WRWaaree Renewable Technologies534618Earnings call transcript

Q2 FY2027 call transcript: revenue up 36.53%, unexecuted order book above INR5,500 crore

Transcript of the Q2 & H1 FY2027 earnings call held on 21 October 2026 has been shared.

By ScoutQuest · Wed 28 Oct 2026, 4:38 PM IST · 3 min read

Q2 FY2027 Revenue from Operations

INR1,057.84 crores, up 36.53% year on year

H1 FY2027 Revenue

INR1,982.09 crores, up 43.84%; PAT INR200.44 crores

Unexecuted Order Book

more than INR5,500 crores as of 30 September 2026

The company shared the transcript of its Q2 and H1 FY2027 earnings conference call, held on 21 October 2026, in which the Chief Financial Officer set out the quarter's numbers and took analyst questions.

Financial performance

• Q2 FY2027 revenue from operations was INR1,057.84 crores, a growth of 36.53% over the same quarter of last year.
• Q2 EBITDA was INR159.98 crores at an EBITDA margin of 15.12%, and profit after tax was INR81.48 crores.
• For H1 FY2027, revenue from operations was INR1,982.09 crores, up 43.84% over H1 FY2026.
• H1 EBITDA was INR333.46 crores at a margin of 16.82%, and profit after tax for the half year was INR200.44 crores.

Execution and order book

• The company executed 456 megawatt peak of EPC projects in Q2 FY2027, taking total solar EPC execution for H1 FY2027 to 1,345 megawatt peak.
• 1.7 gigawatt peak of new orders were added during the quarter.
• As of 30 September 2026, the consolidated unexecuted order book stood at more than INR5,500 crores, of which more than INR3,300 crores is EPC of solar and BESS and more than INR2,200 crores is the T&D vertical.

Other business segments

• The operational IPP portfolio stands at 82.82 megawatt peak and the O&M portfolio has reached 1.5 gigawatt peak.
• Manufacturing capacity is being expanded through an additional facility at Azamnagar with a capacity of 1 lakh metric tons, supporting the transmission and distribution business.

What management said on the slower quarter

• An analyst noted Q2 execution of about 456 megawatts against about 922 megawatts and about 889 megawatts in earlier periods, and asked the reason.
• Management said land and connectivity remain in the developer's scope, and some land portion handover delay affected the quarter. Projects already booked could not take off earlier for the same reason.
• Management said the recently won projects are likely to be executed over the next 3 to 4 quarters, and that order book likely to be booked in Q3 and Q4 would also convert into revenue during the financial year.

Industry backdrop cited on the call

• India's installed renewable energy capacity was around 299 gigawatt as of 30 September 2026, with solar contributing around 171 gigawatt.
• The CEA estimates India's battery storage requirement at around 208 gigawatt hours by 2030.
• The Union Cabinet approved the Green Energy Corridor Phase 3 scheme with an outlay of around INR1.86 lakh crores, aimed at evacuating up to 135 gigawatt of renewable energy and deploying 50 gigawatt hours of battery energy storage.

What a reader can take away

• Revenue and profit grew year on year in both the quarter and the half year, and the unexecuted order book gives visibility on work in hand.
• Quarterly project execution volumes can move with developer-side readiness such as land handover, which management identified as the reason for the lower Q2 execution.
• The company describes itself as moving from a pure solar EPC player to a broader energy transition EPC platform spanning solar, BESS and T&D, alongside IPP and O&M.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.

About ScoutQuest · Logos provided by Logo.dev