Waaree Renewable Technologies Eyes Record-Breaking Financial Year

Waaree Renewable Technologies (RTL), the EPC arm of the Waaree Group, is now looking at a historic financial year, going by its strong order book and scaled-up executions. The firm, which had an unexecuted order book of 3.26 GW in 2025, now has an unexecuted order book of 3.48 GW by the end of H1 FY26.

The company’s execution pace also seems to have scaled up, hinting at more growth in the second half of the financial year. The firm, which had reported an execution of merely 295 MW in 2023, saw its total execution rise to 1,524 MW in 2025. However, in the first half of FY26 alone, it has already executed 1,621 MW of clean energy projects in the country.

With the extreme heat months and monsoon season behind, the pace of installations is also likely to pick up. If the firm continues at the same pace, it is likely to double its total executions in FY26, setting new records if all goes well.

Diversified Portfolio

Waaree Renewable Technologies is currently focused on renewable energy EPC work, Operations & Maintenance (O&M) projects, and the Independent Power Producer (IPP) business. The top management of the firm, in a recent investors’ meet, clarified that while it continues to give major thrust to its EPC business, its O&M and IPP segments are also growing. It added that its O&M portfolio is increasing year-on-year, while the company is focusing on small ground-mounted solar projects under its IPP model, especially in the Commercial & Industrial (C&I) segment.

The management believes that the IPP business is set to offer revenues for at least 25 years. The firm, which has also taken a ₹20 crore term loan for its IPP business, is now constructing its proposed 14 MWp solar project in Maharashtra and a 37 MW clean energy IPP project in Rajasthan.

BESS Projects

The company said it currently has around 40 MWp of battery energy storage system (BESS) projects in its order book that it is working on. It also said that the firm is actively bidding for EPC contracts under tenders issued by government agencies.

Data Centres

The company also believes that a number of contracts for green data centres are likely to give impetus to EPC work for them. It expects that in the next four to five years, around 1 GW of data centres will come up in the country, opening new opportunities for solar EPC companies like Waaree RTL.

“Right now, we are in the trajectory of around 250 MW to 300 MW worth of data centres that we have in the country. And if you sum up all the ongoing projects for which bids are happening, we expect over the next four or five years at least 1 GW worth of more data centres to come up in the markets. So, certainly a very large market compared to what we see today,” said Abhishek Parekh, Group Head–Finance at Waaree RTL.