Waaree Renewable Technologies Limited Q1 FY2027 Results
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Overview
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Detailed Analysis
Sentiment
Positive
Executive Summary
Company Q1 FY2027: Revenue ₹924.25 Cr (vs ₹603.19 Cr YoY), PAT ₹115.90 Cr (vs ₹86.44 Cr YoY)
Q1 FY2027 consolidated revenue was ₹924.25 Cr and rose strongly year‑on‑year versus Q1 FY2026; consolidated PAT attributable to owners was ₹115.90 Cr. Profit before tax for the quarter was ₹163.39 Cr on total income of ₹929.53 Cr. The quarter includes the consolidation of APSPL w.e.f. 18‑Jun‑2026 following a 55% acquisition which increased segment assets and liabilities. Management notes ESOP charges and provisional purchase accounting for the APSPL acquisition which may affect comparability.Revenue (Q1 FY2027)Page 5
₹924.25 Crvs ₹603.19 Cr in Q1 FY2026
Total Income (Q1 FY2027)Page 5
₹929.53 Crvs ₹601.01 Cr in Q1 FY2026
Profit before Tax (Q1 FY2027)Page 7
₹163.39 Crvs ₹116.57 Cr in Q1 FY2026
Profit attributable to owners (PAT) (Q1 FY2027)Page 5
₹115.90 Crvs ₹86.44 Cr in Q1 FY2026
Total Expenses (Q1 FY2027)Page 5
₹766.13 Crvs ₹491.44 Cr in Q1 FY2026
Finance Costs (Q1 FY2027)Page 5
₹9.59 Crvs ₹3.56 Cr in Q1 FY2026
Total Assets (as at Q1 FY2027)Page 7
₹4,976.03 Crvs ₹1,241.93 Cr in Q1 FY2026
Key Highlights
9
Consolidation of Associated Power Structures (APSPL) with effect from 18‑06‑2026 after acquisition of 55% stake, increasing revenue and assets for Q1 FY2027.
EPC Contracts – Solar Power Plants remained the dominant segment with revenue of ₹803.39 Cr in Q1 FY2027, up from ₹594.40 Cr in Q1 FY2026.
New Transmission & Distribution EPC segment contributed ₹112.81 Cr of revenue (before consolidation adjustments) in Q1 FY2027 driven by the APSPL addition.
Profit from ordinary activities after finance costs was ₹163.39 Cr in Q1 FY2027 despite higher finance costs, showing operating resilience.
Finance costs rose to ₹9.59 Cr in Q1 FY2027 from ₹3.56 Cr a year ago, reflecting higher borrowings related to acquisition and expanded operations.
Power sale segment revenue was modest at ₹8.05 Cr in Q1 FY2027 versus ₹8.79 Cr in Q1 FY2026, reflecting stable merchant/asset sales.
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Key Highlights
9
Consolidation of Associated Power Structures (APSPL) with effect from 18‑06‑2026 after acquisition of 55% stake, increasing revenue and assets for Q1 FY2027.
EPC Contracts – Solar Power Plants remained the dominant segment with revenue of ₹803.39 Cr in Q1 FY2027, up from ₹594.40 Cr in Q1 FY2026.
New Transmission & Distribution EPC segment contributed ₹112.81 Cr of revenue (before consolidation adjustments) in Q1 FY2027 driven by the APSPL addition.
Profit from ordinary activities after finance costs was ₹163.39 Cr in Q1 FY2027 despite higher finance costs, showing operating resilience.
Finance costs rose to ₹9.59 Cr in Q1 FY2027 from ₹3.56 Cr a year ago, reflecting higher borrowings related to acquisition and expanded operations.
Total liabilities increased to ₹3,30,044.54 lakhs at end Q1 FY2027 from ₹70,049.38 lakhs in Q1 FY2026, driven by consolidation of APSPL and unallocated liabilities.
Total expenses rose to ₹766.13 Cr in Q1 FY2027 largely due to cost of EPC contracts and consolidation of APSPL.
Power sale segment revenue was modest at ₹8.05 Cr in Q1 FY2027 versus ₹8.79 Cr in Q1 FY2026, reflecting stable merchant/asset sales.
ESOP charge included in employee benefit expense was ₹11.50 lakhs in Q1 FY2027 and will continue to be recognized over vesting periods.
Guidance & Outlook
4
Post-acquisition integration of APSPL is expected to expand transmission & distribution scale and revenue mix in coming quarters.
Purchase consideration for APSPL has been allocated on a provisional basis pending final fair value determination which may affect future P&L.
Management will continue capital deployment into EPC order book which is reflected in higher working capital and asset base at ₹4,976.03 Cr.
ESOP charges will continue to be expensed over vesting, with ₹11.50 lakhs charged in Q1 FY2027.
Risks & Concerns
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Higher finance costs (₹9.59 Cr) increase interest burden and could pressure margins if leverage remains elevated.
Comparability risk
Working capital and liabilities rose sharply (total liabilities ₹3,30,044.54 lakhs) which could strain cash flows if collections slow.
Cost of EPC contracts remains the largest expense line at ₹705.73 Cr in Q1 FY2027 and any margin pressure on EPC projects would materially affect profits.
Two subsidiaries contributing Rs. 11,281.16 lakhs of revenue and Rs. 904.42 lakhs PAT were reviewed by other auditors — reliance on external reviews adds audit continuity risk.
AI-generated analysis. May contain inaccuracies — verify against original sources.