Synopsis: Waaree Renewable Technologies Limited (WRTL) has signed definitive agreements to acquire a 55 percent controlling stake in Associated Power Structures Private Limited (APSPL) for a total investment of Rs. 1,225 crore, a move that significantly deepens the solar EPC player’s vertical integration across the renewable energy value chain.
India’s solar energy buildout has always needed two things to work in tandem: panels and the structural backbone to mount them. One of the country’s most aggressively scaling solar EPC companies has just moved to own more of that equation, signing definitive agreements to acquire a controlling stake in a structural mounting solutions firm, a move designed to tighten execution control and deepen vertical integration across its fast-growing renewable energy pipeline.
With a market capitalization of approximately Rs. 11,000 crore, the shares of Waaree Renewable Technologies were trading at Rs. 1,054 per share, with a 52-week range of Rs. 1,358 to Rs. 779.50. The stock trades at a P/E of 23x.
Acquisition Details
Under the transaction, WRTL will acquire existing equity shares from three promoter family trusts, the Desai Family Trust, Kothari Family Trust, and Patel Family Trust, and simultaneously subscribe to freshly issued Class B shares in APSPL. Post-completion, APSPL will become a subsidiary of WRTL with a 55% stake on a fully diluted basis for a total consideration of ₹1,225 crore, with the issue price to be determined at fair market value by a registered valuer.
The three key individual promoters, Mr. Satish Desai, Mr. Parag Kothari, and Mr. Ajay Patel, remain parties to the shareholders’ agreement, and WRTL gains rights to nominate directors and exercise governance protections, including first right of share subscription and restrictions on capital structure changes.
Waaree Renewable said the transaction aligns with its long-term strategy of building an integrated platform spanning renewable power generation, EPC services, energy efficiency solutions, and enabling infrastructure, thereby improving execution capability and resilience across the clean energy value chain.
The strategic rationale is straightforward. APSPL is a structural mounting solutions company, and for an EPC player that is commissioning gigawatt-scale ground-mounted solar projects across Rajasthan, Maharashtra, Andhra Pradesh, and beyond, bringing this capability in-house is a meaningful supply chain upgrade. It reduces vendor dependency, tightens execution control, and potentially improves project economics at scale.
Business & Financial Overview
Waaree Renewable Technologies Limited, a subsidiary of Waaree Energies Limited, India’s largest solar module manufacturer, is listed on BSE and NSE under the scrip symbol WAAREERTL. The company operates as a full-spectrum solar EPC and O&M player with 15 years of project execution experience. It has commissioned 5.06 GWp of solar capacity to date, with 2,832 MWp currently under execution, and maintains an O&M portfolio of approximately 1,180 MWp. Its customer roster includes ArcelorMittal, Reliance Industries, JSW, Greenko, Acciona Energy, and NTPC, among others.
WRTL’s FY26 numbers tell the story of a company in full stride. Revenue from operations surged 108.51 percent year-on-year to Rs. 3,331.42 crore, while EBITDA more than doubled to Rs. 641.10 crore at a margin of 19.24 percent. PAT grew 109.09 percent to Rs. 478.65 crore, with a PAT margin of 14.37 percent.
For Q4 FY26 specifically, revenue came in at Rs. 1,102.40 crore, up 131.31 percent YoY, with EBITDA of Rs. 206.82 crore and PAT of Rs. 155.72 crore. ROE stood at 68.93 percent and ROCE at 62.54 percent, reflecting the capital-light, cash-generative nature of the EPC model. Revenue CAGR over FY23–26 stands at a remarkable 111.73 percent.
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