• Financial performance: Combined revenue for the quarter reached ₹924 crore with an EBITDA of ₹173 crore at an 18.77% margin, supported by a standalone EPC margin of 19.66%. Management protects margins from raw material price swings by locking in procurement immediately post-quotation and avoiding execution-related cost overruns.
• Associate Power acquisition: The company acquired a 55% equity stake in Associate Power Structures to expand into the transmission and distribution (T&D) space. This acquisition enables integrated cross-selling across both solar EPC and T&D value chains.
• Order book conversion: The existing firm order book of ₹5,300 crore across EPC and T&D is slated to convert into revenue in the current financial year. In addition, the company is tracking a 37 GW pipeline (including 11 GW overseas) alongside a ₹20,000 crore pipeline in the T&D segment.
• New segment expansion: Waaree has secured around ₹200 crore in Battery Energy Storage Systems (BESS) EPC orders. It is also actively pursuing opportunities in data center EPC, with new order wins anticipated in upcoming quarters.