Synopsis: A solar EPC firm secures a 300 MW ground-mount project from its own subsidiary, adding to a 2.83 GWp unexecuted order book as FY26 revenues more than doubled.
Backed by a record execution year and a swelling order pipeline, a Mumbai-based solar engineering and construction company has added another large-scale project to its books, that covers a 300 MW ground-mount solar project bundled with two years of operation and maintenance services, deepening both its near-term workload and recurring revenue base.
Shares of Waaree Renewable Technologies Limited, with a market capitalization of Rs. 9,936 crore, are trading at a price of Rs.949.3 i.e.2.25 % down from its previous closing price of Rs.970.25. It is trading at a P/E ratio of 21.15.
300 MW Solar EPC Order from Wholly-Owned Subsidiary
Waaree Renewable Technologies Limited has signed a Letter of Award (LOA) for an Engineering, Procurement, and Construction (EPC) contract for a 300 MW/450 MWp ground-mount solar project, accompanied by two years of operation and maintenance services.
The contract has been awarded by Sunsational Power Private Limited (SPPL), a wholly-owned subsidiary of the company, making it a related-party transaction. The project is classified as a domestic commercial order and is scheduled for completion during FY2026-27. The aggregate order size stands at 300 MW/450 MWp, and the contract terms confirm it is conducted at arm’s length.
Order Book at 2.83 GWp; O&M Portfolio at 1.18 GWp
The new win adds to an unexecuted order book of 2.83 GWp as of FY26-end, which management expects to be executed over the next 12 to 15 months. The company’s O&M portfolio stands at 1.18 GWp, which management has positioned as a recurring revenue stream and a customer stickiness lever over the medium term. FY26 was also a landmark year on the execution front, with the company executing 2,727 MWp during the year – described by management as the highest for any single year.
Q4 FY26: Revenue More Than Doubles Year-on-Year
Q4 FY26 revenue from operations came in at Rs. 1,102.40 crore, a rise of 131.31% year-on-year, while EBITDA stood at Rs. 206.82 crore at a margin of 18.76%. PAT for the quarter was Rs. 155.72 crore, up 66.08% YoY. Management noted that Q4 saw an unusually high proportion – around 50% – of revenue coming from with-module execution, which it described as an aberration versus the typical project mix.
FY26 Full-Year Financials: PAT Crosses Rs. 478 Crore
For FY26 as a whole, revenue touched Rs. 3,331.42 crore, more than doubling with a 108.51% YoY jump. Full-year EBITDA came in at Rs. 641.10 crore, up 106.21% YoY, with an EBITDA margin of approximately 19.24%. PAT stood at Rs. 478.65 crore, growing 109.09% YoY.
Management attributed quarterly variability in revenue and realizations to scope mix – orders executed with modules, without modules, or as pure EPC – noting that execution megawatts in any given quarter can appear lower when the scope is narrower, even when operational throughput remains strong.
Waaree Renewable Technologies Limited is a subsidiary of Waaree Energies Limited, engaged in solar EPC and O&M services. Headquartered in Mumbai, the company executes ground-mount and other utility-scale solar projects across India, offering end-to-end project delivery from engineering through construction and post-commissioning maintenance.
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