Waaree RTL Secures 150 MWac/217.5 MWp Ground-Mount Solar EPC Project

Waaree Renewable Technologies (RTL), the EPC arm of Waaree Group has been awarded a Letter of Award (LOA) for the execution of a 150 MWac/217.5 MWp ground-mount solar Engineering, Procurement, and Construction (EPC) project. The project, valued at approximately Rs. 156.66 crore (excluding taxes), is scheduled for completion in FY27.

While sharing these details in a stock exchange filing, the company stated the project is scheduled for completion in the financial year 2026-27. Building on its EPC portfolio, Waaree RTL has so far developed 54.82 MWp of solar power-generating assets and executed several other solar projects.

Some key projects developed by Waaree RTL include:

• 107.1 MWp Independent Power Producer (IPP) plant

• 1,218 MWp ground-mounted solar power project (order won in Q2FY26)

• 29.4 MWp ground-mounted solar power project (order won in Q2FY26)

• 435 MWp ground-mounted solar power project (order won in Q1FY26)

• 131.6 MWp ground-mounted solar power project (order won in Q1FY26)

• 255 MWp ground-mounted solar power project (order won in Q4FY25)

• 105 MWp turnkey EPC project (order won in Q4FY25)

• 2,012.47 MWp ground-mounted solar PV project (order won in Q3FY25)

• 40 MWh battery storage system project (order won in Q4FY25)

During H1 FY26, the company executed 1,621 MWp of EPC projects, surpassing its full-year FY25 execution, highlighting its operational efficiency and execution capabilities.

Waaree RTL is currently chasing a 25 GW worth of order pipeline and the annual order book of 3.15  GW.  This new order adds to its robust order book of 3.48 GWp, providing strong visibility for upcoming quarters and reinforcing its position among India’s leading solar EPC players. 

Financial and Operational Strength

In Q2 FY26, Waaree RTL saw growth in quarterly revenue and profits with revenue of Rs. 774.78 crore, up 47.7% YoY, and EBITDA of Rs. 157.94 crore, up 120.7% YoY, reflecting a margin of 20.39%. Profit After Tax (PAT) grew 117.4% YoY, demonstrating strong operating leverage. The company maintains a base EPC margin of around 15%, with the potential for higher profitability through tight budget control, timely execution, and operational efficiency.

During H1, it has executed 1621 MW peak of the EPC project, which exceeds its full-yearexecution of FY 2025. The company, in an investor call, spoke about its unexecuted order book remaining healthy at 3.48 GWp, giving it solid visibility for the upcoming quarter.