Waaree Renewable Technologies Shares Surge 13% on Record Q2 Performance

Market Performance

Shares of Waaree Renewable Technologies Ltd soared sharply on Monday, hitting a fresh all-time high of Rs 1,287 on the NSE. This represents a 13.6% surge from the previous close, following the company’s strongest quarterly results to date.

• The rally lifted the company’s market capitalization beyond Rs 13,000 crore.
• Over the past year, the stock has gained nearly 49%, reflecting sustained investor interest.

Q2 FY26 Highlights: Strong Revenue and Profit Growth

The July–September quarter marked Waaree Renewable’s best-ever performance, driven by robust project execution, record revenue, and higher margins.

• Consolidated net profit: Rs 116.3 crore, up 117% YoY from Rs 53.5 crore.
• Revenue from operations: Rs 774.8 crore, up 47.7% YoY.
• EBITDA: Rs 157.9 crore, more than doubling from Rs 71.6 crore last year.
• Operating margins: Improved sharply to 20.4% from 13.6%, signaling enhanced efficiency.

The company highlighted that growth was supported by diverse renewable verticals, including Battery Energy Storage Systems (BESS) and data centres, marking the quarter as its highest-ever revenue and profit achievement.

Company Operations and Order Book

Waaree Renewable’s operations remain strong with a well-diversified pipeline:

• Unexecuted order book: 3.48 GWp, scheduled for completion in the next 12–15 months.
• New project orders in Q2: ~1.25 GWp.
• Bidding pipeline: Exceeding 27 GWp.

Additionally, the company’s board approved capital expenditure for new solar plants:

• 28 MWp independent power producer (IPP) plants in Maharashtra.
• 37.5 MWp IPP plants in Bikaner, Rajasthan.

Chief Financial Officer Manmohan Sharma stated that the strong quarterly performance reflected Waaree Renewable’s execution capabilities and sector growth, amid India’s accelerating renewable energy expansion. As of September 2025, India’s installed renewable capacity reached 256 GW.

Stock Performance and Market Activity

• On Friday, Waaree Renewable shares closed at Rs 1,134.60 on the BSE, up 2.2%.
• Monday’s surge pushed the stock to new lifetime highs, with trading volumes spiking sharply.
• The stock currently holds a price-to-earnings (P/E) ratio of 46.3, according to NSE data.

Summary

Waaree Renewable Technologies delivered a record-breaking Q2, with net profit more than doubling and revenue soaring nearly 48% YoY. Strong project execution, improved operating margins, and an expanding order book reinforce the company’s robust performance across renewable energy verticals. The stock’s sharp rise reflects both market confidence and the growing importance of renewable infrastructure in India.