13 Oct , 2025 By : Debdeep Gupta
Shares of Waaree Renewable Technologies Ltd surged as much as 13.6 percent to a fresh all-time high of Rs 1,287 on the NSE on Monday after the company reported its best-ever quarterly performance for the July-September quarter, driven by record revenue, robust project execution, and higher margins.
At 09:40 am, Waaree Renewable Technologies stock was trading near Rs 1,280, extending its five-day gain to over 22 percent. The company’s market capitalisation crossed Rs 13,000 crore, with its shares up nearly 49 percent over the past year.
Waaree Renewable Technologies' record quarterly performance
Waaree Renewable’s consolidated net profit jumped 117 percent year-on-year to Rs 116.3 crore in Q2 FY26, compared with Rs 53.5 crore a year earlier. Revenue from operations rose 47.7 percent to Rs 774.8 crore.
EBITDA more than doubled to Rs 157.9 crore from Rs 71.6 crore, while operating margins improved sharply to 20.4 percent from 13.6 percent a year ago, underscoring improved efficiency and strong execution across projects.
The solar EPC and IPP company said the September quarter marked its highest-ever revenue and profit, supported by a growing presence across renewable verticals such as Battery Energy Storage Systems and data centres.
Strong order pipeline, expansion plans
Waaree Renewable’s unexecuted order book stood at 3.48 GWp, to be completed over the next 12–15 months, backed by a bidding pipeline exceeding 27 GWp. During the quarter, it secured new solar project orders totalling about 1.25 GWp.
The company’s board has approved capital expenditure plans for setting up 28 MWp independent power producer (IPP) solar plants in Maharashtra and 37.5 MWp in Bikaner, Rajasthan.
Chief Financial Officer Manmohan Sharma said the strong performance reflected “execution capabilities and increasing sector performance” amid India’s accelerating renewable energy buildout. As of September 2025, India’s installed renewable capacity stood at 256 GW.
Stock performance
On Friday, shares of Waaree Renewable Technologies had closed 2.2 percent higher at Rs 1,134.60 on the BSE. Monday’s rally lifted the stock to new lifetime highs, with trading volumes spiking sharply following the company’s Q2 results announcement. At the current price, the stock trades at a price-to-earnings ratio of 46.3, according to NSE data.
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