Waaree Renewable Technologies Limited (WRTL) Achieves Strong Growth in FY25

Waaree Renewable Technologies Limited (WRTL) announced its Q4 and FY25 results, showing exceptional growth across revenues, profits, and operations.
The company’s performance not only outpaced its own past records but also moved ahead of the overall solar sector’s growth in India.

Revenue Growth

• FY25 Revenue: ₹1,597.75 crore, up 82.3% compared to ₹876.5 crore in FY24.
• Q4 FY25 Revenue: ₹476.58 crore, a growth of 74.4% year-on-year.

This strong performance shows that Waaree Renewable Technologies Limited (WRTL) is growing much faster than many other players in the Indian renewable energy sector.

Profitability Highlights

• FY25 EBITDA: ₹310.90 crore, up 50.1% compared to the previous year.
• Q4 EBITDA: ₹126.33 crore.
• FY25 PAT (Profit After Tax): ₹228.92 crore, showing 57.6% growth.
• Q4 PAT: ₹93.77 crore.

Margin Guidance

WRTL has guided that going forward, their EPC business EBITDA margins will be around 14-15%, compared to the current 18-19%.
While margins are slightly moderating, the company stated that this range is still very healthy for an EPC business.

Cash Flow Strength

One of the most important improvements is in cash generation.
The company’s cash from operations grew 5x between FY22 and FY25, far outpacing even their sales growth.
This shows WRTL’s strong control over working capital and better execution of projects.

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WRTL’s Solid Order Book and Fast Project Execution

Waaree Renewable Technologies Limited (WRTL) entered FY26 with a large and diverse order book.

EPC Order Book

• Unexecuted EPC orders: 3.2 GWp at the company level.
• Total Group orders: 26.5 GW (including solar panel orders).

The average value of orders is estimated at:

• ₹1.1-1.2 crore per MW for EPC-only work.
• ₹1.5-1.6 crore per MW when modules are included.

The company aims to complete projects within 12 to 15 months, reflecting quick and efficient execution.

New Orders Added

During Q4 FY25, WRTL added about 500 MW of new orders, strengthening their pipeline even more.

Execution Performance

In FY25, the company executed 1,524 MWp of EPC orders, out of which 500 MWp were executed in just Q4.

Some important projects include:

• Partial execution of a 2 GW order for Jindal Renewables.
• Addition of a 40 MWh Battery Energy Storage System (BESS) project to the order book.

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Waaree Renewable Technologies Limited (WRTL) Capitalizing on Industry Growth and Government Support

The renewable energy sector in India continues to grow, and WRTL is positioned well to benefit from this expansion.

Sector Growth Overview

• India’s installed power capacity: 483.26 GW.
• Renewable energy contribution: 220.10 GW (up from 198.75 GW last year).
• Solar energy installed: 105.65 GW, with 23.8 GW added during FY25.

This massive increase in capacity shows that renewable energy, especially solar, is getting a lot of attention and investment.

Policy Tailwinds

The Indian Government’s key goals:

• 500 GW renewable energy capacity by 2030.
• Of this, 288 GW is expected to come from solar energy.

Initiatives such as solar pump installations for farmers and rooftop solar for homes are also helping the industry grow faster.

Infrastructure and Transmission Focus

WRTL mentioned that transmission infrastructure investments are gaining pace.
The company also sees Battery Energy Storage Systems (BESS) becoming critical for handling the growing share of solar and wind power in the grid.

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Managing Margins, Beating Competition, and Controlling Costs

Waaree Renewable Technologies Limited (WRTL) is managing margins well even in a competitive market.

Margin Expectations

• EPC margins are expected to stabilize around 14-15%.
• Projects involving land acquisition and connectivity tend to deliver better margins.
• C&I (Commercial & Industrial) projects also offer higher profitability due to their nature and smaller size.

Competitive Advantage

Despite competition, WRTL remains strong because of:

• Their large scale of operations.
• Strong execution capabilities.
• Good reputation and experienced team.

These factors help the company secure large, important projects against other players.

Working Capital Management

WRTL does not require immediate working capital funding.
They have structured their payment terms around project milestones, ensuring that cash flows match project progress.

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Expansion into New Businesses and Technology Areas

WRTL is not relying only on solar EPC work.
They are expanding into new and promising sectors.

BESS and RTC Projects

The company is actively tracking opportunities in BESS and Round-the-Clock (RTC) projects.
With prices for BESS falling, WRTL expects more projects to become viable soon.

Data Centre Energy Needs

WRTL is developing capabilities to build data center energy infrastructure, which is becoming important with the rise of AI and digital growth.

Wind-Solar Hybrid Projects

The company is strengthening its capabilities to deliver hybrid energy solutions, combining wind and solar power.
This helps them remain competitive and meet the growing demand for clean energy.

Investment in IPP Assets

WRTL has invested ₹101 crore in IPP assets during FY25, moving into asset ownership alongside EPC work.

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Strong Order Pipeline and Market Share Performance

Waaree Renewable Technologies Limited (WRTL) has its eyes on bigger goals.

Project Pipeline

They are closely tracking around 30 GW of upcoming projects.
Rather than just chasing market share, WRTL is focusing on building stronger project delivery capabilities.

Market Share Position

Based on project execution and new additions, WRTL’s market share is around 7-8%.
Given the size of India’s growing renewable sector, this is a strong position to build from.

Risks, Challenges, and WRTL’s Future Outlook

WRTL is aware of possible challenges but remains optimistic.

Key Risks

• Transmission issues and contractual risks are being monitored closely.
• However, the company currently feels comfortable with sector dynamics and project execution timelines.

Growth Outlook for FY26

WRTL did not provide specific revenue guidance for FY26, but management expressed high confidence in future growth.
They expect favorable government policies, better technology adoption, and their own internal capabilities to drive further expansion.

Key Highlights from Waaree Renewable Technologies Limited (WRTL) Q4 & FY25 Earnings Concall Notes

• Revenue growth of 82.3% YoY for FY25.
• EBITDA margin guidance of 14-15% going forward.
• Robust order book of 3.2 GWp EPC orders.
• Expansion into BESS, data centers, and hybrid projects.
• 7-8% market share based on project execution.
• No major risks identified currently.
• Strong sector tailwinds from government policies and infrastructure push.

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FAQs on Waaree Renewable Technologies Limited (WRTL) Q4 & FY25 Earnings Concall Notes

What was WRTL’s revenue growth in FY25?

Waaree Renewable Technologies Limited (WRTL) reported ₹1,597.75 crore revenue, up 82.3% from FY24.

How much was the company’s EBITDA margin guidance?

WRTL expects future EPC margins to be between 14-15%.

How large is WRTL’s unexecuted order book?

The company has about 3.2 GWp of unexecuted EPC orders.

Is WRTL expanding beyond solar EPC?

Yes, WRTL is moving into BESS, data centers, wind-solar hybrids, and IPP assets.

What is WRTL’s current market share?

Based on project execution, WRTL has about 7-8% market share in the Indian renewable sector.

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Final Words on Waaree Renewable Technologies Limited (WRTL) Q4 & FY25 Earnings Concall Notes

Waaree Renewable Technologies Limited (WRTL) has shown that it is not just growing fast, but also preparing for the future.
Their strong execution skills, large order book, smart diversification, and sector tailwinds make them one of the more exciting companies in India’s clean energy story.

The Waaree Renewable Technologies Limited (WRTL) Q4 & FY25 Earnings Concall Notes clearly show that the company is ready to take on bigger opportunities in FY26 and beyond.

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