Waaree Renewable Gets Award Letters For 800 MWac Solar EPC Contracts Totaling 1,082 MWp

Market snapshot: Waaree Renewable Technologies Limited has received two Letters of Award for execution of Engineering, Procurement, and Construction (EPC) works for ground-mounted Solar PV plants aggregating 800 MWac (1,082 MWp) capacity. The commercial contracts, awarded by a leading domestic renewable energy company, represent a significant expansion of the company's utility-scale project pipeline, with completion targeted during the financial year 2027-28.

Data Snapshot

• Received Letters of Award for ground-mounted Solar PV plants totaling 800 MWac (1,082 MWp) capacity, split as 400 MWac / 530 MWp and 400 MWac / 552 MWp respectively.
• Completed the acquisition of a 55% majority equity stake in Associated Power Structures Private Limited (APSPL) for ₹1,225 crore.
• Full-year FY26 revenue from operations rose 108.51% YoY to ₹3,331.42 crore from ₹1,597.75 crore in FY25.
• Full-year FY26 Profit After Tax (PAT) expanded 109.09% YoY to ₹478.65 crore compared to ₹228.92 crore in FY25.
• Full-year FY26 EBITDA grew 106.21% YoY to ₹641.1 crore from ₹310.9 crore in FY25.

What's Changed

• Revenue from operations increased by 108.51% YoY to ₹3,331.42 crore in FY26, up from ₹1,597.75 crore in FY25.
• Profit After Tax (PAT) expanded by 109.09% YoY to ₹478.65 crore in FY26, compared to ₹228.92 crore in FY25.
• EBITDA grew 106.21% YoY to ₹641.1 crore in FY26, compared to ₹310.9 crore in FY25.
• Acquired a 55% majority stake in Associated Power Structures Private Limited (APSPL) for ₹1,225 crore, integrating in-house transmission and evacuation infrastructure capabilities.

Key Takeaways

• Waaree Renewable Technologies received award letters for two ground-mounted Solar PV plants of 400 MWac each, aggregating 800 MWac (1,082 MWp).
• The projects are slated for execution and completion during the financial year 2027-28 (FY28).
• The contract was awarded by a leading domestic renewable energy company under commercial terms and involves no related-party transactions.
• This order win further scales the company's domestic order book and leverages its execution capabilities as a premier solar EPC player.

SAHI Perspective

The award of 800 MWac (1,082 MWp) ground-mounted solar EPC projects highlights Waaree Renewable Technologies' competitive edge in securing large-scale utility projects from leading domestic players. More importantly, this massive pipeline expansion is highly synergistic with the recently completed ₹1,225 crore acquisition of Associated Power Structures Private Limited (APSPL). Historically, transmission and evacuation bottlenecks have delayed large-scale solar projects in India; by bringing ASPL's 30-year grid transmission expertise in-house, Waaree mitigates execution and subcontractor risk, ensuring timely completion by FY28.

Market Implications

This order win reinforces the accelerating clean energy capital expenditure across India's power sector, underpinned by government solar targets and supportive regulatory policies. Large-scale utility solar projects continue to find robust commercial traction. For Waaree Renewable Technologies, the steady conversion of its massive bid pipeline into active execution contracts maintains its leadership position, while its vertically integrated business model under parent Waaree Energies safeguards module sourcing and margin stability.

Trading Signals

Market Bias: Bullish

The addition of 800 MWac (1,082 MWp) in solar projects expands the medium-term execution pipeline through FY28. This combined with a 108.51% YoY revenue growth in FY26 and strategic infrastructure capabilities via APSPL strengthens earnings visibility.

Overweight: Solar EPC, Renewable Infrastructure

Trigger Factors:

• Commencement of construction and milestone achievements on the 800 MWac ground-mounted projects.
• Quarterly financial performance demonstrating revenue contribution from newly secured solar pipelines.
• Synergistic integration and cost optimization from the Associated Power Structures acquisition.

Time Horizon: Medium-term (3-12 months)

Industry Context

India's solar EPC sector is experiencing an unprecedented expansion driven by ambitious national clean energy goals, including extensive grid connectivity initiatives and local sourcing policies. In this environment, developer relationships and raw material supply security are decisive differentiators. Waaree Renewable's positioning as a prominent player is supported by its parent Waaree Energies, one of the largest module manufacturers, guaranteeing access to high-quality solar PV components and insulating the company from global supply chain disruptions.

Key Risks to Watch

• Raw material and cell price volatility could impact project margins if EPC pricing is fixed-price.
• Delays in acquiring land or securing regulatory approvals for grid evacuation can prolong project commencement.
• Increased competition in tariff-based bidding and utility solar EPC contracts may compress future operating margins.

Recent Developments

During the past 90 days, Waaree Renewable Technologies achieved two major milestones: it completed the acquisition of a 55% equity stake in Associated Power Structures Private Limited (APSPL) on June 18, 2026, for ₹1,225 crore, expanding its capabilities into power transmission. Additionally, on June 8, 2026, the company secured a 300 MW (450 MWp) solar EPC project from Sunsational Power.

Closing Insight

With the securing of the 800 MWac solar contracts and the strategic consolidation of its transmission subsidiary APSPL, Waaree Renewable Technologies has transitioned into a highly integrated clean energy execution platform. This robust business model secures long-term revenue visibility through FY28 and positions the company to capture disproportionate share in India's grid-scale solar expansion.

High Performance Trading with SAHI.