Solar energy-focused engineering, procurement and construction (EPC) company Waaree Renewable Technologies is looking to foray into EPC projects in West Asia.
“There are a lot of opportunities in the Middle East (West Asia). We are looking into them,” Manmohan Sharma, chief financial officer at Waaree Renewable Tech (WRTL), said, adding that a team has been set up in the UAE under the Waaree group.
The company recently signed a non-binding letter of intent in Vietnam and expects a firm order in the next two-to-three quarters, he added.
WRTL’s larger peer, the power transmission and distribution division of Larsen & Toubro, has around 15-16 gigawatt (GW) solar projects under execution in countries such as Saudi Arabia and the UAE.
Robust Order Book and Domestic Growth Plans
WRTL has an order book of 3.15 GW as on June 30, and during the June quarter, it won orders for 595 MW projects.
Sharma said looking at the current order book, where the company already has some visibility of the orders in hand, the growth momentum should continue.
“We see a lot of opportunities in terms of EPC because the country has to install 280 GW to reach 500 GW of its target by 2030,” Sharma said. He highlighted business opportunities coming up in Rajasthan, Gujarat, Andhra Pradesh, Maharashtra and others.
“We continue to see traction in government orders, commercial and industrial (C&I) and so on,” he added.
Q1 Profit Triples, Revenue Soars 156%
The firm’s operations and maintenance division has a portfolio of 800 MW and it has over 55 MW of own power projects under execution and both constitute about 5% of revenues.
The company’s net profit more than tripled to Rs 86 crore in Q1FY26 from Rs 28 crore during the year-ago period.
Revenue for the quarter increased by 156% to Rs 603 crore in Q1FY26.
“Growth momentum should continue. We have already achieved one-third of our last year’s revenue this first quarter itself,” Sharma said.