Analysts/Institutional Investor Meet/Con. Call Updates

Execution with Pace & Comfort July 30, 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 July 23, 2026. Dear Sir/Madam Further to our communication dated July 20, 2026, and July 23, 2026, please find enclosed the transcript of the Earning Conference Call held on Thursday, July 23, 2026, at 3:30 p.m. to discuss the Un-Audited Financial Results for the quarter ended June 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 Execution with Pace & Comfort “Waaree Renewable Technologies Limited Q1 FY27 Earnings Conference Call” July 23, 2026 WAAREE/RTL (e)MUFG Execution with Pace & Comfort MANAGEMENT: MR. MANMOHAN SHARMA – CHIEF FINANCIAL OFFICER – WAAREE RENEWABLE TECHNOLOGIES LIMITED MODERATOR: MR. NIKUNJ JAIN -- MUFG INTIME INDIA PRIVATE LIMITED Page 1 of 15 WAAREE/RTL Waaree Renewable Technologies Limited Execution with Pace & Comfort July 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Waaree Renewable Technologies Limited Q1 FY '27 Conference Call hosted by MUFG Intime India Private Limited. 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. Nikunj Jain from MUFG Intime India Private Limited. Thank you, and over to you, sir. Nikunj Jain: Thank you, Sania. Good afternoon, ladies and gentlemen. I welcome you all to the Q1 FY '27 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. 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 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 Q&A. Thank you, and over to you, sir. Manmohan Sharma: Thank you, Nikunj. Good afternoon, everyone, and a warm welcome to all of you joining the earnings conference call of Waaree Renewable Technologies Limited to discuss our performance for Q1 FY '27. I hope you all had the opportunity to go through our financial results and investor presentation, which have been already made available on the stock exchange as well as on the company's website. Before I begin, I would like to sincerely thank all our stakeholders for their unwavering confidence and the trust in the company. Your support for our business, our execution and our long-term strategy has been a strong source of encouragement for us. We are committed to building on this trust through disciplined execution, steady growth and a clear focus on long- term value creation. We want to bring your attention on the recent transaction concluded by the company before we get into the quarterly highlights and industry overview. During the current quarter, we have successfully completed the acquisition of a 55% equity stake in Associated Power Structures Private Limited based out of Vadodara, Gujarat, which is an integrated EPC solution provider for substation and transmission line, having manufacturing capacity of 108,000 metric tons per annum that provides fabrication and galvanization. . For transmission tower, wind turbine Lattice tower, Telecom tower, solar panel structure. APSPL has been in the T&D business for over 2 decades and its in-house manufacturing capability directly supports its project execution. Page 2 of 15 WAAREE/RTL Waaree Renewable Technologies Limited Execution with Pace & Comfort July 23, 2026 We see this acquisition as a step that brings us closer to the grid and power evacuation requirement that go alongside renewable energy capacity addition in the country. And I will share more detail on this, along with the broader transmission and distribution opportunity a little later on this call. We are pleased to report a strong start for FY 2027. In this quarter, our revenue from operations stood at INR924.25 crores, reflecting a healthy growth of 53.23% over the same quarter of last year. EBITDA for the quarter comes at INR173.48 crores, while profit after tax stood at INR118.97 crores, registering a growth of 37.7% on a year-on-year basis. These results reflect not only the strength of our project execution capabilities, but also the quality of our order book and the operating discipline we have maintained. We believe this gives us a good foundation of growth as we move through the rest of the year. On the operational front, the quarter has also been encouraging for us. During Q1 FY '27, we executed 888.81 megawatt peak of projects and our consolidated unexecuted order book stood at INR5,300 crores, including T&D, which provides healthy visibility for the coming quarters to us. Our O&M portfolio stood at 1.15 gigawatt peak. This strengthened our recurring revenue base and also establish our relationship with the customer over the long period of time. Overall, we focused on timely execution, operational efficiency and consistency while expanding the scale of business. Let me now turn to the broader industry environment, where momentum across India's renewable energy sector remains strong. As of 30th June 2026, India's total installed renewable energy capacity stood at around 288 gigawatts, while cumulative solar capacity crossed 162 gigawatts within solar, ground-mounted projects accounted for around 121 gigawatt, grid- connected rooftop solar around 30 gigawatts, hybrid and off-grid solar together contributing the remaining capacity around 11 gigawatts. These numbers clearly shows the scale at which solar industry is growing in India and reflects the broader opportunity across utility scale and C&I segments. At the same time, the sector is also moving into the next phase of growth where storage and grid readiness will become even more important. India's battery energy storage requirement is projected at around 208 gigawatt hours by 2030. These trends gives us confidence that the renewable energy opportunity in India stay diversified, structurally attractive and full of long- term potential. Apart from solar capacity addition, India's Power Transmission Distribution segment is also seeing significant investment. As per the NEP published by Central Electricity Authority, the plan includes addition 76,787 circuit kilometers of transmission lines, 4,97,855 MVA of substation and 32,250 megawatts of HVDC during 2027 to 2032 with an estimated investment of INR4,90,920 crores. A significant portion of this expansion is driven by the need to evacuate and integrate growing renewable energy capacity into the national grid. We see this as a segment that will continue to offer strong opportunity in the coming years, supported by the renewable energy build-out al [Showing first 8,000 characters — download PDF for full document]