Waaree's EPC unit lands 285 MWp solar build from independent power producer

what happened

Waaree Renewable Technologies, the engineering and construction arm of the Waaree Group, has signed a work order to build a 285 MWp solar power plant for a major independent power producer. The works are scheduled for completion during FY28, and the company has not disclosed the contract's financial value.

In a regulatory filing dated November 7, the company said it received the order on November 6. It also stated that the promoter group has no interest in the awarding entity and that the contract is not a related-party transaction. In October, the company had received a Letter of Acceptance from a state-owned enterprise for a 5 MWp project that includes ten years of operations and maintenance.

Results for the September quarter were mixed. Net profit fell 30% year on year to ₹82 crore, while revenue rose 36.53% to ₹1,057.84 crore. The EBITDA margin narrowed to 15% from 20% a year earlier.

why it matters

For investors, the margin trend matters more than the order itself: revenue is growing faster than profit, which the company attributes to acquisition financing costs and businesses with lower margins. With the contract value undisclosed, its contribution to future earnings is hard to gauge.

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