Waaree Renewable Technologies wins 285 MWp solar EPC project

Waaree Renewable Technologies Ltd, the engineering, procurement and construction arm of the Waaree Group, has signed a work order for a 285 MWp solar power project from a leading independent power producer .In a regulatory filing dated November 7, the company said it had received the work order on November 6 at 6:40 pm. The domestic commercial order involves EPC works for the solar power project, which is scheduled to be completed during FY28.The company did not disclose the financial value of the contract. It also clarified that the promoter group has no interest in the entity awarding the order and that the contract does not fall under related-party transactions.The latest win adds to Waaree Renewable Technologies' order activity.

Last month, on October 8, the company received a Letter of Acceptance from a public sector undertaking for a 5 MWp grid-connected solar photovoltaic project. That contract involves turnkey EPC work along with comprehensive operations and maintenance for 10 years, with the project scheduled for completion within 12 months of the Letter of Acceptance.Waaree Renewable Technologies Q2 FY27 resultsThe order win comes against the backdrop of mixed profitability trends in the September quarter. Waaree Renewable Technologies reported a 30% year-on-year decline in net profit to ₹82 crore for Q2 FY27, compared with ₹116 crore a year earlier.

Revenue from operations, however, rose 36.53% to ₹1,057.84 crore from ₹775 crore.Earnings before interest, tax, depreciation and amortisation increased just 1.3% to ₹160 crore from ₹158 crore, while the EBITDA margin contracted to 15% from 20% a year ago.For the first half of FY27, revenue grew 43.84% year-on-year to ₹1,982.09 crore. EBITDA rose 21.04% to ₹333.46 crore, while net profit remained largely unchanged at ₹200.44 crore against ₹202.75 crore in the corresponding period last year.The company said acquisition-related financing costs and the addition of businesses with different profit margins had affected profitability in the near term.Ahead of the order announcement, shares of Waaree Renewable Technologies closed at ₹733.50 on the BSE on Friday, November 6, down ₹14.55 or 1.95%.