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WAAREERTL - Waaree Renewab.

📊 NSE: WAAREERTL 🏢 Other Electrical Equipment 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

Waaree Renewable Seeks Approval to Increase Investment & Loan Limit to ₹2,000 Crore

🔵 WATCH ⭐ 7/10

REGULATORY 📅 13 Mar 2026, 09:58 PM

Waaree Renewable Technologies Limited (WAAREERTL) has initiated a postal ballot to seek shareholder approval for a significant increase in its financial limits. The company proposes a new threshold of ₹2,000 crore for providing loans, guarantees, and making investments under Section 186 of the Companies Act, 2013. This proposed limit is substantially higher than the standard statutory limits based on paid-up capital and free reserves. The e-voting process will conclude on April 14, 2026, providing the board with expanded financial flexibility for future growth or subsidiary support.

Proposed increase in the limit for loans, guarantees, and investments to ₹2,000 crore.
The resolution is sought under Section 186 of the Companies Act, 2013, to exceed standard statutory thresholds.
Remote e-voting period is scheduled from March 16, 2026, to April 14, 2026.
The cut-off date for determining shareholder eligibility to vote is March 06, 2026.
Approval will allow the board to acquire securities or provide financial support to other bodies corporate at its discretion.

💡 Investors should monitor for future announcements regarding specific projects or acquisitions that may utilize this ₹2,000 crore limit. While it signals aggressive growth intent, it also increases the company's exposure to inter-corporate financial risks.

Waaree Renewable Technologies Grants 66,809 ESOPs and Seeks to Increase Investment Limits

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 13 Mar 2026, 03:35 PM

Waaree Renewable Technologies Limited (WAAREERTL) held a board meeting on March 13, 2026, resulting in the grant of 66,809 stock options to eligible employees under its 2022 ESOP plan. The board also approved a postal ballot to seek shareholder approval for increasing the thresholds for loans, guarantees, and investments under Section 186 of the Companies Act. Additionally, the company updated its Code of Fair Disclosure to align with the latest SEBI Prohibition of Insider Trading regulations. These actions indicate a focus on talent retention and preparing for potential future financial flexibility.

Approved the grant of 66,809 stock options under the Waaree RTL ESOP 2022 plan.
Proposed a postal ballot to increase limits for loans, guarantees, and securities under Section 186 of the Companies Act.
Amended the Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI).
The board meeting was held on March 13, 2026, and concluded within 30 minutes.

💡 Investors should view the ESOP grant as a routine employee retention measure and monitor the upcoming postal ballot for details on the new investment and loan limits.

Waaree Renewable Approves 66,809 ESOPs and Seeks Higher Investment Limits

🟡 NEUTRAL ⭐ 6/10

BOARD_MEETING 📅 13 Mar 2026, 03:34 PM

Waaree Renewable Technologies Limited held a board meeting on March 13, 2026, resulting in three key decisions. The board approved the grant of 66,809 stock options to eligible employees under the 2022 ESOP plan. Significantly, the company is seeking shareholder approval via postal ballot to increase the threshold for loans, guarantees, and investments under Section 186 of the Companies Act. Additionally, the company updated its internal Code of Fair Disclosure to align with the latest SEBI Insider Trading regulations.

Approved the grant of 66,809 stock options under the Waaree RTL ESOP 2022 plan.
Initiated a postal ballot to increase limits for loans, guarantees, and securities under Section 186.
Revised the Code of Practices and Procedures for Fair Disclosure of UPSI to meet SEBI requirements.
The board meeting was conducted efficiently within a 30-minute window on March 13, 2026.

💡 Investors should monitor the upcoming postal ballot notice to see the specific revised limits for Section 186, as this indicates the company's future capacity for capital deployment or inter-corporate loans.

Waaree Renewable Bags Major 300 MWac/420 MWp Solar EPC Order

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 10 Mar 2026, 06:59 PM

Waaree Renewable Technologies Limited (WAAREERTL) has signed a contract for the Engineering, Procurement, and Construction (EPC) of a 300 MWac / 420 MWp Ground Mount Solar PV Plant. The order was awarded by a domestic renewable energy power generation company and is scheduled for completion in FY 2027-28. This significant win bolsters the company's project pipeline and ensures medium-term revenue visibility. The contract is a commercial order with no promoter interest or related party involvement.

Signed EPC contract for a 300 MWac (420 MWp) Ground Mount Solar PV Plant
Project execution is scheduled for completion during the financial year 2027-28
Awarded by a domestic entity specializing in renewable energy power generation
The contract is a commercial order and is not a related party transaction

💡 Investors should view this as a positive development for the order book, providing revenue visibility through FY28. Monitor the company's execution efficiency and margin management as it scales its project portfolio.

Waaree Renewable Technologies to Attend Bharat Connect Conference on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 03:44 PM

Waaree Renewable Technologies Limited has scheduled a virtual interaction with analysts and institutional investors on March 11, 2026. The meeting is part of the Bharat Connect Conference Rising Star 2026 and will take place from 4:00 p.m. to 5:00 p.m. IST. The company will engage in both one-on-one and group discussions. These interactions are intended to be based on information already available in the public domain, adhering to SEBI listing regulations.

Meeting scheduled for March 11, 2026, between 04:00 p.m. and 05:00 p.m. IST.
Participation in the Bharat Connect Conference Rising Star 2026 via virtual mode.
Interaction format includes both One on One and Group Discussions with institutional investors.
Discussions will be strictly limited to publicly available information per SEBI guidelines.

💡 Investors should monitor for any investor presentations or transcripts released after the event for insights into the company's strategy. No immediate action is required as this is a routine investor relations activity.

Waaree Renewable Technologies to Attend Investec India Conference on March 10, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Mar 2026, 05:17 PM

Waaree Renewable Technologies Limited has announced its participation in the 7th Annual Investec India Promoter & Founder Conference. The event is scheduled for March 10, 2026, in Mumbai, from 10:00 a.m. to 1:00 p.m. Company officials will engage with analysts and institutional investors through one-on-one and group discussions. These interactions will be based strictly on publicly available information, ensuring no selective disclosure of non-public data.

Participation in the 7th Annual Investec India Promoter & Founder Conference in Mumbai.
Scheduled for March 10, 2026, with a dedicated time slot from 10:00 a.m. to 1:00 p.m.
Format includes both one-on-one and group discussions with institutional investors.
Discussions will be limited to information already available in the public domain.
The meeting is part of routine investor relations activities to improve market transparency.

💡 No immediate action is required as this is a routine investor meeting. Investors should look for any subsequent investor presentations or transcripts that may be uploaded to the exchanges following the event.

Waaree Renewable Technologies Discloses Detailed Credit Rating Rationale from CARE Ratings

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 06 Feb 2026, 05:03 PM

Waaree Renewable Technologies Limited has released the detailed credit rating rationale from CARE Ratings as of February 06, 2026. This follows a previous communication on January 27, 2026, regarding the company's credit profile. The rationale provides transparency into the company's financial stability and risk assessment, which is critical for a firm operating in the capital-intensive renewable energy sector. Investors can access the full report via the provided CARE Ratings link to understand the factors influencing the company's creditworthiness.

Detailed credit rating rationale released by CARE Ratings on February 06, 2026.
Follow-up to the initial credit rating intimation provided on January 27, 2026.
Disclosure made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The report provides insights into the company's operational execution and financial health as a subsidiary of Waaree Energies.

💡 Investors should review the detailed CARE rationale to assess the company's debt-servicing capacity and liquidity. A stable credit profile is essential for the company to secure funding for its solar EPC project pipeline.

India Ratings Places Waaree Renewable's INR 258M Bank Facilities on Rating Watch

🔵 WATCH ⭐ 6/10

REGULATORY 📅 06 Feb 2026, 04:54 PM

India Ratings and Research (Ind-Ra) has placed Waaree Renewable Technologies Limited's bank loan facilities worth INR 258 million on 'Rating Watch with Developing Implications'. The facilities, primarily involving the Indian Renewable Energy Development Agency Limited (IREDA), currently hold an 'IND A' rating. This 'Watch' status indicates that the rating could change based on upcoming developments or further information. Investors should note that while the current rating is investment grade, the developing implications suggest a period of uncertainty regarding the credit profile.

Bank loan facilities totaling INR 258.00 million placed on Rating Watch with Developing Implications.
The current credit rating assigned by India Ratings is 'IND A'.
The primary lender for the rated facilities is the Indian Renewable Energy Development Agency Limited (IREDA).
The rating action was officially communicated to the company on February 05, 2026.
The 'Developing Implications' status suggests potential for rating movement based on future events or data.

💡 Investors should monitor the upcoming detailed credit rating rationale to understand the specific factors causing the 'Developing Implications' status. Maintain a neutral stance until the rating agency provides a final outlook or rating resolution.

Waaree Renewable Credit Rating Upgraded to CARE A+; Bank Facilities Enhanced to ₹2,227 Crore

🟢 POSITIVE ⭐ 7/10

REGULATORY 📅 27 Jan 2026, 06:41 PM

CARE Ratings has upgraded the credit ratings for Waaree Renewable Technologies Limited across its bank facilities. The long-term rating has been raised to 'CARE A+; Stable' from 'CARE A; Stable', while the short-term rating moved to 'CARE A1+' from 'CARE A1'. Furthermore, the company's total rated bank facilities have been significantly enhanced to ₹2,227.37 crore from approximately ₹1,423 crore, reflecting improved financial performance and higher credit requirements for project execution.

Long-term bank facility rating upgraded to CARE A+ (Stable) from CARE A (Stable)
Short-term bank facility rating upgraded to CARE A1+ from CARE A1
Total bank facility limits enhanced to ₹2,227.37 crore, including a ₹2,200 crore LT/ST limit
Upgrade is based on strong operational and financial performance for FY25 and 9MFY26
Major credit limits assigned to ICICI Bank (₹400 cr), IDFC First (₹300 cr), and Yes Bank (₹300 cr)

💡 The rating upgrade and limit enhancement indicate a strengthening balance sheet and improved ability to secure funding for large-scale solar projects. Investors should view this as a positive indicator of reduced credit risk and potential for lower borrowing costs in the future.

Waaree Renewable to Acquire 55% Stake in Associated Power Structures for INR 1,225 Crores

🟢 POSITIVE ⭐ 10/10

M&A 📅 26 Jan 2026, 02:54 PM

Waaree Renewable Technologies Limited (WRTL) has signed a binding term sheet to acquire a 55% majority stake in Associated Power Structures Limited (ASPL) for approximately INR 1,225 crores. ASPL is a power transmission and distribution infrastructure company that has shown explosive growth, with its turnover nearly doubling from INR 619.76 crore in FY24 to INR 1,216.91 crore in FY25. This strategic move allows WRTL to vertically integrate its renewable energy offerings with power distribution capabilities. The acquisition is a cash deal expected to be completed by April 30, 2026.

Acquisition of ~55% stake in ASPL for a total consideration of INR ~1,225 crores via primary and secondary routes.
ASPL turnover grew significantly from INR 416.80 crore in FY23 to INR 1,216.91 crore in FY25.
Target company ASPL reported a net worth of INR 339.53 crore and total assets of INR 834.15 crore as of March 31, 2025.
The deal expands WRTL's presence into the Power Transmission and Distribution (T&D) infrastructure sector.
The acquisition is expected to be finalized by April 30, 2026, making ASPL a subsidiary of WRTL.

💡 Investors should view this as a significant expansion move that diversifies Waaree's portfolio into the critical T&D segment. Monitor the company's funding plan for the INR 1,225 crore cash consideration and the subsequent margin profile post-integration.

Waaree Renewable to Acquire 55% Stake in Associated Power Structures for INR 1,225 Crores

🟢 POSITIVE ⭐ 9/10

M&A 📅 26 Jan 2026, 02:33 PM

Waaree Renewable Technologies Limited has entered into a binding term sheet to acquire a 55% majority stake in Associated Power Structures Limited (ASPL) for approximately INR 1,225 crores. ASPL is a specialist in power transmission and distribution, showing explosive growth with its turnover rising from INR 416.80 crores in FY23 to INR 1,216.91 crores in FY25. This acquisition is a strategic move to integrate power infrastructure capabilities with Waaree's existing renewable energy business. The deal is expected to be completed by April 30, 2026, through a cash consideration involving both primary and secondary transactions.

Acquisition of ~55% stake in ASPL for a total consideration of approximately INR 1,225 crores.
ASPL reported a turnover of INR 1,216.91 crores for FY25, nearly tripling its FY23 revenue of INR 416.80 crores.
Target company ASPL has a net worth of INR 339.53 crores and total assets of INR 834.15 crores as of March 31, 2025.
The acquisition is expected to be finalized by April 30, 2026, making ASPL a subsidiary of the company.
Strategic expansion into the power transmission and distribution sector to provide integrated clean energy solutions.

💡 Investors should look favorably on this acquisition as it adds a high-growth vertical that complements the core renewable business. Monitor the funding mix for the INR 1,225 crore payout and the subsequent integration of ASPL's margins into Waaree's consolidated books.

Waaree Renewable to Acquire 55% Stake in Associated Power Structures for INR 1,225 Cr

🟢 POSITIVE ⭐ 9/10

M&A 📅 26 Jan 2026, 02:31 PM

Waaree Renewable Technologies Limited (WRTL) has entered into a binding term sheet to acquire a 55% majority stake in Associated Power Structures Limited (ASPL) for approximately INR 1,225 crores. ASPL is a key player in the power transmission and distribution sector, reporting a robust turnover of INR 1,216.91 crores in FY 2024-25. This acquisition is a strategic move to integrate clean energy solutions and expand WRTL's presence across the energy infrastructure ecosystem. The transaction is expected to be completed by April 30, 2026, making ASPL a subsidiary of the company.

Acquisition of ~55% stake in Associated Power Structures Limited for a total consideration of ~INR 1,225 crores.
Target company ASPL demonstrated massive growth with turnover rising from INR 416.80 Cr in FY23 to INR 1,216.91 Cr in FY25.
ASPL holds a net worth of INR 339.53 crores and total assets of INR 834.15 crores as of March 31, 2025.
The deal involves a mix of primary and secondary share purchases and is scheduled for completion by April 30, 2026.
The acquisition aligns with WRTL's long-term vision of providing integrated clean energy and energy efficiency solutions.

💡 Investors should view this as a significant growth milestone that diversifies Waaree's revenue streams into power transmission; monitor the funding structure of the INR 1,225 crore deal.

Waaree Renewable to Acquire 55% Stake in Associated Power Structures for INR 1,225 Crores

🟢 POSITIVE ⭐ 10/10

M&A 📅 26 Jan 2026, 02:25 PM

Waaree Renewable Technologies (WAAREERTL) has approved the acquisition of a 55% majority stake in Associated Power Structures Limited (ASPL) for approximately INR 1,225 crores. ASPL is a power transmission and distribution infrastructure company that reported a turnover of INR 1,216.91 crores in FY25, showing rapid growth from INR 416.80 crores in FY23. The acquisition is a strategic move to expand WAAREERTL's capabilities in the clean energy ecosystem and integrated infrastructure. The transaction is expected to be completed by April 30, 2026, making ASPL a subsidiary of the company.

Acquisition of ~55% stake in Associated Power Structures Limited for a total consideration of INR ~1,225 crores.
Target company ASPL reported FY25 turnover of INR 1,216.91 crores and a net worth of INR 339.53 crores.
ASPL has shown significant growth with turnover rising from INR 416.80 crores in FY23 to over INR 1,216 crores in FY25.
The acquisition is expected to be completed by April 30, 2026, through cash consideration.
Strategic expansion into power transmission and distribution to complement existing renewable energy business.

💡 Investors should view this as a significant growth milestone that diversifies the company's revenue streams into power infrastructure. Monitor the impact on consolidated margins and the successful integration of ASPL by the April 2026 deadline.

Waaree Renewable Q3 FY26 PAT Jumps 125% to ₹120 Cr; Order Book Strong at 2.92 GW

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Jan 2026, 01:49 PM

Waaree Renewable Technologies delivered a robust Q3 FY26 performance with revenue surging 136% YoY to ₹851.06 crore and PAT rising 125% to ₹120.19 crore. The company maintained healthy EBITDA margins of 18.66% for the quarter, supported by the execution of 2,230 MWp in the first nine months of the fiscal year. With an unexecuted order book of 2.92 GWp and a massive bid pipeline of 29 GW, the company demonstrates high revenue visibility. Management is also diversifying into Battery Energy Storage Systems (BESS) and expanding its O&M portfolio, which currently stands at 1,180 MWp.

Q3 FY26 Revenue grew 136.18% YoY to ₹851.06 crores, while PAT increased 124.74% to ₹120.19 crores.
Unexecuted order book stands at 2.92 GWp as of December 2025, ensuring strong short-to-medium term visibility.
9M FY26 EBITDA margins improved to 19.48% from 16.48% in the previous year, reflecting operational leverage.
The company is actively pursuing a 29 GW project pipeline, including 5-6 GW of active tenders.
O&M portfolio reached 1,180 MWp, providing a growing stream of recurring revenue alongside EPC activities.

💡 Investors should focus on the company's ability to convert its massive 29 GW pipeline into firm orders and maintain execution efficiency. The stock remains a key beneficiary of India's utility-scale solar expansion and the emerging BESS market.

Waaree Renewable Bags INR 37.96 Crore EPC Order for 10 MWac Solar Project

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 19 Jan 2026, 06:28 PM

Waaree Renewable Technologies Limited (WAAREERTL) has secured a domestic EPC contract for a 10 MWac/14 MWp ground-mount solar PV plant in Uttar Pradesh. The contract is valued at approximately INR 37.96 crore (excluding taxes) and was awarded by a manufacturer of industrial gases. The project is scheduled for completion during the 2026-27 financial year. This win continues the company's momentum in the renewable energy infrastructure segment, providing revenue visibility for the upcoming fiscal years.

New turnkey EPC contract for a 10 MWac/14 MWp solar plant in Uttar Pradesh.
Total contract value estimated at approximately INR 37.96 crore excluding taxes.
Project awarded by a domestic industrial gas manufacturer with no promoter interest involved.
Scheduled for completion during the financial year 2026-27.

💡 Investors should view this as a positive development that strengthens the order book; maintain focus on the company's execution efficiency and upcoming quarterly results.

View All WAAREERTL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations grew 81.12% YoY in H1 FY26 to INR 1,377.97 Cr, primarily driven by the core Solar EPC segment which executed 1,621 MWp of projects during the period.

Geographic Revenue Split

The company operates across 25 states and 2 Union Territories in India and provides EPC services overseas; specific percentage split between domestic and international revenue is not disclosed.

Profitability Margins

PAT margin improved significantly to 14.71% in H1 FY26 from 10.74% in H1 FY25. PBT margin stood at 19.82% for H1 FY26 compared to 14.27% YoY, reflecting strong operating leverage.

EBITDA Margin

EBITDA margin reached 19.99% in H1 FY26, up from 14.81% in H1 FY25, driven by operational efficiencies, tight budgeting controls, and real-time project monitoring.

Capital Expenditure

Fixed assets increased to INR 377.50 Cr as of September 30, 2025, compared to INR 160.02 Cr as of September 30, 2024, indicating significant investment in operational capacity.

Credit Rating & Borrowing

CARE A-; Stable / CARE A2 reaffirmed in October 2024. Total bank facilities rated at INR 1,423 Cr, including INR 28.94 Cr long-term and INR 1,394.06 Cr long/short-term limits.

⚙️ Operational Drivers

Raw Materials

PV Modules represent the primary raw material cost, followed by other solar-related components like solar water pumps and solar water heaters.

Import Sources

Sourced from India and Overseas markets; specific country-wise import percentages are not disclosed in the available documents.

Key Suppliers

Waaree Energies Limited (the parent company) is a key supplier of PV modules, ensuring supply chain security and strong operational linkages.

Capacity Expansion

Executed 1,621 MWp of EPC projects in H1 FY26, which exceeds the full-year execution of FY25. The company maintains a healthy unexecuted order book of 3.48 GWp.

Raw Material Costs

Cost of EPC contracts was INR 1,061.68 Cr in H1 FY26, accounting for approximately 77.05% of total revenue from operations.

Manufacturing Efficiency

ROCE stood at 61.94% in FY25, reflecting highly efficient capital utilization to drive profitability and create shareholder value.

📈 Strategic Growth

Expected Growth Rate

81%

Growth Strategy

Growth will be achieved by executing the 3.48 GWp unexecuted order book, scaling ground-mounted projects to 1-2 GWp capacities, expanding the O&M business segment, and integrating BESS (Battery Energy Storage Systems).

Products & Services

Solar EPC solutions, O&M (Operations and Maintenance) services, solar water pumps, and solar water heaters.

Brand Portfolio

Waaree

New Products/Services

Integration of BESS (Battery Energy Storage Systems) into EPC offerings to support grid stability and provide comprehensive energy solutions.

Market Expansion

Targeting large-scale ground-mounted projects across India and expanding solar EPC services in international markets.

Market Share & Ranking

Maintains a leadership position in India's solar EPC space with execution capacity now exceeding 1.6 GWp per half-year.

Strategic Alliances

Strong operational and financial linkages with parent company Waaree Energies Limited, which contributes ~10% to the group's overall profitability.

🌍 External Factors

Industry Trends

Rapid industry growth driven by the global energy transition, with a shift toward large-scale utility projects and integrated storage (BESS) solutions.

Competitive Landscape

Operates in a highly competitive solar EPC market, where operational efficiency and supply chain security are the primary differentiators.

Competitive Moat

Sustainable moat derived from parent company's module manufacturing leadership, execution scale, and cost leadership in the solar EPC segment.

Macro Economic Sensitivity

Sensitive to government renewable energy policies and interest rate fluctuations affecting project financing costs.

Consumer Behavior

Increasing demand for large-scale ground-mounted solar installations and integrated energy storage to ensure grid reliability.

Geopolitical Risks

Impacted by ALMM (Approved List of Models and Manufacturers) regulations and potential trade barriers affecting the import of components or overseas project execution.

⚖️ Regulatory & Governance

Industry Regulations

Compliance with ALMM-I (Approved List of Models and Manufacturers) for solar modules and various pollution and manufacturing standards for power projects.

Taxation Policy Impact

Effective tax rate of approximately 25.7% based on H1 FY26 tax of INR 70.40 Cr on PBT of INR 273.14 Cr.

Legal Contingencies

Not disclosed in available documents; the company reports no material strictures or penalties from statutory authorities in the last three years except for minor SEBI-related filing delays.