WAAREE RENEWABLE TECH LTD

Executes engineering, procurement and construction (EPC) contracts for utility-scale solar PV plants, and is now extending into battery energy storage systems (BESS) and transmission & distribution (T&D) infrastructure. In Q1 FY27 the company executed 888.81 MWp of solar PV capacity, won ~1,520 MWh of BESS, and signed an Early Contractor Involvement agreement for a solar-plus-storage project in New Zealand. A 55% acquisition of Associated Power Structures (APSPL) during Q1 FY27 adds a T&D EPC vertical with 108,000 MT/annum of fabrication and galvanization capacity. Beyond construction, the company runs an operations & maintenance (O&M) portfolio of 1.15 GWp and an independent power producer (IPP) portfolio of 82 MWp with a 198 MWp pipeline, which generates recurring power-sale revenue. Per the segment data, FY26 revenue is split between EPC Contracts and Power Sale, each shown at 50% of period segment revenue. The consolidated order book stands at Rs 5,300 cr (12–15 months of execution visibility), of which Rs 2,400 cr is standalone solar EPC and Rs 200 cr is BESS EPC. The biggest cost line is materials at 78.2% of revenue (solar modules, electrical equipment and balance-of-system components), while employee cost is only 1.5% and depreciation 0.3%.