Waaree Renewable Technologies Bags Reduced 704 MWac Solar Project Order

Waaree Renewable Technologies Limited (WRTL) announced on Thursday, January 8, that it has received a letter of award for a revised 704 MWac / 1,000 MWp grid-connected ground-mount solar power project. 

The project revision follows considerations related to evacuation infrastructure and optimisation of DC overloading parameters.

Contract Value Revised to INR 1,039.6 Crore

Following technical revisions, the commercial order value has been reduced from INR 1,252.43 crore to INR 1,039.60 crore (excluding taxes), a decrease of approximately INR 212.83 crore.

The company noted that the adjustment reflects proportional optimisation to ensure efficient project design and grid integration. The solar project is scheduled for completion in FY 2026–27, as per the terms outlined in the revised contract.

Strong Financial Performance in Q2 FY26

In the second quarter of FY26, Waaree Renewable Technologies reported growth across all key financial metrics.

The company registered revenue of INR 774.7 crore, up 47.7 percent year-on-year from INR 524.4 crore in Q2FY25. The Profit After Tax (PAT) was INR 116.3 crore, up 117.4 percent from INR 53.5 crore a year earlier.

The company’s EBITDA also increased to INR 157.9 crore, more than double the INR 71.6 crore reported in the same period last year.

For the first half of FY26, the company’s performance remained strong. Consolidated revenue stood at INR 1,377.9 crore, an 81.1 percent year-on-year rise.  Like other solar EPCs, the firm will be focusing increasinglky on storage linked projects as well, as those take centre stage by Fy 28. 

Expanding Integrated Clean Energy Capabilities

The Waaree Group continues to invest strategically in building a vertically integrated clean energy manufacturing ecosystem spanning solar modules, inverters, batteries, and energy storage systems.

Waaree Energies Ltd, has recently commissioned a new solar inverter manufacturing facility in Sarodhi-Valsad, Gujarat. The unit houses two inverter production lines, each with an annual capacity of 1.525 GW, bringing the plant’s total capacity to 3.05 GW.

In parallel, Waaree Energy Storage Solutions Pvt Ltd has raised INR 1,003 crore (approximately USD 120 million) from a group of investors to support the establishment of a 20 GWh lithium-ion cell and battery pack manufacturing facility, further strengthening the Group’s position across the clean energy value chain.