Shareholders approved the special resolution to raise capital through the issuance of equity shares or other eligible securities to qualified institutional investors for an aggregate amount of up to ₹10,000 crore.
On April 29, the board of the company approved raising up to ₹10,000 crore through the issuance of equity shares, non-convertible debentures, along with warrants, any other eligible securities convertible into equity shares of the company, or any combination (collectively, securities) on Qualified Institutional Placement.
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The company also received shareholder approval for the appointment of Jignesh Devchandbhai Rathod as a Director of the company. A separate ordinary resolution approving Rathod’s appointment as Whole-Time Director and Chief Executive Officer, along with the remuneration payable to him, was also passed.
Earlier today, Waaree Energies said it had received an order to supply 800 MW of solar modules from a domestic customer. The company said the order was awarded by a “renowned customer” who is a leading energy solutions provider. Waaree did not disclose the name of the customer or the financial value of the contract.
The order is a one-time contract for the supply of 800 MW solar modules from a domestic entity, and is scheduled to be executed over the financial year 2026-27, the company said.
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In April, the company’s Chairman and Managing Director, Hitesh Doshi, said the renewable energy EPC and operations and maintenance (O&M) player expects business growth to continue, supported by new capacities and ongoing investments.
Waaree expects EBITDA for FY27 in the ₹7,000–7,700 crore range, supported by new capacities across batteries, ingots, wafers and solar cells coming online over the year. “EBITDA will continue… around 20%, and we believe… We’ll be able to maintain that,” Doshi said.
The company’s March quarter revenue more than doubled to ₹1,102.4 crore from ₹476.6 crore in the year-ago quarter. EBITDA surged 63.7% to ₹206.8 crore from ₹126.3 crore a year earlier.
Net profit grew 66.1% to ₹155.7 crore from ₹93.8 crore in Q4FY25. Its margin, however, contracted to 18.8% from 26.5%, largely due to a sharp increase in EPC contract costs, which rose to ₹871 crore from ₹335 crore.
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Waaree Energies is one of India’s largest solar module manufacturers and operates across the solar value chain, including module manufacturing, engineering, procurement and construction (EPC), and renewable energy solutions.
Shares of Waaree Energies Ltd ended at ₹3,046.30, up by ₹14.90, or 0.49%, on the BSE.
