Building a large solar plant is not a one-shot job. Designs change, grid connections shift, and extra equipment gets added as the project moves along. EPC companies that deliver on time tend to see their scope grow, and that helps them because the customer, the site and the team are already in place.
Shares of Waaree Renewable Technologies Ltd. were trading at Rs. 820.80, down 0.64 percent from previous close of Rs. 826.05. The stock opened at Rs. 824.90, reaching an intraday high of Rs. 825.50 and low of Rs. 812.85. The company currently has a market capitalization of Rs. 8,540 crores.
What’s the News?
Waaree Renewable Technologies has received a further revised scope of work under an existing EPC contract for a ground-mounted solar PV project of 2,012.47 MWp. The scope has been enhanced by Rs 14.79 crore. All the terms and conditions of the contract remain the same. The company received the intimation on 28 September and disclosed it the same evening.
This is the latest in a series of updates, following earlier disclosures in November 2024, June 2025 and July 2025. The aggregate order size stays at 2,012.47 MWp, as in the first disclosure, and the project is to be completed during FY2026-27. It is a domestic commercial order. The company has said that its promoters have no interest in the customer and that the order is not a related party transaction.
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Financial & Business Analysis
Looking at the quarterly results of Waaree Renewable Technologies Ltd., the company’s consolidated revenue increased by 52.88 percent YoY, from Rs. 608.01 crore in Q1 FY26 to Rs. 929.52 crore in Q1 FY27, and decreased by 16.14 percent QoQ from Rs. 1,108.44 crore in Q4 FY26.
In Q1 FY27 Waaree Renewable Technologies Ltd.’s consolidated net profit increased by 37.73 percent YoY, reaching Rs. 118.97 crore compared to Rs. 86.38 crore during the same period last year. As compared to Q4 FY26, the net profit has decreased by 23.59 percent, from Rs. 155.70 crore. The basic earnings per share stood at Rs. 11.11 as against Rs. 8.29 recorded in the same quarter in the previous year, FY2026.
Waaree Renewable Technologies earns mainly from solar EPC, and around that it has built three more lines. There is operations and maintenance, where its portfolio stands at about 1.15 GW and brings in recurring income. It also does battery storage EPC, and it has recently entered transmission and distribution through a 55% stake in Associated Power Structures. The mix is slowly moving from pure solar construction towards a broader energy infrastructure business.
The unexecuted order book is around Rs 5,300 crore including T&D, of which roughly Rs 2,400 crore is pure solar EPC and about Rs 200 crore is battery storage. Management expects it to be worked through over the next 12 to 15 months. This add-on is a very small part of that book, but it helps in a practical way. It comes from a project already under way, so it needs no fresh bidding and can be executed alongside the existing work. The company is also chasing a pipeline of about 27 GW in domestic solar EPC and Rs 20,000 crore in T&D.
Industry Context
India’s solar build-out is running at record pace. The country added 55.29 GW of renewable capacity in FY2026, the highest ever in a single year, and solar had reached about 150 GW by the end of March 2026. Another 26 GW of solar was installed in the first half of 2026 alone. India’s non-fossil capacity stood at about 275 GW in March against a target of 500 GW by 2030.
Hitting that target needs a lot more than panels. The government has planned annual bids of about 50 GW of renewable capacity, and the power grid has to be expanded to carry that electricity. That is why EPC players are moving into storage and transmission, and why a company with a solid order book in solar has room to grow into the other two.
Company Overview
Waaree Renewable Technologies Limited is a Mumbai-based solar EPC company and a subsidiary of Waaree Energies Limited. It designs, builds and maintains utility-scale solar projects, and it has extended into battery energy storage and transmission and distribution. Its registered office is in Borivali, Mumbai, and it is listed on the BSE and NSE. The company works under the tagline “Execution with Pace & Comfort”.