Synopsis: Solar major Waaree Energies Limited has secured a fresh 800 MW domestic solar module supply order, further strengthening its already massive order book of around Rs. 53,000 crore. The latest win comes as the company reports record FY26 earnings, ramps up manufacturing capacity, and accelerates its ambitious expansion plans across the solar value chain.
India’s leading solar module manufacturer Waaree Energies Limited has received a new order to supply 800 MW solar modules from a major domestic energy solutions provider, according to the company’s regulatory filing dated June 15, 2026. The order will be executed during FY27 and adds to the company’s rapidly growing pipeline of utility-scale solar projects. This latest contract further strengthens Waaree’s position at a time when India’s renewable energy sector is witnessing one of its fastest growth cycles.
Order Book Crosses Rs. 53,000 Crore
The new 800 MW order is not an isolated win. With this addition, Waaree’s total order book has now climbed to approximately Rs. 53,000 crore, giving the company strong revenue visibility over the next few years.
The company has been aggressively securing large-scale projects in recent months. Before this, Waaree had already won separate contracts for 500 MW and 2,210 MW, showing sustained demand from utility-scale developers and energy infrastructure players. This growing order pipeline highlights the company’s strong execution capability and increasing market share in India’s booming solar manufacturing industry.
FY26 Performance
Waaree’s operational momentum is also clearly visible in its financial performance. For FY26, the company reported its strongest annual numbers so far. Consolidated revenue surged 83.7% year-on-year to Rs. 26,536.77 crore, while net profit more than doubled to Rs. 3,884.15 crore, compared to Rs. 1,928 crore in FY25.
The board has also recommended a final dividend of Rs. 2 per share, reflecting management’s confidence in the company’s cash generation and growth visibility. For FY27, management has guided for an Operating EBITDA between Rs. 7,000 crore and Rs. 7,700 crore, indicating continued strong earnings momentum.
Manufacturing Capacity
Waaree is no longer just an Indian solar manufacturer, it is increasingly becoming one of the world’s largest non-Chinese solar players. The company currently operates an aggregate solar module manufacturing capacity of 25.75 GW, including 24.15 GW in India and 1.6 GW in the US.
Its solar cell capacity currently stands at 5.4 GW, which is expected to expand to 11.4 GW by FY27 as part of its broader vertical integration strategy. To support this, the company is investing over Rs. 14,700 crore over the next two years to build capabilities across ingots, wafers, and PV glass manufacturing key parts of the solar supply chain that are currently dominated globally by Chinese manufacturers. This aggressive capex strategy could significantly improve margins over time by reducing dependence on imported raw materials.
Waaree is also broadening its business beyond just module manufacturing. On the same day as the order announcement, the company confirmed completion of its 55% stake acquisition in Associated Power Structures Private Limited for Rs. 1,225 crore, marking its entry into specialized infrastructure and structural solutions.
At the same time, the board has approved a massive Rs. 10,000 crore fundraising plan, likely through a Qualified Institutional Placement (QIP) or other capital routes, to support what management calls its “Waaree 2.0” transformation strategy. This signals that the company is preparing for its next phase of large-scale expansion.
For investors, this latest order reinforces a much bigger growth story. Waaree is currently sitting at the center of India’s renewable energy boom, backed by a large order book, rapidly expanding capacity, strong profitability, and aggressive backward integration.
Its ability to consistently secure large orders while simultaneously building manufacturing infrastructure puts it in a strong position to benefit from India’s push toward energy independence and global efforts to diversify solar supply chains away from China.
With over 100 GW global solar pipeline exposure, record earnings, and multiple expansion levers now in motion, Waaree appears to be transitioning from a high-growth domestic player into a global clean energy manufacturing platform.
Company Overview
Waaree Energies Limited is one of India’s largest solar energy companies engaged in manufacturing solar PV modules and providing integrated renewable energy solutions. Headquartered in Mumbai, the company has built a strong presence across domestic and global markets and continues expanding rapidly across the solar value chain.
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