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Waaree Renewable Technologies on Thursday reported a decline of 8.51 per cent in net profit on a sequentially basis to Rs 86.3 crore in the June quarter (Q1 FY26), compared to the previous quarter (Q4 FY25), where it had reported Rs 94 crore in net profit. 

However, revenue from operations stood at Rs 603 crore in the reporting quarter, compared to Rs 476.5 crore in Q4 FY25 – rose by 26.54 per cent, according to its stock exchange filing.

On year-on-year (YoY) basis, the solar EPC arm of the Waaree Group posted a net profit of Rs 86 crore, which is a 207 per cent jump from Rs 28 crore reported in the same quarter previous year (Q1 FY25).

Similarly, revenue from operations increased by 155 per cent from Rs 236.35 crore in Q1 FY25, the company stated in its filing.

The company's expenses also rose sharply, reaching Rs 491.44 crore in Q1 FY26. This is a 145.96 per cent increase compared to Rs 199.84 crore in the same quarter previous year and a 37.94 per cent rise from Rs 356.25 crore in Q4 FY25.

Waaree Renewable, which focuses on solar power solutions, earns most of its revenue from EPC (engineering, procurement and construction) contracts.

Revenue from EPC business alone surged to Rs 594.3 crore in Q1, compared to Rs 228 crore a year ago.

Its power sales business also grew, generating Rs 9 crore in the quarter versus Rs 2.3 crore in Q1 FY25.

On the operational front, the company reported a strong performance. EBITDA rose to Rs 120.3 crore, up from Rs 41.2 crore in the same period previous year.

The EBITDA margin improved to 19.9 per cent from 17.6 per cent, according to its stock exchange filing.

The company's shares closed at Rs 1,176.90, down by Rs 25.60 or 2.13 per cent on the National Stock Exchange (NSE) on Thursday.

The company is primarily engaged in renewable energy solutions, with a strong emphasis on solar power.

Apart from being a solar EPC player, it also develops, finances, and operates solar energy projects across the country.