Waaree Renewable Technologies has delivered a multibagger return over three years on BSE. Its share price climbed from Rs 258 on October 19, 2023, to Rs 826 on October 19, 2026. It translates into a gain of around 220%, even as the renewable energy company reported a sharp rise in quarterly revenue alongside a decline in net profit.
The company's consolidated net profit fell 36.5% year-on-year to Rs 74 crore in the September quarter of FY27, compared with Rs 116 crore in the corresponding quarter last year. Revenue from operations, however, increased 36.5% to Rs 1,058 crore from Rs 775 crore, reflecting higher business activity.
Earnings before interest, tax, depreciation and amortisation (EBITDA) edged up 1.2% to Rs 160 crore from Rs 158 crore a year earlier.
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The relatively modest growth in operating earnings compared with revenue weighed on profitability. EBITDA margin contracted to 15.1% from 20.4% in the year-ago quarter, a decline of 530 basis points.
The company's consolidated segment results showed that profit from continuing operations before exceptional items stood at Rs 105.36 crore for the September quarter, against Rs 156.58 crore in the corresponding period last year.
Finance costs increased to Rs 36.83 crore from Rs 3.62 crore, while unallocable income rose to Rs 9.17 crore from Rs 4.45 crore.
Separately, Waaree Renewable Technologies approved a 35 MWp independent power producer (IPP) solar power plant in Maharashtra. The project adds to the company's solar power generation initiatives as India continues to expand its renewable energy capacity.
The company's segment revenue included Rs 444.98 crore from engineering, procurement and construction (EPC) contracts for solar power plants, Rs 606.13 crore from transmission and distribution EPC contracts, and Rs 6.73 crore from power sales.
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Despite the latest earnings pressure, the stock's three-year performance highlights the gains investors have seen during the period. However, the latest margin contraction and profit decline underline the importance of tracking earnings quality alongside revenue growth.
In today's trading session on October 19, Waaree Renewable Technologies shares closed at Rs 833.40 down 0.44% for the day.
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