WAAREE RENEWABLE TECHNOLOGIES

One-stop shop for Indian solar projects

Waaree Renewable Tech- nologies, a subsidiary of the Mumbai-headquartered Waaree group, is a leading Indian solar engineering, procurement and construction (EPC) company. Founded in 2011, the company specialises in rooftop and groundmounted solar projects, operating as a subsidiary under the larger Waaree group umbrella. So far, Waaree has completed over 10,000 solar projects, cumulatively accounting for more than 3.5 GW of operational capacity.

Waaree Renewable specialises in the EPC and solar developer segment. In order to lead the transition to net zero emissions through sustainable and innovative EPC services, the company is committed to excellence, integrity and environmental stewardship. It handles the design, engineering, procurement and commissioning of solar projects for commercial, industrial and individual clients. The company has played a role in over 600+ MW of operating projects.

The broader Waaree group is a major conglomerate in the renewable energy sector, with its flagship company Waaree Energy Ltd being India’s largest solar module manufacturer. Waaree Renewable Technologies has earned a good name in implementing large-scale ground-mounted, rooftop and floating solar installations.

The company has made rapid strides on the financial front. Its sales turnover has shot up from Rs 2 crore in fiscal 2018 to Rs 1,598 crore in fiscal 2025, with operating profit zooming from nil to Rs 311 crore and the profit at net level spurting from nil to Rs 229 crore. What is more, prospects for the company going ahead are all the more promising. Consider:

GALLOPING SALES

• The current fiscal year started on a buoyant note. Durng the first three quarters, the sales turnover of the company amounted to Rs 2,229 crore – almost double the Rs 1,150 crore in the corresponding three quarters of the last year, with operating profit spurting almost two and a half times from Rs 188 crore to Rs 435 crore. The outlook for the company going ahead is highly positive as reflected in the performance of the company during the December 2025 quarter, when the net profit more than doubled to Rs 120.19 crore as compared to the year-ago quarter.
• The Waaree group demonstrates strong vertical integration with leadership across modules, cells and inverters, with a 22 GW module capacity, a 5.4 GW cell capacity and a 24 GW order book worth Rs 47,000 crore. Its tier-I status, wide domestic reach and global exports underline scale, credibility and execution strength.
• Additionally, supporting policies are accelerating solar growth in India. EPC demand is projected to rise from about Rs 605 billion in fiscal year 2023 to Rs 1,705 billion by fiscal year 2028, while the O&M market could expand from Rs 5.8 billion to Rs 25.5 billion by 2030. Initiatives like PLI, rooftop solar, energy storage and large solar parks strengthen long-term visibility.
• Waaree Renewable has built a strong execution tech record with 4.56 GWp currently under execution, and an investment track record with 4.56 GWp projects commissioned and 2,922 MWp currently under execution. Its diversified portfolio spans rooftop (59.26 MWp), floating solar (2.29 MWp) and a sizeable 1,180 MW O&M portfolio supported by an in-house R&D team driving technology-led delivery. At the same time, the unexecuted order book has scaled sharply from 817 GWp in 2023 to 2,922 GWp in 9 months of FY2026 (April to December 2025), reflecting sustained order inflows and execution strength. Annual execution rose to 2,230 MWp in 9 months of FY2026, backed by multiple large EPC wins of 54.82 MVp and setting up IPP 227.10 MWp capacity, ensuring strong visibility and continuity.

MAJOR TAKEOVER

• With a view to diversifying into power transmission, distribution and connectivity, the company is acquiring a majority (55%) stake in Vadodarabased Associated Power Structures Ltd at a price of Rs 1,225 crore, payable through infusion of primary and secondary capital. The deal with be finalised by April 30, 2026. Associated Power is an EPC firm specialising in power transmission, towers and substations. The company delivers end-toend design, manufacture and execution of transmission and substation EPC up to 800 KV high-voltage DIC lines. The company has a manufacturing capacity of 108,000 mpta across two factories in Vadodara (Gujarat). The acquisition will enhance Waaree’s EPC capabilities, which focus on developing the solar power of clients. The acquisition will give a big boost to its topline as well as bottomline. The company’s share price, which was hit hard by the recent distinct bearish phase in the market, has recovered fast to Rs 897. Once the current bearish phase in the market is over, Waaree will be among the first lot of shares which will start moving up at a fast pace into four-figure territory.

PERFORMANCE INDICATORS (Rs. in crore)

BHARAT COKING COAL LTD

Godzilla of Indian coking coal sector

Bharat Coking Coal Ltd, a miniratna PSU and a wholly owned subsidiary of Coal India Ltd, is the largest coking coal producer in the country and an eminent market leader in the domestic coking coal space. Engaged in producing various grades of coking coal, noncoking coal and washed coals, the company caters to power, steel, fertiliser and other industries. Its operations span 34 mines in Jharkhand and West Bengal, including 26 open cast mines, 4 underground mines and 4 mixed mines. The company contributes 58.5 per cent of the domestic coking coal production (FY2025) and has estimated reserves of 7-9 billion tonnes, making it one of the largest coking coal reserves in India.

BCCL operates five coking coal washeries with a capacity of 13.7 million tonnes per year, and has the largest coking coal washery capacity in India. The company is doing quite well on the financial front. During the last five years, its sales turnover has doubled from Rs 6,567 crore in fiscal 2021 to Rs 13,803 crore in fiscal 2025, with operating profit inching up from Rs 1,426 crore to Rs 1,758 crore and the profit at net level improving from Rs 1,202 crore to Rs 1,240 crore. What is more, its prospects going ahead are highly promising. Consider:

VITAL FOR STEEL

• Coking coal is vital for the steel industry. With the government targeting a crude steel capacity of 300 million tonnes by fiscal year 2031, coking coal demand is expected at 161 million tonnes, wherein demand for domestic washed coking coal at 40 million tonnes is a long-term demand driver.
• In order to seize this growth opportunity, BCCL is aiming to commission 3 new washeries with a combined capacity of 7 mtpa and is monetising old washeries to enhance operational efficiency
• BCCL has entered into an agreement with Tata Steel to utilise spare washery capacity for washing coking coal for BCCL. Moreover, SAIL has entered into an MoU with BCCL for the supply of 1.8 million tonnes of washed coking coal from BCCL’s washeries.

MINE REVAMP

• BCCL is planning to restore operations in discontinued underground mines through the MDO (mine developer and operator) mode on a revenue-sharing basis, with 6 out of 10 mines awarded to private players and third parties.
• It is also exploring opportunities in coal-based methane (CBM) projects to diversify its energy portfolio and reduce greenhouse gas emissions. All these developments will together boost the topline as well as bottomline of BCCL.
• BCCL has planned to optimize production of coking coal for the steel industry. By upgrading raw coal in its washeries, the company ensures that its product is ideal for use in steel manufacturing, providing critical resources for infrastructure and industrial development. This high-quality coking coal meant for the steel industry also fetches higher prices.
• In order to enhance operational efficiencies, optimise coal production and incorporate specialised expertise, BCCL partners with mine developers and operators (MDOs).
• The company is actively pursuing innovative business initiatives to expand its capabilities, enhance sustainability and address the evolving demands of the coal and energy sectors. These initiatives reflect BCCI’s commitment to delivering value through diversification, technological advancement and responsible resource management.

SOLAR AMBITION

• The company is diversifying into solar power projects. It is investing in solar energy projects on reclaimed mine land and rooftops of operational facilities. By harnessing renewable energy, the company aims to cut its carbon footprint, lower energy costs and contribute to India’s ambitious renewable energy targets. The company recently (January 2026) came out with an IPO to raise Rs 1,017 crore, which met with extraordinary response and was oversubscribed 143.85 times, with the retail category oversubscribed 49.37 times, the noninstitutional investor (NII) category 240.49 times, and qualified institutional buyers (QIB) 310.81 times. The stock, offered at a price of Rs 23, got listed at Rs 45, reflecting a premium of 45.65 per cent. But subsequently it encountered profit-taking selling and declined to Rs 39.86. Future prospects are much better and discerning investors can certainly add the stock in their portfolio with a long-term perspective.

PERFORMANCE INDICATORS (Rs. in crore)