Waaree Renewable Technologies Limited shares are expected to remain in focus following the company's announcement of its strategic acquisition plans. As per The Economic Times, the proposed acquisition is expected to strengthen Waaree Renewable Technologies' presence in the power infrastructure value chain and could be a key trigger for the stock in the near term. In the previous trading session on Friday, shares of Waaree Renewable Technologies closed 3.10% lower at ₹873.75 on the NSE. On the valuation front, the stock is trading at a price to earnings ratio of 21.88 and a price to book ratio of 20.02. Technically, the 14-day Relative Strength Index (RSI) stands at 38.8, indicating the stock is approaching oversold territory, while the stock remains under pressure as it trades below all eight key simple moving averages.
Waaree Renewable Technologies Limited reported robust financial performance for Q3 FY26, with net profit more than doubling to ₹120.19 crore compared to ₹53.48 crore in Q3 FY25, representing a growth of 124.74% year-on-year. As per Upstox, the company's revenue in the quarter stood at ₹851.06 crore, representing a significant growth of 136.18% YoY compared to ₹360.35 crore in Q3 FY25. The company maintains a strong unexecuted order book of 2.92 GWp to be executed between 12 and 15 months, with a robust bidding pipeline of 29 GWp. The board has also approved a capex budget for setting up a 120 MWp solar power park in Buldhana, Maharashtra.
Waaree Renewable Technologies Limited announced that its board has approved a proposal to acquire a majority stake in Associated Power Structures Limited during an adjourned board meeting held on January 26, 2026. The company will enter into a binding term sheet to acquire approximately 55% stake in ASPL for a total transaction value of around ₹1,225 crore. As per The Economic Times, the transaction will involve an investment in new shares of ASPL as well as purchase of secondary shares. Upon completion, ASPL will be valued at ₹2,800 crore after the investment. According to Mint, about 25% of the ₹1,225 crore will be infused as primary capital into the firm, while the rest will be used to acquire stakes from existing shareholders. The acquisition is subject to completion of due diligence and customary closing conditions, with the deal expected to close by April 30, 2026. The company made the disclosure in accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Founded in 1996, Associated Power Structures Limited operates as an EPC firm specializing in power transmission towers and substations. The Vadodara-based company delivers end-to-end design, manufacture, and execution of transmission and substation EPC up to 800 kV high-voltage DC lines. ASPL has a manufacturing capacity of 108,000 mtpa across two facilities in Vadodara. The company reported a net worth of ₹339.53 crore as of March 31, 2025, with total assets valued at ₹834.15 crore. The Economic Times reports that ASPL operates power transmission and distribution infrastructure in India and some global markets. Following the acquisition, ASPL will become a subsidiary of Waaree Renewable, undertaking projects in India and several overseas markets.
Associated Power Structures has demonstrated consistent growth trajectory in recent years. The company's revenue rose to ₹1,216.91 crore in FY25, representing significant growth from ₹619.76 crore in FY24 and ₹416.80 crore in FY23. ASPL's turnover, including other income, stood at ₹1,226.64 crore for FY25. This steady revenue expansion reflects the company's strengthening position in the power transmission and distribution sector across domestic and international markets.
Manmohan Sharma, CFO of Waaree Renewable Technologies Limited, commented that "This acquisition is a decisive step forward in Waaree's journey towards becoming a fully integrated energy transition company—what we internally call Waaree 2.0. Associated Power Structures brings deep domain expertise, execution strength, and a proven track record that complements Waaree's renewable portfolio." The Economic Times reports that Waaree Renewable said the acquisition will enhance its ability to deliver end-to-end clean energy solutions by integrating generation, EPC, and enabling grid infrastructure under one platform. According to The Hindu BusinessLine, for Waaree Renewable, in-house transmission and distribution capabilities enhance execution certainty, optimise project timelines, and strengthen end-to-end delivery for utility-scale renewable projects. Global M&A advisory firm Singhi Advisors acted as exclusive strategic and financial advisor to Waaree Renewable Technologies Limited and played a key role in structuring and advising on the transaction.
The acquisition is part of the Waaree Group's wider efforts to rapidly diversify along the renewable energy value chain through strategic acquisitions. As per The Economic Times, it is building an integrated multi-energy global platform, investing in battery storage, inverters, transformers, power infrastructure, and electrolysers as part of green energy ecosystems. In the past year, the Waaree Group has acquired transformer maker Kotsons and smart meter company Racemosa Energy. According to Mint, this transaction follows closely after Waaree Energies acquired a 64% stake in transformers maker Kotsons Pvt. Ltd through a primary capital infusion of about ₹192 crore. Previous acquisitions include smart electricity meters manufacturer Racemosa Energy (India) Pvt. Ltd, solar inverters maker Ewaa Renewable Techno Solutions Pvt. Ltd, and solar cells maker IndoSolar Ltd. Mid-market M&A firm Singhi Advisors acted as the financial advisor for both the ASPL and Kotsons transactions. The Economic Times reports the company has planned a capital expenditure of about ₹30,000 crore in solar manufacturing, energy storage and adjacent segments, updated from the earlier guidance of ₹25,000 crore for this diversification plan.
