Waaree Renewable Technologies Ltd. (WAAREERTL) — Tipsheet

Waaree Renewable bags 1,082 MWp solar EPC orders

Tipsheet Editorial — Sun, 26 Jul 2026 11:44:51 GMT

Two Letters of Award for ground-mounted solar plants, totalling 800 MWac or 1,082 MWp, from a leading Indian RE company. Execution targeted for FY27-28.

What’s new

Waaree Renewable received two LoAs for EPC of ground-mounted solar PV plants.
Total capacity: 800 MWac / 1,082 MWp, awarded by a leading Indian RE company.
Projects to be executed in FY27-28, providing multi-year revenue visibility.

Why it matters

This order adds to an existing 2.83 GW portfolio, deepening ties with large developers. While the value is undisclosed, the scale is material and strengthens Waaree's position in India's solar EPC market. The company's low debt (D/E 0.06) and strong execution track record support delivery.

What we’re watching

Disclosure of order value, if any, in subsequent filings.
Execution progress and any milestone payments.
Further order wins from the same or other large developers.

The full read

Waaree Renewable has locked in two solar EPC contracts totalling 1,082 MWp from a leading Indian RE player. Scale matters. The projects, due in FY27-28, expand the company's order book beyond the existing 2.83 GW portfolio — a material addition that signals deepening trust with large developers. The monetary value remains undisclosed, but the sheer capacity alone cements Waaree's spot among India's top solar EPC firms. This is the second large order in two months, following a 450 MWp award from its own subsidiary in June. With a debt-to-equity ratio of just 0.06 and trailing revenue growth of 131%, the company is well-placed to execute. The open question is value, but for now, the order book tells the story.

Primary source: BSE · NSE

Waaree Renewable gets 450MWp solar EPC order from its own subsidiary

Tipsheet Editorial — Mon, 08 Jun 2026 13:01:55 GMT

Sunsational Power, a wholly-owned subsidiary, is the client. The related-party contract is for a ground-mounted project with two years of O&M.

What’s new

Waaree Renewable won a 300MW/450MWp ground-mounted solar EPC contract from Sunsational Power.
The client is a wholly-owned subsidiary, making this a related-party transaction.
The project includes 2 years of O&M and is scheduled for completion in FY25.

Why it matters

The order boosts the company's execution pipeline but is an internal allocation, not a market-facing contract win. The related-party classification and the absence of a rupee value limit the signal about external demand and financial materiality.

What we’re watching

The eventual contract value and its size relative to annual revenue.
Financing arrangements within the Waaree group for the subsidiary's project.
Execution pace, given the completion target within the current financial year.

The full read

Waaree Renewable Technologies has landed a 450MWp ground-mounted solar EPC contract. The client is Sunsational Power, its own wholly-owned subsidiary. The order is for engineering, procurement and construction, plus 2 years of operation and maintenance. Completion is targeted within the current financial year. The company's annual execution capacity stands at 2,727 MWp, so the deal is a solid addition to the pipeline. But it's an internal allocation. The related-party label means this is a project moving from one Waaree entity to another, not proof of external demand. The absence of a rupee value is the bigger gap. Without it, the deal's impact on revenue or margins is impossible to gauge. Hardly a market mover.

Primary source: BSE · NSE