Waaree Renewable Technologies Limited has secured Letters of Award for two ground-mounted Solar PV plants, aggregating to a total capacity of 800 MWac / 1,082 MWp. The company received the awards on July 25, 2026, marking a significant addition to its order book in the renewable energy sector. These contracts represent substantial engineering, procurement, and construction (EPC) work, reinforcing the firm's position in India's expanding solar infrastructure market.

The disclosure was made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with SEBI Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. The company notified the stock exchanges on July 26, 2026, confirming receipt of the intimation at 12:15 pm IST the previous day. The orders were awarded by one of India's leading renewable energy companies, identified as a domestic entity.

Contract Details

The two Letters of Award cover distinct plant capacities but share similar execution timelines and commercial terms. Both projects are classified as commercial orders within the domestic market. There is no promoter or group company interest in the entity that awarded the contracts, and the transactions do not fall under related party dealings.

Project Execution

The projects are scheduled to be completed during the financial year 2027-28, as per the terms outlined in the order documents. This timeline indicates a multi-year execution phase, requiring significant resource allocation and supply chain management from Waaree Renewable Technologies. The aggregation of 1,082 MWp peak capacity underscores the scale of the infrastructure development involved.

What the Numbers Show

The acquisition of an 800 MWac EPC contract represents a material volume commitment for the company. By securing two large-scale ground-mounted solar projects simultaneously, Waaree Renewable Technologies demonstrates its capacity to handle high-volume execution mandates. The absence of related-party interests confirms the competitive nature of these awards, validating the company's market standing against other EPC players in the renewable energy space.

Waaree Renewable Technologies Ltd reported a consolidated net profit of ₹118.97 crore for the quarter ended June 30, 2026, marking a 37.7% increase from ₹86.40 crore in the same period last year. Revenue from operations surged 53.2% to ₹924.25 crore from ₹603.19 crore in Q1FY26, driven by robust performance in its Engineering, Procurement, and Construction (EPC) division and newly acquired transmission and distribution segments. The Board of Directors approved the unaudited standalone and consolidated financial results on July 22, 2026. The company subsequently held an earnings conference call with investors on July 23, 2026, making the audio recording publicly available on its website in compliance with Regulation 46 of SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015.

Consolidated Financial Performance

The company's EBITDA for Q1FY27 stood at ₹173.48 crore, compared to ₹117.55 crore in the prior year, representing a growth of 47.58%. EBITDA margin for the quarter was 18.77%, slightly down from 19.49% in the corresponding period last year. Total expenses increased to ₹766.13 crore from ₹491.44 crore. Profit before tax rose to ₹163.38 crore from ₹116.59 crore. Basic earnings per share (EPS) increased to ₹11.11 from ₹8.29 in the previous year's corresponding quarter.

Standalone Results

Standalone net profit for the quarter was ₹114.49 crore, up 32.3% from ₹86.54 crore in Q1FY26. Revenue from operations stood at ₹811.34 crore, compared to ₹603.10 crore in the previous year. Total expenses increased to ₹661.51 crore from ₹491.31 crore. Basic EPS for the standalone entity was ₹10.97, compared to ₹8.30 in the same period last year.

Segment Performance and Acquisition

The EPC Contracts - Solar Power Plants segment generated revenue of ₹803.39 crore, while the newly included EPC Contracts - Transmission and Distribution segment contributed ₹112.81 crore following the acquisition of Associated Power Structures Private Limited. The Power Sale segment reported revenue of ₹8.05 crore. The financial results of the new subsidiary are included from June 18, 2026, making the figures for the quarter not comparable with the previous corresponding period. KKC & Associates LLP, the independent auditor, reviewed the financial results.

Earnings Call Details

The audio recording of the earnings conference call held on July 23, 2026, is available for download on the company's website. The call provided management commentary on the unaudited financial results for the quarter ended June 30, 2026. Heema Shah, Company Secretary, signed the disclosure letter submitted to BSE Limited and National Stock Exchange of India Limited on July 23, 2026.