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Waaree Renewable Technologies Approves Majority Stake Purchase in Associated Power Structures for Rs 1,225 Crore
Jan 27, 2026
Waaree Renewable Technologies (WRTL), the engineering, procurement, and construction (EPC) arm of the Waaree Group, has received board approval to acquire a 55 percent equity stake in Associated Power Structures (APSL) for approximately Rs 1,225 crore. The transaction will be executed through a combination of primary capital infusion and secondary share acquisition.
Following the completion of the deal, Associated Power Structures will operate as a subsidiary of WRTL, the company disclosed in a regulatory filing. Founded in 1996, APSL is engaged in power transmission, distribution, and infrastructure development, positioning it as a complementary addition to WRTL’s renewable energy portfolio.
WRTL stated that the proposed investment forms part of its broader strategy to deepen integration across the clean energy, infrastructure, and energy efficiency value chain. The company added that APSL’s operational capabilities align with its long-term objective of delivering end-to-end renewable energy solutions.
The acquisition is expected to be finalised on or before April 30, 2026, subject to customary approvals and closing conditions.
From a financial standpoint, APSL reported a net worth of Rs 339.53 crore, revenue of Rs 1,226.64 crore, and total assets of Rs 834.15 crore in FY25.
Meanwhile, WRTL delivered strong financial performance in the third quarter of FY26, recording revenue of Rs 851.06 crore, a year-on-year growth of 136.18 percent compared to Rs 360.35 crore in Q3 FY25. The company’s profit after tax rose to Rs 120.19 crore, up 124.74 percent year-on-year from Rs 53.48 crore in the corresponding period last year.
As of Q3 FY26, WRTL’s unexecuted EPC order book stood at 2.92 GWp, scheduled for execution over the next 12 to 15 months. The company also noted a strong bidding pipeline of around 29 GWp, indicating sustained growth momentum.