Waaree Renewable Technologies shares rose 1.19% to ₹983.85 following the announcement of the contract enhancement. The stock movement reflects positive market sentiment toward the company's ability to secure additional work under existing contracts, potentially indicating strong client relationships and project execution capabilities. The enhanced order demonstrates the company's successful track record in solar EPC business and its position as a key player in India's renewable energy sector.
Waaree Renewable Technologies has officially announced a ₹30.91 crore enhancement in its existing contract for Engineering, Procurement, and Construction (EPC) works for a Solar Power Plant. According to the company's regulatory filing submitted to the National Stock Exchange of India (NSE), the contract value has been increased to ₹1,044.69 crore (Inclusive of taxes). The company confirmed that the terms and conditions of the contract remain unchanged following this enhancement, with the order awarded by a leading renewable energy company in India.
The enhanced order relates to a Solar Power Plant with a capacity of 980 MWp / 700 MWac. As reported by Business Standard, this represents a significant expansion in the scope of work originally contracted by Waaree Renewable Technologies. The enhancement demonstrates the company's ability to secure additional work under existing contracts, potentially indicating strong client relationships and project execution capabilities. The contract remains a domestic contract with the time period for execution yet to be mutually decided between the parties involved.
The company has disclosed that the promoter group or group companies do not have any interest in the entity that awarded the contract, and the order does not fall under related party transactions. This development was communicated in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement follows previous updates submitted on February 20, 2024, and November 10, 2025, regarding the Letter of Award for the project, ensuring full transparency in regulatory compliance.
On the financial front, the company reported exceptional performance for the quarter ended March 2026. Waaree Renewable Technologies achieved a 66.02% year-on-year increase in consolidated net profit to ₹155.74 crore, compared with ₹93.81 crore in the corresponding quarter of the previous year. Consolidated revenue from operations surged 131.31% to ₹1,102.40 crore from ₹476.58 crore reported in the quarter ended March 2025, demonstrating strong operational growth and market expansion capabilities.
