Waaree Renewable shares gain 5% on ₹1,250-crore solar power project

Waaree Renewable shares rose 5 per cent after the company received orders worth ₹1,252.43 crore for a large-scale solar power project

Shares of Waaree Renewable Technologies Ltd. rallied nearly 5 per cent on Tuesday after the company received orders worth ₹1,252.43 crore for a large-scale solar power project.

 

The electrical equipment maker's stock rose as much as 4.94 per cent during the day to ₹1,062.9 per share, the biggest intraday rise since July 29 this year. The stock pared gains to trade 2.9 per cent higher at ₹1,041.8 apiece, compared to a 0.34 per cent advance in Nifty 50 as of 1:02 PM. 

 

Shares of the company currently trade at 2.1 times the average 30-day trading volume, according to Bloomberg. The counter has risen 17 per cent since its listing in April this year. Waaree Renewable Technologies has a total market capitalisation of ₹10,821.32 crore. 

 

Waaree Renewable wins ₹1,252 crore EPC order 

The company on Tuesday said it secured a Letter of Award (LoA) worth about ₹1,252.43 crore (excluding taxes) from Waaree Forever Energies Pvt Ltd (WFEPL), a group subsidiary, for the execution of a large-scale solar power project.

 

The contract covers engineering, procurement and construction (EPC) of an 870 megawatt (Mw) / 1,218 megawatt-peak grid-connected ground-mounted solar project, along with a 33kV/400kV substation and transmission line works. The scope also includes two years of operation and maintenance services, the company statement said. 

 

The project, subject to necessary statutory approvals, is scheduled for completion in the financial year 2026-27. Waaree said the order is a domestic commercial contract and forms part of its strategy to expand its EPC execution capabilities in the renewable energy space. 

 

Waaree Renewable Q1 results 

The company reported a net profit of ₹86.44 crore, down 11.64 per cent quarter-on-quarter from ₹97.83 crore, but up 205.44 per cent year-on-year. Revenue rose to ₹603.19 crore, a 26.57 per cent increase from ₹476.58 crore in the previous quarter, and 155.21 per cent higher year-on-year.

 

Waaree Renewable, a subsidiary of Waaree Group, is among the leading players in India’s solar EPC space, with a strong legacy of over 10,000 project installations totalling more than 2.32 GW. Headquartered in Mumbai, the company offers end-to-end solar solutions, ranging from engineering and construction to financing and operation, across diverse geographies.