Waaree Renewable Technologies, the engineering, procurement, and construction (EPC) arm of the Waaree Group, reported a consolidated revenue from operations of ₹7.75 billion (~$87.37 million) for the second quarter (Q2) of the financial year (FY) 2026, a 47.73% year-over-year (YoY) increase from ₹5.24 billion (~$59.14 million).

Earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at ₹1.58 billion (~$17.81 million), a 120.69% increase from ₹715.70 million (~$8.07 million) in the same quarter of the previous year. The company’s EBITDA margin was 20.39%.

The company’s profit after tax (PAT) rose 117.40% YoY to ₹1.16 billion (~$13.12 million) from ₹535.20 million (~$6.03 million).

Earnings per share (EPS) for the quarter came in at ₹11.13 (~$0.126), compared to ₹5.12 (~$0.058) a year ago.

The company said it had an unexecuted order book of 3.48 GW to be executed between 12-15 months and a bidding pipeline of over 27 GW.

During the quarter, the company secured two ground-mounted solar projects, totaling 1,218 MW and 29.4 MW.

Waaree’s board of directors has approved a capex budget for setting up 28 MW solar power projects, each of 14 MW, at two locations in Maharashtra. The board also approved the capex budget to set up a 37.5 MW solar power project at Bikaner, Rajasthan.

1H FY 2026 Results

Waaree reported a consolidated revenue from operations of ₹13.78 billion (~$155.38 million) for 1H FY2026, an 81.12% YoY increase from ₹7.61 billion (~$85.79 million).

EBITDA stood at ₹2.75 billion (~$31.06 million), a 144.56% increase from ₹1.13 billion (~$12.70 million) in the same period previous year. The company’s EBITDA margin was 19.99%.

The company’s PAT rose 148.21% YoY to ₹2.03 billion (~$22.86 million) from ₹816.80 million (~$9.21 million).

EPS for the period came in at ₹19.40 (~$0.219), compared to ₹7.83 (~$0.088) a year ago.

Waaree had reported a consolidated revenue from operations of ₹6.03 billion (~$70.23 million) in Q1 FY26, a 155.2% YoY increase from ₹2.36 billion (~$27.48 million).

In June, Waaree Renewable Technologies received a letter of award from Purvah Green Power for the EPC of a 300 MW solar power project valued at 3.46 billion (~$40.49 million) in Bikaner, Rajasthan. The project is scheduled for completion this financial year.