Waaree Renewable Technologies to acquire T&D firm Associated Power Structures for ₹1,225 crore

Mumbai | January 27

Shares of Waaree Renewable Technologies Limited are in focus after the company announced that its board has approved the acquisition of a 55% stake in Associated Power Structures Limited (ASPL) for ₹1,225 crore.

The acquisition marks a strategic shift for Waaree Renewable as it expands beyond solar generation and EPC into power transmission and distribution infrastructure – an area critical for supporting large-scale renewable energy adoption.

Why this acquisition matters

Associated Power Structures operates in the power transmission and distribution infrastructure segment and has an established execution track record across India and select overseas markets.

The company was incorporated in 1996.For the financial year ended March 31, 2025, ASPL reported a turnover of ₹1,226.64 crore, including other income, while its net worth stood at ₹339.53 crore.

Upon completion of the transaction, ASPL will become a subsidiary of Waaree Renewable Technologies.

The company said the acquisition is expected to be completed by April 30, 2026, subject to fulfilment of agreed conditions.

Waaree Renewable said the transaction aligns with its long-term strategy of building an
integrated platform spanning renewable power generation, EPC services, energy efficiency solutions and enabling infrastructure, thereby improving execution capability and resilience across the clean energy value chain.

Stock reaction

Shares of Waaree Renewable Technologies Limited traded higher in Tuesday’s session, rising nearly 1.5% on the NSE to ₹886.50 per share, as investors reacted positively to the company’s ₹1,225 crore acquisition announcement.

Management commentary

Commenting on the acquisition, Manmohan Sharma, Chief Financial Officer of Waaree Renewable Technologies, said the move represents a key milestone in the company’s transformation journey.

“This acquisition strengthens our capabilities beyond generation and EPC into critical grid and transmission infrastructure, which is essential for scaling renewable energy in India,” Sharma said.

Strong Q3 FY26 performance supports growth plans

The acquisition announcement follows a strong earnings performance in the December quarter. Waaree Renewable Technologies reported a net profit of ₹120.19 crore in Q3 FY26, more than double the ₹53.48 crore posted in the year-ago period.

Revenue for the quarter rose 136% year-on-year to ₹851.06 crore, supported by higher project execution.

The company’s unexecuted order book stands at 2.92 GWp, with execution visibility of 12–15 months, while its bidding pipeline remains robust at 29 GWp.

Separately, the board has approved capital expenditure for setting up a 120 MWp solar power park in Buldhana, Maharashtra.

About the company

Waaree Renewable Technologies, part of the Waaree Group, focuses on solar EPC and project development. The company also develops, owns and operates solar power projects, with a primary focus on commercial and industrial customers.

With inputs from PTI

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