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The board of Waaree Renewable Technologies at its adjourned meeting held on 26 January 2026, has, inter alia, considered and approved to enter into a binding term sheet for acquisition of ~55% of the stake in the equity share capital of Associated Power Structures (ASPL) for a total consideration of Rs 1,225 crore mix of primary & secondary, subject to completion of due diligence and customary closing conditions.
Associated power Structures established in 1996, is in the business of Power transmission and distribution into infrastructure sector. Further, pursuant to the above acquisition of shares, Associated Power Structures will become a subsidiary of the Company.
Revenue from operations zoomed 136.18% year on year (YoY) to Rs 851.06 crore in Q3 FY26 over Q3 FY25
Profit before tax (PBT) soared 123.92% to Rs 158.38 crore in Q3 FY26 compared with Rs 70.73 crore posted in corresponding quarter last year.
EBITDA stood at Rs 158.80 crore in Q3 FY26, registering the growth of 120.79% compared with Rs 71.92 crore in Q3 FY25. EBITDA margin reduced to 18.66% in Q3 FY26 as against 19.96% in Q3 FY25.
Waaree Renewable’s unexecuted order book stands at 2.92 GWp, expected to be executed over the next 12-15 months, while its bidding pipeline remains robust at around 29 GWp.
The company secured 217.5 MWp and 39.8 MWp ground-mounted solar power projects in Q3 FY26.
Additionally, the board has approved the capex budget for setting up a 120 MWp solar power park in Buldhana, Maharashtra.
Waaree Renewable reported a strong 9MFY26 performance, with revenue rising 98.81% YoY to Rs 2,229.03 crore from Rs 1,121.17 crore in 9M FY25, surpassing its FY25 performance. PAT rose 138.92% YoY to Rs 322.93 crore, up from Rs 135.16 crore in the same period last year.
EBITDA grew 135.29% YoY to Rs 434.28 crore, with margins at 19.48%, compared with Rs 184.57 crore in 9M FY25.
Manmohan Sharma, CFO, Waaree Renewable Technologies, said: “We are pleased to report revenues of Rs. 851.06 crores in Q3 FY26, compared to Rs. 360.35 crores in Q3 FY25, reflecting YoY growth of 136.18%. Our margin for this performance resonates our execution excellence, financial discipline and robust operating model.
India’s renewable energy sector continues to gain momentum, with over 30 GW of solar capacity added in the first nine months of FY26 which already surpasses the last year’s full-year addition. Cumulative solar installations now stand at ~135 GW, while total non-fossil fuel capacity has reached ~267 GW, accounting for more than half of India’s installed renewable capacity.
With an unexecuted EPC orderbook of 2.92 GWp, WRTL is positioned to deliver large-scale solar projects also ensuring long-term performance through integrated O&M services. India’s energy transition is not only about expanding capacity but also about embedding resilience and efficiency. We also strengthened our financial position through focus on operational efficiency and prudent capital allocation. We remain committed to maintaining healthy cashflows, conservative leverage and strong governance standards. Looking ahead, we will continue to strengthen capabilities, invest in innovation, and expand partnerships to capture emerging opportunities in the renewable ecosystem.”
Waaree Renewable Technologies Limited (WRTL) is subsidiary company of Waaree Group and spearheading the Solar EPC business. We are also a solar developer that finances, constructs, owns and operates solar projects. Headquartered in Mumbai, we operate across geographies, focusing on longterm investments within the commercial and industrial customer segments.
The company said the project is scheduled to be completed in FY27 as per the terms of the order. It added that the order has been awarded by a domestic entity and does not fall under related-party transactions.
Waaree Renewable Technologies, based in Mumbai, is a subsidiary of the Waaree Group and leads the group’s Solar EPC operations. In addition to engineering, procurement, and construction, the company develops, finances, builds, owns, and operates solar power projects as part of its long-term investment approach.
The company’s consolidated net profit surged 117.2% to Rs 116.30 crore on 47.7% jump in net sales to Rs 774.78 crore in Q2 FY26 over Q2 FY25.
Shares of Waaree Renewable Technologies fell 1.89% to Rs 988 on the BSE.
Waaree Renewable Technologies has been awarded Letter of Award (LOA) for the execution of Engineering, Procurement and Construction (EPC) works of Ground Mount Solar Power Project of 25MWac/35MWp on a turnkey basis along with Evacuation Infrastructure of 50MW. The contract, valued at Rs 102.75 crore, is placed by one of the largest manufacturers of pig iron and castings & seamless tubes.
Following the revision, the contract value has been reduced to Rs 1,039.60 crore from Rs 1,252.43 crore (excluding taxes) while project capacity has been scaled down to 704MWac/1,000 MWp from 870MWac/1,218MWp. All other terms of order remain unchanged.
The project is scheduled to be completed in the financial year 2026- 27, as per the terms of the order.
Under the contract, the company will execute a 28.60 MWac / 39.80 MWp solar project on a turnkey basis. The project is scheduled to be completed during FY27, in line with the terms of the order.
The order has been awarded by a domestic entity and does not involve any related-party transaction. Additionally, the promoters and promoter group companies of Waaree Renewable Technologies do not have any interest in the awarding entity.
This order further strengthens Waaree Renewable Technologies’ presence in the renewable energy EPC segment and underscores its growing execution capabilities in large-scale solar projects.
PSU Bank shares witnessed buying demand for second straight session.
At 14:25 IST, the barometer index, the S&P BSE Sensex declined 3.75 points or 0.10% to 84,608.82. The Nifty 50 index lost 13.70 points or 0.05% to 25,928.40.
In the broader market, the S&P BSE Mid-Cap index fell 0.07% and the S&P BSE Small-Cap index shed 0.10%.
The market breadth was negative. On the BSE, 1,828 shares rose and 2,263 shares fell. A total of 189 shares were unchanged.
Buzzing Index:
The Nifty PSU bank index jumped 1.46% to 8,412.90. The index rose 1.51% in the two trading sessions.
Indian Bank (up 2.67%), Bank of Maharashtra (up 2.65%), Canara Bank (up 1.56%), Indian Overseas Bank (up 1.48%), Union Bank of India (up 1.23%), Bank of Baroda (up 1.2%), Punjab National Bank (up 1.16%), Bank of India (up 1.04%), UCO Bank (up 1.02%) and State Bank of India (up 0.85%) surged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.03% to 6.597 as compared with the previous close of 6.595.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 89.8175 compared with its close of 89.9825 during the previous trading session.
MCX Gold futures for 5 February 2026 settlement advanced 0.64% to Rs 135,829.
The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.01% to 98.02.
The United States 10-year bond yield rose 0.07% to 4.120.
In the commodities market, Brent crude for February 2025 settlement advanced 15 cents or 0.24% to $62.09 a barrel.
Stocks in Spotlight:
Concord Drugs rallied 3.48% after the company announced that it has secured an order worth Rs 14.71 crore for the supply of various pharmaceutical products.
Waaree Renewable Technologies rose 0.53%. The company has secured a domestic order from India’s largest manufacturers of pig iron, castings, and seamless tubes to develop a 35 MWp ground-mount solar power project on a turnkey basis, including operation & maintenance (O&M).