Waaree Renewable gets revised LoA for solar project; order value shrinks by ₹212.8 crore

Waaree Renewable Technologies Limited has received a letter of award for a revised 704 MWac/1,000 MWp grid connected ground mount solar power project, the company informed on Thursday, January 8.

The revision follows evacuation considerations and optimisation of DC overloading, and will lead to a proportionate reduction in the contract value. The commercial order for the project has been revised downwards from ₹1,252.43 crore to ₹1,039.60 crore (excluding taxes), reflecting a reduction of ₹212.83

crore.

The project is scheduled to be completed in the financial year 2026-27, as per the terms of the order.

Also Read: Waaree Renewable Tech shares rally 14% after strong Q2 results

The company clarified that apart from the reduction in capacity and the corresponding contract value, all other terms, conditions, scope of work and pricing structure of the work order remain unchanged and continue to be in full force and effect.

For Q2FY26, Waaree reported consolidated revenue of ₹774.7 crore, up 47.7% year-on-year from ₹524.4 crore in the same period last year. Profit after tax (PAT) climbed 117.4% to ₹116.3 crore, compared with ₹53.5 crore in Q2FY25.

EBITDA more than doubled, rising 120.6% to ₹157.9 crore from ₹71.6 crore, while the EBITDA margin expanded to 20.4% from 13.6% a year ago.

For the first half of FY26, the company reported revenue of ₹1,377.9 crore, up 81.1% YoY from ₹760.8 crore. PAT more than doubled to ₹202.7 crore, up 148.1% year-on-year from ₹81.7 crore.

Also Read: Waaree Energies arm commissions 3.05 GW solar inverter facility in Gujarat

EBITDA rose 149.1% to ₹275.5 crore, while the EBITDA margin expanded to 19.9% from 14.5% in H1FY25.

Shares of Waaree Renewable Technologies ended lower today, January 8, at ₹932, down ₹13.15 or 1.39%.