Waaree Energies Q1 FY27 Results (NSE: WAAREEENER)
Signal: Growth decelerated
The read
Q1FY27 revenue growth of 79.2% YoY to ₹7,931.79 Cr was the strongest in the last 5 quarters, driven by solar module demand and EPC execution. OPM improved 40bps YoY to 15.26% on operating leverage and input cost tailwind. Exceptional EAPA provision of ₹294.78 Cr weighed on profit. Subsidiaries (53 entities) contributed ₹139.46 Cr net profit. Order inflow remains robust (125 MW HJT, 800 MW domestic). Capex continues in solar cell/module and BESS capacities.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,931.79 Cr | +79.2% | -6.5% |
| EBIT | ₹1,210.38 Cr | +28.3% | |
| Net profit | ₹891.87 Cr | +15.4% | |
| EPS | ₹29.56 | +13.9% | |
| EBIT margin | 15.26% |
P&L walk
Revenue surged 79.2% YoY to ₹7,931.79 Cr, driven by strong module volumes and EPC execution; OPM expanded 40bps YoY to 15.26% on operating leverage but contracted 140bps QoQ likely due to mix shift. Other income was flat at ₹170.81 Cr, finance cost rose 25.6% YoY. Exceptional charge of ₹294.78 Cr (EAPA provision) dragged PBT, but PAT still grew 15.4% YoY to ₹891.87 Cr. EPS grew 13.9% YoY to ₹29.56.
Key positives
- Revenue ₹7,931.79 Cr, +79.2% YoY — strong volume growth across module and EPC
- OPM expanded to 15.26% (+40bps YoY) on operating leverage; employee cost grew 24.8% YoY (well below revenue)
- Basic EPS ₹29.56, +13.9% YoY — solid earnings per share growth
- Order wins: 125 MW HJT modules (international), 800 MW modules (domestic), 236 MW modules — strong order pipeline
- Subsidiary contributions healthy: 53 subsidiaries added ₹139.46 Cr net profit in quarter
Key concerns
- OPM contracted 140bps QoQ (15.26% vs 16.66% in Q4FY26) – potential margin pressure from project mix or rising costs
- Exceptional EAPA provision of ₹294.78 Cr impacted PAT; uncertainty around final CBP determination persists
- Finance cost rose 25.6% YoY to ₹169.86 Cr — increasing leverage from capex funding
- Revenue QoQ declined 6.5% from ₹8,480.25 Cr in Q4FY26 — sequential moderation
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