Waaree Renewable wins 300 MW solar EPC order for FY28

Key development from exchange filings

Waaree Renewable Technologies Ltd (WAAREERTL), a subsidiary of Waaree Energies Ltd, has disclosed fresh order wins in solar engineering, procurement and construction (EPC) through stock exchange filings carried by multiple reports. The main announcement centres on a ground-mounted solar photovoltaic (PV) project sized at 300 MWac, with the DC capacity cited at around 420 MWp. The company said it will execute the complete EPC scope for the plant, covering engineering, procurement and construction.

The timeline disclosed for this large order points to completion during FY2027-28, as per the contractual terms mentioned in the reports. The awarding entity is described as a domestic renewable energy power generation company, with at least one report noting that the counterparty was not disclosed.

Order scope: EPC execution and plant configuration

Across the reports, the scope of work is consistent on the core requirement: WAAREERTL will be responsible for end-to-end EPC delivery for a utility-scale, ground-mounted solar PV facility. The aggregate project capacity is stated as 300 MW AC, equivalent to approximately 420 MWp in DC capacity.

Separately, another exchange-notification based report described an LoA for a “MW/MWp” ground-mounted solar EPC project that also includes operations and maintenance (O&M) services for two years. In that account, the project size is described as 300 MW/450 MWp and the order is classified as a commercial order.

Who awarded the contract: differing descriptions across reports

The March 2026 regulatory filing based coverage states the 300 MWac (420 MWp) order was awarded by a domestic renewable energy power generation company. It also states the order does not involve any related-party transaction, and adds that neither the promoter nor promoter group entities have any interest in the awarding entity.

In contrast, the June 2026 exchange-notification based report attributes the contract to Sunsational Power Private Limited (SPPL). That report further states SPPL operates as a subsidiary of Waaree Renewable Technologies, and therefore categorises the transaction as a related party deal within the corporate framework.

Because the two descriptions differ, readers should treat them as separate reported disclosures unless and until the company clarifies whether they refer to the same project or different work packages.

Timelines and milestones cited

For the 300 MWac / 420 MWp project, multiple reports consistently place the scheduled completion during FY2027-28. One report also notes the company received formal intimation of the contract on March 10, 2026.

For the LoA linked to SPPL, the report states the company’s exchange notification was dated June 6, and that the project is expected to “reach” during the year “6-”, with the year text appearing truncated in the provided material.

Stock move reported alongside the update

One report noted that Waaree Renewable Technologies shares were trading at ₹957 on the NSE, down by “1.%” or “13.” at 10:09 IST on June 8, 2026 (as stated in the provided text). The percentage and rupee change figures appear partially truncated in the source excerpt.

Other recent LoAs and order wins mentioned

Beyond the 300 MW-scale contract, the provided material also lists other orders disclosed by Waaree Renewable Technologies:

• A Letter of Award worth INR 102.75 crore (excluding taxes) for a 25 MWac / 35 MWp ground-mounted solar power project on a turnkey basis, along with 50 MW evacuation infrastructure. The project was scheduled for completion during FY2026-27.
• A Letter of Award worth INR 96.51 crore for turnkey EPC execution of a 28.60 MWac / 39.80 MWp ground-mounted solar power project, also scheduled for completion during FY2026-27.
• A solar EPC order in June 2025 worth INR 346.33 crore to develop a ground-mounted solar project with aggregate capacity of 300 MW AC / 435 MW DC.
• Another report states an LoA from Purvah Green Power for EPC of a 300 MW solar power project in Bikaner, Rajasthan, with a total value of INR 346.00 crore (reported as Rs 3.46 billion), scheduled to be completed within the current financial year (as described).

Summary table of disclosed projects (as reported)

Market impact: what the order flow indicates

The disclosed pipeline points to continued activity in India’s utility-scale solar EPC segment, with Waaree Renewable Technologies reporting multiple projects across different sizes and timelines. The 300 MWac contract scheduled for FY2027-28 indicates longer-duration execution visibility, while the FY2026-27 LoAs point to nearer-term delivery requirements.

From an investor lens, the market reaction cited in the provided text was negative on the reported day, with the stock at ₹957 on the NSE and lower by the stated percentage and rupee amount. However, the excerpt does not provide the order value for the 300 MWac / 420 MWp project, which limits direct comparison against the company’s earlier disclosed order values such as INR 346.33 crore for a 300 MW AC / 435 MW DC project.

Analysis: why related-party classification matters

One element that stands out in the provided material is the contrast between reports on whether an order is a related-party transaction. The SPPL-referenced LoA is described as a related party deal because SPPL is said to be a subsidiary of Waaree Renewable Technologies. In a separate filing-based report for the 300 MWac / 420 MWp contract, the company is stated to have clarified there is no related-party transaction and that promoter group entities have no interest in the awarding entity.

For shareholders, such distinctions matter because they affect governance disclosures and how transactions are reviewed and approved under corporate and regulatory frameworks. Based on the provided text, the company’s stated position differs depending on which reported disclosure is being referred to.

What to watch next

Based on the disclosures cited, the next milestones are execution progress updates and any further clarification on the counterparty and related-party status for the LOA that names SPPL. For the 300 MWac / 420 MWp contract, the key timeline to track remains the FY2027-28 completion window mentioned in the filings.

Conclusion

Waaree Renewable Technologies has reported a 300 MWac (about 420 MWp) ground-mounted solar PV EPC contract with completion scheduled for FY2027-28, while other reported LoAs show ongoing project additions for FY2026-27. The company’s subsequent exchange updates and filings should help reconcile differing descriptions around the awarding entity and related-party status across reports.