Waaree Renewable Technologies, an engineering, procurement and construction (EPC) arm of Waaree Energies group, expects to complete around 1.3 gigawatt (GW) capacity projects in the remaining half of the current fiscal, chief financial officer Dilip Panjwani told FE.
The company, which reported a multifold jump of 160% on-year in its net profit for the second quarter to Rs 53.52 crore, expects a threefold jump in its operation and maintenance (O&M) contracts in the next financial year in addition to its existing robust pipeline of EPC contracts.
“One of the most important things in our EPC is O&M. Next year onwards, once our EPC contracts close out, we will have some O&M coming up in that space as well. So, O&M is also expected to increase 2-3 times from FY26 at the strength of our existing EPC contracts,” Panjwani said.
The company currently has an unexecuted order book of 1.7 GW, which it expects to complete in the next 9-12 months. The bidding pipeline remains robust at 17.8 GW. “For FY26, we continue to be guided by the government’s commitment in the renewable energy space,” he said.
Panjwani noted that while the company intends to remain focused on the solar energy business, it also has plans to diversify into battery energy storage projects, green hydrogen, and other hybrid RE projects. “Today, we are 100% solar-driven, but we have capabilities on the battery and hydrogen sides too.”
While the company remains centred on utility scale projects, it sees the share of commercial and industrial (C&I) space increasing going forward. “The segments that are coming up are rooftop floating solar, battery energy, storage systems, pump storage, hybrid and RTC (round the clock) projects on the solar side. All this in combination will drive our future growth,” he said.
Waaree Renewable hopes that the share of contracts from public sector firms in its order book will increase going ahead with the government’s increased efforts in transitioning to renewable energy sources. Currently, the company’s 15-20% of business comes from the government while the remaining are private sector projects.
“As of last year, it (government’s share in the orderbook) was almost 30%. We again will scale back to government business strongly. Most of the tenders are from the government side now. As a company, we are committed to stakeholder enhancement in value. So, we always continue to chase profitable business. That’s the reason why we have been getting enough business from the non-government side,” the CFO said.
Talking about the increasing investments in the RE sector in line with the global climate targets and those set by the world leaders at the annual UN Climate Change Conference, Panjwani said public and private investments in India will now continue to grow significantly. “One metric to observe this is that now India itself has 89 GW of solar installations. We expect in COP29, talks around climate change and impact on sustainability picking up, which will also drive further investments in renewable space.”
He said that the elements of renewable space are only increasing from solar and wind to now battery storage, hydrogen, and biofuels. “We are quite excited about this space. I think at least for the foreseeable future sustainability will be driven. It (COP29) has taken the shape of transition from fossil fuels to green energy.”
The company is on track to achieve its set targets, Panjwani said, adding that its turnover is a good indicator of its growth.
From: financialexpress
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