
Waaree Renewable Technologies has posted impressive financial results for the quarter ended 31 March 2025, with a net profit surge of 83% year-on-year (YoY) to Rs 93.81 crore.
The company also saw a 74.37% increase in revenue, which jumped to Rs 476.58 crore during Q4 FY25. This performance has sparked a 10% spike in the company’s stock price, signaling strong investor confidence.

In the same quarter, Waaree’s profit before exceptional items and tax stood at Rs 125.18 crore, up by 73.66% from the previous year. Despite reporting an exceptional loss of Rs 4.02 crore, the company’s performance remains solid, demonstrating the resilience of its integrated business model.
Key Financial Metrics
The company’s EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) grew by 67.79%, reaching Rs 126.33 crore in Q4 FY25, compared to Rs 75.29 crore in Q4 FY24. However, the EBITDA margin saw a slight dip to 26.51% from 27.55% last year. This decrease in margin came alongside a sharp rise in expenses, with total costs climbing by 75.25% to Rs 356.25 crore. EPC contract costs made up the bulk of this increase, rising 76.25% YoY.
On the revenue front, the company’s EPC (Engineering, Procurement, and Construction) contracts contributed significantly, with a 76.28% increase to Rs 469.72 crore. Meanwhile, revenue from power sales remained flat at Rs 6.86 crore.
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Full-Year Growth
For the full fiscal year 2025, Waaree Renewable posted a 57.7% increase in net profit, totaling Rs 229.16 crore. This growth came alongside an 82.28% rise in revenue, which reached Rs 1,597.75 crore, far surpassing the growth seen in India’s solar sector during the same period.
The company is capitalizing on the boom in renewable energy, particularly solar, as India moves closer to achieving its ambitious target of 500 GW of renewable energy capacity by 2030. As of March 2025, India’s renewable energy capacity stands at 220.10 GW, with solar contributing 105.65 GW.
Strategic Moves and Future Outlook
Waaree Renewable Technologies is positioning itself to be a key player in this growing market. The company has expanded into Battery Energy Storage System (BESS) EPC solutions, further diversifying its portfolio.
With a robust order book of 3.2 GW in Solar EPC and 40 MWh in BESS EPC, Waaree is well-prepared to tackle large-scale projects and contribute to India’s energy transition.
Sudhir Arya has been appointed as an Additional Director of the company, while Sunil Rathi has been promoted to Executive Director. Additionally, Manmohan Sharma has been appointed as the Chief Financial Officer, signaling a strong leadership team driving Waaree’s vision forward.
On the flip side, Mitul Mehta resigned as an Independent Director, marking a shift in the company’s leadership structure.
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What’s Next for Waaree Renewable?
Looking ahead, Waaree Renewable Technologies is set to continue expanding its footprint in the renewable energy space. As solar power and clean energy technologies become more vital in the global energy transition, Waaree’s integrated approach to project development, financing, and execution places it in a strong position for long-term growth.
In summary, Waaree Renewable’s stellar financial results reflect its robust operational capabilities and strategic positioning in the fast-growing renewable energy sector.
With a clear focus on innovation and sustainability, Waaree is poised to remain a leading player in India’s energy future.
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