Waaree Renewable’s growth momentum may persist with the big order win
Subscribe to enjoy similar stories. Waaree Renewable Technologies Ltd’s shares are up about 10% this week after it said it had received an order for a two-gigawatt (GW) solar project from Jindal Renewables. The order, higher than its cumulative backlog of 1.7GW at September-end, is the largest received by the solar EPC (engineering, procurement and construction) company so far and establishes its position as a gigawatt-scale project execution player.
With a pipeline of about 18GW, an order win rate of 25% and its parent, Waaree Energies Ltd, being the source for key raw material supplies, Waaree Renewable looks set to maintain its growth ahead. Waaree Renewable is seeing significant traction in its business with increasing adoption of renewable energy across both government agencies and private sector consumers. Nearly 80% of its orders come from the private sector, and have a faster turnaround time.
The market is also exploring the use of solar power for battery energy storage systems, pump hydro storage systems, green hydrogen, etc., although their large-scale commercialization is still to be established. Supplies from the parent reduces the possibility of future disruption with recent government notification directing all module manufacturers to procure their solar cells from an approved list of vendors only from June 2026. The company’s presence in the operations and maintenance (O&M) segment, with most of its clients giving three to five years of O&M contracts, helps build another revenue stream.
The segment accounts for nearly one-third of its order backlog. It is also bidding for external O&M contracts and expects the segment to grow by 2-3x next year onwards. With the thrust on rooftop solar and a large number of
. Read more on livemint.com
