Waaree Renewable Tech's June quarter profit up by 207%
By Shishta Dutta | Published at: Jul 17, 2025 05:58 PM IST
Mumbai, July 17, 2025 — Waaree Renewable Technologies Ltd (NSE: WAAREERTL, BSE: 534618) consolidated net profit in June quarter increased by 207% y-o-y.
Share Price Movement
The stock closed the day, down by 2.13% at Rs 1,176.90.
Strong Financial Momentum in Q1 FY26
The Company disclosed consolidated revenue from operations of ₹60,318.58 lakh for Q1 FY26, up from ₹23,635.49 lakh in the same quarter of the previous fiscal year. Total income increased to ₹60,801.54 lakh from ₹23,911.70 lakh. This sustained growth in the Company’s revenue and income reflects the continuing strength of the solar EPC and IPP businesses.
For the quarter, net profit was ₹8,638.94 lakh, over three times higher than that for the previous year in the corresponding quarter (Q1 FY25 – ₹2,816.14 lakh). The earnings per share (basic) were ₹8.29, which was higher than ₹2.72 from the same quarter last year. Revenue grew sequentially (QoQ) by 26.5%, while net profit dipped marginally from Q4 FY25 because of seasonality, along with some one-time GST-related expenses, which had already impacted previous quarters.
Consolidated Financial Performance
| Particulars | Q1 FY26 (₹ Lakh) | Q4 FY25 (₹ Lakh) | Q1 FY25 (₹ Lakh) | FY25 (₹ Lakh) |
|---|---|---|---|---|
| Revenue from Operations | 60,318.58 | 47,657.99 | 23,635.49 | 1,59,774.79 |
| Other Income | 482.96 | 485.62 | 276.21 | 1,480.21 |
| Total Income | 60,801.54 | 48,143.61 | 23,911.70 | 1,61,255.00 |
| Profit Before Tax | 11,657.44 | 12,116.55 | 3,927.47 | 30,047.56 |
| Net Profit After Tax | 8,638.94 | 9,376.51 | 2,816.14 | 22,892.47 |
| EPS – Basic (₹) | 8.29 | 9.00 | 2.72 | 22.00 |
EPC Division Leads Segment Growth
Waaree’s EPC business continued to anchor its topline, contributing over 98% of Q1 operating revenue. The segment reported a revenue of ₹59,439.87 lakh with a segment profit of ₹10,876.46 lakh.
The IPP business, represented under ‘Power Sale’, posted revenue of ₹878.71 lakh and profit of ₹654.24 lakh, maintaining stable margins and generating steady annuity income for the Company.
Segment-wise Performance
| Segment | Q1 FY26 Revenue (₹ Lakh) | Q1 FY26 Profit (₹ Lakh) |
|---|---|---|
| EPC Contracts | 59,439.87 | 10,876.46 |
| Power Sale | 878.71 | 654.24 |
Strategic Investment in Smart Joules
In a strategic move, Waaree Renewable Technologies approved an investment of ₹7.98 crores in Smart Joules Private Limited (SJPL) by subscribing to compulsory convertible preference shares (CCPS) and taking equity shares from existing shareholders.
This investment will enable Waaree to enter the energy efficiency and cooling solutions market for industrial and commercial buildings, as part of its broader goal of offering end-to-end sustainable energy solutions.
Investment Details
| Particulars | Details |
|---|---|
| Target Company | Smart Joules Private Limited |
| Investment Instrument | Equity + CCPS |
| Investment Amount | ₹7,98,39,748 |
| Post-deal Stake | 3.23% (fully diluted) |
| Deal Structure | SSA, SPA, DoA |
| Deal Completion Timeline | By July 31, 2025 |
| Strategic Rights | First right to subscribe to future rounds, Anti-dilution protection |
SJPL, incorporated in December 2014, had a turnover of ₹69 crore in FY25 and operates under the brand names JoulePAYS and JouleCOOL, focusing on HVAC optimisation and energy savings for commercial and industrial facilities.
Management Commentary
Pujan Doshi, Managing Director of Waaree Renewable Technologies, stated:
“Our strong Q1 performance reflects the growing demand for EPC and renewable solutions. The investment in Smart Joules is a natural strategic fit as we look to build capabilities across the clean energy value chain. We are committed to scaling both organically and inorganically to serve India’s energy transition goals.”
Outlook and Positioning
Waaree Renewable Technologies continues to expand its solar EPC footprint across India while building a robust annuity-based IPP portfolio. The company’s strategy now includes tapping into adjacencies such as energy efficiency and smart infrastructure to create long-term stakeholder value.
As of June 30, 2025, total consolidated assets stood at ₹1,24,192.94 lakh, with a net worth of ₹54,143.56 lakh and a healthy balance sheet supporting further growth initiatives.
About the Company
Waaree Renewable Technologies Limited, formerly known as Sangam Renewables Limited, is a subsidiary of Waaree Energies Ltd, a leading manufacturer of solar PV modules. The company is listed on NSE and BSE and operates across the EPC and IPP segments of the solar value chain, executing turnkey solar power projects and owning income-generating solar assets.
REF: https://nsearchives.nseindia.com/corporate/WAAREERTL_17072025141702_Outcome.pdf
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