Waaree Renewable Technologies Solar Project Order Revised Down by ₹212 Crore
Waaree Renewable Technologies received a revised Letter of Award reducing its solar project contract value by ₹212.83 crore from ₹1,252.43 crore to ₹1,039.60 crore due to evacuation constraints. The 704 MWac project is expected to complete in FY 2026-27. Despite this revision, the company reported strong Q2FY26 results with 47.7% revenue growth to ₹774.70 crore and 117.4% PAT growth to ₹116.30 crore.
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Waaree Renewable Technologies Ltd shares declined 2.5% to ₹906.50 following news of a revised Letter of Award (LoA) for its major solar power project. The company received an adjusted contract for its grid-connected ground-mounted solar power project, with significant changes to the project scope and value.
Project Revision Details
The solar power project has undergone substantial modifications due to evacuation constraints and optimization of DC overloading requirements. The project capacity has been adjusted to 704 MWac/1,000 MWp, resulting in a notable financial impact.
| Parameter: | Original | Revised | Change |
|---|---|---|---|
| Contract Value: | ₹1,252.43 crore | ₹1,039.60 crore | -₹212.83 crore |
| Project Capacity: | Not specified | 704 MWac/1,000 MWp | Adjusted |
| Expected Completion: | Not specified | FY 2026-27 | Confirmed |
The company clarified that despite the reduction in capacity and corresponding value, all other terms, conditions, and pricing structures remain unchanged from the original agreement.
Strong Financial Performance
Despite the project revision, Waaree Renewable Technologies demonstrated robust financial results in Q2FY26. The company's consolidated performance showed significant growth across key metrics.
| Financial Metric: | Q2FY26 | Q2FY25 | Growth (%) |
|---|---|---|---|
| Revenue: | ₹774.70 crore | ₹524.40 crore | +47.7% |
| Profit After Tax: | ₹116.30 crore | ₹53.50 crore | +117.4% |
| EBITDA: | ₹157.90 crore | ₹71.30 crore | +121.5% |
| EBITDA Margin: | 20.4% | 13.6% | +680 bps |
Half-Year Performance Highlights
The company's H1FY26 performance further reinforced its strong operational momentum, with substantial year-over-year improvements across revenue and profitability metrics.
| H1FY26 Metric: | Value | YoY Growth (%) |
|---|---|---|
| Revenue: | ₹1,377.90 crore | +81.1% |
| Profit After Tax: | ₹202.70 crore | +148.1% |
Market Position and Stock Performance
The stock has faced headwinds over the past year, declining 27.58% in the 12-month period and 6.33% year-to-date. Currently, no brokerages provide coverage on the stock. Despite the order revision, the 704 MWac project represents a significant undertaking in India's renewable energy sector, demonstrating the company's capability to execute large-scale solar installations aligned with the country's clean energy transition objectives.
Historical Stock Returns for Waaree Renewable Technologies
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -3.83% | -7.77% | -5.34% | -8.77% | +4.26% | +4.26% |
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