Waaree Renewable Technologies Limited, originally incorporated as Sangam Renewables Limited on June 22, 1999, transformed into a public company in November 2011 and subsequently changed its name to Waaree Renewable Technologies Limited in July 2021. The company operates as a specialized engineering, procurement and construction (EPC) company focused on the renewable energy sector, primarily engaged in solar EPC business and generation of power through renewable energy sources.
As a subsidiary of the Waaree Group, the company spearheads the solar EPC business and provides clean energy solutions to clients through both on-site solar projects including rooftop and ground-mounted installations, and off-site solar farms featuring open-access solar plants. The company's comprehensive service portfolio includes rooftop solar, floating solar, ground-mounted solar, capex model, renewable energy service company (RESCO) model, and operations and maintenance services.
For FY25, Waaree Renewable Technologies reported stellar revenue growth with total revenue from operations reaching ₹1,597.75 crore, representing an impressive 82.29% increase year-over-year from ₹876.50 crore in FY24. This significant growth was driven by successful execution of large-scale solar EPC projects and reflects the company's strong position in India's expanding renewable energy market.
The company's Q4 FY25 performance was particularly impressive, with consolidated net profit jumping approximately 83% to ₹93.76 crore in the March quarter, compared to ₹51.31 crore in the same period of the previous year. Revenue from operations in Q4 FY25 reached ₹476.58 crore, marking a substantial 32.3% sequential increase from ₹360.35 crore in Q3 FY25 and a remarkable 74.5% year-over-year increase from ₹273.31 crore in Q4 FY24.
As of recent market data, Waaree Renewable Technologies holds a market capitalization of ₹10,410 crore, with the stock trading at 22.8 times its book value. The company maintains strong promoter holding at 74.4%, indicating significant management confidence and commitment to the business.
The company successfully executed 1,524 megawatts of EPC projects during FY25, with a robust unexecuted order book standing at 3.2 gigawatts. The current order book of 3.2 gigawatts is expected to be executed over the next 12-15 months, providing strong revenue visibility and growth momentum.
The company is actively tracking a 30-gigawatt order pipeline, indicating substantial future growth potential. Recent contract wins include an order worth ₹547.5 crore for a 412 MWp solar energy project, which boosted the company's unexecuted order book to 1.161 GW, with the project including Engineering, Procurement, and Construction (EPC) services on a turnkey basis.
As part of the Waaree Group, which is a leading renewable energy company serving Individual, Industrial, and Commercial customers, the company benefits from the Group's extensive experience with over 10,000 solar projects installed and cumulative installation capacity exceeding 1.9 GW.
The company is strategically expanding its capabilities into data centers, aligning with the growing demand for energy-intensive infrastructure, while also focusing on both utility-scale and small-scale projects through a robust franchise model.
As of March 2025, India's total renewable energy capacity reached 220.10 GW, with solar contributing 105.65 GW. The government's ambitious target to achieve 500 GW of renewable energy by 2030, including 280 GW from solar, is driving rapid sector growth and creating significant opportunities for expansion and innovation.
The company demonstrated impressive financial growth with an 82.29% revenue increase in FY25, reflecting its strong position in India's renewable energy sector. This growth rate significantly surpassed the overall growth rate of the Indian solar sector.
EBITDA for FY25 increased by 50.06% year-on-year, reflecting improved operational efficiency and cost management. The company's working capital management follows a structured approach, with typical projects receiving 5-15% advance payment, 65-70% within 45-60 days of supply, and the remaining 25-35% upon project completion, with retention money of approximately 5% received 3-4 months post-execution.
The company has strengthened its leadership team with strategic appointments. Manmohan Sharma was appointed as Chief Financial Officer effective April 16, 2025, and Sudhir Arya was appointed as Additional Director in the category of Non-Executive Independent Director.
Waaree Renewable Technologies successfully debuted on the National Stock Exchange of India, marking a significant milestone that enhances stakeholder engagement and capital access, supporting future growth initiatives.
The company continues to focus on sustainable growth through strategic investments, operational excellence, and maintaining its competitive position in India's rapidly expanding renewable energy market. With strong financial performance, robust order book, and strategic expansion into emerging sectors like data centers, Waaree Renewable Technologies is well-positioned to capitalize on India's renewable energy transformation.
