Waaree Renewable Technologies Ltd., a subsidiary of Waaree Energies Ltd, said on Friday it has received a Letter of Award for engineering, procurement and construction work on a 94 megawatt alternating current or 131.6 MW direct current solar power project in India.

The company said the project, awarded by a domestic renewable generation firm, will be executed under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a state-backed initiative aimed at promoting solar energy in agriculture.

Waaree Renewable said in a stock exchange filing that the contract, valued at approximately ₹114.23 crore ($13.7 million), excludes taxes and also includes the operation and maintenance of the project.

The project is scheduled to be completed in the financial year 2025–26.

Waaree Renewable added that no related party is involved in the deal and that the award does not constitute a related-party transaction.

The award further solidifies Waaree Renewable’s presence in utility-scale renewable energy deployments across India.

Strong Financial Year Bolsters Market Position

The contract award follows a year of strong financial performance for Waaree Renewable. For the financial year ended March 31, 2025, the company reported a record revenue of ₹1,597.75 crore, up 82.29 percent from ₹876.50 crore in FY24.

Net profit also surged 57.64 percent to ₹228.92 crore, while earnings before interest, taxes, depreciation and amortization rose by 50.06 percent year-on-year to ₹310.90 crore.

In the fourth quarter alone, the company clocked revenue of ₹476.58 crore, a 74.37 percent increase compared to the same period last year.

Profit after tax for Q4 FY25 jumped 82.73 percent year-on-year to ₹93.77 crore.

Robust Order Book and Expanding Capabilities

Waaree Renewable’s unexecuted order book now stands at 3.2 gigawatt-peak, to be delivered within the next 12 to 15 months, reflecting sustained demand in the solar EPC sector. The company also maintains a strong bidding pipeline of approximately 30 GWp.

Recent contract wins include a 255 MWp and a 105 MWp ground-mounted solar power project and a 40 MWh battery energy storage system, bolstering the company’s diversification and growth beyond traditional solar EPC projects.

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