Waaree Energies Ltd, India’s leading solar power equipment manufacturer, saw its shares fall 3 % on Wednesday after the company released its Q2FY27 financial results. The stock opened at ₹2,225 on the NSE, matching the previous close of ₹2,275. The announcement highlighted a subdued performance for the quarter, with operating profit dipping in single digits and net profit falling in double digits, while revenue continued to grow in the first half of FY27.

Consolidated revenue for the quarter ended September 2026 rose 23.9 % year‑on‑year to ₹7,517 crore, up from ₹6,065 crore in the same period last year. On a sequential basis, revenue fell from ₹7,917 crore in Q1FY27 to ₹7,517 crore in Q2FY27. The revenue mix shifted, with the Retail segment contributing 46 % of total revenue, up from 28.9 % in Q1, followed by Utilities at 22.9 %, Overseas at 18.5 % and EPC, O&M and T&D at 12.6 % in the first half.

The solar photovoltaic modules segment recorded a revenue surge from ₹5,369 crore in Q2FY26 to ₹6,571 crore in Q2FY27. Conversely, the EPC contract business experienced a significant drawdown, with revenue falling from ₹763 crore in Q2FY26 and ₹801 crore in Q1FY27 to ₹447 crore in Q2FY27. New order wins in transmission and distribution EPC added ₹600 crore, which reflects the company's shifting focus in the current market.

Operating earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 5.1 % year‑on‑year to ₹1,335 crore from ₹1,406 crore, bringing the EBITDA margin down to 17.8 % from 23.2 %. At the bottom line, net profit for the quarter ended September 2026 dipped 14.2 % year‑on‑year to ₹753 crore, compared with ₹878 crore in the same quarter of FY26. The decline in profitability was attributed to higher cost pressures and a slowdown in the EPC segment, despite steady top‑line growth.

Mr. Jignesh Rathod, Whole‑Time Director and CEO, said the first half of FY27 reflected the strength of the company's fundamentals and consistent execution of its growth strategy. He highlighted a 47 % increase in revenues, 15 % EBITDA growth and a significant improvement in operating cash flows by almost five times, demonstrating resilience. Shares of Waaree Energies have largely underperformed the broader benchmark category for the year, delivering a -23 % return in 2026 on a year‑to‑date basis and falling 34 % in the trailing twelve months.