Waaree Renewab. Q1 FY27 Results (NSE: WAAREERTL)
Signal: Growth decelerated
The read
Q1FY27 revenue growth remains strong at 53% YoY, but EBITDA margin contracted 72bps YoY to 18.77%, marking the second consecutive quarter of margin decline (Q4FY26 margin was 19%). However, a massive unexecuted order book of Rs 5,300+ Cr and a strong bidding pipeline provide long-term visibility. The acquisition of Associated Power Structures expands T&D capabilities, adding a new growth vertical.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹924.25 Cr | 53.23% | N/A |
| Net profit | ₹118.97 Cr | 37.70% | |
| EBIT margin | 18.77% |
P&L walk
Revenue grew 53% YoY on steady execution, but EBITDA margin contracted 72bps YoY to 18.77% reflecting project mix or cost pressure; PAT grew 38% YoY, trailing revenue due to margin compression.
Key positives
- Revenue growth of 53.23% YoY, driven by strong execution
- Unexecuted order book of Rs 5,300+ Cr provides revenue visibility
- Recent order wins: 1,520 MWh BESS and 450 MWp solar
- Acquisition of 55% stake in Associated Power Structures expands T&D capabilities
Key concerns
- EBITDA margin contracted 72bps YoY to 18.77%, indicating pressure on profitability despite revenue growth
- PAT margin declined 145bps YoY to 12.87%
- Revenue declined sequentially from Q4FY26 (₹1,102 Cr to ₹924 Cr), though seasonality may play a role
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