Gas
Waaree renewable technologies posts higher revenue but lower profit
Waaree Renewable Technologies reported a substantial increase in quarterly revenue alongside a decline in net profit due to rising financing costs.
Key points
- Waaree Renewable Technologies reported a 36.53 percent year-over-year increase in second-quarter consolidated revenue.
- Profit after tax dropped nearly 30 percent due to acquisition-related financing expenses and higher depreciation.
- The company maintained a large unexecuted order book exceeding 55 billion rupees.
What happened
According to Mercom India, Waaree Renewable Technologies recorded consolidated revenue of 10.58 billion rupees for the second quarter of the financial year 2027. This represents a 36.53 percent increase compared to the same period in the previous financial year.
Despite the growth in top-line figures, the company experienced a decline in profitability. Profit after tax fell by 29.98 percent to 814.8 million rupees. Waaree attributed the margin contraction to acquisition-related financing costs and the integration of new business segments with varying margin profiles. Finance costs rose significantly during the quarter, alongside higher depreciation expenses.
For the first half of the financial year 2027, the engineering, procurement, and construction firm achieved a cumulative consolidated revenue of 19.82 billion rupees, reflecting a 43.84 percent year-over-year improvement. However, first-half profit after tax declined slightly by 1.14 percent to 2 billion rupees.
Operational pipeline and orders
Mercom India reported that the company held a consolidated unexecuted order book exceeding 55 billion rupees as of September 30, 2026. This portfolio includes over 33 billion rupees in solar and battery energy storage system projects, alongside more than 22 billion rupees in transmission and distribution orders.
The firm's bidding pipeline features over 34.6 gigawatts of solar projects, more than 12.5 gigawatt-hours of battery storage initiatives, and extensive transmission opportunities. During the second quarter, the company secured several ground-mounted solar and battery storage engineering, procurement, and construction contracts.
Why it matters
Global energy transitions require robust manufacturing and engineering capacity, particularly as emerging markets expand their renewable infrastructure. With Brent spot prices recorded at 115.22 US dollars per barrel by the US Energy Information Administration on October 20, 2026, renewable energy deployment remains a crucial hedge against fossil fuel price volatility for international markets.
For investors and policymakers observing clean energy supply chains, contractor financial health is vital. While rapid revenue growth indicates strong demand for renewable infrastructure, rising financing costs highlight the capital-intensive nature of scaling engineering, procurement, and construction operations. Understanding these financial dynamics helps regional stakeholders in Africa and Nigeria anticipate equipment availability and project execution timelines as global suppliers navigate expansion pressures.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Gas is the flexible backbone of many grids and the designated transition fuel in many national plans, from LNG trade to domestic LPG and CNG. Supply security and pricing drive both power reliability and emissions.
21.9% of electricity in the world came from gas in 2024Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
