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

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

Waaree Renewable Technologies has signed a five-year operations and maintenance (O&M) agreement for a 360 megawatt-peak (MWp) solar power project with a domestic independent power producer (IPP). The company disclosed the contract in a regulatory filing after receiving the letter of award on October 31, 2026.

The agreement covers O&M services for the utility-scale solar project and is classified as a commercial order. The execution schedule will follow the terms of the order. The company said the contract does not fall under related-party transactions.

The contract comes as Waaree Renewable Technologies reports mixed financial results for the quarter ended September. Net profit declined 30 per cent year-on-year to Rs. 820 mn from Rs. 1.16 bn, while 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 (EBITDA) increased 1.3 per cent to Rs. 1.6 bn from Rs. 1.58 bn. However, the EBITDA margin fell to 15 per cent from 20 per cent a year earlier, indicating weaker operating profitability despite higher revenue.

For the six months ended September 2026, revenue from operations grew 43.84 per cent to Rs. 19.82 bn from Rs. 13.78 bn in the corresponding period of FY26. EBITDA rose 21.04 per cent to Rs. 3.33 bn from Rs. 2.75 bn, while net profit was largely unchanged at Rs. 2 bn compared with Rs. 2.03 bn in the year-ago period.

Waaree Renewable Technologies attributed the near-term pressure on profitability to acquisition-related financing costs and the addition of businesses with different profit margins. Its shares ended at Rs. 694.75 on the BSE, up Rs. 0.51, or 3.5 per cent.

Waaree Renewable Technologies has signed a five-year operations and maintenance (O&M) agreement for a 360 megawatt-peak (MWp) solar power project with a domestic independent power producer (IPP). The company disclosed the contract in a regulatory filing after receiving the letter of award on October 31, 2026. The agreement covers O&M services for the utility-scale solar project and is classified as a commercial order. The execution schedule will follow the terms of the order. The company said the contract does not fall under related-party transactions. The contract comes as Waaree Renewable Technologies reports mixed financial results for the quarter ended September. Net profit declined 30 per cent year-on-year to Rs. 820 mn from Rs. 1.16 bn, while 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 (EBITDA) increased 1.3 per cent to Rs. 1.6 bn from Rs. 1.58 bn. However, the EBITDA margin fell to 15 per cent from 20 per cent a year earlier, indicating weaker operating profitability despite higher revenue. For the six months ended September 2026, revenue from operations grew 43.84 per cent to Rs. 19.82 bn from Rs. 13.78 bn in the corresponding period of FY26. EBITDA rose 21.04 per cent to Rs. 3.33 bn from Rs. 2.75 bn, while net profit was largely unchanged at Rs. 2 bn compared with Rs. 2.03 bn in the year-ago period. Waaree Renewable Technologies attributed the near-term pressure on profitability to acquisition-related financing costs and the addition of businesses with different profit margins. Its shares ended at Rs. 694.75 on the BSE, up Rs. 0.51, or 3.5 per cent.

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Essar Signs PPA for 300 MW Hybrid Renewable Energy Project

Essar Renewables, the renewable energy arm of Essar Power, has signed a Power Purchase Agreement (PPA) with NHPC for a 300 MW renewable energy project in Andhra Pradesh. The agreement follows the company’s successful bid for the project two years ago. Essar Power will invest approximately Rs. 45 bn in the development. The project will combine solar and wind generation with Battery Energy Storage Systems (BESS), enabling the supply of reliable and dispatchable renewable power. It forms part of Essar Power’s plan to build a diversified energy portfolio of approximately 5 GW across renewable,..

Next Story
Infrastructure Energy

India Reaffirms Commitment to Global Solar Cooperation

India has reaffirmed its commitment to international solar cooperation and the equitable distribution of the benefits of renewable energy development, Union Minister for New and Renewable Energy Pralhad Joshi said in New Delhi. His remarks followed the Bharat Renewable Energy Summit and Expo 2026, where he highlighted India’s election as president of the International Solar Alliance (ISA) for a third consecutive term. Joshi said discussions at the event had reinforced the need to move from solar commitments to investments, partnerships to projects, and ambition to measurable impact. He said ..

Next Story
Infrastructure Energy

CERC Adopts Tariffs for SECI's 400 MW Solar Projects

The Central Electricity Regulatory Commission (CERC) has adopted tariffs for 400 MW of solar power capacity under a petition filed by the Solar Energy Corporation of India (SECI). The order, issued on November 2, 2026, covers projects being developed through special purpose vehicles of Azure Power India, with electricity scheduled for supply to Tata Steel and the West Bengal State Electricity Distribution Company. The tariff adoption follows a global competitive bidding process launched by SECI on June 25, 2019. The tender covered 7 GW of inter-state transmission system-connected solar power p..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code