Waaree Renewable Order Slashed by ₹212 Cr, Yet Earnings Surge

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AuthorAarav Shah|Published at:
Waaree Renewable Order Slashed by ₹212 Cr, Yet Earnings Surge
Overview

Waaree Renewable Technologies received a revised Letter of Award for a 704 MWac solar project, shrinking its order value by ₹212.83 crore to ₹1,039.60 crore. This adjustment follows technical considerations for project evacuation and optimisation. Despite the order reduction, the company posted strong Q2 FY26 results, with revenue up 47.7% and profit climbing 117.4% year-on-year.

Revised Project Scope

Waaree Renewable Technologies Limited announced on January 8, 2026, a significant revision to its grid-connected ground mount solar power project. The awarded capacity has been adjusted to 704 MWac (1,000 MWp). This recalibration stems from evacuation considerations and an optimisation of DC overloading, necessitating a reduction in the overall scope.

Order Value Adjustment

The commercial order value for the project has been consequently reduced. It now stands at ₹1,039.60 crore (excluding taxes), a decrease of ₹212.83 crore from the original ₹1,252.43 crore. The project remains on track for completion within the financial year 2026-27. Company officials confirmed that all other terms, conditions, scope of work, and pricing structures stipulated in the original work order are unaffected and remain in full effect.

Strong Financial Performance

This development occurs alongside Waaree Renewable's release of strong financial results. For the second quarter of fiscal year 2026, the company reported a consolidated revenue of ₹774.7 crore, marking an 47.7% increase year-on-year. Profit after tax (PAT) more than doubled, surging 117.4% to ₹116.3 crore compared to ₹53.5 crore in the prior year period. EBITDA also saw substantial growth, rising 120.6% to ₹157.9 crore, with margins expanding to 20.4% from 13.6%.

The first half of FY26 also demonstrated robust growth, with revenue reaching ₹1,377.9 crore, up 81.1% YoY. PAT for the half-year more than doubled to ₹202.7 crore, and EBITDA climbed 149.1% to ₹275.5 crore, with margins improving to 19.9%.

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