Waaree Renewable Signs Five-Year O&M Deal for 360 MWp Project
POWER & RENEWABLE ENERGY

Waaree Renewable Signs Five-Year O&M Deal for 360 MWp Project

Waaree Renewable Technologies has signed a five-year operations and maintenance (O&M) agreement for a 360 MWp solar power project, according to a regulatory filing. The contract is with a domestic independent power producer (IPP), which the company did not identify by name.

The company received the intimation and letter of award on October 31, 2026, at 7:18 pm IST. The order is classified as a commercial contract, and its execution timeline will be determined by the terms of the agreement.

The scope covers O&M services for the utility-scale solar project. Waaree Renewable Technologies said the agreement does not constitute a related-party transaction. Financial details of the contract were not disclosed in the filing.

The order announcement came after the company reported a 30 per cent year-on-year decline in net profit to Rs. 820 mn for the quarter ended September 2026, compared with Rs. 1.16 bn in the corresponding period a year earlier. Revenue from operations rose 36.53 per cent to Rs. 10.58 bn from Rs. 7.75 bn.

Earnings before interest, tax, depreciation and amortisation increased 1.3 per cent to Rs. 1.6 bn from Rs. 1.58 bn, while the EBITDA margin declined to 15 per cent from 20 per cent. For the first half of FY27, revenue grew 43.84 per cent to Rs. 19.82 bn from Rs. 13.78 bn, and EBITDA rose 21.04 per cent to Rs. 3.33 bn. Net profit was broadly unchanged at Rs. 2 bn against Rs. 2.03 bn in the year-ago period. The company attributed near-term profitability pressure to acquisition-related financing costs and the addition of businesses with different margin profiles. Its shares closed at Rs. 694.75 on the BSE.

Waaree Renewable Technologies has signed a five-year operations and maintenance (O&M) agreement for a 360 MWp solar power project, according to a regulatory filing. The contract is with a domestic independent power producer (IPP), which the company did not identify by name. The company received the intimation and letter of award on October 31, 2026, at 7:18 pm IST. The order is classified as a commercial contract, and its execution timeline will be determined by the terms of the agreement. The scope covers O&M services for the utility-scale solar project. Waaree Renewable Technologies said the agreement does not constitute a related-party transaction. Financial details of the contract were not disclosed in the filing. The order announcement came after the company reported a 30 per cent year-on-year decline in net profit to Rs. 820 mn for the quarter ended September 2026, compared with Rs. 1.16 bn in the corresponding period a year earlier. Revenue from operations rose 36.53 per cent to Rs. 10.58 bn from Rs. 7.75 bn. Earnings before interest, tax, depreciation and amortisation increased 1.3 per cent to Rs. 1.6 bn from Rs. 1.58 bn, while the EBITDA margin declined to 15 per cent from 20 per cent. For the first half of FY27, revenue grew 43.84 per cent to Rs. 19.82 bn from Rs. 13.78 bn, and EBITDA rose 21.04 per cent to Rs. 3.33 bn. Net profit was broadly unchanged at Rs. 2 bn against Rs. 2.03 bn in the year-ago period. The company attributed near-term profitability pressure to acquisition-related financing costs and the addition of businesses with different margin profiles. Its shares closed at Rs. 694.75 on the BSE.

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