Any current/future new fundraising through debt or equity?

There is no specific mention of current or future fundraising through debt or equity for Waaree Renewable Technologies Limited in the provided transcript. The parent company is planning a public issue in the near future, but details on fundraising for Waaree Renewable Technologies Limited itself are not provided. The company is focusing on executing its existing order book and expanding its EPC and O&M businesses. Capex for Waaree Renewable Technologies Limited is minimal as it mainly operates in EPC and O&M, unlike the parent company which may incur capex based on demand and supply. Listing o

Any current/future capex/capital investment/strategic investment?

Waaree Renewable Technologies (the EPC company) does not require significant capex as it mainly focuses on EPC and O&M businesses, with limited IPP activities. The parent company, involved in module manufacturing, plans to incur additional capex depending on demand and supply conditions. There is an ongoing process for the parent company's listing, indicating strategic financial moves but no specific new capex detailed for Waaree Renewable Technologies. For the parent company, backward integration investments such as manufacturing cells, wafers, and ingots suggest continuous capex in ren

Future growth expectations in sales/revenue/volumes?

The company has a robust order backlog of around 856 megawatts, intending to execute this within the next 9 to 12 months, indicating strong near-term revenue visibility. With annual installation targets increasing to 40-50 gigawatts from 2024-25 onwards, the addressable EPC market is estimated at 20-25 gigawatts per year, offering significant scope for growth. The management forecasts that margins will sustain or improve, backed by a growing topline and increasing executed volumes. The pipeline of potential orders stands at approximately 3 gigawatts, with typical order finalization takin

Future growth expectations in earnings/operating earnings/profits/EPS?

The company expects revenue growth driven by a strong order backlog of 856 MW and plans to execute these orders within the next 9-12 months. Margins have been increasing year-on-year and are expected to sustain or improve, with EBITDA margin guidance in the range of 12% to 15% on a full-year basis. The O&M business is a high-margin segment, delivering EBITDA margins of around 30%-35%, and the company aims to expand this portfolio. Domestic solar panel demand is expected to grow to 40-50 GW annually in the next two years, with total supply capacity between 60-80 GW, suggesting a balanced demand

Current/ Expected Orderbook/ Pending Orders?

The company has an unexecuted order book of approximately 856 megawatts as of Q1 FY24. They successfully executed 96 megawatts in Q1 FY24. They intend to complete the pending 856 megawatts of orders within the next 9 to 12 months. In the previous call, the company mentioned they would execute around 817 megawatts in 12 to 15 months. The current order book indicates they are on track or ahead of previous guidance. There is a healthy pipeline of around 3 gigawatts under discussion and potential finalization. Typically, it takes about 6 to 9 months to finalize new orders.

Waaree Renewable Technologies LtdQ1 FY24Electrical Equipment

Waaree Renewable Technologies Ltd Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹809P/E: 17.0Market Cap: ₹8.7K CrSector: Electrical Equipment

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

The company has a robust order backlog of around 856 megawatts, intending to execute this within the next 9 to 12 months, indicating strong near-term revenue visibility.
With annual installation targets increasing to 40-50 gigawatts from 2024-25 onwards, the addressable EPC market is estimated at 20-25 gigawatts per year, offering significant scope for growth.
The management forecasts that margins will sustain or improve, backed by a growing topline and increasing executed volumes.
The pipeline of potential orders stands at approximately 3 gigawatts, with typical order finalization taking 6-9 months.
Pricing competitiveness, especially matching landed costs of imports (around 24-25 cents per watt), supports order wins.
An expanding O&M business portfolio (currently 490 MW) with high-margin potential is also expected to contribute to revenue growth.
Overall, the company envisions steady to improving revenue and volume growth driven by market expansion and strong order execution.

Margin guidance

Category 3

The company expects revenue growth driven by a strong order backlog of 856 MW and plans to execute these orders within the next 9-12 months.
Margins have been increasing year-on-year and are expected to sustain or improve, with EBITDA margin guidance in the range of 12% to 15% on a full-year basis.
The O&M business is a high-margin segment, delivering EBITDA margins of around 30%-35%, and the company aims to expand this portfolio.
Domestic solar panel demand is expected to grow to 40-50 GW annually in the next two years, with total supply capacity between 60-80 GW, suggesting a balanced demand-supply scenario.
Despite competitive pricing pressures, domestic manufacturers like Waaree are able to maintain decent margins.
The company foresees good traction and increasing enquiries due to falling module prices, potentially boosting EPC contracts and revenue.
No forward-looking statements on exact earnings, but overall expectations are positive for topline and profits.

See what Waaree Renewable Technologies Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no specific mention of current or future fundraising through debt or equity for Waaree Renewable Technologies Limited in the provided transcript.
The parent company is planning a public issue in the near future, but details on fundraising for Waaree Renewable Technologies Limited itself are not provided.
The company is focusing on executing its existing order book and expanding its EPC and O&M businesses.
Capex for Waaree Renewable Technologies Limited is minimal as it mainly operates in EPC and O&M, unlike the parent company which may incur capex based on demand and supply.
Listing on NSE for Waaree Renewable Technologies Limited is under procedure, dependent on regulatory fulfillment, but timing is uncertain.

Order book

Yes

The company has an unexecuted order book of approximately 856 megawatts as of Q1 FY24.
They successfully executed 96 megawatts in Q1 FY24.
They intend to complete the pending 856 megawatts of orders within the next 9 to 12 months.
In the previous call, the company mentioned they would execute around 817 megawatts in 12 to 15 months.
The current order book indicates they are on track or ahead of previous guidance.
There is a healthy pipeline of around 3 gigawatts under discussion and potential finalization.
Typically, it takes about 6 to 9 months to finalize new orders.

See what Waaree Renewable Technologies Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Waaree Renewable Technologies (the EPC company) does not require significant capex as it mainly focuses on EPC and O&M businesses, with limited IPP activities.
The parent company, involved in module manufacturing, plans to incur additional capex depending on demand and supply conditions.
There is an ongoing process for the parent company's listing, indicating strategic financial moves but no specific new capex detailed for Waaree Renewable Technologies.
For the parent company, backward integration investments such as manufacturing cells, wafers, and ingots suggest continuous capex in renewable manufacturing over the next 3-4 years.
No immediate aggressive capex plans disclosed for Waaree Renewable Technologies, whereas the parent company may continue capex based on market demand.

Track Waaree Renewable Technologies Ltd — get its next earnings analysis in your feed

How does Waaree Renewable Technologies Ltd rank vs peers in Electrical Equipment?

Pro feature

ThisWaaree Renewable Technologies Ltd

Rev 2Mar 3

See where Waaree Renewable Technologies Ltd sits in Electrical EquipmentSee which companies these are, and every other name in the sector.Open rankings

How does Waaree Renewable Technologies Ltd rank in Electrical Equipment?

Compare Waaree Renewable Technologies Ltd against every Electrical Equipment company (Q1 FY24) on revenue, margins and earnings-call signals.

View Electrical Equipment leaderboard →

What Waaree Renewable Technologies Ltd's management said in earlier quarters

Others in Electrical Equipment this season

KP Green Engineering Ltd (Q1 FY27)
KPI Green Energy Q1 FY27: 27.9 Cr. Key investor presentation takeaways from KP Green Engineering Ltd's Q1 FY27 investor presentation — and how it ranks against
Delton Cables Ltd (Q4 FY26)
Q4 FY26 revenue: ₹3,213 million, a 58% increase over Q4 FY25 revenue of ₹2,027 million (Page 28). Key concall takeaways from Delton Cables Ltd's Q4 FY26…
Delton Cables Ltd (Q1 FY27)
Q1 FY27 revenue: ₹2,870 million, up 83% YoY from ₹1,567 million in Q1 FY26 (Page 28). Key concall takeaways from Delton Cables Ltd's Q1 FY27 earnings call…
Mangal Electrical Industries Ltd (Q4 FY26)
Reported revenue for FY26: ₹579.7 Crs (Page 3, 13, 14). Key concall takeaways from Mangal Electrical Industries Ltd's Q4 FY26 earnings call — and how it ranks…

Compare:vs A B B vs Bharat Heavy Electricals Ltd vs CG Power & Industrial Solutions Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →