Synopsis:
Waaree Renewable Technologies received an enhanced scope of Rs. 29.65 crore for its 2012.47 MWp solar EPC project, taking the total order size to Rs. 1,510 crore. The stock fell 3.37 percent intraday.
A renewable energy stock was in focus after it announced a fresh scope enhancement to an ongoing EPC order, signalling strong execution momentum and continued client trust. The update comes amid rising institutional interest in solar infrastructure developers.
Waaree Renewable Technologies Ltd which has a market capitalization of Rs. 10,852 crore, opened at Rs. 1,031 against the previous close of Rs. 1,061.50. The stock touched an intraday low of Rs. 1,025.70, marking a 3.37 percent decline from the previous close.
What’s the News?
Waaree Renewable Technologies has received a revised scope of work under its existing contract for the Engineering, Procurement, and Construction (EPC) of a ground-mounted solar PV project. The enhancement adds Rs. 29.65 crore to the existing commercial order, taking the total project value to Rs. 1,510.06 crore (excluding taxes).
However, the total installed capacity under the project remains unchanged at 2012.47 MWp, as first disclosed on November 27, 2024. This is the second revision in scope, following a prior update on June 20, 2025.
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Financial Snapshot
As of March 2025, Waaree reported a Return on Capital Employed (ROCE) of 84.8 percent, Return on Equity (ROE) of 65 percent, and Return on Assets (ROA) of 25.6 percent. The company remains largely debt-free, with a debt-to-equity ratio of just 0.06 and total borrowings of Rs. 27 crore. Net cash flow stood at Rs. 17 crore at the end of FY25.
At a P/E ratio of 37.3, the stock currently trades below the industry average of 43.1, indicating relative undervaluation. Waaree has delivered a 3-year compounded profit growth of 198 percent.
During the June 2025 quarter, the company reported revenue of Rs. 603 crore, rising 26.4 percent quarter-on-quarter from Rs. 477 crore. However, net profit came in at Rs. 86 crore, down 8.5 percent compared to Rs. 94 crore in Q4FY25.
About the Company
Waaree Renewable Technologies Ltd, incorporated in 1999, is engaged in the generation of power through renewable energy sources and offers consultancy services in the clean energy domain.
A subsidiary of Waaree Energies, it is part of one of India’s largest vertically integrated new energy conglomerates. The group operates India’s largest solar panel manufacturing facility with a total capacity of 12 GW across its units in Chikhli, Surat, and Umbergaon in Gujarat.
Witten By Manan Gangwar
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