Waaree Renewable Technologies, the solar engineering, procurement, and construction arm of the Waaree Group, has posted total revenue of ₹3.6 billion (~$41.57 million) in the third quarter (Q3) of the financial year (FY) 2025, an 11.5% year-over-year (YoY) growth from ₹3.24 billion (~$37.41 million).

The revenue from the EPC segment amounted to about ₹3.51 billion (~$40.6 million), a 12.14% YoY increase from ₹3.13 billion (~$36.20 million).

The net profit was at ₹534.8 million (~$6.2 million), a 16.74% fall year-over-year from ₹642.3 million (~$7.4 million) in Q3 FY24.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) decreased by 18.09% YoY to ₹719.2 million (~$8.3 million) from ₹878.1 million (~$1 million).

The profit margin in Q3 FY25 reduced to 14.84% from 19.81% in Q3 FY24.

Waaree’s unexecuted order book stood at over 3.4 GW as of December 31, 2024. It aims to complete its these orders within nine to 15 months.

9M FY 2025

In the first nine months (9M) of FY 2025, the company’s total revenue stood at ₹11.21 billion (~$129.4 million), an 85.87% YoY growth from ₹ 6.03 billion (~$69.6 million).

The revenue from the EPC segment contributed ₹10.94 billion (~$126.3 million) for a volume of about 1,025 MW, a YoY increase of 88.37% compared to ₹5.81billion (~$67.20 million) for a volume of about 473 MW.

Waaree posted a profit after tax of ₹1.35 billion (~$15.5 million) during the period, a 43.9% YoY increase from ₹939 million (~$10.8 million).

The EBITDA grew by 40.15% YoY to ₹1.85 billion (~$21.3 million) from ₹1.32 billion (~$15.2 million).

The profit margin in 9M FY25 was 12.06% down from 15.57% in 9M FY24.

The company said approximately 60–70% of its business comes from utility-scale EPC services. India is targeting 40–50 GW of renewable energy capacity addition annually and around 30–35% of the business originates from government entities such as NTPC and Solar Energy Corporation of India.

The company received a 2 GW order in 2024 which the company plans to start working on.

The company’s key ongoing ground-mounted solar projects include – a 3.4 MW project in Karnataka; 412.5 MW project at Bikaner, Rajasthan; 295.68 MW project at Kurnool, Andhra Pradesh; 210 MW project at Khandwa; 154 MW project at Thoothukudi, Tamil Nadu; 150 MW project at Ratlam, Madhya Pradesh; and 100 MW project at Jamnagar, Gujarat.

Waaree is also planning a foray into EPC of data centers as a new business segment.

The company posted a total revenue of ₹5.24 billion (~$62.24 million) in the second quarter of FY 2025, an increase of 249.5% YoY. The revenue from the EPC segment alone surged by 255% YoY, reaching ₹5.2 billion (~$61.76 million).

Last year, it recorded a net profit of ₹644.6 million (~$7.7 million) in Q3 FY 2024, an increase of 158% YoY from ₹249.8 million (~$3 million).