Waaree Renewable Is In ‘Safe Zone’ Due To 90% Localised Supply Chain: Abhishek Pareek

Waaree Renewable Technologies Ltd. is focused on seizing opportunities within India, while remaining open to global prospects, Abhishek Pareek, group head of finance, said on April 17. His comments came amid growing geopolitical tensions and uncertainties in international markets triggered by US President Donald Trump’s tariff policy.

Speaking to NDTV Profit, Pareek asserted that localisation has been a strategic priority for the company, commenting on the concerns around import costs and global supply chain disruptions.

"Year-on-year, we’ve been focusing on localisation of our entire supply chain. Our import numbers have seen a consistent decline. We’ve been consistently focused on domestic procurement, and we believe this should continue. Overall, 90% of our supply chain is domestic,” he said.

Currently, around 100% of the company’s revenue comes from the Indian market, he added.

The company reported an 83% jump on a year-on-year basis in net profit to Rs 93.8 crore, while revenue from operations rose 74% to Rs 476.6 crore in the quarter ended March.  

The company is in a “safe zone” when it comes to import risks, as it ensured that procurement of key components, like solar panels and inverters, is also insulated from external shocks and import-related cost volatility, he said.

Pareek is confident about the company’s growth prospects in India, highlighting the government’s target of 280–300 GW of solar capacity by 2030, with 110 GW already installed. 

On the company’s existing order execution timeline, Pareek revealed that the current order book now stands at 3.2 GW.

“Last year, we had given broad guidance as our order book was close to 2 GW at the start of the year, and we expected execution of around 1.5 GW. This goal has been achieved. Our order book now stands strong at 3.2 GW, which is expected to be completed over the next 12 to 15 months. So, we now have a longer execution horizon from the start of this year,” the top executive highlighted.

On the company’s operational efficiency, he noted that as execution ramps up further, managing operations may become more complex. However, he assured that the benefits of scale should continue to support margins. While acknowledging a strong 38% growth in the order book, he emphasised the importance of a healthy project mix.

Currently, PSU clients contribute 10–15% of revenue for Waaree Renewable Technologies Ltd.

While employee and other costs have increased this year, the revenue growth (over 80%) has been much higher than the increase in employee costs (around 50%), Pareek said. The company is still seeing a strong profit margin, despite higher costs. He expects this trend to continue in the future.

Shares of Waaree Renewable Technologies Ltd. closed 8.53% higher at Rs 1,114 apiece on the NSE on Thursday, compared to benchmark Nifty settling 414.45 points, or 1.77% higher at 23,851.65.