Summary:
Waaree Renewable Technologies (WRTL), the EPC arm of Waaree Group, plans to diversify its clean energy portfolio by venturing into battery energy storage systems (BESS) and data centres, while continuing robust growth in its solar power projects. With a strong order book and ambitious Independent Power Producer (IPP) plans, the company aims to scale operations and strengthen its leadership in India’s renewable energy sector.
Diversification Beyond Solar
Waaree Renewable Technologies (WRTL) is set to broaden its operations beyond conventional solar energy. According to CFO Manmohan Sharma, the company is actively exploring opportunities in battery energy storage systems and data centres, marking a strategic expansion into high-growth areas within the clean energy and infrastructure segments.
Sharma emphasized that this diversification will complement Waaree’s existing solar EPC portfolio and support the company’s mission to provide end-to-end energy solutions for commercial and industrial clients.
Strong Order Book and Execution Capabilities
Currently, Waaree Renewable holds an order book of 3.4 GW, expected to be executed over the next 12-15 months. The bidding pipeline remains robust, exceeding 27 GWp, reflecting strong market demand.
In the first half of FY26, the company has executed 1.6 GW of projects, generating revenue of ₹1,377.97 crore. Sharma highlighted that the company has already achieved 85% of last year’s capacity, underpinned by disciplined financial management and operational efficiency.
Independent Power Producer (IPP) Expansion
Waaree is actively expanding its IPP segment with new solar power plants:
- 28 MWp in Maharashtra (14 MWp each at two locations)
- 37.5 MWp in Bikaner, Rajasthan, at an estimated ₹3–3.5 crore per MW
These projects are expected to be operational within the next quarter, boosting Waaree’s footprint in the renewable energy generation space.
Additionally, the company is strengthening its operations and maintenance (O&M) capabilities and developing substations and transmission lines to support specific solar projects.
Financial Performance and Growth
Waaree Renewable reported its highest-ever quarterly revenue in Q2 FY26 of ₹774.78 crore, up 47.73% YoY from ₹524.47 crore in Q2 FY25. Net profit rose 117.4% YoY to ₹116.34 crore, reflecting strong execution and cost efficiencies.
The company finances, constructs, owns, and operates solar projects across geographies for commercial and industrial customers, maintaining a leading position in India’s renewable energy market.
Future Outlook
Sharma confirmed that WRTL has no immediate plans to enter the nuclear EPC segment, citing high capital requirements and complexity. Instead, the focus will remain on scaling solar operations, expanding IPP capacity, exploring BESS and data centre opportunities, and actively participating in government bidding projects.
With robust financial discipline, a growing order book,
Disclaimer:
This article is intended solely for educational and informational purposes. The securities or companies mentioned are provided as examples and should not be considered as recommendations. Nothing contained herein constitutes personal financial advice or investment recommendations. Readers are advised to conduct their own research and consult a qualified financial advisor before making any investment decisions.
Investments in securities markets are subject to market risks. Please read all related documents carefully before investing.