Rs 50,000 crore order book: Solar Company Wins 21 MW Solar Project Worth Rs 26 Crore Under MSKVY 2.0

The stock currently trading at Rs 989.1 (as of July 2, 2025), it is significantly down from its 52-week high of Rs 2,024.25, reflecting a 1-year return of -50.62 per cent.

Waaree Renewable Technologies Limited, a prominent player in India’s renewable energy sector and a subsidiary of Waaree Energies Limited, has received a significant boost after securing a Letter of Award (LOA) for a new solar power project. The Engineering, Procurement, and Construction (EPC) contract is for a 21 MW AC / 29.4 MW DC project under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0). Valued at approximately Rs 26.17 crore, this domestic commercial order is expected to be completed in the financial year 2025-26.

The development has reignited investor interest in this multibagger Small-Cap stock, which has delivered a staggering 1,497.64 per cent return over the last three years. Despite the stock currently trading at Rs 989.1 (as of July 2, 2025), it is significantly down from its 52-week high of Rs 2,024.25, reflecting a 1-year return of -50.62 per cent. The 52-week low stands at Rs 763.35. Waaree Renewable’s market capitalization is approximately Rs 10,408 crore, and it trades at a Price-Earnings (PE) ratio of 45.47. Notably, public shareholder Hitesh P Mehta holds a 1.06 per cent stake in the company.

Founded in 1999, Waaree Renewable Technologies spearheads the solar EPC business under the Waaree Group. The company offers end-to-end services ranging from financing and consultancy to solar power generation and O&M. It has India’s largest solar panel manufacturing capacity of 12 GW, located across its Gujarat facilities. With over 10,000 solar projects and 1.9 GW of installed capacity, the company achieved a 138 per cent year-on-year growth in project execution in FY24, completing 704 MWp compared to 295 MWp in FY23.

Waaree has a strong project pipeline, with an active order book of 2,191 MWp and a bidding pipeline of 15.5 GW. The company aims to execute projects totaling 1.8 to 2 GW in FY25, targeting revenue in the range of Rs 2,500 to 2,800 crore. Its long-term expansion plans include domestic and international solar EPC and operations & maintenance (O&M) services.

Disclaimer: The article is for informational purposes only and not investment advice.