Waaree Renewable Technologies Ltd on Sunday (November 1) said it has signed a five-year operations and maintenance (O&M) agreement for a 360 megawatt-peak (MWp) solar power project, the company said in a regulatory filing on Sunday (November 1).
The agreement has been signed with a leading independent power producer (IPP), which the company identified as a domestic entity. Waaree Renewable Technologies received the intimation and letter of award (LOA) on October 31, 2026, at 7:18 p.m. IST.
The order is classified as a commercial order, with the scope covering O&M services for the 360 MWp solar power project. The execution timeline will be as per the terms of the order. The agreement does not fall under related-party transactions, the company said.
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Second Quarter Results
Waaree Renewable Technologies reported a 30% year-on-year decline in net profit to ₹82 crore for the September quarter of FY27, compared with ₹116 crore a year earlier. Revenue from operations increased 36.53% to ₹1,057.84 crore from ₹775 crore in the same quarter last year.
However, earnings before interest, tax, depreciation and amortisation (EBITDA) rose only 1.3% to ₹160 crore from ₹158 crore. The EBITDA margin, which measures operating profit as a share of revenue, fell to 15% from 20% a year ago.
First half of FY27
For the six months ended September 2026, revenue from operations grew 43.84% year-on-year to ₹1,982.09 crore, compared with ₹1,377.97 crore in the first half of FY26.
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EBITDA increased 21.04% to ₹333.46 crore from ₹275.49 crore. However, net profit remained largely unchanged at ₹200.44 crore, compared with ₹202.75 crore in the year-ago period.
The company said acquisition-related financing costs and the addition of businesses with different profit margins had affected its profitability in the near term.
Shares of Waaree Renewable Technologies Ltd ended at ₹694.75, up by ₹0.51, or 3.50%, on the BSE.
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