Q2 results approved; capex cleared for Wardha solar plant
Board approved unaudited results for the quarter and half year ended 30 September 2026, and approved capex for a 35 MWP/25 MWac IPP solar plant at Wardha, Maharashtra.
By ScoutQuest · · 3 min read
| Line item | Latest | Year ago | YoY | Prev qtr | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 1,057.84 | 774.78 | +36.5% | 924.25 | +14.5% |
| Total income | 1,067.02 | 779.21 | +36.9% | 929.52 | +14.8% |
| Profit before tax | 105.36 | 156.58 | −32.7% | 163.38 | −35.5% |
| Profit after tax | 81.48 | 116.36 | −30% | 118.96 | −31.5% |
| Total comprehensive income | 81.71 | 116.09 | −29.6% | 118.97 | −31.3% |
| Basic EPS | 7.07 | 11.16 | −36.6% | 11.11 | −36.4% |
- Total income
- Latest 1,067.02; Year ago 779.21 (+36.9%); Prev qtr 929.52 (+14.8%)
- Profit after tax
- Latest 81.48; Year ago 116.36 (−30%); Prev qtr 118.96 (−31.5%)
- Period
- 30-09-2026
Also decided at the meeting
- Approved capex for setting up a 35 MWp/25 MWac IPP Solar Plant at Wardha, Maharashtra.
Auditor's review
Conclusion: Unmodified
- Other matter: two subsidiaries (total assets Rs. 1507.69 crore) reviewed by other auditor; conclusion not modified.
- Other matter: six subsidiaries (total assets Rs. 200.40 crore) not reviewed by their auditors, stated by Management as not material; conclusion not modified.
Notes to the results
- Company completed acquisition of 55% stake in Associated Power Structures Private Limited (APSPL) on 18-06-2026 for total consideration of ₹1,22,500 lakhs; APSPL became a subsidiary.
- Results include APSPL w.e.f 18-06-2026, hence figures for three and six months ended 30-09-2026 are not comparable with previous corresponding periods.
What the board decided
- Approved the unaudited consolidated and standalone financial results for the quarter and half year ended 30 September 2026, along with the limited review report.
- Approved capex for setting up a 35 MWP/25 MWac IPP solar plant at Wardha, Maharashtra. An IPP is an independent power producer, i.e. a plant that sells power rather than only building for others.
- The meeting ran from 02:00 p.m. to 03:32 p.m.
The auditor's conclusion
KKC & Associates LLP reviewed the consolidated and standalone statements. Their conclusion is unmodified: based on the review, nothing came to their attention that causes them to believe the statements do not comply with the disclosure requirements or contain a material misstatement. A review is narrower than a full audit, so it gives moderate, not full, assurance.
How the quarter looked (consolidated, unaudited, Rs. crore)
- Revenue from operations: 1,057.84 against 774.78 in the same quarter a year earlier.
- Total income: 1,067.02; total expenses 961.66.
- Profit before tax: 105.36; Net profit for the period: 81.48.
- Profit attributable to owners of the Parent: 73.89.
- Earnings per share (basic, not annualised): Rs. 7.07.
The half year (consolidated, unaudited)
- Revenue from operations: 1,982.09; Total income 1,986.54.
- Net profit for the period: 208.44; Earnings per share (basic) Rs. 18.18.
Where the revenue came from (quarter, consolidated)
- EPC Contracts – Solar Power Plants: revenue 444.98, segment result 101.71.
- Power Sale: revenue 6.73, segment result 2.45.
- EPC Contracts – Transmission and Distribution: revenue 606.13, segment result 28.86.
This transmission and distribution line is now the largest slice of quarterly revenue.
Acquisition behind the new segment
On 26-01-2026 the board approved buying 55% of the equity share capital of Associated Power Structures Private Limited ("APSPL"), a power transmission and distribution business, for a total consideration of ₹1,22,500 lakhs through primary and secondary transactions. The acquisition was completed on 18-06-2026 and APSPL became a subsidiary from that date. Because of this, the company states the quarter and half year figures are not comparable with the previous corresponding periods.
Balance sheet and cash (consolidated)
- Total assets: 4,868.89 as at 30 September 2026, against 2,373.81 as at 31 March 2026.
- Total equity: 1,745.57, of which non-controlling interest is 627.14.
- Total non-current liabilities 1,160.19 and total current liabilities 1,963.13.
- Net cash outflow from operating activities for the six months: 16.27; net cash outflow from investing activities 711.54, largely on acquisition of a subsidiary (829.02).
- Net cash inflow from financing activities 766.39; cash and cash equivalents at the end of the period 110.40.
Other points noted
- ESOP charge for the quarter was 0.82 crore.
- The board approved 66,809 options on 14-03-2026 under the ESOP 2022 plan, as recorded in the notes.
What a retail investor may watch
- Progress on the Wardha solar plant, since a capex approval is a spending decision and the returns come later.
- How the transmission and distribution segment scales now that it dominates quarterly revenue, and how the acquired business performs over full periods rather than part quarters.
- The gap between reported net profit and cash generated from operations in the first half, which turned negative in this period.
Also from Waaree Renewable Technologies
Solar PV EPC scope revised; aggregate capacity under two LoAs now 800 MWac / 1,109 MWp
23 Oct 2026
Audio recording of Q2 FY27 earnings call held on 21 October 2026 made available on company website
21 Oct 2026
Waaree Renewable Technologies management discussed order book, execution timelines and order pipeline in an interview
21 Oct 2026
More numbers
- Revenue from operations, consolidated, six months ended 30-09-20261,982.09
- Capex approved: IPP solar plant capacity at Wardha35 MWP
- Stake approved for acquisition in Associated Power Structures Private Limited55%
- Total consideration for APSPL equity shares₹1,22,500 lakhs
- Total income, latest quarter1,067.02 (₹ in crores)
- Total income, year-ago quarter779.21 (₹ in crores)
- Total income, previous quarter929.52 (₹ in crores)
- Total comprehensive income, latest quarter81.71 (₹ in crores)
- Total comprehensive income, year-ago quarter116.09 (₹ in crores)
- Total comprehensive income, previous quarter118.97 (₹ in crores)
- Profit after tax, latest quarter81.48 (₹ in crores)
- Profit after tax, year-ago quarter116.36 (₹ in crores)
- Profit after tax, previous quarter118.96 (₹ in crores)
- Revenue from operations, latest quarter1,057.84 (₹ in crores)
- Revenue from operations, year-ago quarter774.78 (₹ in crores)
- Revenue from operations, previous quarter924.25 (₹ in crores)
- Profit before tax, latest quarter105.36 (₹ in crores)
- Profit before tax, year-ago quarter156.58 (₹ in crores)
- Profit before tax, previous quarter163.38 (₹ in crores)
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.