Waaree Renewable Technologies has formally disclosed a contract enhancement for its solar energy project, with the capacity being increased from 30 MWp to 35 MWp. The company received official intimation of this enhancement on December 29, 2025, and has filed the requisite regulatory disclosure under SEBI regulations.

Regulatory Disclosure and Timeline

The company has submitted its disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, updating its earlier intimation dated July 15, 2024. The enhancement pertains to the Engineering, Procurement, and Construction (EPC) works for a ground mount solar power project including Operation and Maintenance (O&M).

Contract Enhancement Details

The capacity expansion has resulted in a corresponding increase in the project's financial value. The following table outlines the key changes:

All terms and conditions of the original contract remain unchanged, with only the capacity and corresponding commercial value being enhanced.

Project Specifications and Client

The project involves developing a ground mount solar power project on a turnkey basis for one of the largest manufacturers of pig iron, castings, and seamless tubes. The enhanced project maintains its domestic nature and commercial order status.

Execution Timeline

Waaree Renewable Technologies has maintained the completion timeline for the expanded solar project, with the target set for FY 2026-27. The company confirmed that no promoter or group companies have any interest in the entity that awarded the contract, and the transaction does not fall within related party transactions.

Strategic Implications

The formal contract enhancement from 30 MWp to 35 MWp demonstrates strong client confidence in Waaree Renewable Technologies' execution capabilities. The additional 5 MWp capacity expansion indicates successful project development progress, leading to enhanced scope requirements from the client.

Waaree renewable technologies has successfully completed the allotment of 99,223 equity shares to an eligible employee under its Employee Stock Options Plan 2022. The Board of Directors approved this allotment through circular resolution on December 24, 2025, at 4:11 p.m., following the exercise of vested options by the employee as approved by the Nomination and Remuneration Committee.

Share Capital Enhancement

The ESOP exercise has resulted in a notable increase in the company's paid-up share capital. The following table shows the capital structure changes:

All equity shares maintain a face value of ₹2 each and are fully paid-up, ensuring consistency in the company's share structure.

Financial Realization and ESOP Details

The exercise of stock options generated significant financial inflow for the company:

The newly allotted shares are pari passu and identical in all respects with existing equity shares, including payment of dividend and other rights.

Regulatory Compliance and Documentation

The allotment was conducted in full compliance with SEBI regulations, specifically under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. The company has filed necessary applications with both BSE Limited and National Stock Exchange of India Limited for in-principle approvals.

Key regulatory filings include applications numbered 154748 and 165160 with BSE Limited, and application number 51742 with National Stock Exchange of India Limited. The initial ESOP plan filing was made on July 7, 2022, with subsequent amendments filed on December 10, 2022, and October 1, 2025.

Corporate Structure

Waaree Renewable Technologies Limited operates as a subsidiary of Waaree Energies Limited and is incorporated under CIN: L93000MH1999PLC120470. The company maintains its registered office at 504, Western Edge-1, Off Western Express Highway, Borivali (East), Mumbai-400066, Maharashtra, and continues to focus on power infrastructure sector operations while maintaining compliance with all applicable securities regulations.