Waaree Renewable Technologies Ltd (BSE: 534618) Q1 2026 Earnings Call dated Jul. 18, 2025
Corporate Participants:
Nidhi Vijaywargia — Investor Relations Associate at MUFG Intime India Private Limited
Manmohan Sharma — Chief Financial Officer
Hitesh Mehta — Finance Director
Analysts:
Prathamesh Dhiwar — Analyst
Narendaran — Analyst
Deepesh — Analyst
Isha Murthy — Analyst
Samarth Khandelwal — Analyst
Vishal Chaudhary — Analyst
Akshay Satija — Analyst
Maitri Shah — Analyst
Mamta Agrawal — Analyst
Ankita Agrawal — Individual Investor
Pawan Kumar — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Waaree Renewable Technologies Limited Q1 and FY ’26 Earnings Conference call organized by MUFG Intime India Private Limited.
As a reminder, all participant lines will be in listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star and zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Ms. Nidhi Vijaywargia from MUFG India Private Limited. Thank you and over to you.
Nidhi Vijaywargia — Investor Relations Associate at MUFG Intime India Private Limited
Thank you, Marja. Good afternoon, ladies and gentlemen. I welcome you all to the earnings conference call of Vari Renewable Technologies Limited to discuss the Q1 FY ’26 business performance. Today on the call we have from management, Mr. Hitesh Mehta, Executive Director; Mr. Manmohan Sharma, CFO; Mr. Abhishek Pareek, Group Head Finance; Mr. Neeraj Vinayak, Vice President, Investor Relations; and Mr. Rohit Wade, General Manager, Investor Relations.
Before we proceed with this call, I would like to mention that some of the statements made in the today’s call may be forward-looking in nature and may involve risks and uncertainties. Before — for more details, timely refer to the investor presentation and other filings that can be found on the company’s website. Without further ado, I would like to hand over the call to management for their opening remarks and then we open the floor for Q&A.
Thank you, and over to you, Manmohan, sir.
Manmohan Sharma — Chief Financial Officer
Thank you, Nidhi. Good afternoon to all of you. I would like to extend a warm welcome to all of you for joining the earnings conference call of Vari Res Technologies Limited, where we’ll be discussing our business performance for Q1 FY 2026. I hope you all have got the opportunity to go through our financial results and investor presentation, which has been uploaded on the stock exchange as well as on the company’s website.
I also want to express my sincere gratitude to all those who have dedicated their time to join this call and have consistently been part of our journey. I have along with me Mr. Hitesh Mehta, Executive Director; Mr. Abhishek Pareek, Group Head Finance; Mr. Neeraj Vinayak, Vice President, Investor Relations; Mr. Rohit Wade, General Manager, Investor Relations and other key members of our management team.
Let me begin by thanking all our stakeholders for their continued trust and support. Your confidence in our vision and execution has been instrumental in our journey so-far. We are pleased to report a strong start for FY 2026. In Q1 itself, we have recorded a revenue of INR603.19 crores, marking a growth of 155.20% over the same quarter last year.
Our EBITDA stood at INR117.54 crores, reflecting, reflecting a year-on-year growth of 186.14%, while PAT come in at INR86.39 crores, up INR206.77% from Q1 FY 2025. These results reflect the strength of our business model, operational discipline and execution capabilities.
Our un-exited order books remained robust at 3.15-gigawatt peak, which provide strong visibility of executions in the coming quarters. During Q1, we successfully executed 699-megawatt peak of EPC project. This further strengthens our position in India’s renewable energy journey.
This performance comes at a time when the renewable energy sector in India is undergoing a remarkable transformation. As of 30th June 2025, India’s total installed renewable energy capacity has reached 234 gigawatts with solar energy — contributing 116.25 gigawatts.
This includes 89.29 gigawatt from ground-mounted projects including gigawatt from rooftop solar, 3.06 gigawatt from hybrid projects and 5.05 gigawatts from off-grid solar. India’s clean-energy transition has now reached a major milestone. The country has achieved 50% of its total installed power capacity from non-fossil fuel sources, five years ahead of its 2030 target. As of June 2025, India’s total installed power capacity stands at 484.8 gigawatt with 242.8 gigawatts sourced from non-fossil fuels.
This achievement reinforces India’s global leadership in renewable energy and strengthens the foundation for its ambitious goal of 500 gigawatts of renewable energy-based electricity generation by 2030.
In the first-half of current year 2025 alone, solar installation rose by 51.6% year-on-year growth. Utility-scale solar led the way with 14.3 gigawatt added, while rooftop solar saw a 76% jump, adding 3.2 gigawatt. These numbers reflect the accelerating pace of adoption and the growing diversity of solar applications.
Looking ahead, the government aimed to further accelerate this momentum as per the national electricity plant, energy storage requirements are projected to rise sharply, reaching 82.37 gigawatt-hours by FY 2027, comprising 47.65 gigawatt-hours from pumped storage projects and 34.72 gigawatt-hours from battery energy storage system.
This requirement is expected to rise to 411.4 gigawatt-hours by 2032 and further to 2380 gigawatt-hours by 2047, guided by the increasing share of renewables and India’s net zero emissions target for 2017. Moreover, government teams like PM Sury Yozna with an outlay of INR75,000 crores and the extended PM schemes are further accelerating adoption at the grassroot levels.
Group solar alone is expected to add around 27-to-29-gigawatt hour by 2030, creating significant opportunity for EPC players like us. In addition, under the solar park scheme, 55 solar parts with a cumulative capacity of 39.95 gigawatts have been approved across 13 states. Of these 18 solar projects totaling to 10.85 gigawatts have been fully developed and six parts with 4.77 gigawatt are partially developed so-far.
Solar project of 12.2 gigawatts have been commissioned across four states further boosting infrastructure readiness for large-scale solar development where the EPC players like us have good amount of opportunity to scale-up our operations. In Vari Renewal technology, we are well-positioned to capitalize on this momentum. Our integrated capability, strong execution track-record and customer-centric approach continue to differentiate us in a competitive market.
We are also actively exploring EPC opportunity in hybrid projects, battery energy storage system and green hydrogen, which we believe will be key growth drivers in the coming years. Q1 FY 2026 has set the strong foundation for the year ahead. We remain confident in our ability to deliver sustainable growth, create long-term value for our stakeholders and contributes meaningfully to India’s clean-energy future. Thank you once again for your continued support.
We now open the floor for any questions you may have.
Questions and Answers:
Operator
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on the other stone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles please. Participants to ask a question may press star and one on their touchstone telephone.
The first question is from the line of Prathamesh Dhiwar from Tiger Assets.
Prathamesh Dhiwar
Yeah, sir. Thank you so much for this opportunity. So I have few questions regarding the BESS segment. First is, sir, what kind of capex are we going to do in BESS segment?
Manmohan Sharma
Okay. So as you are aware that we are the EPC player and we do execute solar EPC projects. And BESS is one of the component which we are doing the EPC for them. So as far as the capex was concerned for this particular BESS, we are not going to do any kind of capex for this. Yes, however, we are there in the EPC, which we will do for BESS as well.
Prathamesh Dhiwar
So not even for assembly plant or something like this?
Manmohan Sharma
See, whatever work-related to EPC of this BESS, we will do.
Hitesh Mehta
So to further clarify your question, we have a best manufacturing and best-sell manufacturing plan in-place under the holding company and which the manufacturing is expected to happen in a separate SPV.
Prathamesh Dhiwar
Got it, got it. And sir, what sort of revenue can we generate like per megawatt-hour in this segment?
Manmohan Sharma
So it depends — by the way, it depends on client, the scope of work, the location and the uptime required in the best projects. However, that is not very relevant to the — to the current con call.
Prathamesh Dhiwar
Okay. Okay. Okay. Sir, just last question. I want to know more about the industry. So on an annual basis, how much order outflows are there in this segment?
Manmohan Sharma
So as of now, as far as our EPC company is concerned, we are chasing 25 gigawatt worth of order pipeline, which we will try to convert them to the maximum possible into our confirm order.
Prathamesh Dhiwar
So these are annual orders sir?
Manmohan Sharma
No. As of now, by our order book — order book is 4.15 gigawatt, what I mentioned is the order pipeline.
Prathamesh Dhiwar
Got it. Got it, sir. Thank you so much, sir. That’s it from my side.
Operator
Thank you. And the second question is from the line of Narendaran from 36O ONE Wealth Management.
Narendaran
Hi, can you hear me?
Manmohan Sharma
Yeah. Please go ahead.
Narendaran
Hi, I was just — I was just wondering what Waaree Renewables’ broader goals is regarding the battery storage division? Is there going to be any major capex in this play in this industry? Or has there been any major pipeline of orders that’s been coming into India or any interest that’s been shown?
Manmohan Sharma
Sure. So, thanks, Narendra, for this question. So if we look at the best segment, the look at the recent policy guidelines by government as well, last quarter government has come up with the regulations to ensure that every solar project do have an integration with minimum uptime from best solutions. And we see this as a very large opportunity to be precise here for EPC company like RTL, this predominantly enhances our wallet share with the customers. So when we do an EPC with our clients as what we are doing versus an EPC along with an solution at the site, the revenue and the wallet share enhances on the same set of customers.
Narendaran
Understood, understood. So is there — has there been any just best projects that’s been coming in or has there been any interest on towards Waaree?
Manmohan Sharma
Yeah, yeah. Currently, we have 40 gigawatt-hours’ worth of order in our current order book, sir.
Narendaran
Understood. This is BESS.
Manmohan Sharma
Yes.
Narendaran
Understood, understood. Has there been any more interest shown? Has that been how critical would you say this is the long-term growth of the best segment compared to solar?
Manmohan Sharma
BESS certainly is a segment is upcoming and which is yet to see the benefit of best-in the overall scheme of things, but naturally best is enough in a natural integration with our set of business. As we go-ahead as the requirement of storage at the location of power generation enhances, this certainly could become a very large revenue runner for any company that works in this space. So we really foresee a huge value from the BESS systems happening more in India.
Narendaran
Understood. Understood. That’s it from my side. I really appreciate your time. Thanks for that.
Operator
Thank you. The next question is from the line of Deepesh from ICICI Prudential AMC. Please go-ahead.
Deepesh
Yeah. Yeah. Hi, good afternoon. So my first question was firstly around the fall in average revenue that we have seen. So for FY ’25, it was somewhere around INR1.04 crores per megawatt and this quarter we have just fell to 86 lakhs per megawatt. So what could have been the reasons behind that?
Manmohan Sharma
Yeah. So, our revenue per megawatt cannot be measured the way we are — that you explained because we have order of variety kind of order, we have ton orders, we have only BOS orders. So it will vary from quarter-to-quarter. As of now, we have 3.15 gigawatt. We always say and remains a range of INR1.1 to 1.25 crores per megawatt.
Deepesh
Also, there has been like almost of a 140% increase in the cost of EPC contract that is like substantially higher than the revenue growth. So anything specific that why the cost was so high this quarter?
Manmohan Sharma
The increase in cost is also in-line with the increase in revenue. If you see that our revenue also increased by 155% on year-on-year basis. So similarly, the cost will also — component also will also increase.
Deepesh
No actually, I mentioned about 40% growth from the previous quarter, quarter-on-quarter, not year-on-year.
Manmohan Sharma
So definitely you will see that the revenues also increased to the extent of 26% from the previous quarter.
Deepesh
All right. How is the building pipeline looking for BESS as well as in the data? Since we announced that be foraying into data centers, I don’t think we have seen any substantial order wins there?
Manmohan Sharma
As of now, we don’t have any substantial order in data center EPC and BASS, which we have already mentioned to you. But definitely we are looking all the opportunity which are available for EPC work-in data center going-forward?
Deepesh
My final question is regards what kind of operating margins are we looking for the current financial year?
Hitesh Mehta
So, just to clarify here, we have been maintaining over last quarter-on-quarter in our calls also that the range of margin that we expect in this business ranges from 14% to 16% of range and we have been maintaining this for quite some time. This seems to be a very comfortable range for our size of business and the kind of engineering and procurement that we do, we see this as a sustainable number for this kind of business.
Deepesh
All right. Thank you.
Manmohan Sharma
Thank you.
Operator
Thank you. The next question is from the line of Isha Murthy [Phonetic] from MI Capital. Please go ahead. Yeah, please go ahead.
Isha Murthy
Like in addition to the previously asked question related to BSF, what is the strategy for scaling in the BSS and PSP segment with rising energy storage demand?
Manmohan Sharma
So as we grow that whatever opportunity we mentioned to the previous participant that any opportunity which are coming up for the best where the power — the solar power is supported by best, we will be doing the EPC work for all of these BESS projects as well.
Hitesh Mehta
And Isha, to add-on to this, if you even look at the bidding pipelines and the bidding in the past, if you compare last two to three quarters of orders that have come up in the market, more than 50% of these orders have been either through RTC or through FDI contract very best component is eminent. So we see the trend to be very clear and very loud that the time to come is in a project of solar along with our best. So it’s a daily best is going to be one of the critical element of entire solar available business.
Isha Murthy
Okay, great. Like also secondly, I wanted to ask that you are at what stage in exploring green hydrogen opportunities? And are there any pilot projects or collaborations underway?
Hitesh Mehta
So we have announced in the past that we have had 1 megawatt worth of green hydrogen development project as a pilot and project and we are seeking the timelines wherein we should be able to do it. We are yet to close on the execution of it certainly, but we are still looking out to more such opportunities.
Isha Murthy
Okay, sir. Okay. Thank you.
Manmohan Sharma
Thank you.
Operator
Thank you. The next question is from the line of Samarth Khandelwal from ICICI Securities. Please go ahead.
Samarth Khandelwal
Hello. Thank you for the opportunity. Sir. I just wanted to understand in the quarter, we have received around 560 megawatt of orders. So how do you see the order pipeline?
Operator
Sorry for interrupting. Samarth, your voice is not clear. Can you please use your handset?
Samarth Khandelwal
Is it better now?
Operator
Yes. Clear.
Samarth Khandelwal
Thank you for the opportunity. My first question is on the order book. We have achieved absorption 560 megawatt of orders in Q1. So for the rest of the year, how do you see the order book given that we have just 12 to 15 months of order book remaining?
Manmohan Sharma
See, during the — as of June, we have 3.15-gigawatt worth of order book. I’ll give you that order book — order we have won during this quarter is 590 megawatt in worth of INR720 crores, which we have won during this quarter. And we expect that similar kind of execution is also INR699.
So whatever execution we have done for the current quarter, approximately to that extent, we have already received new fresh order. And with the government initiative installing 500 gigawatt of energy over next five years, the order inflow should be good.
Samarth Khandelwal
Sir, my second question is on the BASS. How — what would be the cost per megawatt of EPC cost per megawatt-hour of BESS projects?
Hitesh Mehta
So interestingly, if you look at the trend of cost of BS systems in-place, over the last one and a half year, we have seen the rationalization of cost between $250 to $300 cost of a best system to today around $80 to $120 per megawatt kind of cost that we see. So we are seeing the cost structures continuously coming down for this systems and we believe that there is still some scope for this to further rationalize as we scale-up in the business.
But certainly, this is not the you know most critical element of solar power along with the best power going ahead and we are very much watchful and we are even bidding in the projects which has got best elements into it.
Samarth Khandelwal
Okay, okay, understood, sir, we are seeing — witnessing that there are delays in execution of projects. So do we see any challenges with respect to our projects that we have on-hand regarding integration during this year?
Manmohan Sharma
So as of now, we don’t see any kind of significant delay and whatever this has been aligned with our existing customers. So whatever — with the knowledge of the customer, whatever the progress of the projects, we are conveying them properly in a structured manner.
Samarth Khandelwal
Okay. Thank you. That is all from my side.
Operator
Thank you. So the next question is from the line of Akshay Sati Jay from Alpha Invesco. Please go-ahead. Hi, yes, please. So the current participant line has been disconnected. So we would be moving to the another participant. So the next question is from the line of Vishal Chaudhary. Please go ahead.
Vishal Chaudhary
Hi. So first of all, congratulations on the good set of numbers and it was really remarkable how you guys are progressing. So that is one thing. So can you tell us that out-of-the remaining order book, how much you are planning or how much we can anticipate to be completed in FY ’26, basically in the next three quarters?
Manmohan Sharma
So, Vishal, thanks for the your compliment. The existing order which we are seeing that is to be executed over next 12 to 15 months. It will be difficult for us to break order buyback and arrive some number. So whatever we have mentioned that 3.15 gigawatt is to be executed over next 12 to 15 months.
Hitesh Mehta
So to give you some understanding onto this question, what you can do, you can refer our investor presentation wherein we have mentioned the quantum of execution done over quarter one. So last financial year FY ’25, we have done exhibition of 1.5-gigawatt worth of orders over 12 months. This year, first-quarter itself, we have achieved 699 megawatt, roughly 700-megawatt worth of execution done in first-half, which is slightly close to 50% of last full-year revenue.
Vishal Chaudhary
I think that should give us some sort of sense of kind of scale that we are seeing this year. Yeah, that has seen and it closely. So my question is that how is the pipeline for the order pipeline, you can say that for which you are bidding, how do you see that? Is it slowing down on part of maybe other organization or government or is it maintaining the same pace?
And the last question would be around BESS. As you rightly mentioned that the prices of BESS is falling drastically, so how you are going to mitigate the risk of basically bidding at a higher price and over basically later on finding that okay, then how like order cancellation or something in that case that prices are going to come down, there is a lot of fluctuations.
Manmohan Sharma
Yeah. Actually the order pipeline as of now is 25 gigawatts, which is comprised of from the central government as well as private utility-scale and IPP projects and we don’t see any kind of slowdown in as far as this order pipeline is concerned. If you see that in the last quarter itself, the entire India has already installed 10 gigawatt of solar projects. So — and it will continue to do so. And if you see the overall energy, our installation — RE energy installation in the country is 50% is already being installed. So there will not be any chance of any slowdown as far as this sector is concerned. With respect to BESS.
Hitesh Mehta
Yeah. And again on the pipeline, so — but my colleague just mentioned on the pipeline, certainly, it is oversee and it is flourishing. In fact, we are also looking at additional revenues wherein we are looking at larger market size and pipeline. We are already eyeing global EPC markets. Last quarter itself, we have announced an order from a — from a firm, yeah. And also we are looking at Middle-East market as a potential market for us in terms of EPC opportunities.
So we are trying to also expand our pipeline apart from the — from the domestic pipeline. So that’s answer your question number-one. Your question too on the best price and production of price on our margins. So in past also we have mentioned that we generally don’t get into the business of commodity price risk within either we do back-to-back hedging with our vendors on the day of taking an order or we go with a variable price component with our clients.
So whether the price of debt further comes down, it remains stable or maybe by few bps, even if it goes up either of the way, our margins should remain protected. As far as we are following our internal guidelines of hedging against every order that we take, we really don’t see any issue from this sort of price fluctuation.
Vishal Chaudhary
Thank you.
Operator
Thank you. So the next question is from the line of Akshay Satija from Alpha Invesco. Please go ahead.
Akshay Satija
Hi, am I audible listening?
Operator
Hello. Yeah. Yes, please go-ahead.
Akshay Satija
Yeah. So I actually wanted to understand. Sir, what is your EPC cost in terms of solar and what it would be for BESS? I understand excluding all the module price, just the erection cost that is incurred for executing of solar and BESS as of now.
Hitesh Mehta
So, however, it depends on the scope of the project and the sizing of the best power plant on the — under the EPC contract. So the kind of trend that we have seen is if, let’s say, if an EPC with a module, let’s take an assumption EPC with a module, the price could anyways range between maybe INR3 crores to INR4.5 crores per megawatt.
If you’re also planning to add best to it, depending on the number of our time storage systems, it may further go up from somewhere around INR1.5 crores to INR2.5 odd crores per megawatt, depending on the number of uptime of pets that you want. So it all depends on the scope of the work, but this is the broad range that you can take a look at.
Akshay Satija
Okay. Okay. I just wanted to also understand the primary cost of the solar installation; it’s down only by — because of the module cost or is there any difference in the execution costs as well in the industry?
Manmohan Sharma
No. As far as this — our EPC business is concerned; we are getting orders for the turnkey or maybe pure BOS systems. So our cost component depends whether it’s a turnkey order where modules are also required or otherwise pure BOS system where module is by our customers. So it depend upon the orders and the cost will vary.
Akshay Satija
Okay. Okay. So I just wanted to understand would the margins be better if the order is property, entire turnkey is right from the module to erection or is better. If you could just segregate the both for us?
Manmohan Sharma
No, it is more or less will remain the same range because whether it is turnkey contract with BOS contract, whatever fits into our risk-reward metrics, we confirm the order.
Akshay Satija
Okay. Okay. Got it. Got it. So INR3 crore to INR5 crores per megawatt for solar EPC, an additional INR1.5 crores to INR2.5 crores for BESS?
Manmohan Sharma
That depends upon which module, et cetera, the customer wanted to procure or whatever the EPC orders also have various component, maybe EPC where you have land component also, where you have connectivity also required from us. So depend upon the scope of the work which is awarded to Vari renewable technology, the price will vary.
Akshay Satija
Got it. Got it. Got it, sir. That’s it from my side. Thank you.
Operator
Thank you. So the next question is from the line of Maitri Shah from Sapphire Capital. Please go ahead.
Maitri Shah
Yeah, hello. Am I audible?
Operator
Yes, please.
Maitri Shah
Yeah, firstly, congratulations on the results. I just wanted one clarity on the margins. So you said you will stick to about 14% to 16%. Are these PAT margins or the operational margins?
Manmohan Sharma
This is EBITDA margin which we talked about.
Maitri Shah
Because last year we had about 17% PAT margin sir.
Manmohan Sharma
Yes. So, as compared to last quarter, we have improved last quarter of last financial year I’m saying 17.3%, we have improved to 19.49%.
Maitri Shah
Okay. So you’re talking about the EBITDA margin to 14% to 16%.
Manmohan Sharma
Yes.
Maitri Shah
Overall guiding is so low and we can achieve about 17 odd percent of PAT margins in FY ’24, ’25?
Manmohan Sharma
So this is the — what we mentioning is the sustainable margin as far as whatever the order book as of now we have. But definitely other play will come from the operational efficiency, timely addition order cost initiative, busting tight financial control, all these are the parameters whereby we see savings going-forward.
Maitri Shah
So, any reason why we are guiding a lower-margin than what we are already achieving?
Manmohan Sharma
So nothing so specific, but we wanted to be realistic.
Maitri Shah
Okay. And any idea on the BESS, the tenders that are floats right now, what is like the quantity of there are floats right now and how much can we capture the market in that?
Manmohan Sharma
So it depends upon the size of the project where our customer wanted to install solar project basis. So purely whatever the requirement of the customer depend upon the requirement and whatever battery specification that has been provided by US, we are — our job is to execute also like whether it’s a BASS, which is the solar. So these are — our execution will play in this.
Maitri Shah
Yeah, have we already participated in a few tenders or we still in the preparation stage?
Manmohan Sharma
We are bidding actually. We are actively bidding because the government is also very active to have more renewable energy in the country. So they are also plotting various tenders with the RTC. So we are actively bidding all these tenders.
Maitri Shah
And can you quantify the number of bids that we have for BESS in the quarter?
Manmohan Sharma
Yes, all these are the specific information, which is not readily available in this conference call. But we are — what we can mention is we are actively bidding and all kind of bidding which are coming from the…
Maitri Shah
By when do we get orders from the BSS segment, if I could ask that.
Manmohan Sharma
Definitely, the order flow will be likely suppose it takes once the tenders floor, this take two, two months-to just submit the bid. Once we are L1, etc., then the competitive bidding will start, reverse bidding will start. So normally from a tender when we start date to like awarding of tender may take six to eight months’ time.
Maitri Shah
So can we expect any orders in the 4Q FY ’26 or maybe the first-quarter of FY ’27?
Manmohan Sharma
We don’t know actually at this case.
Maitri Shah
And these projects that we are bidding for are these DOP projects or we are going to be supplying batteries as well?
Manmohan Sharma
So that again, as I said, depend what is the customer require, what is the scope which is offered to us and where we are bidding. It’s totally independent actually, very dynamic market this is.
Maitri Shah
Okay, okay. Yeah, that is it from my side. Thank you.
Manmohan Sharma
Thanks.
Operator
Thank you. So the next question is from the line of Mamta Agrawal from ABS Investment. Please go ahead.
Mamta Agrawal
Hello. Yeah, am I audible?
Operator
Yes, please.
Mamta Agrawal
Thank you for the opportunity. Sir, my question is, hello?
Manmohan Sharma
Yeah, go-ahead, please.
Mamta Agrawal
Yeah. Hi, sir. Thank you for the answer. My question is, how is Waaree positioning itself to the benefit from schemes like PM, of, and PM, like are there any active bids or partnerships?
Manmohan Sharma
Yeah. So from these two scheme which you mentioned actually, so there will be a lot of solar installation under these two scheme where government is also supporting this. Vari Renewable as an EPC player will have more opportunity to have our EPC work if these kind of schemes are there in the country. But our main business is coming from the utility-scale and C&I customers?
Mamta Agrawal
Okay, okay. And sir, a second question, with the multiple new entrants in the market and consolidation in the EPC segment, so what are our unique strengths in execution technology or service that position us as a preferred EPC partner for like large customers?
Manmohan Sharma
So if you say that we are in this business from quite many years and our proven execution capability to execute large-size of projects. Presently the company is executing 2 gigawatt of the project at single locations. Moreover, we are executing another project of 1 gigawatt. So there is a execution capability timely delivering these projects is the key where the customer will prefer us.
Mamta Agrawal
Okay, okay. That’s great. That’s all from my side. Thank you.
Manmohan Sharma
Thank you.
Operator
Thank you. The next question is from the line of Akshay Satija from Alpha Invesco. Please go ahead.
Akshay Satija
Yeah, thank you for the opportunity again. Sir, one last question was, after we do the EPC, the modules and all are supplied, say some of the modules don’t function as they were supposed to. So where does the warranty stand? Is it with the parent or is it going to hit us? Also, similarly, what could happen in the BESS systems?
Manmohan Sharma
So as far as we are concerned, we are a purely EPC player. Whenever that is required that module is to be supplied from — along with our EPC order, definitely we need to — we will procure the model and we also have back-to-back contract with the suppliers the way the customer is looking at the module supply. So if it is required to be guaranteed to some extent, definitely those modules will be procure in the same session.
Akshay Satija
Okay. So I just wanted to understand if the module is going to function properly. So it is going to be on ush or we’re going to take it back to the…
Manmohan Sharma
As I mentioned, it will be a back-to-back from where who is supplying the module, we’ll have that kind of arrangement with them.
Akshay Satija
Okay. Okay, got it, got it. Thank you.
Operator
Thank you. So the next question is from the line of Ankita Agrawal, an Individual Investor. Please go ahead.
Ankita Agrawal
Hello.
Operator
Yes, please go ahead.
Ankita Agrawal
Am I audible?
Operator
Yes.
Ankita Agrawal
Hello, sir congratulation for good set of numbers.
Manmohan Sharma
Thank you.
Ankita Agrawal
So my question is regarding the recent expansion of schemes like PM, and also solar park approvals create new business opportunities. So I want to know-how is Vari RTL positioned to maximize gains from such policies? And also, are there operational or compliance challenges to note?
Manmohan Sharma
So as I mentioned earlier that the PM and this pump storage. So these are the two components which will be there and we can also expand our EPC base to them that was second question. What was your second question?
Ankita Agrawal
Sir, second question was regarding solar park approvals, which will create new business opportunities.
Manmohan Sharma
Yeah. So as far as this, our variable technology is there, we are also like exploring to have some kind of ready availability of land and pay infrastructure so we are also actively looking in various states wherever there is an opportunity to have land and feed infrastructure so that this can be offered as a complete package along with our EPC to our customer.
Ankita Agrawal
Okay, so any kind of timeline or scale of those engagements?
Manmohan Sharma
So this is an ongoing process actually. It’s not — this doesn’t have any kind of fixed timeline. This is an ongoing process which we are doing.
Ankita Agrawal
So we are not involved in any of the 55 approved solar parks.
Manmohan Sharma
No, no, we are not there. But what we mentioned is that these are the opportunity which where the BPC player like us will benefit out of it.
Ankita Agrawal
Okay, sir. Thank you. Thank you for answering my questions.
Manmohan Sharma
Thank you.
Operator
Thank you. So the next question is from the line of Pawan Kumar from Share Capital [Phonetic]. Please go ahead.
Pawan Kumar
Thank you for the opportunity. Yes, that’s the first question, where we are right now in our 2-gigawatt EPC project, what are the timelines of completion?
Manmohan Sharma
So we are progressing this. We have — it took off in the last quarter itself. So it will take time for us to complete this project. There is a timeline by — even by the customer to execute this project. So over this current financial year, we will have maximum execution as far as this project is concerned.
Pawan Kumar
Okay, sir. And sir, secondly, sir, can you some sense of our — like EPC the bidding any sort of highs of — are we building services bigger size? Some color on that?
Manmohan Sharma
No, what I understand we are there in the all form of our EPC, whether it is in any 50 megawatt, 100 megawatts up to this, we have scaled-up to 2 gigawatts.
Pawan Kumar
So whatever projects coming it will taking those projects are we actually bidding for a higher prices or is it same for the last — what is the trend going on for the last week?
Manmohan Sharma
No, no, nothing specific about the size because the size can vary — we are there to execute all kinds of projects actually is turnkey maybe the supply of module, etc., we are there to execute.
Pawan Kumar
Okay. And sir, lastly, sir, where we are in our data center as you have mentioned that we are looking for efficacy there in that space also. So where we are right now in that? Are we exploring or are you really going for next-stage like building the service?
Manmohan Sharma
Yeah. There is a great amount of opportunity as far as data center EPC work is concerned because this AI, etc., consume more data. So we’ll have a possibility of engaging EPC work of these data centers, whereby there is an opportunity also to be green data center as well. So we are actively looking all the opportunity which are there for EPC work-in data centers.
Pawan Kumar
So can we get some orders coming up maybe in this financial year from the data center or maybe some other opportunities like that.
Manmohan Sharma
Anything of — is difficult to comment actually, at this stage, we will not be able to comment that this year it will come. But definitely, we are chasing actively any order which are likely to come or will come, definitely will announce in non-exchanges.
Pawan Kumar
And sir, lastly, sir, what sort of margin we look for like the new liner businesses, be it data center, it green hydrogen, BB these sort of margin we are targeting in these new initiatives.
Manmohan Sharma
So this is the — like a not very active fuel as of now where margin can be determined with respect to BASS or data center APC, etc. It will evolve gradually.
Pawan Kumar
Okay. So thank you for all the answers.
Operator
Thank you. Ladies and gentlemen, due to time constraint, this was the last question. And on behalf of Renewable Technologies Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.