Engaged in the business of power generation through renewable energy sources such as solar, Waaree Renewables Technologies Ltd is a subsidiary company of the Waaree Group. It manages the execution of Engineering, Procurement, and Construction (EPC) works for solar power projects.
The company has received a massive order worth ₹114.23 crore, as informed through an exchange filing. The order has been awarded by a domestic entity, although the name of the entity was not disclosed in the document. The company received the Letter of Award on May 16, 2025. This order falls under the Mukhyamantri Saur Krushi Vahini Yojana-2.0 (MSKVY 2.0) scheme.
The Order Details
Waaree Energies will construct a 94 MW AC / 131.6 MW DC ground-mounted solar power plant. AC (Alternating Current) capacity refers to the usable power that is sent to the grid after conversion from DC, while DC (Direct Current) is the raw power output generated by solar panels before losses in conversion. The plant will be spread across multiple agricultural zones identified under the MSKVY 2.0 initiative.
Under the EPC (Engineering, Procurement, and Construction) scope, Waaree will oversee all aspects of the project:
- Design & Engineering: Includes plant layout, module alignment, electrical single-line diagrams, and foundation planning.
- Procurement: Sourcing of solar panels, inverters, module-mounting structures, cabling systems, and all auxiliary equipment.
- Construction & Commissioning: Covers site preparation, solar module installation, electrical wiring, inverter commissioning, grid connection, and overall system testing.
Furthermore, Waaree will be responsible for Operation & Maintenance (O&M) services over five years, which will include:
- Monitoring: Continuous performance tracking and analytics to detect faults promptly.
- Preventive Maintenance: Regular panel cleaning, torque and alignment checks, and vegetation control.
- Corrective Maintenance: Quick resolution of faults, including inverter replacement, damaged panel repair, and electrical troubleshooting.
The entire project is expected to be completed by March 31, 2026, which is the end of the FY 2025-26 timeline.
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Company Overview
| Founder | Hitesh Chimanlal Doshi |
| IPO | Oct 2024 |
| Stock Exchange | BSE, NSE |
| Market Cap | ₹10,719 Cr |
| Incorporation | 1990 |
| Headquarters | Mumbai, Maharashtra, India |
| Sector | Renewable Energy |
| Industry | Solar Power / EPC |
| Key Products & Services | Solar panel manufacturing, EPC services, O&M |
Waaree RTL has a huge order book of 2,191 MWp that is yet to be executed. This is expected to be completed within 9–12 months.
The company exports its products to over 68 countries across the world.
Promoters hold a significant portion of the company, with the ownership percentage standing at 75%.
The company’s stock split from a face value of ₹10 to ₹2 in 2024, meaning it was done in the ratio of 1:5.
With a market cap of approximately ₹10,720 crore, shares of the company are trading at a P/E of 56.90. The company has generated a ROE of 58.93% over the period.
The company had reported a net profit margin of 17.17% in FY 2023–24.
Disclaimer:
This article is for informational and educational purposes only. It does not constitute financial advice. The author is not a registered financial advisor. While the content is written in good faith and with the utmost care, complete accuracy is not guaranteed. However, updates and corrections will be made as needed to ensure current and correct information.
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