Waaree Renewable Technologies’ stock rose 2.53% to ₹1,038.95 after the company won a massive solar EPC order worth ₹1,252 crore.
The order, given by its group firm Waaree Forever Energies, is for building a large solar power project of 870 MWac/1218 MWp capacity.
The contract covers setting up a grid-connected solar plant, a substation, transmission lines, and two years of operations and maintenance. The project is expected to be completed by 2026–27, once all approvals are cleared.
Though the deal is with a group company, it has been signed at arm’s length and qualifies as a related party transaction.
Waaree Renewable, based in Mumbai, is the solar EPC arm of Waaree Group. It handles engineering, procurement, and construction, and also develops and operates solar projects across different regions, mainly serving commercial and industrial clients.
The company’s performance has been strong; its net profit jumped 205% to ₹86.44 crore and sales rose 155% to ₹603.19 crore in Q1 FY25 compared to the same quarter last year.
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