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Waaree Renewable to Acquire 55% Stake in Associated Power Structures for INR 1,225 Cr
Waaree Renewable Technologies Limited (WRTL) has entered into a binding term sheet to acquire a 55% majority stake in Associated Power Structures Limited (ASPL) for approximately INR 1,225 crores. ASPL is a key player in the power transmission and distribution sector, reporting a robust turnover of INR 1,216.91 crores in FY 2024-25. This acquisition is a strategic move to integrate clean energy solutions and expand WRTL's presence across the energy infrastructure ecosystem. The transaction is expected to be completed by April 30, 2026, making ASPL a subsidiary of the company.
Key Highlights
Acquisition of ~55% stake in Associated Power Structures Limited for a total consideration of ~INR 1,225 crores.
Target company ASPL demonstrated massive growth with turnover rising from INR 416.80 Cr in FY23 to INR 1,216.91 Cr in FY25.
ASPL holds a net worth of INR 339.53 crores and total assets of INR 834.15 crores as of March 31, 2025.
The deal involves a mix of primary and secondary share purchases and is scheduled for completion by April 30, 2026.
The acquisition aligns with WRTL's long-term vision of providing integrated clean energy and energy efficiency solutions.
💼 Action for Investors
Investors should view this as a significant growth milestone that diversifies Waaree's revenue streams into power transmission; monitor the funding structure of the INR 1,225 crore deal.
Waaree Renewable to Acquire 55% Stake in Associated Power Structures for INR 1,225 Crores
Waaree Renewable Technologies (WAAREERTL) has approved the acquisition of a 55% majority stake in Associated Power Structures Limited (ASPL) for approximately INR 1,225 crores. ASPL is a power transmission and distribution infrastructure company that reported a turnover of INR 1,216.91 crores in FY25, showing rapid growth from INR 416.80 crores in FY23. The acquisition is a strategic move to expand WAAREERTL's capabilities in the clean energy ecosystem and integrated infrastructure. The transaction is expected to be completed by April 30, 2026, making ASPL a subsidiary of the company.
Key Highlights
Acquisition of ~55% stake in Associated Power Structures Limited for a total consideration of INR ~1,225 crores.
Target company ASPL reported FY25 turnover of INR 1,216.91 crores and a net worth of INR 339.53 crores.
ASPL has shown significant growth with turnover rising from INR 416.80 crores in FY23 to over INR 1,216 crores in FY25.
The acquisition is expected to be completed by April 30, 2026, through cash consideration.
Strategic expansion into power transmission and distribution to complement existing renewable energy business.
💼 Action for Investors
Investors should view this as a significant growth milestone that diversifies the company's revenue streams into power infrastructure. Monitor the impact on consolidated margins and the successful integration of ASPL by the April 2026 deadline.
Waaree Renewable Q3 FY26 PAT Jumps 125% to ₹120 Cr; Order Book Strong at 2.92 GW
Waaree Renewable Technologies delivered a robust Q3 FY26 performance with revenue surging 136% YoY to ₹851.06 crore and PAT rising 125% to ₹120.19 crore. The company maintained healthy EBITDA margins of 18.66% for the quarter, supported by the execution of 2,230 MWp in the first nine months of the fiscal year. With an unexecuted order book of 2.92 GWp and a massive bid pipeline of 29 GW, the company demonstrates high revenue visibility. Management is also diversifying into Battery Energy Storage Systems (BESS) and expanding its O&M portfolio, which currently stands at 1,180 MWp.
Key Highlights
Q3 FY26 Revenue grew 136.18% YoY to ₹851.06 crores, while PAT increased 124.74% to ₹120.19 crores.
Unexecuted order book stands at 2.92 GWp as of December 2025, ensuring strong short-to-medium term visibility.
9M FY26 EBITDA margins improved to 19.48% from 16.48% in the previous year, reflecting operational leverage.
The company is actively pursuing a 29 GW project pipeline, including 5-6 GW of active tenders.
O&M portfolio reached 1,180 MWp, providing a growing stream of recurring revenue alongside EPC activities.
💼 Action for Investors
Investors should focus on the company's ability to convert its massive 29 GW pipeline into firm orders and maintain execution efficiency. The stock remains a key beneficiary of India's utility-scale solar expansion and the emerging BESS market.
Waaree Renewable Bags INR 37.96 Crore EPC Order for 10 MWac Solar Project
Waaree Renewable Technologies Limited (WAAREERTL) has secured a domestic EPC contract for a 10 MWac/14 MWp ground-mount solar PV plant in Uttar Pradesh. The contract is valued at approximately INR 37.96 crore (excluding taxes) and was awarded by a manufacturer of industrial gases. The project is scheduled for completion during the 2026-27 financial year. This win continues the company's momentum in the renewable energy infrastructure segment, providing revenue visibility for the upcoming fiscal years.
Key Highlights
New turnkey EPC contract for a 10 MWac/14 MWp solar plant in Uttar Pradesh.
Total contract value estimated at approximately INR 37.96 crore excluding taxes.
Project awarded by a domestic industrial gas manufacturer with no promoter interest involved.
Scheduled for completion during the financial year 2026-27.
💼 Action for Investors
Investors should view this as a positive development that strengthens the order book; maintain focus on the company's execution efficiency and upcoming quarterly results.
Airtel deploys 2,400+ new 5G sites in MP & Chhattisgarh to cover 87 districts
Bharti Airtel has significantly strengthened its 5G footprint in Madhya Pradesh and Chhattisgarh by deploying over 2,400 new sites in the last 12 months. This expansion covers 87 districts and caters to a subscriber base of 36 million customers in the region. The company is adding approximately six new sites daily to enhance network density in both urban centers and rural pockets. This move is part of Airtel's strategy to build a robust digital backbone and capture growth in high-potential markets.
Key Highlights
Deployed 2,400+ new 5G sites across Madhya Pradesh and Chhattisgarh in the last 12 months.
Network expansion covers 87 districts, reaching a total of 36 million customers.
Maintaining a rapid deployment rate of approximately 6 new sites per day.
Focus on rural connectivity, highways, and economic corridors to bridge digital gaps.
Enhanced footprint covers key cities including Indore, Bhopal, Gwalior, Jabalpur, and Raipur.
💼 Action for Investors
Investors should view this as a positive step towards securing market leadership in the 5G segment within these circles. Continued infrastructure investment is likely to drive higher data consumption and ARPU over the medium term.
Waaree RTL 9M FY26 Revenue Hits ₹2,229 Cr; Order Book Stands at 2.9 GWp
Waaree Renewable Technologies Limited (WAAREERTL) has reported a stellar performance for 9M FY26, with revenue reaching ₹2,229 crore, significantly surpassing the full-year FY25 revenue of ₹1,598 crore. The company maintains a massive execution pipeline of 2,922 MWp, including a landmark 2,012 MWp project for Jindal Renewables. With an asset-light business model, the firm achieved an exceptional ROE of 65.29% and ROCE of 61.94% in FY25. The company is strategically positioned to capitalize on India's 2030 solar targets through its integrated relationship with parent company Waaree Energies.
Key Highlights
9M FY26 revenue reached ₹2,229 crore, already exceeding the total FY25 revenue of ₹1,598 crore.
Current unexecuted order book stands at a robust 2,922 MWp as of Q3 FY26.
Total commissioned capacity has reached 4.56 GWp, with an additional O&M portfolio of ~1,180 MWp.
Major ongoing projects include a 2,012 MWp site in Bikaner and a 1,000 MWp site in Solapur.
Maintained high profitability metrics with an FY25 EBITDA margin of 19.46% and PAT margin of 14.33%.
💼 Action for Investors
Investors should focus on the company's ability to execute its 2.9 GWp order book on schedule, which is the primary driver for near-term valuation. The stock remains a high-growth play in the renewable EPC space given its superior return ratios and strong parentage.
Waaree Renewable Q3 FY26 PAT Jumps 125% YoY to Rs 120 Cr; Revenue up 136%
Waaree Renewable Technologies reported a stellar Q3 FY26 with revenue surging 136.18% YoY to Rs 851.06 crore. Net profit (PAT) grew by 124.74% YoY to Rs 120.19 crore, while EBITDA rose 120.79% to Rs 158.80 crore. The company maintains a strong unexecuted order book of 2.92 GWp to be executed over the next 12-15 months. Additionally, the board approved a new capex for a 120 MWp Solar Power Park in Maharashtra, indicating continued expansion.
Key Highlights
Q3 FY26 Revenue grew 136.18% YoY to Rs 851.06 Cr; 9M FY26 Revenue reached Rs 2,229.03 Cr.
PAT for Q3 FY26 increased by 124.74% YoY to Rs 120.19 Cr with a margin of 14.12%.
Unexecuted order book stands at a robust 2.92 GWp with a massive bidding pipeline of ~29 GWp.
EBITDA for 9M FY26 grew 135.29% YoY to Rs 434.28 Cr with margins at 19.48%.
Board approved capex for setting up a 120 MWp Solar Power Park in Buldhana, Maharashtra.
💼 Action for Investors
Investors should note the company's exceptional execution pace and high revenue visibility provided by the 2.92 GWp order book. The stock remains a key play in the Indian solar EPC segment, though one should monitor margin sustainability as the company scales.
Waaree Renewable Q3 Net Profit Jumps 125% YoY to ₹120 Cr; Approves 120 MWp Solar Park
Waaree Renewable Technologies reported stellar Q3 FY26 results, with consolidated revenue surging 136% year-on-year to ₹851.06 crore. Net profit for the quarter more than doubled to ₹120.19 crore, up from ₹53.48 crore in the same period last year, driven by robust execution in the EPC segment. For the nine-month period, the company has already surpassed its previous full-year revenue, reaching ₹2,229.03 crore. Additionally, the board has approved a new 120 MWp solar power park project in Maharashtra, strengthening the company's future growth pipeline.
Key Highlights
Consolidated revenue from operations grew 136% YoY to ₹851.06 crore in Q3 FY26.
Net profit increased by 124.7% YoY to ₹120.19 crore for the quarter ended December 2025.
9-month FY26 revenue reached ₹2,229.03 crore, nearly doubling from ₹1,121.19 crore in 9M FY25.
Board approved a new 80 MWac/120 MWp Solar Power Park project at Buldhana, Maharashtra.
Basic EPS rose significantly to ₹11.50 from ₹5.14 in the year-ago quarter.
💼 Action for Investors
The strong financial performance and new project approval highlight the company's efficient execution and expanding order book. Investors should monitor the progress of the new 120 MWp solar park as a key driver for future capacity and revenue.
Waaree Renewable Q3 Net Profit Jumps 125% YoY to ₹120 Cr; Approves 120 MWp Solar Park
Waaree Renewable Technologies reported a stellar performance for Q3 FY26, with consolidated revenue surging 136% YoY to ₹851.06 crore. Net profit followed suit, rising 125% YoY to ₹120.19 crore, driven primarily by the EPC segment which contributed over 99% of total revenue. Additionally, the company's board approved a significant new project for setting up an 80 MWac/120 MWp Solar Power Park at Buldhana, Maharashtra. This combination of strong earnings growth and capacity expansion signals robust operational momentum.
Key Highlights
Consolidated Revenue from Operations grew 136% YoY to ₹85,106.07 lakhs in Q3 FY26.
Net Profit for the quarter increased by 125% YoY to ₹12,019.45 lakhs from ₹5,348.17 lakhs.
EPC segment revenue reached ₹84,395.70 lakhs, representing the core growth engine of the company.
Board approved a new 80 MWac/120 MWp Solar Power Park project in Buldhana, Maharashtra.
Nine-month (9M FY26) revenue reached ₹2,22,902.57 lakhs, nearly doubling the ₹1,12,116.80 lakhs recorded in 9M FY25.
💼 Action for Investors
Investors should maintain a positive outlook given the massive YoY growth in both top and bottom lines and the addition of a large-scale solar park project. The company's ability to scale its EPC business while expanding into power park development suggests a strong competitive position in the renewable energy sector.
Waaree Renewable Bags INR 102.75 Crore Solar EPC Order for 35 MWp Project
Waaree Renewable Technologies Limited has secured a Letter of Award for a 25 MWac/35 MWp ground-mounted solar power project on a turnkey basis. The contract is valued at approximately INR 102.75 crore excluding taxes and includes the development of 50MW evacuation infrastructure. The order was awarded by a major domestic manufacturer of pig iron and castings. The project is scheduled for completion during the financial year 2026-27, providing significant revenue visibility for the company.
Key Highlights
Total order value of approximately INR 102.75 Crore excluding taxes
Project capacity of 25 MWac / 35 MWp with 50MW evacuation infrastructure
Turnkey EPC execution for a major domestic industrial client
Scheduled for completion during the financial year 2026-27
💼 Action for Investors
Investors should view this as a positive development that strengthens the company's order book and revenue visibility for FY27. Monitor the company's execution efficiency and margin maintenance in the solar EPC segment.
Waaree Renewable Credit Rating Upgraded to IND A/Stable from IND A-
India Ratings has upgraded Waaree Renewable Technologies Limited's credit rating for its bank loan facilities to 'IND A' from 'IND A-' with a Stable outlook. The total rated bank loan amount has been reduced from INR 289.40 million to INR 258.00 million. This upgrade signifies the company's improving financial profile and enhanced creditworthiness. The facilities are specifically associated with the Indian Renewable Energy Development Agency Limited (IREDA).
Key Highlights
Credit rating upgraded to IND A/Stable from IND A- by India Ratings (Ind-Ra).
Total rated bank loan facilities reduced to INR 258.00 million from INR 289.40 million.
The upgrade applies to term loans provided by the Indian Renewable Energy Development Agency Limited (IREDA).
The 'Stable' outlook indicates the agency's expectation of consistent financial performance in the medium term.
💼 Action for Investors
The rating upgrade is a positive signal of the company's strengthening balance sheet and could potentially lead to lower interest costs. Investors should view this as a validation of the company's operational stability and financial health.
Waaree Renewable Technologies Revises Order Value Downward to INR 1,039.60 Crore
Waaree Renewable Technologies Limited (WAAREERTL) has announced a downward revision of a project capacity originally awarded in September 2025. The project capacity has been reduced from 870 MWac to 704 MWac due to evacuation considerations and technical optimization. This results in a contract value reduction of INR 212.83 Crore, bringing the total order value to INR 1,039.60 Crore. The project remains scheduled for completion within the financial year 2026-27.
Key Highlights
Revised project capacity stands at 704 MWac / 1,000 MWp, down from the original 870 MWac / 1,218 MWp.
Total contract value decreased by INR 212.83 Crore to a revised amount of INR 1,039.60 Crore.
Revision is attributed to evacuation considerations and optimization of DC overloading.
The project is a related party transaction with Waaree Forever Energies Private Limited.
Execution timeline remains unchanged with completion targeted for FY 2026-27.
💼 Action for Investors
Investors should account for the ~17% reduction in this specific contract's revenue contribution while noting that the remaining order value of over INR 1,000 Crore remains significant for the company's FY27 outlook.
Bharti Airtel Seeks Shareholder Approval for Leadership Transition and New Board Appointments
Bharti Airtel has initiated a postal ballot to formalize significant leadership changes, including the appointment of Mr. Shashwat Sharma as MD & CEO (Airtel India) for a five-year term starting January 1, 2026. Mr. Gopal Vittal will transition to the role of Executive Vice Chairman for a concurrent five-year period. The company also proposes the appointment of former SBI Chairman, Mr. Dinesh Kumar Khara, as an Independent Director. Shareholders will vote on these resolutions and amendments to the company's Memorandum and Articles of Association via e-voting between January 3 and February 1, 2026.
Key Highlights
Appointment of Shashwat Sharma as MD & CEO (Airtel India) for a 5-year term effective Jan 1, 2026.
Transition of Gopal Vittal to Executive Vice Chairman for a 5-year term starting Jan 1, 2026.
Proposed appointment of former SBI Chairman Dinesh Kumar Khara as an Independent Director.
Remote e-voting period set from January 3, 2026, to February 1, 2026.
Resolutions include amendments to the Object Clause of the Memorandum of Association and Articles of Association.
💼 Action for Investors
Investors should monitor the leadership transition as it reflects a structured succession plan; the addition of high-profile directors like Dinesh Kumar Khara is a positive sign for corporate governance.
Waaree Renewable Bags EPC Order Worth INR 96.51 Cr for 39.80 MWp Solar Project
Waaree Renewable Technologies Limited has secured a Letter of Award for a turnkey solar EPC project from a domestic private company. The project involves the development of a 28.60 MWac (39.80 MWp) ground-mounted solar power plant. The total contract value is approximately INR 96.51 Crores, excluding taxes. This project is slated for completion within the financial year 2026-27, providing healthy revenue visibility for the company.
Key Highlights
Awarded EPC contract for a 28.60 MWac / 39.80 MWp ground-mount solar project
Total order value is approximately INR 96.51 Crores excluding taxes
Project execution is scheduled for completion during the financial year 2026-27
The contract was awarded by a domestic private limited company on a turnkey basis
💼 Action for Investors
Investors should monitor the company's execution pace and margin maintenance as it continues to grow its order book. This win reinforces Waaree's strong position in the domestic solar EPC market.
Waaree Renewable Secures Contract Enhancement to 35 MWp; Total Value Rs 102.93 Cr
Waaree Renewable Technologies Limited (WAAREERTL) has announced an enhancement of an existing EPC contract for a ground-mount solar power project. The project capacity has been scaled up from 30 MWp to 35 MWp, increasing the total contract value by Rs 12.64 crore to a total of Rs 102.93 crore. The scope includes turnkey Engineering, Procurement, and Construction (EPC) along with Operation and Maintenance (O&M) services. The project is slated for completion during the 2026-27 financial year, contributing to the company's long-term revenue visibility.
Key Highlights
Capacity increased from 30 MWp to 35 MWp for a ground-mount solar project.
Total order value revised upwards from Rs 90.29 Cr to Rs 102.93 Cr (excluding taxes).
Incremental order value of Rs 12.64 Cr added to the existing contract.
Project execution and completion scheduled for the financial year 2026-27.
Client is a leading domestic manufacturer in the pig iron and seamless tubes industry.
💼 Action for Investors
This order enhancement strengthens WAAREERTL's position in the solar EPC market and provides clear revenue visibility for FY27. Investors should maintain a positive outlook while tracking the company's execution pace and quarterly margin performance.
Bharti Airtel Amends Shareholders' Agreement; Singtel Relinquishes Key Reserved Rights
Bharti Airtel has amended its 2009 Shareholders' Agreement between Bharti Telecom (40.47% stake) and Singtel's Pastel Limited (7.49% stake). The primary change involves Singtel relinquishing several key reserved rights to align with modern governance standards and simplify the corporate structure. The company confirmed that these amendments will not impact the current management or control of the entity. Bharti Airtel will seek shareholder approval in the near future to amend its Articles of Association to reflect these governance updates.
Key Highlights
Bharti Telecom Limited holds 40.47% and Singtel's Pastel Limited holds 7.49% of the company's share capital.
Singtel has voluntarily relinquished several key reserved rights to improve governance and simplify the 2009 agreement.
The amendment aims to align the agreement with contemporary business requirements and best governance practices.
There is no impact on the management or control of Bharti Airtel resulting from these changes.
The company will seek shareholder approval for corresponding amendments to its Articles of Association (AOA).
💼 Action for Investors
This move reflects maturing corporate governance and a simplified promoter relationship, which is a positive signal for long-term investors. No immediate action is required, but investors should monitor the upcoming shareholder vote on the AOA amendments.
Bharti Airtel Amends Shareholders' Agreement; Singtel Relinquishes Key Reserved Rights
Bharti Airtel has amended its 2009 Shareholders' Agreement between promoters Bharti Telecom Limited (40.47% stake) and Singtel's Pastel Limited (7.49% stake). The amendment involves Singtel relinquishing several key reserved rights to align with contemporary governance standards and simplify the existing arrangement. This move reflects the maturing relationship between the partners and is expected to have no impact on the company's management or control. The company will seek shareholder approval to update its Articles of Association to reflect these changes.
Key Highlights
Amendment to the long-standing 2009 Shareholders' Agreement between Bharti Telecom and Singtel's Pastel Limited.
Bharti Telecom Limited currently holds 40.47% and Pastel Limited holds 7.49% of the company's share capital.
Singtel has voluntarily relinquished several key reserved rights to improve corporate governance and simplify operations.
The company confirmed there is no impact on the management or control of Bharti Airtel due to these changes.
Amendments to the Articles of Association (AoA) will be proposed for shareholder approval in due course.
💼 Action for Investors
Investors should view this as a positive governance-led simplification of the promoter relationship that removes legacy restrictions. No immediate action is required as the change does not affect the company's operational fundamentals or control structure.
Bharti Airtel Announces Final Call of ₹401.25 per Partly Paid-up Share
Bharti Airtel has approved the first and final call of ₹401.25 per share for its 39.23 crore outstanding partly paid-up equity shares. The record date for determining eligible shareholders is February 06, 2026, with the payment window scheduled from March 02 to March 16, 2026. Proceeds from this call will be primarily used to repay borrowings, which is expected to make the company's India operations effectively net debt-free (excluding DoT and lease liabilities). Trading in the partly paid shares will be suspended starting February 06, 2026.
Key Highlights
Final call amount of ₹401.25 per share includes a premium of ₹397.50
Applies to 392,287,662 outstanding partly paid-up equity shares
Record date fixed for February 06, 2026; payment period March 02-16, 2026
Proceeds to be used for debt repayment to strengthen the balance sheet
Trading in partly paid shares (AIRTELPP) will be suspended from February 06, 2026
💼 Action for Investors
Holders of partly paid shares should prepare for the ₹401.25 per share payment in March 2026 to convert them into fully paid shares. The resulting debt reduction is a positive signal for long-term equity valuation.
Bharti Airtel Announces Leadership Succession: Shashwat Sharma to become MD & CEO from Jan 2026
Bharti Airtel has announced a structured leadership transition effective January 1, 2026. Gopal Vittal, who has led the company for 13 years, will move to the role of Executive Vice Chairman for a 5-year term to oversee group-wide strategy and subsidiaries. Shashwat Sharma, the current CEO Designate, will succeed him as MD & CEO of Airtel India for a 5-year tenure. The company also announced the elevation of Soumen Ray to Group CFO and Akhil Garg to CFO of Airtel India.
Key Highlights
Gopal Vittal appointed Executive Vice Chairman for a 5-year term starting January 1, 2026.
Shashwat Sharma to take over as MD & CEO of Airtel India for a 5-year tenure.
Soumen Ray elevated to Group CFO; Akhil Garg appointed CFO of Airtel India.
Transition follows a 12-month preparation period where Shashwat Sharma served as CEO Designate.
Rohit Krishan Puri appointed as Company Secretary & Compliance Officer effective January 1, 2026.
💼 Action for Investors
Investors should view this as a positive sign of robust succession planning and management continuity. The structured transition reduces execution risk and ensures that the leadership team remains focused on long-term growth and digital transformation.
Bharti Airtel Announces Leadership Succession; Shashwat Sharma to Become MD & CEO in 2026
Bharti Airtel has announced a structured leadership transition effective January 1, 2026, where current MD & CEO Gopal Vittal will elevate to Executive Vice Chairman for a five-year term. Shashwat Sharma, the current CEO Designate, will succeed him as MD & CEO of Airtel India for a five-year tenure. Additionally, Soumen Ray will move to the Group CFO role, while Akhil Garg, an 11-year veteran of the company, will become the CFO for Airtel India. This planned succession aims to ensure continuity while focusing on group synergies in digital, technology, and network strategy.
Key Highlights
Gopal Vittal appointed Executive Vice Chairman for a 5-year term starting January 1, 2026.
Shashwat Sharma to take over as MD & CEO (Airtel India) for a 5-year term from January 1, 2026.
Soumen Ray elevated to Group CFO; Akhil Garg appointed as CFO for Airtel India.
Transition follows a 12-month 'CEO Designate' period for Shashwat Sharma to ensure business continuity.
Gopal Vittal will oversee all subsidiaries and drive group synergies in digital and network strategy.
💼 Action for Investors
Investors should view this as a sign of strong corporate governance and a well-planned succession strategy that minimizes leadership risk. No immediate action is required as the transition is scheduled for 2026, allowing for a smooth handover.