Follow India Renewable Energy News on WhatsApp for exclusive updates on clean energy news and insights

Waaree Renewable Technologies Reports Strong Growth in Q3 FY25 Despite Profit Decline

Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, reported a total revenue of Rs3.6 billion in Q3 FY24.

Revenue from the EPC segment alone amounted to Rs3.51 billion during the same period last year. However, the net profit for Q3 FY25 declined by 16.74% YoY to Rs534.8 million in Q3 FY24. Similarly, EBITDA fell by 18.09% YoY to Rs719.2 million, and the profit margin reduced to 14.84% from 19.81% in the corresponding quarter of FY24.

As of December 31, 2024, Waaree’s unexecuted order book stood at over 3.4 GW. The company plans to complete these orders within nine to 15 months, with a focus on efficient execution.

In the first nine months (9M) of FY25, Waaree posted total revenue of Rs10.94 billion for 473 MW during the same period in FY24. Profit after tax surged 43.9% YoY to Rs1.35 billion. The company’s EBITDA also saw a significant 40.15% YoY growth, reaching Rs1.85 billion in FY24.

Despite this strong performance, the profit margin for 9M FY25 declined to 12.06%, down from 15.57% in the same period of FY24. The company attributes approximately 60–70% of its business to utility-scale EPC services, with 30–35% of its projects originating from government entities like NTPC and the Solar Energy Corporation of India.

In 2024, Waaree secured a 2 GW order, which it plans to begin executing shortly.

Key Projects:

The company is actively working on several large-scale ground-mounted solar projects, including:

• 3.4 MW in Karnataka
• 412.5 MW in Bikaner, Rajasthan
• 295.68 MW in Kurnool, Andhra Pradesh
• 210 MW in Khandwa, Madhya Pradesh
• 154 MW in Thoothukudi, Tamil Nadu
• 150 MW in Ratlam, Madhya Pradesh
• 100 MW in Jamnagar, Gujarat

Additionally, Waaree plans to diversify into the EPC segment for data centers, marking a strategic expansion into a new business domain.

In Q2 FY25, Waaree posted total revenue of Rs5.24 billion. For Q3 FY24, the company had achieved a net profit of Rs644.6 million in Q3 FY23.

With a strong focus on timely project execution and business diversification, Waaree aims to strengthen its position as a leader in India’s renewable energy sector, contributing to the country’s target of adding 40–50 GW of renewable capacity annually.