Waaree Renewable Under Pressure On Revised Solar Order Slashed by Rs 212 Crore
The contract value has been reduced from Rs 1,252.43 crore to Rs 1,039.60 crore (excluding taxes), marking a downward revision of Rs 212.83 crore.
Shares of Waaree Renewable Technologies Ltd are in focus today, on the back of receiving a revised Letter of Award (LoA) for its grid-connected ground-mounted solar power project.
Waaree Renewable Technologies shares are trading 2.5% lower, at Rs 906.50 apiece. The shares have fallen 27.58% in 12 months, and 6.33% just this year.
No brokerages have coverage on this stock currently.
The project, with a capacity of 704 MWac/1,000 MWp, has undergone adjustments due to evacuation constraints and optimization of DC overloading.
As a result, the contract value has been reduced from Rs 1,252.43 crore to Rs 1,039.60 crore (excluding taxes), marking a downward revision of Rs 212.83 crore. The project is expected to be completed in financial year 2026-27.
The company clarified that aside from the reduction in capacity and corresponding value, all other terms, conditions, and pricing structures remain unchanged.
Financially, Waaree delivered strong performance in Q2FY26, reporting consolidated revenue of Rs 774.7 crore, a 47.7% increase from Rs 524.4 crore in Q2FY25.
Profit after tax surged 117.4% to Rs 116.3 crore, while EBITDA more than doubled to Rs 157.9 crore, with margins improving to 20.4% from 13.6% a year earlier. For H1FY26, revenue rose 81.1% YoY to Rs 1,377.9 crore, and PAT jumped 148.1% to Rs 202.7 crore.
Despite the financial adjustment, the 704 MWac project underscores Waaree’s strong position in India’s renewable energy sector. The scale of the project highlights the company’s ability to execute large solar installations, aligning with India’s clean energy transition goals.
While the order value has been revised, the project remains a significant opportunity in the country’s growing solar market.
