The order has been awarded by an Indian thermal power generating company and is a domestic commercial order. The project is scheduled to be completed during FY28, according to the company’s regulatory filing.
The order covers EPC work for a ground-mounted solar PV project of 291 MWp along with 280 MWh of BESS. Waaree Renewable did not disclose the financial value of the contract in its filing, with the order size specified in terms of the solar and storage capacity.
At 2:55 pm, shares of Waaree Renewable Technologies were trading 0.58% higher at ₹880 on the NSE. The stock had opened at ₹875 and touched an intraday high of ₹884.95.
Strong order book, growing BESS presence
The latest order adds to Waaree Renewable’s sizeable project pipeline as the company expands beyond its core solar EPC business into adjacent clean-energy segments, including BESS and transmission and distribution.
In the June quarter, the company reported a 34% year-on-year rise in net profit, while revenue from operations increased 53% to ₹924 crore. EBITDA rose 48% to ₹173 crore, although the EBITDA margin moderated to 18.8% from 19.5% a year earlier.
Waaree Renewable’s consolidated unexecuted order book stood at more than ₹5,300 crore at the end of the quarter. Its bidding pipeline included over 37 GWp of solar projects and more than 10 GWh of BESS projects, along with T&D opportunities worth over ₹20,000 crore.
The company has also been broadening its clean-energy capabilities. During the quarter, it completed the acquisition of a 55% stake in Associated Power Structures Pvt Ltd to strengthen its presence in transmission and distribution.
“This strengthens our capabilities in transmission and distribution (T&D), enabling us to offer integrated solutions while continuing to expand our renewable EPC business in a disciplined and scalable manner,” Manmohan Sharma, CFO, Waaree Renewable Technologies, had said.
