Waaree Renewable Technologies: Order Book Surges to ₹1,480 Crore as Growth Accelerate
Waaree Renewable Technologies cements its leadership in India’s solar EPC sector with a major contract revision, robust earnings, and expanding global ambitions.
Contract Value Upgraded: Waaree Project Now Estimated at ₹1,480 Crore
In June 2025, Waaree Renewable Technologies announced a significant update to its ongoing EPC contract, leading to an increase in its total value. First awarded in November 2024, the project entails the development of a 2,012.47 MWp ground-mounted solar PV installation for an Indian client.
Importantly, all original terms and conditions remain intact, and there are no related party transactions involved. The execution timeline will be jointly decided by Waaree and the client, allowing for flexibility as the project expands in scale.
Financial Performance: Strong Growth in Revenue and Profit
Waaree’s upward contract revision comes on the back of stellar financial results. In the fourth quarter of FY25, the company reported a consolidated net profit of ₹93.81 crore—an 82.7% jump over the previous year. The company posted a 74.4% increase in operating revenue, which climbed to ₹476.58 crore during the same period.
For the full fiscal year, Waaree Renewable Technologies posted a remarkable 82.29% growth in revenue, outpacing the broader Indian solar sector. The company’s EBITDA rose by 50.06% year-on-year, reflecting improved operational efficiency and disciplined cost management. As of Q4 FY25, Waaree had executed 1,524 MW of EPC projects, with an unexecuted order book of 3.2 GW—demonstrating both delivery capability and future visibility.
Market Response: Shares Rally on Positive News
The stock market responded positively to Waaree’s announcement. On June 20, 2025, shares of Waaree Renewable Technologies ended at ₹986.90 on the NSE, marking a 4.63% gain for the day. The stock has appreciated 15% over the past year, indicating continued investor faith in the company’s growth prospects.
Strategic Expansion: International Foray into Vietnam
The company’s vision reaches beyond domestic boundaries. In June 2025, the company signed a non-binding Memorandum of Understanding with Viet Khanh Joint Stock Company to develop a 100 MWp ground-mounted solar project in Vietnam. This move signals Waaree’s intent to expand its international footprint and tap into Southeast Asia’s growing demand for renewable energy infrastructure.
The agreement, disclosed in compliance with SEBI regulations, marks a strategic step in Waaree’s global growth plan. The final terms will be outlined in a future binding contract, but the partnership already positions Waaree as a credible EPC player beyond India’s borders.
Business Model and Sectoral Position
Waaree Renewable Technologies, a subsidiary of the Waaree Group, is a leading player in the solar EPC space. The company offers turnkey solutions for both on-site (rooftop, ground-mounted) and off-site (open-access) solar projects, catering to a diverse client base in India and now internationally.
Waaree’s robust order book, rapid execution capabilities, and focus on operational excellence have allowed it to capture a significant share of India’s transition to clean energy. The company is also exploring adjacent opportunities, such as energy-intensive data centers, to further diversify its portfolio.
Challenges and Outlook
Despite its successes, Waaree faces several challenges:
• Cash Flow Management: The company’s working capital cycle is complex, with significant retention money affecting liquidity. There is a noted mismatch between sales growth and cash flow from operations, which could pose risks if not managed carefully.
• Competitive Pressures: As the renewable sector attracts more players, Waaree will need to maintain its edge in cost, technology, and execution to protect margins.
• Project Diversification: While the company is tracking a robust order pipeline, it has yet to secure orders for new segments like data centers, indicating potential delays in diversification.
Nonetheless, Waaree’s strong order book, proven execution, and strategic international moves position it well for continued growth.
Conclusion
Backed by robust financials, a growing order pipeline, and a strategic push into international markets, Waaree is set to play a pivotal role in India’s—and Asia’s—renewable energy transition. While challenges around cash flow and competition persist, the company’s proactive approach and operational resilience provide a strong foundation for future expansion.
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