Waaree Renewable Technologies Ltd(WAAREERTL)

NSE: WAAREERTLBSE: 534618

₹ 678.6-5.63%refreshed 23 Oct, 03:54 pm ISTMarket cap: ₹ 7,083 crWebsite: www.waareertl.comUpdated: 24 Oct 2026

About

Waaree Renewable Technologies Ltd is an India-based renewable energy EPC company that engineers, procures and constructs utility-scale solar PV and battery storage projects, and runs O&M and independent power producer (IPP) businesses. In FY26 it reported revenue of ₹3,331.42 Cr and executed a record 2,727 MWp of projects. In Q1 FY27 it moved into transmission and distribution EPC by buying a 55% stake in Associated Power Structures Pvt. Ltd. Its consolidated unexecuted order book was ~₹5,500 Cr+ in H1 FY27.^[1][2]

Business segments

EPC Contracts is the dominant segment, contributing ~97 - 98% of revenue in 9M FY26, covering turnkey engineering, procurement and construction of utility-scale solar PV projects for private and PSU clients.^[3]
Power Sale (IPP) contributed the remaining ~2 - 3% of revenue in 9M FY26, from solar plants held on the company's own balance sheet.^[3]
O&M services provide long-term maintenance contracts on completed EPC projects, adding recurring revenue alongside the lumpier EPC stream.^[4]
T&D EPC became a fourth segment in Q1 FY27 following the 55% acquisition of APSPL, which provides integrated EPC solutions for substations and transmission lines.^[5]
BESS EPC is now part of the EPC order book, after battery storage orders of 1,520 MWh in Q1 FY27 and 280 MWh in Q2 FY27.^[2]

Order book and pipeline

Consolidated unexecuted order book was ~₹5,500 Cr+ in H1 FY27: ~₹3,300 Cr+ in solar and BESS EPC and ~₹2,200 Cr+ in T&D, versus ₹5,300 Cr in Q1 FY27.^[2][5]
Unexecuted solar EPC order book stood at 3,226 MWp in H1 FY27.^[2]
Solar EPC orders won in Q2 FY27 included ground-mounted projects of 1,082 MWp, 210 MWp and 291 MWp, plus a 280 MWh battery storage EPC order.^[2]
BESS EPC unexecuted order book was ₹200 Cr as of Q1 FY27, including a 1,520 MWh battery storage EPC order won in Q1 FY27.^[5]
Active bidding pipeline stood at 27 GW domestic and 10 - 11 GW international as of Q1 FY27.^[5]
A T&D order pipeline of ₹20,000 Cr was being pursued for conversion into firm orders as of Q1 FY27.^[5]

Key operating numbers

EPC execution reached a record 2,727 MWp in FY26; cumulative executed capacity crossed 5.89 GWp as of Q1 FY27.^[4]
888.81 MWp of projects were executed in Q1 FY27.^[5]
Q2 FY27 revenue from operations rose 36.53% year-on-year to ₹1,057.84 Cr on execution; H1 FY27 revenue rose 43.84% to ₹1,982.09 Cr.^[2]
O&M portfolio stood at ~1.5 GWp in H1 FY27, versus ~1,154 MWp in Q1 FY27.^[2][5]

Operations and IPP assets

APSPL is headquartered in Vadodara, Gujarat, with tower manufacturing capacity of 108,000 MTPA for substation and transmission line structures.^[5][2]
APSPL had executed over 10,461 circuit kilometres of transmission lines cumulatively as of the Q1 FY27 acquisition.^[5]
82.82 MWp of solar IPP assets have been developed; operational IPP assets generated ₹26 Cr revenue in FY26.^[5][2]

Expansion and capex

APSPL is building another 100,000 MTPA of tower manufacturing capacity at Azamnagar, under construction as of Q2 FY27.^[2]
As of Q2 FY27 the company is setting up an additional 233.6 MWp IPP plant and developing 450 MWp more IPP capacity through a subsidiary.^[2]
Management was evaluating international and domestic markets for more EPC and T&D contracts, and third-party O&M opportunities, organic and inorganic, as of Q2 FY27.^[2]
Data center EPC was under bilateral discussion as of Q1 FY27, with no firm orders placed.^[5]
APSPL's EBITDA margin was about 11% at acquisition in Q1 FY27; management said in Q2 FY27 that consolidated percentage margins may moderate as T&D grows.^[5][2]

Customers and group dealings

Government and PSU orders were less than 10% of order book by capacity and about 20 - 22% by value as of Q3 FY26; clients are predominantly private-sector.^[3]
About 30 - 40% of the solar EPC order book as of Q1 FY27 came from Waaree group entities; intra-group orders are eliminated at consolidation.^[5]
The FY26 AGM seeks approval for proposed sales of ₹1000 Cr to group entity Waaree Forever Energies; Q1 FY27 sales to it were already ₹246.28 Cr.^[6]
Proposed FY26 AGM approvals also cover sales of ₹500 Cr to Waaneep Solar One and ₹550 Cr to Lumina Greentech, group entities with nil turnover and negative net worth.^[6]
No confirmed international orders had been disclosed as of Q1 FY27 despite a 10 - 11 GW international pipeline.^[5]

Parent funding arrangements

The FY26 AGM seeks omnibus approval for related-party transactions with the parent of ₹746.80 Cr, including ₹400 Cr purchases and ₹250 Cr loans/guarantees at 10% interest.^[6]
The company states debt-equity of 0.09 before the proposed parent loan and 0.36 after, with DSCR moving from 5.80 to 5.04.^[6]
An enabling special resolution lets lenders convert loans into equity; the company says no conversion is pending or envisaged.^[6]

Recent developments

On 15 October 2026 a leading renewable energy company revised the scope of an existing 150 MWac/217.5 MWp ground-mount solar EPC contract, raising its value by Rs. 22 Cr. (excl. taxes), for completion by FY 2026-27.^[7]
On 8 October 2026 the company received a Letter of Acceptance from a PSU for a 5 MWp grid-connected solar PV EPC project with 10-year O&M scope and a 12-month execution timeline.^[8]
On 28 September 2026 the company received a revised scope on an existing 2,012.47 MWp ground-mount solar EPC contract, raising order value by ₹14.79 Cr, for completion in FY27.^[9]
In Q1 FY27 the company completed the acquisition of a 55% stake in APSPL, a Vadodara-based T&D EPC firm.^[5]

Market Cap

₹7,083 Cr

High / Low

₹1,359 / 674

Stock P/E

15.2

Price / Book

6.3

Book Value

₹90

EPS

₹45.9

No. of Shares

10.43 Cr

ROCE

83.9%

ROE

68.9%

OPM

19.5%

Debt / Equity

0.09

Sales

₹3,331 Cr

Net Profit

₹479 Cr

Promoter holding

74.3%

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Waaree Renewable Technologies Ltd(WAAREERTL)

About

Business segments

Order book and pipeline

Key operating numbers

Operations and IPP assets

Expansion and capex

Customers and group dealings

Parent funding arrangements

Recent developments

Signal history

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