Waaree Renewable Technologies Ltd (WAAREERTL) Q2FY27 Concall Transcript - Sep-2026 Qtr
Moderator: Ladies and gentlemen, good day. You all have been connected to Waaree Renewable Technologies Limited Q2 and H1 FY '27 earnings conference call. The call will begin shortly. Please stay connected.
Moderator: Ladies and gentlemen, good day and welcome to Waaree Renewable Technologies Limited Q2 and H1 FY27 earnings conference call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prathamesh Parab from MUFG InTime. Thank you and over to you, sir.
Prathamesh Parab (MUFG Intime India Private Limited): Thank you, Anam. Good afternoon, ladies and gentlemen. I welcome you all to the Q2 and H1 FY27 earnings conference call of Waaree Renewable Technologies Limited. Today on the call, we have from the management Mr. Manmohan Sharma, Chief Financial Officer, along with the other management team members. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Now, without further ado, I would like to hand over the call to Mr. Manmohan Sharma for his opening remarks and then we will open the floor for question and answers. Thank you and over to you, sir.
Manmohan Sharma (Waaree Renewable Technologies Ltd): Thank you, Prathamesh. Good afternoon, everyone and a warm welcome to all of you joining the earnings conference call of Waaree Renewable Technologies Limited to discuss our financial performance for Q2 and H1 FY 2027. I hope you have had the opportunity to go through our financial results and investor presentation which have been made available on the stock exchanges and on the company's website. Before I begin, I would like to sincerely thank all our stakeholders for their continued trust and support. Your confidence in our business, our execution capabilities, and our long-term strategy continue to be a strong source of encouragement for us. We remain committed to building on this trust through disciplined execution, responsible growth, and a clear focus on long-term value creation. Now, let me begin with the financial performance for the quarter. During Q2 FY 2027, our revenue from operations stood at ₹1,057.84 crores, reflecting growth of 36.53% compared with the same quarter of last year. EBITDA for the quarter stood at ₹159.98 crores with an EBITDA margin of 15.12%. Profit after tax for the quarter stood at ₹81.48 crores. For H1 FY 2027, our revenue from operation stood at ₹1,982.09 crores, marking a growth of 43.84% over H1 FY 2026. EBITDA for the first half stood at ₹333.46 crores with an EBITDA margin of 16.82%. Profit after tax for the period is ₹200.44 crores. On operational front, we executed 456 megawatt peak of EPC projects in the Q2 FY 2027. That takes our total solar EPC execution for the H1 FY 2027 to 1,345 megawatt peak. Further, our order book has strengthened during the quarter with the addition of 1.7 gigawatt peak of new orders. Moving to our unexecuted order book, as of 30th September 2026, our consolidated unexecuted order book stands at more than ₹5,500 crores. Of this, more than ₹3,300 crores from EPC of solar and BESS, and balance of more than ₹2,200 crores from T&D.
Manmohan Sharma (Waaree Renewable Technologies Ltd): cal. This gives us healthy visibility for the coming quarters. I also want to highlight the growth in our other revenue segments, which are now meaningfully contributing to our revenue. Our operational IPP portfolio stands at 82.82 megawatt peak and O&M portfolio has reached to 1.5 GW peak. These businesses strengthens our recurring revenue base and help us build long-term relationships with our customers. Our capability in T&D segments have also continued to strengthen. We are expanding our manufacturing capabilities to the additional facility of at Azamnagar with a capacity of 1 lakh metric ton. This further support our ability to participate in growing requirement for transmission and distribution infrastructure. Our capability across EPC of solar, BESS and T&D together with IPP and O&M allow us to participate in a wider part of the energy value chain. With this, WRTL is evolving from a pure solar EPC player into a broader energy transition EPC platform. Let me now turn to the broader industry environment where momentum across India's renewable energy sector remains strong, especially in solar. As of 30th September 2026, India's installed renewable energy capacity stood at around 299 GW. The solar has contributed around 171 GW. Within solar itself, ground-mounted projects contributed more than 125 GW, grid-connected rooftop around 33 GW, and hybrid and off-grid together around 12 GW. The government has also recently approved the PM Surya Sarovar Yojana, which target 5 GW of floating solar with co-located energy storage of at least 2 hours. With this, further enhance the segment of floating solar and energy storage. As solar become a larger part of the grid, battery storage is becoming essential to deliver that power when it is needed. The CEA estimate India's battery storage requirement at around 208 GWh by 2030. And the project pipeline is building up in the with this. As of May 2026, the BESS projects above 1 MWh stands at around 144 GWh, of which around 7.5 GWh already commissioned, another 42 GWh under construction, and 39 GWh has been awarded, and another 55 GW on tender stage. And this clearly highlights the demand towards BESS is growing in the country, where which is clear opportunity for the company to offer solar and BESS EPC solution. Furthermore, the Union Cabinet recently approved the Green Energy Corridor Phase 3 scheme with a total outlay of around Rs. 1.86 lakh crores. The scheme aimed to strengthen intra-state transmission infrastructure for the evacuation of up to 135 GW of renewable energy and the deployment of 50 GWh of battery energy storage by FY2032 and '33. This highlights the growing requirement of renewable BESS and stronger T&D network to meet the demand of growing electricity to non-fossil fuel. We see a strong opportunity to leverage our execution capabilities, deepen our presence across these segment, and convert the growing project demand into sustained growth. Looking ahead, we remain very positive about the opportunity across renewable energy, BESS and T&D. The sector continue to benefit from favorable policy support, rising clean energy demand, growing storage requirement, and a clean long-term push toward energy transition. In this environment, Waaree Renewable Technologies is strongly positioned. We have a proven execution track record, a diversified portfolio across the energy value chain, and the capability to deliver multi-gigawatt projects. This allows us to
Manmohan Sharma (Waaree Renewable Technologies Ltd): capture the growing demand, create lasting value for our stakeholders, and contribute meaningfully to the India's vision of clean energy. Thank you, once again, for your continued support. We will now be happy to take your questions.
Moderator: Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Moderator: Thank you very much.
Moderator: The first question is from the line of Ninad Satpute from InCred Capital. Please go ahead.
Ninad Satpute (InCred Capital): Hi, sir. Good afternoon. So, my first question is on the solar execution. Sir, last year and in the previous quarter, we had executed around 922 and around 889 megawatts of solar projects, respectively. In the current quarter, however, our execution has come down widely to around 456 megawatts. So, any particular reason for this gap down and in on the same lines, how much do you expect to execute during the current financial year? Because since last 4 years, we have been growing at around a CAGR of 100% plus. So, current year, what kind of growth are we looking at?
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