Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a total revenue of ₹5.24 billion (~$62.24 million) in the second quarter (Q2) of the financial year (FY) 2025, an increase of 249.5% year-over-year (YoY).

The revenue from the EPC segment alone surged by 255% YoY, reaching ₹5.2 billion (~$61.76 million). This performance is underscored by customer billing of ₹5.83 billion (~$69.26 million) for a volume of 528.56 MW, compared to ₹1.41 billion (~$16.74 million) for a volume of 169.59 MW YoY.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 133.27% YoY to ₹715.7 million (~$8.5 million).

The company posted a net profit of ₹535.2 million (~$6.35 million) for the quarter, an increase of 160.52% over the same period last year.

Waaree reported earnings per share (EPS) of ₹5.14 (~0.061) compared to ₹1.97 (~$0.023) in the corresponding period last year.

During the quarter, Waaree executed orders exceeding 488 MW. As of September 30, 2024, the company’s unexecuted order book stood at over 1,702 MW.

First half (1H) FY25

Waaree posted total revenue of ₹7.61 billion (~$90.39 million) in 1H FY25, an increase of 172.7% YoY.

The EBITDA for the period grew by 155.56% YoY to ₹1.13 billion (~$13.42 million).

The company posted a net profit of ₹816.8 million (~$9.7 million) in 1H FY25, an increase of 175.29% over the same period last year.

Waaree reported EPS of ₹7.85 (~$0.093) compared to ₹2.85 (~$0.034) in the corresponding period last year.

Waaree said its bidding pipeline remains robust at 17.8 GW.

Among the key ongoing projects are several large-scale installations, including a 980 MW and a 295.68 MW ground-mounted project in Kurnool, Andhra Pradesh, a 412 MW ground-mounted project in Bikaner, Rajasthan, a 210 MW ground-mounted project in Khandwa, Madhya Pradesh, a 154 MW ground-mounted project in Thoothukudi, Tamil Nadu, a 100 MW ground-mounted project in Jamnagar, Gujarat, and a 1.090 MW floating solar power project also in Gujarat.

Dilip Panjwani, Chief Financial Officer of Waaree, said during the earnings call that the company consistently targets sustainable EBITDA margins of around 15%. “For the present order book of 1.7 GW, these EBITDA levels are expected to be maintained over the next 9–12 months,” he noted.

He said the company started the year with 2.3–2.4 GW in its order book, which included large orders secured in March. “The current order book stands at 1.7 GW, sufficient for the near term. The aspiration for the current year is to execute 1.5–2 GW. The nature of the industry involves a 6–8 month gap from securing orders to execution.”

The company is chasing a 17 GW market with its pipeline, while the total market potential is estimated to be double that size (~34 GW).

Waaree posted a total revenue of ₹2.36 billion (~$28.18 million) in Q1 FY25, an increase of 83.3% YoY.

Waaree Renewable Technologies emerged as one of the top utility-scale solar EPC service providers in the calendar year 2023, according to Mercom’s India Solar Market Leaderboard CY 2023.