Analysts/Institutional Investor Meet/Con. Call Updates

Execution with Pace & Comfort October 28, 2026 To To The Manager The Manager BSE Limited, National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1 Block G, Dalal Street, Fort, Bandra - Kurla Complex, Bandra (East) Mumbai-400001 Mumbai - 400 051 Scrip Code: 534618 Scrip Symbol: WAAREERTL Sub.: Transcript of Investors/Analyst Earnings Conference Call held on October 21, 2026. Dear Sir/Madam Further to our communication dated 15th October 2026, and 21st October 2026, please find enclosed the transcript of the Earning Conference Call held on Wednesday, 21st October 2026, at 4:00 p.m. to discuss the Un-Audited Financial Results for the quarter and half year ended September 30, 2026. This transcript shall also be available on the website of the Company at www.waareertl.com. We request you to take the same on your record. Thanking you, Yours faithfully, For Waaree Renewable Technologies Limited Heema Shah Company Secretary ACS 52919 Email Id: info@waareertl.com Encl : as above Waaree Renewable Technologies Limited (A subsidiary of Waaree Energies Limited) 504, Western Edge-1, Off. Western Express Highway, Tel.: +91 22 6644 4444 CIN : L93000MH1999PLC120470 Borivali (E), Mumbai 400 066. Maharashtra INDIA E : info@waareertl.com GST: 27AADCS 1824J2ZB W : www.waareertl.com “Waaree Renewable Technologies Limited Q2 & H1FY2027 Earnings Conference Call” October 21, 2026 MANAGEMENT: MR. MANMOHAN SHARMA – CHIEF FINANCIAL OFFICER – WAAREE RENEWABLE TECHNOLOGIES LIMITED MODERATOR: MR. PRATHMESH PARAB – MUFG INTIME Page 1 of 13 Waaree Renewable Technologies Limited October 21, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Waaree Renewable Technologies Limited Q2 and H1FY2027 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Prathmesh Parab from MUFG Intime. Thank you, and over to you, sir. Prathmesh Parab: Thank you, Anam. Good afternoon, ladies, and gentlemen. I welcome you all to the Q2 and H1 FY2027 Earnings Conference Call of Waaree Renewable Technologies Limited. Today on the call, we have from the management, Mr. Manmohan Sharma, Chief Financial Officer, along with the other management team members. Before we proceed with this call, I would like to mention that some of the statements made in today's call may be forward-looking in nature and may involve risks and uncertainties. For more details, kindly refer to the investor presentation and other filings that can be found on the company's website. Now without further ado, I would like to hand over the call to Mr. Manmohan Sharma: for his opening remarks, and then we will open the floor for question and answers. Thank you, and over to you, sir. Manmohan Sharma: Thank you, Prathmesh. Good afternoon, everyone, and a warm welcome to all of you joining the earnings conference call of Waaree Renewable Technologies Limited to discuss our financial performance for Q2 and H1FY2027. I hope you have had the opportunity to go through our financial results and investor presentation, which have been made available on the stock exchanges and on the company's website. Before I begin, I would like to sincerely thank all our stakeholders for their continued trust and support. Your confidence in our business, our execution capabilities and our long-term strategy continue to be a strong source of encouragement for us. We remain committed to building on this trust through disciplined execution, responsible growth, and a clear focus on long-term value creation. Now let me begin with the financial performance for the quarter. During Q2 FY2027, our revenue from operations stood at INR1,057.84 crores, reflecting growth of 36.53% compared with the same quarter of last year. EBITDA for the quarter stood at INR159.98 crores with an EBITDA margin of 15.12%. Profit after tax for the quarter stood at INR81.48 crores. For H1 FY2027, our revenue from operations stood at INR1,982.09 crores, marking a growth of 43.84% over H1 FY2026. EBITDA for the first half stood at INR333.46 crores with an EBITDA margin of 16.82%. Profit after tax for the period is INR200.44 crores. On operational front, we executed 456 megawatt peak of EPC projects in the Q2 FY2027. That takes our total solar EPC execution for the H1 FY2027 to 1,345 megawatt peak. Further, our order book has strengthened during the quarter with the addition of 1.7 gigawatt peak of new orders. Page 2 of 13 Waaree Renewable Technologies Limited October 21, 2026 Moving to our unexecuted order book. As of 30th September 2026, our consolidated unexecuted order book stands at more than INR5,500 crores. Of this, more than INR3,300 crores from EPC of solar and BESS and balance of more than INR2,200 crores from T&D vertical. This gives us healthy visibility for the coming quarters. I also want to highlight the growth in our other revenue segments, which are now meaningfully contributing to our revenue. Our operational IPP portfolio stands at 82.82 megawatt peak and O&M portfolio has reached to 1.5 gigawatt peak. These businesses strengthen our recurring revenue base and help us build long-term relationships with our customers. Our capability in T&D segment have also continued to strengthen. We are expanding our manufacturing capabilities through the additional facility of Azamnagar with a capacity of 1 lakh metric tons. This further supports our ability to participate in growing requirements for transmission and distribution infrastructure. Our capability across EPC of solar, BESS and T&D, together with IPP and O&M allows us to participate in a wider part of the energy value chain. With this, WRTL is evolving from a pure solar EPC player into a broader energy transition EPC platform. Let me now turn to the broader industry environment, where momentum across India's renewable energy sector remains strong, especially in solar. As of 30th September 2026, India's installed renewable energy capacity stood at around 299 gigawatt. The solar has contributed around 171 gigawatt. Within solar itself, ground-mounted projects contributed more than 125 gigawatt; grid-connected rooftops around 33 gigawatt; and hybrid and off-grid together around 12 gigawatt. The government has also recently approved the PM Surya Sarovar Yojana, which targets 5 gigawatts of floating solar with co-located energy storage of at least 2 hours. With this, further enhanced the segment of floating solar and energy storage. As solar become a larger part of the grid, battery storage is becoming essential to deliver that power when it is needed. The CEA estimates India's battery storage requirement at around 208 gigawatt hours by 2030, and the project pipeline is building up with this. As of May 2026, the BESS projects above 1 megawatt hour stands at around 144 gigawatt hours, of which around 7.5 gigawatt hours already commissioned, another 42 gigawatt hours under construction and 39 gigawatt hours has been awarded and another 55 gigawatts on tender stage. And this clearly highlights the demand towards BESS is growing in the country, which is a clear opportunity for the company to offer solar and BESS EPC solution. Furthermore, the Union Cabinet recently approved the Green Energy Corridor Phase 3 scheme with a total outlay of around INR1.86 lakh crores. The scheme aims to strengthen intrastate transmission infrastructure for the evacuation of up to 135 gigawatt of renewable energy and the deployment of 50 gigawatt hours of battery energy storage by FY 2032 and 33. This highlights the growing requirement of renewable, BESS and stronger T&D network to meet the demand of growing electricity through non-fossil fuel. We see a strong opportunity [Showing first 8,000 characters — download PDF for full document]