Consolidated PAT +34% YoY to ₹116 Cr; APSPL deal drives 53% revenue jump, dilutes margin

Waaree Renewable Technologies reported consolidated Q1 FY27 (quarter ended 30 June 2026) revenue of ₹924.3 Cr, up 53.2% YoY but down 16.2% sequentially off a seasonally heavy Q4. Consolidated net profit attributable to owners rose 34.2% YoY to ₹115.9 Cr (EPS ₹11.11 vs ₹8.29), while falling 25.6% QoQ from Q4's ₹155.7 Cr. There were no exceptional items on either side, so reported and underlying growth are identical.

The quarter is not strictly comparable to prior periods. The ₹1,225 Cr acquisition of a 55% stake in Associated Power Structures (APSPL), a power transmission & distribution EPC business, closed on 18 June 2026 and was consolidated for just 12 days, adding a new T&D segment worth ₹112.8 Cr of revenue at only ~9% segment margin. That, plus finance costs roughly tripling to ₹9.6 Cr (acquisition-related) and a new ₹3.1 Cr minority interest, pulled consolidated NPM down to ~12.5% (from 14.2% YoY) and EBITDA margin to ~18.8% (from 19.5%). The core solar-EPC business by contrast expanded: segment revenue ₹803.4 Cr (+35% YoY) at ₹152.3 Cr segment profit (+40%), a ~19% margin. The margin compression is therefore inorganic — standalone PAT of ₹114.5 Cr on ₹811.3 Cr revenue (+32%/+35% YoY) shows the base-business margin held. This is the one clause where consolidated and standalone diverge materially: consolidated revenue growth (+53%) is flattered by APSPL, versus +35% standalone.

The stock went into the print at ₹1,019.2, up 1.4% over the past month of trading.

Against management's own framing from the Q4 FY26 call — a conservative long-term EBITDA guide of ~15% while delivering 19%+, a 2.8 GW order book to execute over 12-15 months, and a BESS-EPC push — this quarter's ~18.8% consolidated EBITDA margin still runs well above that conservative floor, and the 350MW/1400MWh BESS EPC and 300MW solar EPC orders booked during the quarter feed that pipeline. No brokerage consensus estimate for the quarter was available, so the print cannot be scored against the street. The APSPL consolidation also reshaped the balance sheet — total assets jumped to ₹4,976 Cr (from ₹2,374 Cr) and liabilities to ₹3,300 Cr.