Latest news with #SolarEnergyCorporationofIndiaLimited
Mint
a day ago
- Business
- Mint
Waaree Energies Q1 Results: Net profit soars 89% YoY to ₹745 crore, achieves record module output
Waaree Energies, one of India's leading renewable energy companies, announced its June-ending quarter results on July 28, reporting a 89% jump in consolidated net profit to ₹ 745 crore, compared to ₹ 394 crore in the same period last year. The growth was driven by a sharp rise in solar photovoltaic (PV) module sales, with the company achieving its highest-ever quarterly module production of 2.3 GW in Q1 FY26, supported by strong operational focus. Cell production also continued to ramp up during the quarter, according to the company's earnings' report. The revenue from solar PV modules rose to ₹ 3,872.35 crore, up from ₹ 3,178 crore in Q1 FY25, while revenue from the EPC segment jumped 160.50% YoY to ₹ 589.27 crore in Q1FY26. Overall, the company's consolidated revenue from operations improved 31.48% YoY to ₹ 4,597.18 crore. On the operating front, EBITDA surged 82.61% YoY to ₹ 1,168.67 crore, with EBITDA margins expanding by 712 basis points to 25.42%. The company stated it remains on track to commission additional module manufacturing capacities of 1.6 GW in Texas (USA) and 3.2 GW in Chikhli (Gujarat). It is also increasingly focusing on green hydrogen, making significant investments in the sector, with green hydrogen, inverter, and battery energy storage system facilities under construction and progressing as planned, the company said. In late January, the company's wholly owned subsidiary, Waaree Clean Energy Solutions, received a Notification of Award (NOA) from Solar Energy Corporation of India Limited (SECI) to set up a production facility with a capacity of 90,000 MT per annum for green hydrogen. The Board of Directors has additionally approved a capex of ₹ 2,754 crore to expand cell manufacturing capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra. Commenting on the results, Dr. Amit Paithankar, Whole Time Director & CEO of Waaree Energies said, 'Waaree continues to deliver strong operational performance in Q1 FY26, building on last year's momentum. He highlighted a robust order book of ₹ 49,000 crore and a global project pipeline exceeding 100 GW, reflecting positive market sentiment across key geographies.' Paithankar noted that achieving record module production of 2.3 GW underscores the company's operational efficiency improvements, with factory build-out projects in India and the U.S. remaining on schedule. He added that cost discipline and profitability focus are clearly visible in the financial results, and the company maintains its FY26 EBITDA guidance of ₹ 5,500–6,000 crore.
Mint
a day ago
- Business
- Mint
Waaree Energies Q1 Results: Net profit soars 89% YoY to ₹745 crore, achieves record module output
Waaree Energies, one of India's leading renewable energy companies, announced its June-ending quarter results on July 28, reporting a 89% jump in consolidated net profit to ₹ 745 crore, compared to ₹ 394 crore in the same period last year. The growth was driven by a sharp rise in solar photovoltaic (PV) module sales, with the company achieving its highest-ever quarterly module production of 2.3 GW in Q1 FY26, supported by strong operational focus. Cell production also continued to ramp up during the quarter, according to the company's earnings' report. The revenue from solar PV modules rose to ₹ 3,872.35 crore, up from ₹ 3,178 crore in Q1 FY25, while revenue from the EPC segment jumped 160.50% YoY to ₹ 589.27 crore in Q1FY26. Overall, the company's consolidated revenue from operations improved 31.48% YoY to ₹ 4,597.18 crore. On the operating front, EBITDA surged 82.61% YoY to ₹ 1,168.67 crore, with EBITDA margins expanding by 712 basis points to 25.42%. The company stated it remains on track to commission additional module manufacturing capacities of 1.6 GW in Texas (USA) and 3.2 GW in Chikhli (Gujarat). It is also increasingly focusing on green hydrogen, making significant investments in the sector, with green hydrogen, inverter, and battery energy storage system facilities under construction and progressing as planned, the company said. In late January, the company's wholly owned subsidiary, Waaree Clean Energy Solutions, received a Notification of Award (NOA) from Solar Energy Corporation of India Limited (SECI) to set up a production facility with a capacity of 90,000 MT per annum for green hydrogen. The Board of Directors has additionally approved a capex of ₹ 2,754 crore to expand cell manufacturing capacity by 4 GW in Gujarat and ingot-wafer capacity by 4 GW in Maharashtra. Commenting on the results, Dr. Amit Paithankar, Whole Time Director & CEO of Waaree Energies said, 'Waaree continues to deliver strong operational performance in Q1 FY26, building on last year's momentum. He highlighted a robust order book of ₹ 49,000 crore and a global project pipeline exceeding 100 GW, reflecting positive market sentiment across key geographies.' Paithankar noted that achieving record module production of 2.3 GW underscores the company's operational efficiency improvements, with factory build-out projects in India and the U.S. remaining on schedule. He added that cost discipline and profitability focus are clearly visible in the financial results, and the company maintains its FY26 EBITDA guidance of ₹ 5,500–6,000 crore. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
Time of India
01-07-2025
- Business
- Time of India
SECI crosses 60 GW in renewable energy power sale agreements
The Solar Energy Corporation of India Limited ( SECI ), a Navratna Central Public Sector Enterprise operating under the Ministry of New and Renewable Energy , announced the execution of over 60 Gigawatts (GW) of Power Sale Agreements (PSAs) for renewable energy (RE) capacity. "The signing of 60 GW worth of PSAs within just 14 years of establishment marks a pivotal moment for SECI's journey," said Santosh Kumar Sarangi, Chairman and Managing Director of SECI. "SECI continues to be at the forefront of ensuring that India stays on track to meet its ambitious clean energy targets . We are proud to contribute to the nation's transition towards a sustainable and low carbon future," he further noted. The extensive portfolio of PSAs encompasses a diverse range of solar, wind, and hybrid energy projects, collectively representing a substantial portion of India's burgeoning renewable energy capacity. Through these agreements, SECI provides crucial long-term power purchase guarantees, offering payment security to developers and investors. This mechanism not only de-risks renewable energy ventures but also unequivocally demonstrates their viability within the Indian market. According to the company's statement, such long-term arrangements are indispensable for unlocking the full potential of India's RE sector. By securing off-take for renewable power, SECI plays a critical role in strengthening the renewable energy market. Looking ahead, SECI's strategic initiatives will focus on pioneering innovative energy storage solutions, fortifying the RE supply chain, and advancing the production of green hydrogen and green ammonia. Furthermore, the company plans to explore innovative power supply models. These concerted efforts are poised to accelerate India's renewable energy transition and significantly contribute to the nation's climate commitments on a global stage.
Time of India
26-06-2025
- Business
- Time of India
SECI extends bid deadline for 7.24 lakh MT green ammonia supply to June 30
New Delhi: The Solar Energy Corporation of India Limited ( SECI ) has extended the deadline for submission of bids for its tender aimed at producing and supplying 7,24,000 metric tonnes of green ammonia annually to fertiliser plants across the country. The revised deadline is June 30, 2025. The tender was issued on June 7, 2024, under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme - Mode 2A, Tranche I. SECI is functioning as the implementing agency for the scheme under the Ministry of New and Renewable Energy , Government of India. Under the scheme, SECI will aggregate demand from 13 identified fertiliser plants and enter into long-term offtake agreements with selected green ammonia producers. These agreements will be for a duration of 10 years. The tender is intended to support the production and market development of green hydrogen derivatives such as green ammonia through commercial assurance and long-term supply agreements.
Time of India
25-06-2025
- Business
- Time of India
SECI extends bid deadline for green ammonia tender
The Solar Energy Corporation of India Limited ( SECI ), a Navratna Central Public Sector Enterprise operating under the Ministry of New and Renewable Energy, has announced an extension for the bid submission deadline of its tender for the production and supply of green ammonia. As per an official press release, the new deadline for bid submissions is June 30, 2025. Initially issued on June 7, 2024, this tender is a crucial component of the Strategic Interventions for Green Hydrogen Transition (SIGHT) Scheme. Its primary objective is to facilitate the annual production and long-term supply of 724,000 metric tonnes of green ammonia to 13 designated fertiliser plants across India. As the implementing agency, SECI will play a pivotal role in aggregating demand and establishing long-term offtake agreements with the chosen green ammonia producers. These agreements are designed to provide commercial certainty for a duration of 10 years, thereby fostering market development for green hydrogen derivatives in the country.
