Waaree Renewable Technologies Ltd · NSE:WAAREERTL
Waaree Renewable Technologies — Q1 FY27 Earnings Presentation
33 slides from Waaree Renewable Technologies's earnings presentation, Jul 22, 2026
Slide 1: Execution with Pace & Comfort
Execution with Pace & Comfort July 22, 2026 To To The Manager The Manager BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1 Block G, Dalal Street, Fort, Bandra - Kurla Complex, Bandra (East) Mumbai-400001 Mumbai - 400 051 Scrip Code: 534618 Scrip Sy
Slide 2: Accelerating Global Energy Transition
Accelerating Global Energy Transition Investor Presentation | Q1FY27
Slide 3: Safe Harbor
Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Renewable Technologies Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe
Slide 4: Waaree Group at a Glance
Waaree Group at a Glance India’s Emerging Fully Integrated Energy Transition Player 3
Slide 5: Vertically Integrated Operations
Vertically Integrated Operations MANUFACTURING CAPACITY 36 Years 25 #1 Industry experience Countries exported to1 Indian module manufacturer1 ~26 GW Module1 Gold CARE AA-, Stable ₹~53k Cr 5.4 GW EcoVadis sustainability rating1 Credit rating1 Order book1 Cell1 3 GW Inverter1 27 2,500+ | 600+ >90% Sta
Slide 6: Integrated Group Offerings
Integrated Group Offerings MANUFACTURING SERVICES PRODUCTS PV Module and Cell EPC Services (Module | BESS | T&D) Solar Kits Inverter Ground-Mounted Water Pumps Transformer Rooftop Solutions Streetlights Green Hydrogen | Electrolyser Floating Solar Smart Solutions BESS Solution O&M Services Smart Met
Slide 7: Marquee Clientele & Stakeholder Relationships
Marquee Clientele & Stakeholder Relationships Trusted by Marquee Clients Consistent On-Time Delivery 5.89 GWp+ Solar EPC Project Executed Lenders to Developers Consultants & Owner's Engineers Suppliers Trusted EPC partner for leading global & domestic Deep relationships with top-tier engineering fir
Slide 8: Energy Transition
Energy Transition A Multi-Decade Growth Opportunity 7
Slide 9: Energy Transition
Energy Transition Government Targets to Achieve Solar Power Global Projected Annual Solar PV Capacity Additions1, GW RE – Projected Installed Capacity India2, GW Capacity of ~280GW from 150GW in FY263 For setting up of 450 GW RE + 19 GW PSP and 42 GW BESS Installed Capacity (GW) 17% 280 to necessita
Slide 10: Supportive Government Policies Fueling Growth
Supportive Government Policies Fueling Growth Battery Energy Storage requirement (GWh)1 T&D market oppurtunity1 State Wise Solar Parks as on Mar 2026 (MW)2 Rs. ~4.9 Lakh Cr estimated Capex during 2027-32 Sanctioned Capacity Capacity Commissioned Likely Addition during 2027-32 By 2031-32 12,150 11,80
Slide 11: Waaree Renewable Technologies Ltd. Company Overview
Waaree Renewable Technologies Ltd. Company Overview 10
Slide 12: Journey to Leadership in EPC and T&D
Journey to Leadership in EPC and T&D Waaree RTL Expands Market Presence in India • Acquired 55% equity stake in Associated Revenue (Rs. Cr.) Power Structures Pvt. Ltd. (APSPL) 3,331 • Credit Rating upgraded: A+, Stable (CARE) 2026 • Ground mounted solar Project – 450 MWp • Battery Storage System EPC
Slide 13: Complete Solutions with Proven Experience
Complete Solutions with Proven Experience Engineering Project Systems Electrical Structural & Civil Monitoring Evacuation Procurement Other BOS PV Modules Inverters Transformer BESS Cables Construction Land Development Structure Control Room Road & Drainage Evacuation of Power T&D Detailed Engineeri
Slide 14: Comprehensive EPC and T&D Expertise
Comprehensive EPC and T&D Expertise….. Key Financial Metrics Design and Engineering • Dedicated in-house design & engineering team of 32 professionals Rs. 3,331.42 Cr 19.24% 111.73% 14.37% • India based cost effective structure FY26 Revenue FY26 EBITDA FY23-26 FY26 PAT from Operations Margin Revenue
Slide 15: Major EPC & T&D Accomplishments
Major EPC & T&D Accomplishments 5.89 GWp 2,425 MWp 59.26 MWp 2.29 MWp ₹ 3,300 Cr + ₹ 2,700 Cr + Project Project site Rooftop Projects Floating Order Executed Unexecuted Orderbook Commissioned under execution Commissioned Solar Projects Waaree RTL : Solar EPC APSPL 14
Slide 16: Large Order Book with Strong Execution
Large Order Book with Strong Execution Unexecuted orderbook of solar EPC (MWp)… …. With stable rate of execution Executed Order Book (MWp) Revenue from Operations (Rs. Cr) 3,331 2,727 3,263 2,832 2,365 2,425 1,524 1,598 704 876 889 924* 2024 2025 2026 Q1FY27 2024 2025 2026 Q1FY27 Key Orders Wins IPP
Slide 17: Key Ongoing Solar & BESS EPC Projects
Key Ongoing Solar & BESS EPC Projects 2,012 MWp 1,000 MWp 980 MWp Bikaner, Rajasthan1 Solapur, Maharashtra1 Kurnool, Andhra Pradesh1 435 MWp 450 MWp 255 MWp Bikaner, Rajasthan1 Bikaner, Rajasthan1 Neemuch, Madhya Pradesh1 1. Ground Mounted Solar Power Project; 2. BESS EPC Project
Slide 18: Key Ongoing Solar & BESS EPC Projects
Key Ongoing Solar & BESS EPC Projects 217.5 MWp 180 MWp 131 MWp Solapur, Maharashtra1 Tuticorin, Tamil Nadu1 Nashik, Maharashtra1 105 MWp 90 MWh 35 MWp Jamnagar, Gujarat1 Jaisalmer, Rajasthan2 Jalna, Maharashtra1 1. Ground Mounted Solar Power Project; 2. BESS EPC Project
Slide 19: Key Ongoing T&D Projects
Key Ongoing T&D Projects 400 KV 765 KV 400 KV 400 KV Madhya Pradesh Maharashtra Odisha Uttar Pradesh 18
Slide 20: Strategy & Outlook
Strategy & Outlook Scaling growth across the energy-transition value chain 19
Slide 21: Key Strengths
Key Strengths Fast-growing solar market with massive tailwinds Comprehensive EPC and T&D solutions with end-to-end capabilities Expertise across projects of all sizes and complexities Ecosystem play within the group — module to storage Bankable EPC provider with marquee customers Strong parent enabl
Slide 22: Growth Strategy – Energy Transition
Growth Strategy – Energy Transition Energy Transition Renewable Storage O&M T&D Solar Wind Hybrid Green Hydrogen Battery Pumped Hydro Services Transmission Substations Distribution Rooftop Floating Ground Mounted Solar Parks Achieve higher growth in the EPC and T&D segment Expand in O&M markets • Ev
Slide 23: Combined Offering by WRTL and Associated Power Structures
Combined Offering by WRTL and Associated Power Structures 55% Equity Stake 108,000 MT/yr 10,461+ ckm 16+ countries Acquired In-house manufacturing capacity Transmission lines executed Asia, Africa, Europe & Other Key Markets WRTL Waaree Renewable Technologies Ltd. APSPL Associated Power Structures P
Slide 24: Manufacturing Locations of APSPL
Manufacturing Locations of APSPL Bamangam, Gujarat Manglej, Gujarat 23
Slide 25: Board & Leadership Team
05 Board & Leadership Team Experienced team driving execution
Slide 26: Experienced Board of Directors of Waaree RTL
Experienced Board of Directors of Waaree RTL Mr. Nilesh Bhogilal Gandhi Mr. Pujan Pankaj Doshi Mr. Hitesh Pranjivan Mehta Managing Director Whole Time Director Chairman & Non-Executive Independent Director He combines engineering expertise with visionary With over three decades of experience in An a
Slide 27: Strong Leadership Team of Waaree RTL
Strong Leadership Team of Waaree RTL Mr. Manmohan Sharma Mr. Ravikesh Singh Mr. Mayur Mehta Ms. Heema Shah Chief Financial Officer Chief Operating Officer-EPC Chief Procurement Officer Company Secretary & Compliance Officer He is a Chartered Accountant with 30 years He holds a B. Tech in Electrical
Slide 28: Strong Leadership Team of APSPL
Strong Leadership Team of APSPL Mr. Ajay Patel Mr. Parag Kothari Mr. Satish Desai Founder & Director Founder & Director Founder & Director He has been associated with the organization since its He has been associated with the organization since its He has served on the Board since its inception in 1
Slide 29: Financial Performance
Financial Performance Q1 FY27 financial results 28
Slide 30: Robust Financial Performance
Robust Financial Performance (Consolidated) (Rs. in Cr) Revenue EBITDA & EBITDA Margin PAT & PAT Margin 19.49% 18.77% 14.32% 12.87% 53.23% 47.58% 37.70% 924.25 173.48 118.97 603.19 117.55 86.40 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Q1FY26 Q1FY27 Revenue EBITDA & EBITDA Margin PAT & PAT Margin 19.46% 19.24% 14
Slide 31: Consolidated Income Statement
Consolidated Income Statement Particulars (Rs. Cr) Q1FY27 Q1FY26 Y-o-Y Q4FY26 Q-o-Q FY26 FY25 Y-o-Y Revenue from Operations 924.25 603.19 53.23% 1,102.40 -16.16% 3,331.42 1,597.75 108.51% Cost of EPC contract 719.62 470.02 870.82 2,605.51 1,238.80 Employee Expenses 16.04 9.35 12.78 48.96 29.56 Other
Slide 32: Consolidated Balance Sheet and Cash Flow Statement
Consolidated Balance Sheet and Cash Flow Statement Particulars (Rs. Cr) FY26 FY25 Shareholders funds 933.83 454.95 Non-Current Liabilities 111.10 52.23 Current Liabilities 1,328.87 612.94 Total Equity & Liabilities 2,373.80 1,120.12 Fixed Assets 450.09 254.19 Other Non-Current Assets 134.08 54.42 To
Slide 33: For further information, please contact:
For further information, please contact: Company: Investor Relations Advisors: Waaree Renewable Technologies Ltd. MUFG Intime India Private Limited CIN: L93000MH1999PLC120470 (A part of MUFG Corporate Markets, a division of www.waareertl.com MUFG Pension & Market Services) Mr. Neeraj Vinayak Mr. Roh
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