Waaree Renewable Technologies Ltd

 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. Powered by Capital Market - Live

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. Powered by Capital Market - Live

Net profit of Waaree Renewable Technologies rose 124.67% to Rs 120.22 crore in the quarter ended December 2025 as against Rs 53.51 crore during the previous quarter ended December 2024. Sales rose 136.18% to Rs 851.06 crore in the quarter ended December 2025 as against Rs 360.35 crore during the previous quarter ended December 2024. ParticularsQuarter EndedDec. 2025Dec. 2024% Var. Sales851.06360.35 136 OPM %18.6619.96 - PBDT160.5072.36 122 PBT158.3970.73 124 NP120.2253.51 125 Powered by Capital Market - Live

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.Powered by Capital Market - Live

The order is for the engineering, procurement and construction (EPC) of a ground-mounted solar power project of 25 MWac/35 MWp on a turnkey basis, along with 50 MW of evacuation infrastructure. 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.Powered by Capital Market - Live

Waaree Renewable Techs. will hold a meeting of the Board of Directors of the Company on 14 January 2026.Powered by Capital Market - Live

The company revised the capacity and contract value due to evacuation considerations and optimization of DC overloading. 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. 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.Powered by Capital Market - Live

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 28.60 MWac/ 39.80MWp on a turnkey basis. The value of the project is Rs 96.51 crore. Powered by Capital Market - Live

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. 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. Powered by Capital Market - Live

Waaree Renewable Technologies has received an enhancement in the capacity under the existing contract from from 30 MWp to 35 MWp for the execution of Engineering, Procurement, and Construction (EPC) works for a Ground mount solar power project including Operation and Maintenance (O&M). The commercial order has been enhanced from Rs. 90.29 crore to Rs.102.93 Cr. (Exclusive of taxes). Thereby enhancement of Rs. 12.64 crore. Powered by Capital Market - Live