Waaree Renewable share price jumps after board approves ₹1,225 Cr acquisition

Synopsis:- The stock rose about 2% after board approval for a Rs 1,225 crore acquisition involving a 55% stake in a power transmission firm. The move strengthens renewable and energy efficiency capabilities, backed by a 24 GW order book, 2,922 MW under execution, and a strong policy-driven solar growth outlook.

The shares of the renewable energy company gained up to 2.02 percent in today’s trading session after the company entered into a binding term sheet for the acquisition, which is valued at Rs 1,225 crore.

With a market capitalization of Rs 9,258.08 crore, the shares of Waaree Renewable Technologies Ltd  were trading at Rs 887.25 per share, increased around 1.02 percent as compared to the previous closing price of Rs 878.25 apiece 

Proposed Acquisition 

Waaree Renewable Technologies will enter into a binding term sheet to acquire around a 55% stake in Associated Power Structures Limited for Rs 1,225 crore through a mix of primary and secondary transactions, subject to due diligence. As of March 31, 2025, APSL reported a net worth of Rs 339.53 crore, turnover of Rs 1,226.64 crore, and total assets of  Rs 834.15 crore, reflecting its strong scale in power transmission and distribution.

The proposed acquisition supports Waaree Renewable Technologies’ strategy to deepen its presence across the renewable energy and energy efficiency ecosystem. With APSL operating in a complementary infrastructure segment, the investment aligns with WRTL’s long-term vision of offering integrated clean energy solutions while strengthening execution capabilities across the power value chain.

Q3FY26 Highlights

Waaree Renewable Technologies Ltd posted an impressive Q3FY26, with revenue surging 136% YoY from  Rs 360 crore to  Rs 851 crore. This marks the highest ever revenue for the company. On a sequential basis, revenue grew 10% QoQ from  Rs 775 crore in Q2FY26, reflecting strong execution, higher project inflows, and sustained momentum in renewable energy deployment.

Moreover, net profit jumped by 126 percent on a yearly basis from Rs 53 crore in Q3FY25 to Rs 120 crore in Q3FY26, meanwhile, on a quarter-on-quarter basis, net profit zoomed by 3 percent from Rs 116 crore in Q2FY26 to Rs 120 crore in Q3FY26.

The company reported strong operating performance, with EBITDA rising to  Rs 159 crore in Q3FY26, up sharply from  Rs 72 crore in Q3FY25, reflecting robust operating leverage. EBITDA margin stood at 19%, slightly lower year-on-year.

Execution Strength

Waaree Group demonstrates strong vertical integration with leadership across modules, cells, and inverters. With 22 GW module capacity, 5.4 GW cell capacity, and a 24 GW order book worth Rs 47,000 crore, its Tier-1 status, wide domestic reach, and global exports underline scale, credibility, and execution strength.

Policy-Led Expansion

The energy transition theme remains strong, with global solar PV additions projected to rise from about 402 GW in CY24 to nearly 540 GW by CY28. In India, annual solar additions are expected to reach 46–48 GW by FY30, supporting the target of 280 GW solar capacity by 2030 and sharply increasing solar’s share in the energy mix.

Additionally, Supportive policies are accelerating solar growth in India. EPC demand is projected to rise from about  Rs 605 bn in FY23 to  Rs 1,705 bn by FY28, while the O&M market could expand from  Rs 5.8 bn to  Rs 25.5 bn by 2030. Initiatives like PLI, rooftop solar, energy storage, and large solar parks strengthen long-term visibility.

Strong Order Visibility

Waaree Renewable Technologies has built a strong execution track record, with 4.56 GWp projects commissioned and 2,922 MWp currently under execution. Its diversified portfolio spans rooftop (59.26 MWp), floating solar (2.29 MWp), and a sizeable ~1,180 MW O&M portfolio, supported by an in-house R&D team driving technology-led delivery.

The Unexecuted order book has scaled sharply from 817 MWp in 2023 to 2,922 MWp by 9MFY26, reflecting sustained order inflows and execution strength. Annual execution rose to 2,230 MWp in 9MFY26, backed by multiple large EPC wins, IPP assets of 54.82 MWp, and setting up 227.10 MWp capacity, ensuring strong visibility and continuity.

Waaree Renewable Technologies is a leading solar EPC and renewable solutions provider in India, known for strong execution capabilities and large-scale project delivery. Backed by the Waaree Group, it operates across utility-scale, rooftop, O&M, and IPP segments, supported by a robust order book and pan-India presence.

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