Waaree Renewable Technologies Ltd., a unit of solar panel maker Waaree Energies, said it has secured an order worth ₹12.52 billion ($150 million) to build a large-scale solar project in India for its group company Waaree Forever Energies Pvt Ltd.
The contract, disclosed in a stock exchange filing on Tuesday, covers engineering, procurement and construction of an 870 megawatt alternating current / 1,218 megawatt-peak grid-connected ground-mounted solar project.
It also includes construction of a 33 kilovolt/400kV substation, associated transmission lines and two years of operations and maintenance. The project is scheduled for completion in the financial year 2026-27, subject to statutory approvals.
Strong Quarterly Growth
The award comes on the heels of a sharp rise in the company’s earnings. In the June quarter, revenue more than doubled to ₹6.03 billion, while net profit surged 207 percent year-on-year to ₹864 million.
Executives said the company executed 699 MWp of EPC projects in the quarter and closed with an unexecuted order book of 3.15 gigawatt-peak, providing strong visibility for the coming quarters.
“We remain confident in our ability to deliver sustainable growth and contribute meaningfully to India’s clean energy future,” Chief Financial Officer Manmohan Sharma told analysts on a July earnings call.
Expanding Opportunities in Storage and Hydrogen
Management highlighted emerging opportunities in battery energy storage systems, where the company currently has 40 megawatt-hours of orders.
Falling storage costs and government mandates requiring solar projects to integrate storage are expected to drive growth.
“We see BESS becoming a critical element of solar projects, significantly enhancing our revenue share from clients,” Group Head of Finance Abhishek Pareek said in the conference call.
Waaree Renewable is also exploring opportunities in green hydrogen, with a 1 MW pilot project in development, and positioning itself for potential EPC work in data centers as energy-hungry AI applications expand.
Policy Tailwinds
India’s renewable sector is expanding rapidly. As of June 2025, the country had 234 GW of renewable capacity, half of its total installed power base, five years ahead of its 2030 target. Solar accounted for 116 GW, with strong growth in both utility-scale and rooftop installations.
Government schemes such as PM Surya Ghar Muft Bijli Yojana and the solar parks program are expected to further boost opportunities for EPC firms. “Our proven ability to deliver large-scale projects positions us strongly to benefit from these policies,” Sharma said.
The latest contract bolsters the company’s scale-up ambitions. It is currently executing projects of up to 2 GW at single sites, which management says demonstrates its execution capabilities in a consolidating EPC market.
