Waaree Renewable Technologies has secured a landmark order for developing a 350 MW/1400 MWh grid-connected Battery Energy Storage System (BESS) project, marking a significant strategic pivot into high-duration energy storage. According to the company's regulatory filing, the project will be executed on a turnkey EPC basis including 2-year O&M and is scheduled for completion during FY 2026-27. The order has been awarded by Waaree Forever Energies Private Limited, a subsidiary, and is classified as a commercial order. This represents one of the largest private-sector BESS EPC mandates in India to date, providing high revenue visibility for the next 18-24 months in the high-margin storage segment.
The 1400 MWh capacity win represents a qualitative evolution for Waaree Renewable, as the company transitions from a pure-play solar EPC installer to a comprehensive energy transition partner. The 4-hour storage duration (1400MWh/350MW) allows for effective peak-shifting, where solar power generated during the day can be discharged during evening peak hours, addressing the intermittency challenge of solar power. This strategic shift reduces reliance on standalone solar auctions where margins are increasingly thin, positioning the company to compete directly with giants like Adani and Tata Power in the storage space. The project will likely be a primary contributor to the company's EPC revenue in the coming fiscal years, as India targets over 236 GWh of BESS capacity by 2031-32 under the Central Electricity Authority (CEA).
The company's recent financial results demonstrate strong performance with consolidated net profit surging 124.74% to ₹120.19 crore in Q3 FY26 compared to ₹53.48 crore in Q3 FY25. According to Business Standard, revenue from operations zoomed 136.18% year-on-year to ₹851.06 crore in Q3 FY26 over Q3 FY25. The company reported a robust Q4 net profit of ₹156 crore, reflecting strong execution across its 3.2 GW solar order book. The company's shares closed at ₹936 on the BSE, shedding 0.68% following the announcement. On May 11, 2026, Waaree Renewable announced a ₹1,225 crore acquisition of a 55% stake in Associated Power Structures to bolster its transmission infrastructure capabilities.
This win signals a broader sector shift where renewable EPC players are being valued for their storage integration capabilities, with capital allocation likely to tilt towards firms that can offer 'Round-the-Clock' (RTC) power solutions. The contract was conducted on an 'arm's length basis' and disclosed under SEBI Regulation 30 to maintain transparency, ensuring corporate governance while keeping project benefits within the group. The Indian BESS market is entering an explosive growth phase, with large-scale tenders from NTPC and SECI creating a massive pipeline for EPC specialists. This validates the commercial viability of multi-GWh storage deployments in India, with regulatory updates on the ₹91 billion BESS VGF scheme and raw material price trajectories being key factors to monitor.
