What Waaree Renewable Technologies does

Waaree Renewable Technologies Limited (WRTL) is the solar EPC arm of Waaree Energies Limited, a publicly listed company on Indian exchanges (NSE/BSE, ticker: WAAREEENER) headquartered in Mumbai, Maharashtra. Founded in 2011, the company delivers end-to-end Engineering, Procurement and Construction (EPC) services for utility-scale ground-mounted solar projects, floating solar installations, commercial and industrial (C&I) rooftop systems, battery energy storage systems (BESS), green hydrogen projects, and post-commissioning asset management services. WRTL has executed more than 5 GW of solar projects globally, including India's largest single-site solar EPC project of 2 GW with Jindal Renewables in Bikaner, and operates a 1.2 GW asset management platform with 24/7 remote monitoring.

WRTL's revenue model is predominantly project-based EPC contracting (~97% of 9M FY26 revenue of ₹2,229 crore), supplemented by recurring O&M services, Independent Power Producer (IPP) power sales from 58.82 MWp of developed assets (with 227.1 MWp under development), and—following the June 2026 acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL)—power transmission infrastructure and telecom tower fabrication. Go-to-market is sales-led, enterprise-focused, and executed through direct competitive bidding and Letters of Award with renewable energy developers, government-backed entities such as SECI, and large industrial conglomerates including Reliance, Adani, Aditya Birla, and Mondelez. The company also uses wholly-owned subsidiaries (Sunsational Power, Waaree Forever Energies) as project origination vehicles that subsequently award EPC contracts back to WRTL, creating a captive internal pipeline.

Financially, WRTL reported FY26 revenue of ₹3,331.42 crore, more than doubling from ₹1,597.75 crore in FY25 (108.51% YoY growth), with a 3-year sales CAGR of approximately 112% and an FY26 EBITDA of ₹641.10 crore (margin ~19.24%). The company carries an unexecuted EPC order book of 2.83 GWp and a bidding pipeline exceeding 36 GWp, providing multi-year revenue visibility. Its largest strategic move to date was the ₹1,225 crore APSPL acquisition in June 2026, financed through a landmark HSBC India debt-equity structure under the RBI's revised framework, which extends WRTL's vertical integration into transmission infrastructure—a critical bottleneck for renewable energy evacuation in India.

Name

Waaree Renewable Technologies

Legal name

Waaree Renewable Technologies Limited

Website

https://waareertl.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

251–500 employees

Short description

Waaree Renewable Technologies is the publicly listed solar EPC arm of Waaree Energies, delivering turnkey utility-scale, C&I, floating solar, BESS, and green hydrogen projects across India and select international markets for developers, utilities, and large industrial enterprises.

Ownership category

akta.pro rank

Product category

Solar EPC Services

NAICS

Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Renewable Energy Asset O&M (Wind, Solar, Hydro, Geothermal) (EUAEAGAB)

Keywords

• Solar EPC services
• Utility-scale solar
• Floating solar installations
• Battery energy storage
• Renewable energy projects

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Solar EPC Contracts: WRTL's primary revenue stream comes from Engineering, Procurement, and Construction (EPC) contracts for solar power projects. These are one-time, project-based contracts for utility-scale ground-mounted solar, rooftop, and floating solar installations. Revenue recognition follows project execution milestones. The company has an order book of 2.83 GWp and has secured contracts ranging from Rs 30.91 crore enhancements to Rs 1,252.43 crore large projects. EPC revenues accounted for approximately 97% of nine-month revenue (Rs 2,229 crore in 9M FY26).
2. Power Sales (IPP Generation): WRTL earns revenue from owned solar generation assets operated as an Independent Power Producer (IPP). The company has developed 58.82 MWp of solar assets and has an additional 227.1 MWp IPP plant under development. Revenue from power sales grew 21% year-on-year in Q3 FY26, contributing a smaller but growing portion of total revenue alongside EPC.
3. Operation & Maintenance (O&M) Services: WRTL provides two-year post-completion O&M services as part of its EPC contracts, and separately offers asset management services for solar installations it does not own. O&M services include 24/7 remote monitoring, automated diagnostics, and real-time tracking, generating recurring service revenue.
4. Transmission Infrastructure (via APSPL): Following the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL), WRTL generates revenue from power transmission and telecom tower fabrication, substation works, and transmission infrastructure projects. APSPL reported revenue of Rs 1,226.64 crore for FY25.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels9 records

Core offering

Waaree Renewable Technologies Limited (WRTL) is a renewable energy EPC (Engineering, Procurement, and Construction) company delivering end-to-end solutions for ground-mounted utility-scale solar, floating solar, commercial and industrial rooftop solar, battery energy storage systems (BESS), green hydrogen, and asset management services. The company also offers post-commissioning operation and maintenance (O&M) services and, through its subsidiary APSPL, power transmission and telecom tower infrastructure.

Product overview

Waaree Renewable Technologies Limited (WRTL) operates as a comprehensive renewable energy EPC company offering a modular portfolio of integrated solutions. The core offerings include Ground Mounted Solar (utility-scale), Solar Rooftop (C&I), Floating Solar, Energy Storage (BESS), Green Hydrogen, and Asset Management services. The company provides end-to-end EPC capabilities covering design, procurement, construction, and commissioning, complemented by O&M services. Following the acquisition of Associated Power Structures (APSPL), WRTL has expanded into power transmission infrastructure, creating an integrated clean energy platform. The company executes projects ranging from 10 MW to 2 GW single-site installations, serving utilities, industrial clients, and developers across India and international markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Ground Mounted Solar Solutions Turnkey Engineering, Procurement, and Construction (EPC) solutions for utility-scale ground-mounted solar PV installations, including design, engineering, procurement, construction, testing, and commissioning for large-scale solar power projects. WRTL has completed India's largest single-site solar EPC project of 2 GW with Jindal Renewables.
• Solar Rooftop (Commercial and Industrial) Rooftop solar EPC solutions for commercial and industrial facilities, offering installation services for businesses seeking to implement on-site solar energy systems to reduce energy costs and meet sustainability targets.
• Floating Solar Solutions Floating solar photovoltaic installations deployed over water bodies, delivering 5–15% higher energy yield compared to ground-mounted solutions and addressing land scarcity challenges for industrial and utility customers.
• Energy Storage Solutions (BESS) Battery Energy Storage System (BESS) EPC solutions for grid-connected applications, including large-scale storage projects integrated with renewable energy generation.
• Green Hydrogen Solutions Green hydrogen production solutions offered as part of the company's decarbonization and net-zero services for industrial and energy customers.
• Asset Management Services Post-commissioning asset management services for solar installations, including 24/7 remote monitoring, automated diagnostics, and real-time tracking to maximize uptime and long-term energy yield.
• Power Transmission Infrastructure (via APSPL) Power transmission and telecom tower fabrication, substation works, and transmission infrastructure projects delivered through subsidiary Associated Power Structures Private Limited (APSPL).
• Operation & Maintenance (O&M) Services Post-installation operation and maintenance services for solar power plants, typically delivered as a two-year O&M contract with 24/7 remote monitoring, automated diagnostics, and real-time performance tracking.

Quantifiable outcome

• 11M+ safe manhours with zero major incidents across global project portfolio
• +5 more outcomes

Named customers14 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

One partnership is on record.

• Associated Power Structures Private Limited (APSPL)coreStrategic or Co-development Partner · 18 June 2026WRTL completed acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL) for Rs 1,225 crore on June 18, 2026, making APSPL a subsidiary. APSPL brings nearly three decades of expertise in galvanized transmission and telecom tower fabrication, substation works, and windmill erection projects across India. The acquisition is part of Waaree Group's Waaree 2.0 strategy and addresses critical bottlenecks in transmission and evacuation infrastructure for clean energy deployment in India. APSPL reported revenue of Rs 1,226.64 crore for FY25.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Adani Solar: Adani Group's vertically integrated solar module + EPC arm. Competes with WRTL in utility-scale solar EPC bidding in India and module supply. Notable conflict: Adani Group is also a customer of WRTL.
• Reliance New Energy: Reliance Industries' renewable energy vertical including solar EPC and integrated giga-scale projects. Competes with WRTL for large-scale solar EPC contracts and module supply, while Reliance itself is also a customer.

Direct peers

• Sterling and Wilson Renewable Energy: One of India's largest solar EPC contractors with global operations. Directly comparable to WRTL in utility-scale solar EPC execution, project management, and order book dynamics. Both target utility-scale ground-mounted projects and C&I rooftop installations.
• Tata Power Solar Systems: Tata Group's solar EPC arm offering end-to-end solutions including utility-scale, rooftop, and EPC services. Directly comparable business model (EPC + module manufacturing) and customer base (utilities, large industrials, government tenders via SECI).
• Vikram Solar: Vertically integrated solar company combining module manufacturing with EPC services. Comparable to WRTL in offering integrated solar solutions across utility-scale, C&I, and rooftop segments, with similar capital intensity in module + EPC operations.
• Jakson Group: Indian power and solar EPC company executing utility-scale, C&I rooftop, and distributed solar projects. Direct competitor for utility-scale ground-mounted EPC contracts and a comparable diversified player across solar, storage, and power infrastructure.
• Hero Future Energies: Renewable energy developer and EPC contractor (now backed by Abu Dhabi's IHC). Overlaps with WRTL in solar EPC execution and project development, including utility-scale and C&I installations across India.
• Mahindra Susten: Mahindra Group's renewable energy EPC and IPP subsidiary. Comparable to WRTL in solar EPC execution, asset management services, and floating solar capabilities for Indian utility-scale and C&I customers.

Emerging players

• Fourth Partner Energy: C&I-focused solar EPC and IPP with growing utility-scale presence. Comparable to WRTL's C&I rooftop and captive solar segment, particularly serving industrial enterprises seeking captive renewable energy solutions.
• Sunsure Energy: Fast-growing Indian solar IPP and EPC company focused on C&I and utility-scale projects. Comparable to WRTL in C&I solar execution and the captive power segment serving large industrial customers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/waaree_rtl
• YouTubeyoutube.com/channel/UC2q8Mxn83c5MyOv2PCbLeiw
• Facebookfacebook.com/waareertl
• LinkedInlinkedin.com/company/waaree-rtl
• Instagraminstagram.com/waaree_renewable_technologies

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waaree Renewable Technologies