Waaree Renewable Technologies Limited (WRTL), a subsidiary of Waaree Energies Limited, has announced the cancellation of a significant 125 MWAC (181.3 MWp DC) solar project EPC (Engineering, Procurement, and Construction) order. This development marks a notable setback for the company in its renewable energy ventures.

Project Details and Cancellation

The project, which was initially awarded to a consortium of three members including WRTL, involved the EPC works for a solar power project on a turnkey basis, along with operation and maintenance responsibilities. The company received the cancellation notice on July 19, 2025, at 3:30 p.m. (IST), as disclosed in their filing to the stock exchanges.

Reasons for Termination

According to the LODR (Listing Obligations and Disclosure Requirements) disclosure, the primary reason for the project's cancellation stems from a decision by the Government of Assam. The state government has chosen to withdraw the project from funding through an ADB (Asian Development Bank) Loan. Consequently, the Assam Power Distribution Company Limited (APDCL) determined that it was no longer feasible to pursue the solar project, leading to the termination of all work allotted to the involved parties.

Impact on Waaree Renewable Technologies

While the exact financial impact of this cancellation on Waaree Renewable Technologies is not explicitly stated, the termination of such a substantial project is likely to affect the company's near-term project pipeline and revenue projections. The 125 MWAC capacity project represented a significant undertaking, and its cancellation may require the company to reassess its operational strategies and seek alternative projects to maintain its growth trajectory.

Market Implications

This development serves as a reminder of the challenges faced by companies in the renewable energy sector, particularly in terms of project funding and government policies. It highlights the importance of diversified project portfolios and robust risk management strategies for companies operating in this dynamic industry.

Waaree Renewable Technologies Limited will need to navigate this setback carefully to maintain investor confidence and continue its mission of expanding renewable energy solutions in India.

As the renewable energy landscape continues to evolve, stakeholders will be keenly watching how Waaree Renewable Technologies adapts to this change and pursues new opportunities in the solar power sector.

Waaree Renewable Technologies Limited , a leading player in the solar EPC space, has reported exceptional financial results for the first quarter of fiscal year 2026, showcasing robust growth across key metrics.

Financial Highlights

• Revenue surged by 155.20% year-over-year to Rs 603.19 crore, compared to Rs 236.35 crore in Q1 FY2025.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a significant jump of 186.14% to Rs 117.54 crore, up from Rs 41.08 crore in the same quarter last year.
• Net profit registered an impressive growth of 206.77%, reaching Rs 86.39 crore, compared to Rs 28.16 crore in Q1 FY2025.
• The company maintained a healthy EBITDA margin of 19.49% and a net profit margin of 14.32%.

Operational Performance

Waaree Renewable Technologies has demonstrated strong execution capabilities, with its unexecuted order book standing at 3.15 GWp, expected to be completed within the next 12 to 15 months. This robust order book provides visibility for sustained growth in the coming quarters.

Segment-wise Performance

The company's performance was driven by strong growth in both its key segments:

Management Commentary

Mr. Manmohan Sharma, CFO of Waaree Renewable Technologies Limited, expressed satisfaction with the company's performance, stating, "We are pleased to report revenue of ₹603.19 crores for Q1 FY26, compared to ₹236.35 crores in Q1 FY25, delivering a robust growth of 155.20%. This performance reflects the strength of our business model, our disciplined operational approach, and our ability to execute large-scale projects efficiently in a rapidly evolving clean energy landscape."

Industry Outlook

The company's growth aligns with the broader trends in India's renewable energy sector. As of June 2025, India's total renewable energy capacity stood at 234 GW, with solar contributing 116.25 GW. In the first half of CY2025, solar installations grew by 51.6% year-on-year, underscoring the sector's accelerating momentum.

Strategic Initiatives

Waaree Renewable Technologies has expanded its portfolio to include Battery Energy Storage System (BESS) EPC solutions, positioning itself as a full-spectrum clean energy provider. With a strong order book of 3.15 GWp in Solar EPC and 40 MWh in BESS EPC, the company is well-equipped to deliver next-generation, large-scale integrated energy projects.

Future Outlook

The company remains optimistic about its future prospects, leveraging its strong order book and expanded capabilities in the renewable energy sector. With a focus on innovation and sustainability, Waaree Renewable Technologies is well-positioned to capitalize on India's growing clean energy market and deliver long-term value to its stakeholders.

As India progresses towards its clean energy goals, having achieved 50% of its total installed power capacity from non-fossil fuels five years ahead of schedule, companies like Waaree Renewable Technologies are poised to play a crucial role in the country's energy transition journey.