Waaree Renewable Technologies Ltd · NSE:WAAREERTL
Waaree Renewable Technologies — Q2 FY27 Earnings Presentation
34 slides from Waaree Renewable Technologies's earnings presentation, Oct 19, 2026
Slide 1: Execution with Pace & Comfort
Execution with Pace & Comfort October 19, 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 Q2 & H1 FY27
Accelerating Global Energy Transition Investor Presentation | Q2 & H1 FY27
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: Index
INDEX Waaree Group at a Glance Energy Transition Opportunity WRTL Overview & Capabilities Strategy & Outlook Associated Power Structures Financial Performance & metrics Leadership (APSPL) 3
Slide 5: Waaree Group at a Glance
Waaree Group at a Glance India’s Emerging Fully Integrated Energy Transition Player 4
Slide 6: Vertically Integrated Operations
Vertically Integrated Operations MANUFACTURING CAPACITY 36 Years 25 #1 Industry experience Countries exported to1 Indian module manufacturer1 ~26 GW Module1 5.4 GW Gold CARE AA-, Stable ₹~61.5k Cr Cell1 EcoVadis sustainability rating1 Credit rating1 Order book1 3 GW Inverter1 27 2,500+ | 600+ 90% Pi
Slide 7: 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 8: Energy Transition
Energy Transition A Multi-Decade Growth Opportunity
Slide 9: Energy Transition: Government Targets to Achieve Solar Power
Energy Transition Government Targets to Achieve Solar Power Global Projected Annual Solar PV Capacity Additions, GW RE – Projected Installed Capacity India, GW Capacity of ~280GW from 150GW in FY26 For setting up of 450 GW RE + 19 GW PSP and 42 GW BESS Installed Capacity (GW) 17% 280 to necessitate
Slide 10: Supportive Government Policies Fueling Growth
Supportive Government Policies Fueling Growth Battery Energy Storage requirement (GWh) T&D market oppurtunity Key initiatives by GOI for development of solar energy/capacity Rs. ~4.9 Lakh Cr estimated Capex during 2027-32 Solar Likely Addition during 2027-32 By 2031-32 • PM Surya Ghar Muft Bijli Yoj
Slide 11: Waaree Renewable Technologies Ltd. Company Overview
Waaree Renewable Technologies Ltd. Company Overview
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 Revenue (Rs. Cr.) 2026 • Credit Rating upgraded: A+, Stable (CARE) 3,331 • Acquired 55% equity stake in APSPL • Ground mounted solar project – 1,082 MWp • Ground mounted solar project – 210 MWp • Ground mounted solar pr
Slide 13: Marquee Clientele & Stakeholder Relationships
Marquee Clientele & Stakeholder Relationships Trusted by Marquee Clients Consistent On-Time Delivery 6.35 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 14: Complete Solutions with Proven Experience
Complete Solutions with Proven Experience Engineering Procurement Construction T&D Project Systems PV Modules Land Development Detailed Engineering Inverters Electrical Structure Foundation Construction Transformer Structural & Civil Control Room Tower Erection BESS Monitoring Road & Drainage Conduc
Slide 15: Comprehensive EPC and T&D Expertise
Comprehensive EPC and T&D Expertise….. Key Financial Metrics Rs. 3,331.42 Cr 19.24% 111.73% 14.37% Rs. 933.83 Cr Rs. 94.66 Cr 68.93% 62.54% FY26 Revenue FY26 EBITDA FY23-26 FY26 PAT FY26 Net Worth FY26 Cash & Cash FY26 ROE FY26 ROCE from Operations Margin Revenue CAGR Margin Equivalents Technologica
Slide 16: Major EPC & T&D Accomplishments
Major EPC & T&D Accomplishments WRTL: APSPL: EPC T&D Delivering large-scale, rooftop, floating Strengthening India’s power solar EPC and BESS EPC projects for a infrastructure for a more cleaner tomorrow resilient tomorrow 6.35 GWp 59.26 MWp 2.29 MWp ₹ 2,909 Cr + 82.82 MWp ~1.5 GWp EPC Project Rooft
Slide 17: Large Order Book with Strong Execution
Large Order Book with Strong Execution Unexecuted orderbook of solar EPC (MWp)… …. With stable rate of execution of solar EPC (MWp) 3,263 3,226 2,727 2,832 2,365 1,524 1,345 704 2024 2025 2026 H1 FY27 2024 2025 2026 H1 FY27 Key Orders Wins Engineering, Procurement and Construction (EPC) works of a p
Slide 18: 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 17
Slide 19: 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 18
Slide 20: Key Ongoing T&D Projects
Key Ongoing T&D Projects 400 KV 765 KV 400 KV 400 KV Madhya Pradesh Maharashtra Odisha Uttar Pradesh 19
Slide 21: Strategy & Outlook
Strategy & Outlook Scaling growth across the energy-transition value chain 20
Slide 22: Key Strengths
Key Strengths Fast-growing solar market with Expertise across projects of all Bankable EPC provider with Well entrenched in India with Experienced management massive tailwinds sizes and complexities marquee customers large projects commissioned team with deep expertise Comprehensive EPC and T&D Ecos
Slide 23: 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 Achieve higher growth in the EPC and T&D segment Expand in O&M markets • Evaluating opp
Slide 24: Combined Offering by WRTL and Associated Power Structures
Combined Offering by WRTL and Associated Power Structures Strategically expanding WRTL into transmission and energy-infrastructure adjacencies 55% 108,000 MTPA 100,000 MTPA 10,461+ ckm 16+ Equity stake acquired Current manufacturing capacity Under-construction manufacturing Transmission lines Countr
Slide 25: Manufacturing Locations of APSPL
Manufacturing Locations of APSPL Bamangam, Gujarat Manglej, Gujarat Azamnagar, Gujarat Bamangam – 36,000 MT Manglej – 72,000 MT Azamnagar – 1,00,000 MT Existing Facility Under Construction Facility 24
Slide 26: Board & Leadership Team
05 Board & Leadership Team Experienced team driving execution
Slide 27: 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 28: 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 29: 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 30: Financial Performance
Financial Performance Q2 & H1 FY27 financial results
Slide 31: Robust Financial Performance
Robust Financial Performance (Consolidated) (Rs. in Cr) Revenue EBITDA & EBITDA Margin PAT & PAT Margin 20.39% 15.12% 15.02% 7.70% 36.53% 1.29% -29.96% 1,057.84 157.95 159.98 116.34 774.78 81.48 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Q2FY26 Q2FY27 Revenue EBITDA & EBITDA Margin PAT & PAT Margin 19.99% 16.82% 1
Slide 32: Consolidated Income Statement
Consolidated Income Statement Particulars (Rs. Cr) Q2FY27 Q2FY26 Y-o-Y Q1FY27 Q-o-Q H1 FY27 H1 FY26 Y-o-Y Revenue from Operations 1,057.84 774.78 36.53% 924.25 14.45% 1,982.09 1,377.97 43.84% Cost of EPC contract 809.18 591.65 719.62 1,528.80 1,061.68 Employee Expenses 33.30 13.19 16.04 49.34 22.54
Slide 33: Consolidated Balance Sheet and Cash Flow Statement
Consolidated Balance Sheet and Cash Flow Statement Particulars (Rs. Cr) H1 FY27 H1 FY26 Shareholders funds 1,745.57 657.62 Non-Current Liabilities 1,160.19 105.05 Current Liabilities 1,963.13 688.78 Total Equity & Liabilities 4,868.89 1,451.45 Fixed Assets 1,951.62 377.5 Other Non-Current Assets 131
Slide 34: Thank You
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. Rohit Wade Mr. Nikunj
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