Waaree Renewables Boasts Of 3.2 GW Of Order Book

Waaree Renewables Boasts Of 3.2 GW Of Order Book

Waaree Renewable Technologies claimed that its unexecuted order book had grown to 3.2 gigawatts peak (GWp), up from 2.3 GW at the start of the fiscal year, as the listed engineering, procurement and construction (EPC) firm continues to expand its footprint in India’s rapidly evolving clean energy sector.

“We started the year with an unexecuted order book of around 2.3 GW. End of the year today, we stand at 3.2 GW worth of order book. So there is an incremental 1 GW worth of order book that we have achieved. We’ve also executed 1.5 GW worth of contracts throughout this year. So that means we have been able to get around 2.5 GW plus worth of orders throughout this year,” said Abhishek Pareek, Group Head – Finance, during the company’s latest investors call.

The EPC arm of the Waaree Group also reported full-year revenue of INR1,597.75 crore (approx. USD 192 million), marking a year-on-year rise of 82.29% from INR876.5 crore in FY2024.

“We are pleased to announce a revenue of INR1,597.75 crores for FY2025 compared to INR876.5 crores in FY2024, reflecting impressive growth of 82.29%, significantly surpassing the growth rate of India’s solar sector during the same period,” said Manmohan Sharma, Chief Financial Officer.

The company executed 1,524 megawatts peak (MWp) of EPC orders during the year, with about 500 MWp delivered in the March quarter alone.

“As on date, we are proud to announce that our unexecuted order book stood at 3.2 GWp. Over the course of the year, we successfully executed 1,524 MWp of EPC orders, which around 500 MWp executed in Q4,” Sharma said.

“So the order book as of now we have is 3.2 GW and which is likely to be executed in the next 12 to 15 months,” he added.

Sharma also clarified that the company had no immediate plans to raise fund-based capital.

“As far as working capital are concerned, we are not have any immediate plan to any kind of fundraising fund-based capital. But we are always depend on the non-fund-based working capital limits. So that will be going forward also will remain that only.”

India tendered between 30 to 35 GW of ground-mounted solar projects during the fiscal year, according to government data. Waaree said its performance gives an indication of growing market share.

“If you look at the government data, we have seen a tendering of orders between 30 to 35-odd GW for the ground-mount projects this year. So from that perspective, I think you can estimate the kind of market share that we had,” Pareek said.

The company is also expanding its focus beyond conventional solar EPC into firm and dispatchable renewable energy (FDRE) and round-the-clock (RTC) projects.

“We were tracking solar power projects. Now we are also tracking very actively the FDRE contract. We are tracking very actively the RTC project that enhances the customer base for us. And hence, the ability to have a larger share cannot be denied,” he said.

“So as a group, we have always been very conscious and been looking at the energy transition our entire portfolio. And as EPC company, we have never shied away from enhancing our portfolio from solar — only solar project to now FDRE and RTC projects, which includes the project with requirement of battery energy storage. So we are building our capabilities. We are building our infrastructure to ensure that we should be able to continue our share in the market, be it a project with an FDRE or be it a project with RTC requirement wherein wind is an essential part of the project,” Pareek added.

On cost trends, Pareek said battery energy storage systems (BESS) have become significantly more affordable in recent months.

“So the current normalized number for any typical standalone solar power project at large scale ranges somewhere from INR3 crores to INR3.5 crores all inclusive without a BESS storage. So that INR3 crores includes the cost of balance as well. And now we come to BESS storage. So until last year, the price of 1 MW worth of solar pack was — storage pack was coming around $200 per MW hour. This year, we have already seen price coming down to as low as $60 to $70 per MW hour, which is a different level of price action. We never thought this can actually come up.”

“So that way, the current normalized price with BESS ranges somewhere from INR6 crores to INR8 crores, but it all depends on end consumers’ requirement of peak power number of hours. If customer require, let’s say, 2 hour of peak power, the requirement of BESS shall be considered accordingly. And if the requirement is, let’s say, round-the-clock power, the requirement of BESS energy storage will be far different and hence the price of project as well. So it depends on the customer want us to do and the kind of power supply that they want from us.”