Waaree Renewable Technologies Secures Five-Year O&M Contract for 360 MWp Solar Project in India

Waaree Renewable Technologies Ltd has secured a five-year operations and maintenance contract covering a solar power project with a capacity of 360 megawatt-peak (MWp).

The company announced the agreement on Sunday, November 1, through a regulatory filing. Under the contract, Waaree Renewable Technologies will provide O&M services for the 360 MWp project on behalf of a leading independent power producer (IPP), described by the company as a domestic entity.

Received commercial order for solar O&M

The intimation and letter of award (LOA) for the order reached the company on October 31, 2026. The order has been categorised as a commercial order.

The timeline for execution will follow the terms set out in the agreement.

Waaree Renewable Technologies also stated that the deal is not a related-party transaction. The new contract follows another recent step by the company: the establishment of a new subsidiary dedicated to its data centre business.

September quarter: revenue up, profit down

The O&M win comes against a backdrop of mixed quarterly numbers.

In the September quarter of FY27, Waaree Renewable Technologies posted a net profit of USD 8.63 million, a decline of 30% from USD 12.21 million in the corresponding quarter of the previous year.

Revenue from operations told a different story, climbing 36.53% year-on-year to USD 111.39 million from USD 81.61 million.

EBITDA grew marginally, rising 1.3% to USD 16.85 million from USD 16.64 million a year earlier. The EBITDA margin, or operating profit as a share of revenue, compressed to 15% from 20% in the year-ago period.

First-half FY27 results

Looking at the six months ended September 2026, revenue from operations expanded 43.84% year-on-year to USD 208.71 million, up from USD 145.25 million in the first half of FY26.

EBITDA for the half-year rose 21.04% to USD 35.11 million, compared with USD 29.01 million in the same period of the prior fiscal year.

Net profit stayed essentially flat at USD 21.11 million, versus USD 21.35 million in the first half of the previous fiscal year.

According to the company, profitability has been pressured by acquisition-related financing costs as well as the addition of businesses that carry different profit margins, effects it said would weigh on profitability in the near term.

Market reaction and recent track record

Shares of Waaree Renewable Technologies Ltd closed at USD 7.32 on the BSE on the day of the announcement, gaining USD 0.0054, or 3.50%.

The O&M agreement extends a stretch of positive developments for the company. Earlier in the year, it reported a 34% surge in first-quarter profit while its order book remained above USD 558.09 million. Before that, shares had risen 6% after fourth-quarter profit jumped 66% and revenue more than doubled.