Waaree Renewable Technologies Ltd · NSE:WAAREERTL
Waaree Renewable Technologies — Q3 FY26 Earnings Presentation
29 slides from Waaree Renewable Technologies's earnings presentation, Jan 14, 2026
Slide 1: Execution with Pace & Comfort
Execution with Pace & Comfort January 14, 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
Slide 2: Accelerating Global Energy Transition
INVESTOR PRESENTATION | Q3 & 9M FY26 Accelerating Global Energy Transition
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: Group Overview
En or, Ss < cremate ae ae = Popp AAAS ASSSS
Slide 5: Waaree Group – Vertically Integrated Operations
Waaree Group – Vertically Integrated Operations TIER 1 Gold Medal Solar Module Manufacturer* EcoVadis Sustainability Rating 35 Years of #1 Indian Module Products Exported Industry Experience Manufacturer In 25 Countries ~22 GWp Module Capacity, & CARE A+, Stable 700 Credit Rating1 Districts serving
Slide 6: Integrated Group Offerings
Integrated Group Offerings PV Module EPC Services O&M Services Rooftop Solutions Floating Solar BESS Green Hydrogen- Inverter Transformer Smart Meter Solar Products Solar Kits Electrolyser Water Pump, Manufacturing Street Lights 5
Slide 7: Marquee Clientele & Stakeholder Relationships
Marquee Clientele & Stakeholder Relationships Customers / Developers Developers • Trusted EPC partner for leading global Lenders to and domestic lenders. • Strong credibility ensures smooth financing and project execution. End-to-End Execution Capability Owners’ Engineers Consultants / • Deep relati
Slide 8: Industry Overview
Industry Overview
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 106GW in FY253 For setting up of 450 GW RE + 19 GW PSP and 42 GW BESS Installed Capacity (GW) 21% 280 to necessita
Slide 10: Supportive Government Policies Fueling Growth
Supportive Government Policies Fueling Growth India-EPC Services Demand Across Solar Energy Market Potential of Indian O&M in Solar1 State Wise Solar Parks as on Sep 2025 (MW)2 Rs Bn Estimated market (in Rs. Bn) Sanctioned Capacity Estimated O&M market for 3rd party (GW) Capacity Commissioned 1,705
Slide 11: Company Overview
Company Overview
Slide 12: Journey to Leadership in Solar EPC
Journey to Leadership in Solar EPC Waaree RTL Expands Market Presence in India • Credit Rating upgraded: A, Stable (CARE) Revenue (Rs. Cr.) • Ground mounted solar Project – 2,229 217.5 MWp • Ground mounted solar Project – 1,598 2025 39.8 MWp • Ground Mounted Solar Project – 1,000 MWp 876 • Ground Mo
Slide 13: Complete Solutions with Proven Experience
Complete Solutions with Proven Experience Engineering Project Systems Electrical Structural & Civil Monitoring Evacuation 01 Procurement PV Modules Inverters Structures Cables Transformers Other BOS 02 Construction Road, Drainage & Land Development Structure Control Room Evacuation of Power 03 Conne
Slide 14: Comprehensive RE EPC and O&M Expertise
Comprehensive RE EPC and O&M Expertise….. Key Financial Metrics Design and Engineering • Dedicated in-house design & engineering team of 32 professionals Rs. 1,597.75 Cr 19.46% 114.67% 14.33% • India based cost effective structure FY25 Revenue FY25 EBITDA FY22-25 FY25 from Operations margin Revenue
Slide 15: …with end-to-end capabilities
…with end-to-end capabilities In House Dedicated Capabilities Single Location Aggregated & Installation & Adherence to EHS Power Developed Land on Free-Hold Basis Commissioning and Quality Evacuation Ready & Robust Evacuation Infrastructure (Transmission Line & GSS Bay) Pre-Feasibility End to End Ex
Slide 16: Major EPC Accomplishments
Major EPC Accomplishments 4.56 GWp 2,922 MWp 59.26 MWp ~1,180 MWp 2.29 MWp R&D Team Project Project site O&M Portfolio of solar Floating In House R&D team Commissioned under execution Roof Top Projects power plant assets Solar Projects for New Technology Commissioned Development 15
Slide 17: Large Order Book with Strong Execution
Large Order Book with Strong Execution Unexecuted orderbook has been scaled up over years (MWp)… …. With stable rate of execution Executed Order Book (MWp) Revenue from Operations (Rs. Cr) 2,230 2,229 3,263 2,922 2,365 1,524 1,598 704 876 817 351 295 2023 2024 2025 9MFY26 2023 2024 2025 9MFY26 Key O
Slide 18: Key Ongoing Projects
Key Ongoing Projects 2012 MWp Ground Mounted project 980 MWp Ground Mounted project 450 MWp Ground Mounted project 1000 MWp Ground Mounted project, at Bikaner, Rajasthan at Kurnool, Andhra Pradesh at Bikaner, Rajasthan at Solapur, Maharashtra ` 217.5 MWp Ground Mounted project 105 MWp Ground Mounted
Slide 19: Future Strategy
Future Strategy
Slide 20: Key Strengths
Key Strengths Supported by a strong parent company, enabling seamless Fast growing solar market with massive tailwinds integration with its module manufacturing business Comprehensive Solar EPC solutions provider with end-to-end Well entrenched in the Indian market with large projects capabilities c
Slide 21: Unique Propositions
Unique Propositions CUSTOMER MARKET ON GROUND NETWORK CONNECT ACCEPTANCE TRACK RECORD Strong customer base of Proven name & quality at Strong & proven network with all Large installations with long respected industrial competitive rate in national stakeholders/authorities with more & proven on-groun
Slide 22: Growth Strategy – Energy Transition
Growth Strategy – Energy Transition Energy Transition Renewable Storage O&M Solar Wind Hybrid Green Hydrogen Battery Pumped Hydro Services Rooftop Floating Ground Mounted Solar Parks Achieve higher growth in the EPC segment Expand in O&M markets • Evaluating opportunities in both international and d
Slide 23: Experienced Board Management
Experienced Board Management Mr. Nilesh Bhogilal Gandhi Mr. Pujan Pankaj Doshi Mr. Hitesh Pranjivan Mehta Chairman & Non-Executive Independent Director Managing Director Whole Time Director With over three decades of experience in He combines engineering expertise with visionary engineering, solar,
Slide 24: Strong Leadership Team
Strong Leadership Team Mr. Manmohan Sharma Mr. Ravikesh Singh Chief Financial Officer Chief Operating Officer-EPC He is a Chartered Accountant with 30 years of experience in Project Finance, Accounts, Working Capital Management, Banking, Cash Flow Management, He holds a B. Tech in Electrical Enginee
Slide 25: Financial Highlights
/RTL sxecution with Pace & Comfort
Slide 26: Robust Financial Performance
Robust Financial Performance (Consolidated) (Rs. in Cr) Revenue EBITDA & EBITDA Margin PAT & PAT Margin 19.96% 18.66% 14.84% 14.12% 136.18% 120.79% 124.74% 851.06 158.80 120.19 360.35 71.92 53.48 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Q3FY25 Q3FY26 Revenue EBITDA & EBITDA Margin PAT & PAT Margin 16.46% 19.48%
Slide 27: Consolidated Income Statement
Consolidated Income Statement Particulars (Rs. Cr) Q3FY26 Q3FY25 Y-o-Y Q2FY26 Q-o-Q 9MFY26 9MFY25 Y-o-Y Revenue from Operations 851.06 360.35 774.78 2,229.03 1,121.17 Total Revenue 851.06 360.35 136.18% 774.78 9.85% 2,229.03 1,121.17 98.81% Cost of EPC contract 673.01 275.93 591.65 1,734.69 903.84 E
Slide 28: Consolidated Balance Sheet and Cash Flow Statement
Consolidated Balance Sheet and Cash Flow Statement Particulars (Rs. Cr) H1FY26 H1FY25 Shareholders funds 657.62 318.15 Non-Current Liabilities 105.05 49.73 Current Liabilities 688.78 635.74 Total Equity & Liabilities 1,451.45 1,003.62 Fixed Assets 377.50 160.02 Other Non-Current Assets 76.84 2.42 To
Slide 29: 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 www.waareertl.com (A part of MUFG Corporate Markets, a division of www.waareertl.com MUFG Pension & Market Services) Mr. Neer
Waaree Renewable Technologies — Q3 FY26 Earnings Presentation on 6ix