Waaree Renewable Gets Award Letters For 800 MWac Solar PV Plant EPC Contracts

Market snapshot: Waaree Renewable Technologies Limited has received two domestic Letters of Award (LoA) for executing Engineering, Procurement, and Construction (EPC) works for ground-mounted solar PV plants aggregating 800 MWac (1,082 MWp). Separately, the company is reported to have signed an Early Contractor Involvement (ECI) agreement for a solar PV and BESS project to enter the New Zealand market (as stated in the source alert; not independently verified).

Data Snapshot

• Waaree Renewable Technologies secured two Letters of Award (LOAs) for EPC works of ground-mounted solar PV plants of 400 MWac / 530 MWp and 400 MWac / 552 MWp, respectively, aggregating to 800 MWac / 1,082 MWp.
• The company's unexecuted consolidated order book stands at over ₹5,300 cr following Q1 FY27 results.
• For Q1 FY27, Waaree Renewable reported consolidated revenue from operations of ₹924.25 cr, representing a growth of 53.23% YoY.
• Consolidated Profit After Tax (PAT) rose 37.70% YoY to ₹118.97 cr for Q1 FY27.

What's Changed

• Consolidated Q1 FY27 revenue grew by 53.23% YoY to ₹924.25 cr (derived: ₹924.25 cr vs ₹603.19 cr).
• Consolidated EBITDA rose by 47.58% YoY to ₹173.48 cr (derived: ₹173.48 cr vs ₹117.55 cr).
• Consolidated PAT increased by 37.70% YoY to ₹118.97 cr (derived: ₹118.97 cr vs ₹86.40 cr).

Key Takeaways

• The EPC orders are domestic and awarded by a leading Indian renewable energy company.
• The scope includes execution of two ground-mounted solar PV plants slated for completion in FY 2027-28.
• No promoters or group companies have any related-party interest in the awarding entity.
• Unexecuted order book robustly exceeds ₹5,300 cr, showcasing immense revenue visibility.

SAHI Perspective

Waaree Renewable Technologies is showcasing phenomenal execution capability and order winning velocity. Securing 800 MWac solar EPC contracts provides high revenue visibility for FY 2027-28. Under its broader transformation strategy ('Waaree 2.0'), the company's recent completion of the ₹1,225 cr acquisition of Associated Power Structures Limited (APSPL) integrates grid and transmission line expertise directly with its core solar EPC competencies. This vertical integration allows Waaree to address increasingly complex utility-scale grid connections seamlessly.

Market Implications

With India's ambitious targets for clean energy, solar EPC players face a massive expansion runway. Large-scale domestic commercial projects of 800 MWac highlight the ongoing capital expenditure by major domestic power utilities. The execution schedule within FY28 ensures that Waaree can consistently expand its top-line while optimizing its backward integration with parent company Waaree Energies.

Trading Signals

Market Bias: Bullish

Strong order book visibility backed by the newly secured 800 MWac solar PV plant contracts scheduled for completion in FY 2027-28, expanding the company's ₹5,300+ cr unexecuted portfolio. This is supported by solid Q1 FY27 financial performance showing 53.23% YoY revenue growth.

Overweight: Renewable Energy, Capital Goods, Solar EPC

Trigger Factors:

• Timely execution and completion of the 800 MWac ground-mounted plants in FY 2027-28.
• Ability to sustain EBITDA margins (Q1 FY27 stood at 18.77%) amid fluctuating solar component costs.
• Strategic execution under the newly acquired Associated Power Structures in the T&D segment.

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

Industry Context

India's solar capacity expansion remains highly active, supported by robust central and state tenders. Utility-scale developers are focusing on end-to-end grid integration, driving demand for co-located storage and transmission capacity. However, key risks such as high dependency on imported PV module components and global supply chain constraints remain active challenges for domestic players.

Key Risks to Watch

• Exposure to raw material supply constraints and PV module pricing pressure.
• Margin pressure from competitive bidding environment in utility-scale public projects.
• Integration challenges of newly acquired T&D assets under Associated Power Structures.

Recent Developments

Waaree Renewable Technologies successfully completed the acquisition of a 55% stake in Associated Power Structures Private Limited (APSPL) for ₹1,225 cr on June 18, 2026, to expand into transmission and distribution (T&D) services. Additionally, the company's parent entity, Waaree Energies, commissioned an additional 3 GW module capacity at Samakhiali, Kutch in May 2026.

Closing Insight

The new 800 MWac EPC solar orders solidify Waaree Renewable's industry-leading position and long-term financial health. Combined with strong backward integration and strategic grid assets, the company is perfectly equipped to command a dominant share of India's green energy expansion.

High Performance Trading with SAHI.