Synopsis:
Waaree Renewable Technologies Ltd. received a ₹1,252.43 crore EPC order for a 870 MWac / 1218 MWp solar project, including substation, transmission, and 2-year O&M.
The shares of the Small-Cap company specializing in solar EPC projects, solar power generation, and financing, constructing, owning, and operating solar projects jumped up to 5 percent upon receiving a Letter of Award (LoA) for executing a turnkey EPC contract for a grid-connected ground-mounted solar power project.
With a market capitalization of Rs. 10,870.83 crores on Tuesday, the shares of Waaree Renewable Technologies Ltd jumped upto 4.9 percent, making a high of Rs. 1063.45 per share compared to its previous closing price of Rs. 1013.30 per share.
Waaree Renewable Technologies Ltd, engaged in solar EPC projects, solar power generation, and financing, constructing, owning, and operating solar projects, has announced the receipt of a Letter of Award (LOA) from Waaree Forever Energies Private Limited (WFEPL), a subsidiary of its holding company, for the execution of a large-scale solar EPC project.
The contract involves the turnkey engineering, procurement, and construction (EPC) of an 870 MWac / 1218 MWp grid-connected ground-mounted solar power project, which includes the development of a 33kV/400kV substation, associated transmission infrastructure, and two years of operation and maintenance (O&M) services. The total order value is approximately Rs. 1,252.43 crore (excluding taxes), and the project is scheduled for completion in FY 2026-27.
Financials & Others
The company’s revenue rose by 155 percent from Rs. 236 crore to Rs. 603 crore in Q1FY25-26. Meanwhile, the Net profit rose from Rs. 28 crore to Rs. 87 crore during the same period.
The company has shown exceptional financial performance with a ROCE of 82.1% and ROE of 65.4%, supported by a very low debt-to-equity ratio of 0.06, indicating strong financial stability.
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It has delivered impressive profit growth of 273% CAGR over the last five years and maintains a solid 3-year average ROE of 71%. The stock is trading at a P/E of 37.5, slightly below the industry average of 39.8, suggesting a reasonable valuation given its strong fundamentals.
Waaree Renewable Technologies Ltd (WRTL) is a leading Indian company in the renewable energy sector, specializing in solar power generation and EPC (Engineering, Procurement, and Construction) projects. The company operates as a subsidiary of Waaree Energies Limited and is headquartered in Mumbai.
It is currently executing several large-scale solar projects across India. Among its major ongoing developments is a 2012 MWp ground-mounted solar project in Bikaner, Rajasthan, which stands out as one of the company’s largest installations. Additionally, a significant 980 MWp project in Kurnool, Andhra Pradesh, and a 435 MWp project also in Bikaner further strengthen its presence in high solar potential regions.
The company has significantly expanded its unexecuted order book, growing from 817 MWp in 2023 to 3,263 MWp in 2025, and standing at 3,155 MWp as of Q1 FY26, highlighting strong business momentum.
Alongside this, the company has maintained a stable execution rate, with executed order book rising from 295 MWp in 2023 to 1,524 MWp in 2025. This robust execution is reflected in its revenue, which grew from ₹351 crore in 2023 to ₹1,598 crore in 2025, reinforcing its ability to efficiently deliver large-scale solar projects.
Written by Sridhar J
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