Waaree Renewable Technologies Ltd (BSE: 534618) Q3 2025 Earnings Call dated Jan. 17, 2025
Corporate Participants:
Dilip Panjwani — Chief Financial Officer
Analysts:
Nidhi Vijaywargia — Analyst
Rohan Karhale — Analyst
Deepesh Agarwal — Analyst
Shiwani Kumari — Analyst
Eshwar Arumugam — Analyst
Anushka Vora — Analyst
Naman Jain — Analyst
Samarth Khandelwal — Analyst
Isha Shah — Analyst
Namril Shah — Analyst
Harshil Shethia — Analyst
Shaan Patel — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Waaree Renewable Technologies Limited Q3 FY ’25 Earnings Conference Call hosted by Orient Capital. As a reminder, all participant lines will be in the 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 then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nidhi Vijaywargia. Thank you, and over to you, ma’am.
Nidhi Vijaywargia — Analyst
Thank you, Ailrick. Good evening, ladies and gentlemen. I welcome you all to the earnings conference call of Bari Renewable Technologies Limited to discuss the Q3 and nine months FY ’25 business performance. Today on the call, we have from management, Mr. Dilip Panjwani, CFO; Mr. Manmohan Sharma, VP, Finance and Accounts; 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 today’s call may be forward-looking in nature and may involve risks and uncertainties. For more details, can you 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 the management for their opening remarks and then we will open the floor for Q&A. Thank you, and over to you, sir.
Dilip Panjwani — Chief Financial Officer
Thank you, Nidhi. Good evening, everyone. I would like to extend a warm welcome to all of you for joining the earnings conference call of Wari Renewable Technologies Limited, where we will be discussing our business performance for the 3rd-quarter and nine months of the financial year 2025. I trust that you have had the opportunity to review our financial results and investor presentation, which has been made available on the stock exchange and our company’s website. I also want to express my sincere gratitude to all those who have dedicated their time to join this call and who continue to support our journey. We have along with us Mr Manmohan Sharma, VP, Finance and Accounts, Mr Rohit Wade, General Manager, Investor Relations and other key members of our management team. The current quarter has been remarkable in many aspects of — for renewable energy sector, the unwavering commitment of government to propel energy transition is witnessing new hikes. This quarter has witnessed remarkable growth in India’s solar sector showcasing the impressive strides made by the country’s renewable energy in 2024. India’s total installed power capacity now stands at 482 gigawatt. The total renewable energy capacity has now reached at 2.9.44 gigawatt with the solar sector accounting almost half of it at 97.86 gigawatt. These achievements have set new records and further strengthened India’s position as global leader in clean-energy. The country added 24.5 gigawatt of new solar capacity in 2024, a significant surge led by utility-scale solar projects, which contributed 18.5 gigawatt, almost three times the capacity added in 2023. Rajasthan, Gujarat and Tamiladu played a pivotal role together contributing 71% of these utility-scale additions. Additionally, rooftop solar saw 53% increase with 4.59 gigawatt added supported by initiatives like PM, to, half grid solar contributed by an additional 1.48 gigawatt experiencing a remarkable 197% growth reaching at 4.23 gigawatt in December 2024. The overall growth reflects India’s strong commitment to achieving its clean-energy targets and is aligned with the country’s broader climate goals. In total, renewable energy capacity grew 15.84% year-on-year with solar and wind energy leading the charge. This positions India as global leader in renewable energy and reinforces our optimism for the sector’s continued expansion. Turning now to our financial performance for the 3rd-quarter and first-nine months of financial year 2025, we are pleased to report that our unexecuted order book stood at 3.4 gigawatt peak in the first-nine months of financial year 2025, we successfully executed EPC orders totaling 319 megawatt peak for nine months FY ’25. Our revenue grew by 85.87%, amounting to INR1,121.17 crores. Our EBITDA for nine months FY 2025 stood at INR184.57 crores, representing a year-on-year growth of 39.95% compared to INR131.89 crores in the same-period last year. Similarly, PAT for nine months FY 2025 has reached INR135.16 crores, reflecting year-on-year growth of 43.94%. For 3rd-quarter FY 2025, our revenue stood at INR360.35 crores compared to INR324.19 crores in the same-period last year. EBITDA for the 3rd-quarter FY ’25 stood at INR71.92 crores and our PAT stood at INR53.48 crores. We are extremely pleased with the progress we have made and remain confident in our ability to continue this strong growth trajectory in the upcoming quarters. Our commitment to sustainable and clean-energy solutions remain unwavering and we are excited about opportunities that lie ahead. 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. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Rohan from Eleverse Capital. Please go-ahead.
Rohan Karhale
Good evening, sir.
Dilip Panjwani
Good evening.
Rohan Karhale
Yeah. Just wanted to understand what has been our per megawatt revenue for this quarter and nine months as a whole and looks like the margin have come under pressure Y-o-Y this quarter. So your comments on that.
Dilip Panjwani
You know, normally we operate under INR1 crore to INR1.1 crore per megawatt and that’s in-line we have given our billing data also in our notes to accounts roughly around INR319 crore — 19 megawatt of business that we have done for a turnover of about INR360 crores. Of course, INR360 crores includes our business for O&M and IPP also. However, the turnover for EPC was INR353 crores.
Rohan Karhale
Okay. And any comments on the margin?
Dilip Panjwani
Yeah, sure. We have already guided in — since three odd quarters, we have been guiding that our margins must be in the range of 15%. However, we are pleased that they have turned out to be 19.96% this quarter. And for nine months ended, we are nearer to our internal calculations, which we keep saying that we should be under 15%. So 16.50% is for nine months. So this goes with our commentary in last few quarters that we have delivered to our stakeholders in our — most of our communications. So that’s where our margin stand at.
Rohan Karhale
And what are the timelines that you look at to complete the pending order book? You have been guiding that around 12 to 18 months, but a fair sense as we are entering the last quarter depending order book that you aim to complete within.
Dilip Panjwani
So Rohan, all EPC companies will continue to guide according to their — and it will always be a moving goal force because new order keeps entering. So what we have communicated nine to 15 months is the correct version. If you have to complete and take no new order, then what the timeline I’ve indicated is a correct timeline. But — and in EPC companies, there is always a trajectory of new orders coming in and that keeps extending the time.
Rohan Karhale
So just this quarter, if we had to look at it, it’s around 300-odd megawatts. If we just annualize it, it comes to around 1.2 gigawatt. And accordingly, if we had to see around 3 gigawatts of order and hence my question was on that line.
Dilip Panjwani
Well, you — we can’t extrapolate based on that because these are whole solar generating systems first of all. And second thing is, I have already completed 1 gigawatt in the first-nine months itself. So I can’t extrapolate my 319 megawatt of business that I have delivered in this quarter. If you look at my past quarter, we had delivered 500 megawatt of business in the last quarter, little less than 500 megawatt maybe, but that’s what we delivered. INR488 was a precise number that we delivered in our previous quarter. So 3.4 gigawatt is what represents for 15 months because one of the biggest orders that we have won in this quarter for 2 gigawatt has come in now in the month of November itself for which we are starting the work now.
Rohan Karhale
Okay. Thank you.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from the line of Deepesh Agarwal, ICICI Prudential AMC. Please go-ahead.
Deepesh Agarwal
Good evening, sir. Just a couple of questions. So in the previous call, you had highlighted that we have seen increased competition in this space. So has our competition resulted in any loss of pricing power that we had.
Dilip Panjwani
You know it’s very difficult to say if you have lost pricing power. If you look at our growth trajectory, we have been growing. Our order book position is growing nine months turnover, if you see, because we keep guiding that you should look at EPC companies for 12 months that is also up by 87%. But want to admit that there is competitive intensity. It is good for productivity of companies but as such for pricing power, we don’t undertake projects which are not profitable to us.
Deepesh Agarwal
And secondly, you also highlighted that you will be looking to foray into data centers. So is this like a niche idea or something under exploration or what is the status of this?
Dilip Panjwani
So as a group, we have been working on this idea because of synergies. And right now, the Board has approved amending the object clause because we do want to foray into data center business. There are synergies. Data centers, you build EPC solar generic projects, you know we will build data centers also another EPC model. And also coupled with data centers have a lot of energy consumption. Roughly some estimates the energy consumption in data center varies between 50% to 75% depending upon how the data center is used, whether it is for e-commerce or whether it is for corporates. So there are definitely synergies and we have been studying this and that’s why we’ve decided that it’s time now for us to diversify into data center EPC as well.
Deepesh Agarwal
All right. My last question was, how are we looking in terms of our cash positions and would we be looking-forward to raise any debt for further execution of projects?
Dilip Panjwani
I lost your last line. What did you say? Can you repeat that?
Deepesh Agarwal
So I wanted to know about current cash position and we — and are we like considering any plans to raise debt in order to fund our future projects?
Dilip Panjwani
So your cash position is quite comfortable. We are about INR200 — around INR200 crores INR220 crores of cash. Our debt position is currently only one loan that is running is around INR28 crores outstanding right now for us. We are not looking to raise any funded debt, but we are always counting for non-fund-based limits because we need to give bank guarantees, etc to our customers. So that’s what we keep shopping for, but shopping for debt is not on the cards as of now unless we do some capex which we may like to monetize in some form.
Deepesh Agarwal
That is all I had. Thank you so much.
Operator
Thank you. The next question is from the line of Shiwani from Monarch Networth Capital. Please go-ahead.
Shiwani Kumari
Hi, thank you for the opportunity. My first question is a follow-on question, you know of the previous candidate. It is around the non-fund limit that you mentioned. Could you throw some light on the current non-fund limit available and how much we are able to churn it?
Dilip Panjwani
Yeah. So we have right now limits of almost INR1,400 crores, you know. What I would also like to additionally highlight is that there is now insurance companies who have also entered this segment who are providing equivalent products as banks. We have shopped with them around until now INR300 crores of insurance products also, which are equivalent of banking products. But our banking fund limits are right now at INR1,400 odd crores with usage of around 75% to 80%.
Shiwani Kumari
Okay. Sure. Could you repeat the point on the insurance
Dilip Panjwani
I have already said they are complete with banking products in non-fund-based limited space. What else if you have any specific question, I can address it.
Shiwani Kumari
Sure, sure. No, that was helpful. Secondly on — in general, EPC company, they have a stronger H2 compared to H1 and I also see the margin improving in this quarter. So is it because we have already recognized the cost in the previous quarter and hence we are seeing the improved margins? And how to think about it going-forward.,
Dilip Panjwani
These are two different things. One is we can’t — we are not committed to do pre-book cost and not pre-book revenues because that’s against the accounting principle. So cost will match with revenues as a principle. The second-half, as far as margins is concerned, I’ve already addressed it that we better surprise ourselves rather than be not cautious. So we have always maintained that we should be under 15%. We are better than 15% is good for us
Shiwani Kumari
Sure. So, and sir, how do we think about the coming order books like future order books? Are we seeing more traction from the PSUs or private players? Just some understanding on how are we — how to think about it directionally?
Dilip Panjwani
So directionally, government business is going to be strong going-forward, which we have always. But historically, if you witness Vari Renewables book, it is more finding favor with utility-scale IPP players which are on the private side and even the current order book is geared towards that. Our pipeline is also geared towards more towards larger private players as of now.
Shiwani Kumari
Okay, sure. Thank you. That was helpful. I’ll be in the queue if there’s any follow-on questions.
Operator
Thank you. The next question is from the line of Eshwar Arumugam from ithought PMS. Please go-ahead.
Eshwar Arumugam
Thank you. Hi, thank you for the opportunity. So I just like to follow-up on the last analyst who asked the question. So like the — I wanted to understand the main difference or how you go about bidding in a PSU order and private order, is there any difference? Because PSU generally is bid so private player also do you win like as the same or do you get the order through your contacts.
Dilip Panjwani
So private players largely are bilateral and as you rightly said, PSUs are more L1L2. So that’s the basic difference.
Eshwar Arumugam
Okay. So would you be going for more PSU orders in the future, would you like to continue.
Dilip Panjwani
We are already addressing that market segment very aggressively. But our bias is still towards scale IPP players on account of you know, quick order wins and those aspects.
Eshwar Arumugam
Okay. And would you estimate that — would there be any difference between the margins in PSU order and the sector orders?
Dilip Panjwani
No, both are almost similar. Some as
Eshwar Arumugam
I understand POC would be a little bit more competitive, right? And so would there be any depression on margins going for more PSU orders.
Dilip Panjwani
PSUs are not competitive as far as the competitive intensity in-building for PSU projects is higher. Bilateral people normally go for understanding who can serve them best, who brings on-board better technology and all those aspects. I’ll like in every project, there is some bit of nuance towards design, etc., which bilaterally utility-scale players try to address, you know. And that’s why you find little bit of margin by us as well as order winning by us towards utility-scale provide us better.
Eshwar Arumugam
Okay. Thanks. That’s all the questions, sir. Thank you.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question is from Anushka Vora from Vimana Capital. Please go-ahead.
Anushka Vora
Yes, hi. Thank you for taking my question. My first question is more on a macro-level. So how do you see the demand shaping up in this sector? And are we facing — are you seeing any delays in project execution from the client side and just a macro view of that?
Dilip Panjwani
You know, your — my — in the initial commentary itself when we started, there is a set of numbers that I have read-out. And if you look at year back when we were talking, there was a lot of skepticism whether the government will deliver this kind of projects, etc. From the start of the year itself when there was an 18 gigawatt tender issuance in 1/4 itself to 24.5 gigawatt of solar installations, we come a long way. When I started my journey in Vari, we were — India was at like in the month of August. India was at like 70 gigawatt of solar. Today, the installed capacity in solar is 97 gigawatt. So the country definitely is squeezing nicely towards its goal of 500 gigawatt ultimately of renewable energy. So at a macro-level, until now, we are witnessing commitment of the government, a lot of capital coming in this sector and a lot of things happening on the storage side that we are witnessing, you know. On the client side, projection delays, you know, I don’t want — I can’t comment something specific because we are always-on time and we have been delivering whatever is our commitment with customers. But from a customer side, we have not experienced any significant delays as such. So it’s difficult to put anything on that side, but macro-level, as I already addressed, do you have any other point on that, Anisha, happy to address?
Anushka Vora
No, no, this is it. And even for — just how is your FY ’25 shaping up? Any guidance that you can give for top-line?
Dilip Panjwani
So as a policy, we don’t give guidance, but we have already delivered about INR1,120 crores of — INR1121 crores of revenues. We expect next quarter by this quarter to be of January to March, we should be doing 500 to 600 megawatt of execution. That’s what we expect.
Anushka Vora
Okay. Thank you. And just one last question. How are you seeing the margin shaping up?
Dilip Panjwani
I’ve already addressed that in my third question or I think second question. We should be in the range of 15% is what I have mentioned.
Anushka Vora
Okay, okay. Thank you.
Operator
Thank you. The next question is from the line of Naman Jain from Kotak Institutional Equities. Please go-ahead.
Naman Jain
Hello, am I audible?
Dilip Panjwani
Yes, sir.
Naman Jain
So a couple of questions. While we did impressive execution in Q2 FY ’25, there have been some execution delays. So if you can just put as to why we sort of didn’t do as much in Q3 despite it being a relatively more suitable season for EPC? And secondly, margin-wise, we have always outperformed the industry and you have historically guided a 15-odd percent, but we have consistently delivered. So when we break it down, the significant difference comes from gross margin, which is — so if you can try to explain as to why we have such as in first higher margins and second, why is there such variability across quarters?
Dilip Panjwani
So I don’t think we have ever read-out that we have delayed any projects. We are starting point on — yeah, from my perspective, this quarter, we invised little less. But that’s in consensus with customers as well based on how they perceive execution, how we perceive execution. Okay. More than perceived how we contract out execution as well, not only perception. So that explains my invising for the quarter and how we have performed. Given that, I also say that the next quarter we will see somewhere around 500 to 600 megawatt of invoicing and that’s again in-line with our discussions with customers. Okay. Also, we cannot lose sight of the biggest order that I said in terms of size, complexity, it’s India’s largest order, 2 gigawatt for any company, you know, the balance of system order and it’s a very big order for us. So we have been consistently performing and both on the order secured front and on what we call invising front, we have performed as to what we are supposed to perform with our customers. Okay. However, coming back to margin, what you analyzed is correct at gross margin level, but I addressed it in an indirect method to some other question where I said that we don’t undertake contracts which are not profitable to us. So maybe when you are analyzing if the other companies where you are analyzing, if they have orders, some orders which are profitable, some orders which they have undertaken only for revenue sake, maybe I’m not saying we have — somebody has done that, that could skew margins against them, which we normally try to avoid, you know, and we consistently follow our risk policy of not taking projects which are not accretive in margins to us. So that probably explains why we. But we continue to maintain based on our contracts with customers that we should be at 15% level.
Naman Jain
Understood. Understood. Thank you. And the large order book should be important win for you and a huge win for the Indian solar sector in general to get a 2 gigawatt order, what is the expected execution timeline if you can share for this order?
Dilip Panjwani
About roughly about eight or nine months.
Naman Jain
Okay, eight or nine months. Got it. And one last question. Going-forward, I understand that we aim for a certain margin in each of our EPC projects, right? So is it safe to assume that we’ll be — we’ll try to maintain the 15% margin in the medium-term at the very least?
Dilip Panjwani
Certainly, in the medium-term, we will try to maintain that 15% margin level.
Naman Jain
Got it. Thank you. Thank you.
Operator
Thank you. The next question is from the line of Samarth Khandelwal from ICICI Securities. Please go-ahead.
Samarth Khandelwal
Hello. Firstly, sir, congratulations on a very good set of numbers and impressive margins. Secondly, sir, my question is, it is a two-part question. One is related to your existing business. I wanted to understand what’s the difference between basically only a BOS order versus a project — power project. And sir, second question is with respect to data center. I just wanted to understand that from until now you have not and how are you going to pre-qualifications basis which because data is a very sensitive kind of setup and it is a completely different versus setting up open space solar panels. How, how, how are we going to address that
Dilip Panjwani
So coming back to your first question of balance of system versus EPC order. So there are two types of orders in industry. One is called solutions in which entire responsibility of setting up being is upon us. And in case of balance of system, only certain scope is given to us, like they may exclude land, they may exclude modules, while they may include inverters, they may include cables and installation and commissioning is certainly part of balance of system. So that’s the basic difference depending upon scope. So if there is a requirement of INR4 crores per megawatt, balance of system may account for only INR1.5 crore, INR1.2 crore depending upon scope. Sometimes it goes down even to INR70 lakh to INR18 lakh rupees per megawatt also. So that’s a basic difference. What was your second question, if you can repeat?
Samarth Khandelwal
So second question is regarding data centers. You mentioned that you would be for exploring data center EPC orders as a new business segment. So like how, how would you be? What size of orders would you be aiming for with who would be the players? Would it be the existing once STT Tata communications or which type of data centers, hyperscale or edge like if there have been — these questions have been thought of or if you could just share some light,
Dilip Panjwani
As I told you, we have had put our minds before we went to the Board and those are the questions that will be addressed as we go into the market and solicit the business. But I can assure you one thing that like we addressed all segments of renewable segment, power segment, RTC, hybrid, in data center, we will not exclude ourselves from a particular set of type of data center. Once you bid, you will bid for all types of business because you will build those capabilities before bidding. And definitely there will be prerequisites, you know one will not get business without prerequisites. So we will be going with all the prerequisites that are required to set-up a data center.
Samarth Khandelwal
Thank you, sir. Thank you.
Operator
Thank you. The next question is from the line of Isha Shah from Nirzar Enterprise. Please go-ahead.
Isha Shah
Good afternoon, sir. I have couple of questions. So my first question is, sir, if you could talk about the opportunity size in the government PSU business, P&I rooftop and IPP in gigawatt terms? And following to my question is like what is our and OLM opportunity in this?
Dilip Panjwani
You know to differentiate between government and private is quite difficult. However, you know, almost like 60% to 70% of the business comes from utility-scale IPC. India is going for 40 to 50 gigawatt of renewable energy per annum. So you can say about 30% odd, 30%, 35% comes from government sites, which is like NTPC, SECI and other PSUs have also started now entering like IOC, DPCL tenders, those are the segments of the market that comes to us. And what was your second question?
Isha Shah
Sir, what is our EPC and OMM O&M opportunity in this.
Dilip Panjwani
So EPC opportunity is what I told you is entirely our opportunity. However, if you look at our presentation, we have already said that we are now sitting on 24 gigawatt pipeline. So that’s the opportunity we are sitting as of today, but the entire market of 40 gigawatt that in the solar side that comes up along with battery and this is our opportunity right now. As regards O&M, how we are sitting on right now 587 megawatt of O&M and we have certain projects going-live in March, which will get converted into O&M for us about 2x to 3x size of our current base from April onwards. So that’s our O&M. However, the entire 92 gigawatt, somebody is doing O&M, so that’s an opportunity for O&M as well.
Isha Shah
Okay. Sir, if I may ask other question, then sir, like if you see now there are lot of companies that are raising money and there are many new entrants. So what’s the competition intensity over here?
Dilip Panjwani
The competition intensity, as market grows, competition keeps growing, which I said in my previous communication also, sometimes it is good for industry because you get the best productivity out. But as worry, we are very cautious on our margins and our profitability. We don’t get into unnecessary competitive intensity to just bring business on-board.
Isha Shah
Okay. And so are there any technology challenges that you are facing or any kind of shortage of the components other than module that we are facing?
Dilip Panjwani
Not in solar, renewable energy as of now?
Isha Shah
Not in this. Okay. And sir, my last question would be, are we planning to enter into solar parks.
Dilip Panjwani
See, we are opportunistic in renewable energy in every spear. Tomorrow, if there is an opportunity and we find it profitable to set-up a solar park, we will definitely do that. Solar park essentially requires land connectivity where a government sanctions it. So once we have that — in fact, we have two subsidiaries, we have set-up for same opportunity. Tomorrow if you have an opportunity, we’ll use the subsidiaries to obtain connectivity and land for the same, which we already communicated in our previous communication also.
Isha Shah
Okay. Okay. So is the land available with us or that also will be something, if there is an opportunity, then we would look for it.
Dilip Panjwani
So there is no land-bank as of now. We have gotten this that tomorrow there should there be an opportunity. We should be prepared to seize the opportunity.
Isha Shah
Okay. Okay, understood. And sir, what are our export opportunities?
Dilip Panjwani
See the market is quite big in Middle-East and US. But we are right now focused because the domestic opportunity is also equally big.
Isha Shah
Okay. So we are focusing more on the domestic opportunity.
Dilip Panjwani
Right.
Isha Shah
And sir, in the PPT, we also mentioned about a floating solar of — so what would be the cost of that?
Dilip Panjwani
See, we can’t individually present what is the cost of that something floating solar because that’s something proprietary and confidential to us. Okay. And we reflect that as a showcasing our capability that we can undertake all sorts of complex size and variation in EPC space.
Isha Shah
Okay. But sir, if we talk about margins over here, but also knowing that Vari only enters into projects that are like that gives them a good margin. So we can assume that, okay, the margins will be in-line with other kind of category of solar or EPC whatever we are doing.
Dilip Panjwani
I’ve already addressed the same thing. If you were there on the call-in the beginning, at 15% level is what we consistently maintain coming over contracts with customers.
Isha Shah
All right. So I just wanted to understand even if it’s solar or floating solar and it would be on the similar line side, just wanted to understand that.
Dilip Panjwani
Floating solar also will be on the similar lines. See, margin is a blended one. It’s a combination of all types of projects, whether it’s turnkey project, whether it’s a floating project, whether it’s a rooftop project, it’s a blended one.
Isha Shah
Okay. Okay, understood. And sir, you also mentioned about green hydrogen. So are we like planning to get into that or is what is that about?
Dilip Panjwani
So Waaree Group already has a presence in hydrogen, they have been awarded 350 megawatt of electrolyzer. But as and when use-case opportunity comes up, which we — which is likely to come up, we will definitely be bidding for EPC part of the hydrogen play as well.
Isha Shah
EPC part of hydrogen, okay, green hydrogen. Yeah, okay. So like just to understand what would be the EPC part over here for green hydrogen because since there would be electrolyzer and everything. Like just to understand,
Dilip Panjwani
That’s a very technical question. What we mean commercially is that in a green hydrogen, you have to produce hydrogen by green methods, which is either solar or some renewable energy or maybe RTC along with wind, etc. What we will be undertaking is that setting up their plant in entirety, which can ultimately produce hydrogen through renewable energy sources is what we will be undertaking. And that’s how we are in discussion with our clients wherever there is a use-case, large-scale deployment of hydrogen is required.
Isha Shah
Okay. Understood, sir. Thank you so much for answering all my questions. That’s it from my side. Thank you.
Dilip Panjwani
Thank you, Isha.
Operator
Thank you. The next question is from the line of Namril Shah from ValueQuest. Please go-ahead.
Namril Shah
Hi, so I have two questions. This is — one of them is with respect to the order that we received from Jindal renewables of 2 gigawatt. Typically the realizations are INR1 crores INR1.1 crore per megawatt as you highlighted. However, looking at the Jindal renewables order, the average realization comes to around INR60 lakh per megawatt. Is it that the scope of the order is lesser vis-a-vis other BOS orders? That is my first question. The other question is, in terms of the unexecuted order book, can you throw some light on where are we in terms of the stage of completion for at least the top three orders, namely Greenco, and Akeona Energy?
Dilip Panjwani
Okay. Thank you. Second question will be difficult to speak in terms of confidentiality perspective, but I can give you a generic view, but let me address the first question first. The — as far as you know the question on per megawatt per lakh rupees is concerned, I have already addressed that with projects and turnkey project versus balance of system can range from INR70 odd lakhs to INR4 crores, you know. So it’s a blended approach that we take and our blended scope is still at INR1 crores to INR1.1 crore for the unexecuted order book portion included for Inc. So that’s where we stand at. And there are always more nuances to projects where our scope is later increased by the customer also. Now this has happened with us in some of the customers. But you are reading may be right, we may arrive at an accurate value, but I want to address again that the project scope can differ from INR70 odd lakhs to INR1.1 crore as well. As far as the second is concerned on the top three, we are on-track is what I can mention. And very much with all the customers, I can’t comment on individual customer level in view of confidentiality.
Namril Shah
So just one follow-up question. In terms of the 1 gigawatt of execution that we have done in nine months of FY ’25, have we finished any of those orders or all of the orders are in execution phase. And one more question on the Jindal order. What has been excluded out-of-the scope of the order vis-a-vis the other BOS orders?
Dilip Panjwani
So as far as completion of projects is concerned, we have completed quite a bit of projects which were running in the past. So some of the projects have got completed in the 1 gigawatt included that we have completed in the nine months this current year. As far as Jindal exclusions are concerned, again, there is client confidentiality, but predominantly it doesn’t include module and land.
Namril Shah
Sure. Thank you so much. Thank you.
Operator
Thank you. The next question is from the line of Harshil Shethia from Renaissance Investments. Please go-ahead.
Harshil Shethia
Hi, all my questions have been answered. Thank you.
Operator
Thank you. The next question is from the line of Shaan Patel from CD Integrated Services Limited. Please go-ahead.
Shaan Patel
Hello, good evening. First of all. So my question — I have two questions. My first question is that the revenue this quarter a revenue of INR360 crores, taking the 3/4 total to around INR1,000 crores and with a very marginal revenue growth this quarter. However, the employee costs remain high at INR7 crore, similar to last quarter when the revenue was INR500 crore. So does this imply that projects for INR200 crore are pending completion and recognition? And if so, can we expect the next quarter revenue to be around INR700 crores to meet the guidance of INR1,300 crores INR2,500 crore for the year.
Dilip Panjwani
So I can take the later part of the question very easily. I’ve already said that we should be aiming for 500 to 600 megawatt of business in this quarter, in this 4th-quarter, you know. So whatever that revenue translates based on that volume of the work, we could be around about — again, if you take INR1 crore, then it should be around INR500 crore to INR600 crores. However, employee cost will not function that INR200 crores was short or something like that. When you are putting people on-site, whether you complete a project or not, you have to pay for the people’s cost-out there. That’s what the platform business is and that leverage of people’s cost in platform works both ways. However, traditionally, it has got in our favor in terms of higher revenues. So maybe we will make-up in the next quarter, but it’s definitely not a function of that we have missed out some INR200 crores or something.
Shaan Patel
Okay, okay. Perfect. And apart from that, so Waaree has an unexecuted order book of 3.4 to gigawatts approx, what is the maximum capacity it can execute in a year like 2 gigawatts, 3 gigawatts or is there any specific capacity constraint? And additionally, for the next year, how much of their order book can realistically be completed?
Dilip Panjwani
So it depends always-on your manpower. And in the current circumstances, we should be able to deliver between 3 to 3.5 gigawatt of business annually.
Shaan Patel
Okay, 3.5% annually. Okay.
Dilip Panjwani
Yeah. So that some level of around we should be able to execute.
Shaan Patel
Okay, okay, okay. Got it, got it. And this year the last quarter you gave a guidance of 1.5 to 2 gigawatts like INR1,500 crores to INR2,000 crores that is in like the half-two. So I think this quarter it is very difficult to complete that, right?
Dilip Panjwani
So it appears so based on the numbers, but traditionally, we don’t give guidance. What we are giving is what is the volume of work we are internally putting a goalpost of completion.
Shaan Patel
Got it. Correct. Okay. That is okay. That is from my side. Luck.
Operator
Thank you. Ladies and gentlemen, due to time constraints, that was the last question for today. On behalf of Orient Capital, that concludes this conference. Thank you for joining us and you may now disconnect your lines