Waaree Energies Secures 500 MW Solar Module Order, Bolsters FY27 Order Book

Waaree Energies has infiormed the exchanges about a one-time order to supply 500 MW of solar modules from a renowned customer, which is a solar power developer engaged in the business of an Independent Power Producer (IPP). In a regulatory filing, the company announced that it has secured the order to supply these solar modules in FY 2026–27.

The latest order is expected to support Waaree Energies’ order book, which attained a size of approximately Rs 60,000 crore, for a  solar manufacturing pipeline exceeding 100 gigawatts. In Q3, Waare produced 3.51 gigawatts (GW) of modules, even as its solar cell production reached 0.75 GW on the back of expansions and higher efficiencies.

Building on Orderbook

 In its investor presentation,Waaree Energies stated that its solar module production increased 94% on a year-on-year (YoY) basis, while cell production rose 35% quarter-on-quarter (QoQ). 

The company said that the geographical revenue mix for its orders remains balanced, with 67.4% contribution from the domestic market and the remainder from overseas markets. The retail and EPC segments continue to gain traction, further diversifying the company’s revenue streams.

Playing Down Oversupply Risks

During its latest investor call, Waaree Energies Limited also addressed concerns around potential oversupply in India’s solar manufacturing sector as cell capacity expansions accelerate. Responding to a question on whether demand could match an estimated 140 GW of aggregated cell capacity by FY29, outgoing CEO Amit Paithankar said that while exact demand levels remain uncertain, industry offtake is already running ahead of historical trends.

Paithankar said solar demand is likely to remain strong but orderly, noting that capacity additions are being absorbed by rising installations and exports, reducing the risk of a sharp demand–supply mismatch.