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Stock Rises on New Solar Deal, Strong Earnings
Waaree Renewable Technologies saw its stock price climb close to 7% on Wednesday, hitting an intraday high of ₹852.8. This surge followed the company's announcement of securing a significant engineering, procurement, and construction (EPC) contract. The deal involves a 300 MWac/420 MWp ground-mounted solar photovoltaic plant, marking a substantial addition to its project pipeline. While the stock pared some gains to trade 5.2% higher, it outperformed the broader market, with the Nifty 50 declining by 0.41% at the time. The company's shares are now trading at 4.9 times their average 30-day volume, indicating heightened investor interest.
Q3 Profit Surges 124% on Revenue Growth
The newly awarded EPC contract, secured from a domestic renewable energy firm, cements Waaree Renewable's position in the expanding solar sector. The project is slated for completion during the financial year 2027-28. This development comes on the heels of a strong financial report for the quarter ended December 2024. Net profit more than doubled, surging by 124.67% to ₹120.22 crore, while revenue from operations grew by an impressive 136.18% to ₹851.06 crore. These figures reflect the company's growing operational capacity and successful project execution.
Waaree Acquires Stake in Power Transmission Firm
Further bolstering its growth trajectory, Waaree Renewable's board recently approved the acquisition of a 55% stake in Associated Power Structures (ASPL) for ₹1,225 crore. ASPL, a player in power transmission and distribution, is expected to become a subsidiary by April 30, 2026, subject to regulatory and contractual conditions. This move is set to expand Waaree Renewable's footprint in the broader energy infrastructure segment. Earlier, its parent company, Waaree Energies, had acquired a significant stake in transformer manufacturer Kotsons, signaling a strategic consolidation within the Waaree Group.