Waaree Renewable Bags EPC Contract For 450MWp Solar Project, Order Book Receives Major Boost

Mumbai: Waaree Renewable Technologies Limited (WAAREERTL) announced on Monday, 8 June 2026, that it has secured a Letter of Award (LOA) for an Engineering, Procurement, and Construction (EPC) contract for a substantial 300 megawatt (MW) / 450 megawatt-peak (MWp) ground-mount solar project.

The significant order, which also includes two years of comprehensive operation and maintenance (O&M) services, was awarded by its wholly-owned subsidiary, Sunsational Power Private Limited (SPPL). This strategic internal project is scheduled for completion during the financial year 2026-27, enhancing the company's revenue visibility and strengthening its project pipeline.

Project Scope and Strategic Importance

The contract outlines the complete EPC development of the ground-mounted solar photovoltaic plant, encompassing engineering, procurement, and construction activities. Beyond the initial build-out, Waaree Renewable Technologies will also provide crucial O&M services for a period of two years, ensuring optimal performance and longevity of the solar asset.

Such in-house projects often allow for greater control over execution, cost efficiencies, and the deployment of the group’s preferred technologies and operational standards.

Inter-Company Dynamics and Compliance

As the project has been awarded by Sunsational Power Private Limited, a direct subsidiary of Waaree Renewable Technologies, it falls under the purview of related-party transactions. The company has confirmed that the transaction has been executed at "arm's length," adhering to regulatory compliance and good corporate governance practices.

This arrangement allows the Waaree group to consolidate its value chain, leveraging the expertise of its specialised EPC arm for its power generation assets.

Strong Financial Performance

This new order comes on the back of a robust financial performance by Waaree Renewable Technologies. For the fourth quarter of the financial year 2026, the company reported a stellar net profit of Rs 155.74 crore, marking a significant year-on-year jump of 66.02 per cent.

Revenue from operations also saw a remarkable increase, soaring by 130.23 per cent year-on-year to Rs 1,108.44 crore in Q4 FY2026. This consistent growth demonstrates the company's strong execution capabilities and its ability to capitalise on the burgeoning demand for solar infrastructure.

Market Positioning and Share Movement

The 300MW/450MWp project is considered one of Waaree RTL's larger recent contract wins, contributing significantly to its expanding order book. While the company's share price had declined by 6.3 per cent over the past year, it has shown resilience, outperforming the S&P BSE 100 Index by 0.21 per cent in the last six months.

On Monday, amidst broader market weakness, Waaree Renewable Technologies' shares traded down by 2.36 per cent, closing at around Rs 947.35. The company's market capitalisation currently stands at approximately Rs 10,124.20 crore.

India's Accelerating Solar Landscape

India's solar energy sector is witnessing unprecedented growth, with the nation poised to become the world's second-largest solar market in terms of annual installations in 2026, surpassing both the United States and the European Union. The country achieved a record 44.6 gigawatts (GW) of solar capacity addition in FY2026, pushing the cumulative installed solar capacity to over 150 GW by March 31, 2026.

This rapid expansion is underpinned by strong government support and ambitious targets, including the goal of 500 GW of non-fossil fuel capacity by 2030, which necessitates sustained annual solar installations of 50 GW.

Future Outlook and Industry Trends

The domestic ground-mounted solar EPC market alone is projected to be valued between USD 8 billion to USD 12 billion (approximately Rs 67,000 crore to ₹1,00,000 crore) in 2026, with an estimated compound annual growth rate of 12-16 per cent through 2035.

This robust outlook is driven by large-scale utility projects and government initiatives like the PM Surya Ghar scheme, which aims to cover 75 lakh households with rooftop solar installations by December 2026.

For EPC players like Waaree Renewable Technologies, this dynamic environment presents significant opportunities for sustained growth and market leadership, as India continues its aggressive push towards a clean energy future. The company's expansion into O&M services also positions it for higher EBITDA margins and long-term revenue streams.