Waaree Renewable 24 GW Order Pipeline Draws Upon Solar Tailwinds

Waaree Renewable Technologies Ltd.'s strong order pipeline of 24 gigawatt indicates a robust business future, fuelled by tailwinds in the solar energy sector, said Dilip Panjwani, the company's chief financial officer.

The Waaree Renewable CFO, while speaking to NDTV Profit on Monday, suggested that the company's business in the solar energy sector is significantly placed at the moment.

“Our pipeline has also increased and now it stands at 24 GW. So, though it's very difficult to pinpoint what the coming quarter exactly will look like...but definitely this long pipeline indicates that there's a very robust business that's sitting in this sector,” he said.

Waaree Renewable reported a total revenue of Rs 360.35 crore for the quarter ended Dec. 31, 2024. While this is an 11.1% increase on a year-on-year basis, the top line declined 31.2% sequentially. On a nine-month basis, the revenue stood at Rs 1,121 crore, a jump of 85.9% over the same period a year ago.

Panjwani said that comparing the financials on a sequential basis is not “appropriate”. 

“If you look at our nine months performance, we already did exceptionally well, going up by 85% in our top line, with 42% growth in Ebitda margins and 43% rise in our PAT margins. One quarter bit here and there doesn't matter. What matters is your order book size, and the kind of work that you are doing,” he said.

As on date, the current order book of Waaree Renewable stands at 3.4 gigawatt, the CFO noted.

“So, our current order book stands at 3.4 gigawatt, roughly around at Rs 3,700-crore order book. That's the volume of the work that's in our hands as of now,” he said.

Shares of Waaree Renewable Technologies were 1.97% lower at Rs 1,045.20 apiece on the BSE, compared to a 0.91% drop in the benchmark Sensex.