic Diversification and Investments
Unlike earlier quarters, Q1 FY26 marks a strategic expansion into energy efficiency solutions through:
- Investment of ₹7.98 Cr in Smart Joules Pvt Ltd for energy optimization technologies.
This diversification strengthens WRTL’s renewable energy ecosystem, spanning EPC, O&M, rooftop solar, floating solar, and BESS solutions—positioning it as a complete clean energy solutions provider.
📈 Sector Tailwinds Driving Growth
India has already surpassed 234 GW of renewable capacity, with solar power alone contributing over 116 GW. The government’s push for:
- 280 GW solar target by 2030,
- PLI schemes for domestic manufacturing, and
- Rooftop solar subsidies
…creates a massive growth runway for companies like WRTL.
📊 Q1 FY26 vs Q4 FY25: Comparative Snapshot
| Metric | Q4 FY25 | Q1 FY26 | Growth Trend |
|---|---|---|---|
| Revenue (₹ Cr) | 476.58 | 603.19 | +26.5% QoQ |
| PAT (₹ Cr) | 93.77 | 86.39 | Slightly Lower QoQ |
| EPS (₹) | 7.9 | 8.29 | +205% YoY |
| Order Book (MWp) | 3,200 | 3,150 + 40 MWh | Stable, Diversified |
| EBITDA Margin (%) | 18.9% | 19.49% | Improved Margins |
✅ What Has Improved in Q1 FY26
- Revenue Growth Acceleration: Faster top-line growth vs Q4 FY25.
- Order Book Visibility: Multi-GW pipeline ensures revenue stability.
- Energy Efficiency Diversification: Expanding beyond core EPC solar projects.
- Better Margins: Improved operational efficiency despite larger project sizes.
⚠️ Risks to Monitor
- Working Capital Pressure: As execution scales, receivable management will be critical.
- Execution Discipline: Timely project delivery remains key for maintaining margins.
- Policy Dependence: Solar EPC growth still linked to government incentives.
📌 Final Thoughts: A Strong Investment Case
Waaree Renewable Technologies has shown consistent performance improvement from Q4 FY25 to Q1 FY26, with:
- High Revenue Visibility
- Profitability Growth
- Strategic Diversification
For long-term investors, WRTL remains a high-potential renewable energy stock benefiting from India’s green energy push and global shift toward sustainability.
🌍 Stay Updated
For more market updates and SME stock insights, follow us on:
👉 YouTube – @stock3727
👉WordPress – https://stockresult.in/posts-page/
Enjoyed this post? Like, Comment & Follow my blog for more insightful content!
Indian Stock Results 