Waaree Renewable Technologies has secured a significant contract win through its subsidiary Sunsational Power Private Limited (SPPL). According to reports from CNBC TV18 and Capital Market News, the company received a Letter of Award (LoA) for an Engineering, Procurement and Construction (EPC) contract covering a 300 MW/450 MWp ground-mounted solar power project. The contract includes comprehensive operation and maintenance (O&M) services for a two-year period, with project completion scheduled for FY2026-27. The contract terms confirm it is conducted at arm's length, making it a related-party transaction with the company's wholly-owned subsidiary. The project is classified as a domestic commercial order and adds to the company's growing execution capabilities as India accelerates its clean energy transition. This represents one of the company's larger recent achievements, as it has been securing smaller projects ranging from 50MW to 150MW in recent quarters.
According to CNBC TV18 and Capital Market News, Waaree Renewable Technologies demonstrated robust financial performance in Q3 FY26. The company's consolidated net profit surged 124.74% year-on-year to ₹120.19 crore compared to ₹53.48 crore in Q3 FY25. Revenue from operations zoomed 136.18% year-on-year to ₹851.06 crore in Q3 FY26 over Q3 FY25, driven by faster project execution and a growing order pipeline. EBITDA rose 63.7% to ₹206.8 crore, though margins moderated to 18.8% from 26.5% a year earlier. For the full financial year, revenue from operations climbed 108.5% to ₹3,331.42 crore, while EBITDA increased 106.2% to ₹641.10 crore and net profit surged 109.1% to ₹478.65 crore. Q4 FY26 revenue from operations came in at ₹1,102.40 crore, a rise of 131.31% year-on-year, with EBITDA at ₹206.82 crore at a margin of 18.76% and PAT of ₹155.72 crore, up 66.08 YoY. The company's Return on Capital Employed (RoCE) stands at 83.6% and Return on Equity (RoE) at 68.9%, with the stock trading at an EV/EBITDA of 14.7 times compared to its one-year average of 21.2 times.
As reported by CNBC TV18, the latest order adds to a series of project wins secured by Waaree Renewable in recent months, including orders for a 420 MWp ground-mounted solar power project, a 35 MWp project, and a 14 MWp solar installation. The company ended FY26 with an unexecuted order book of 2.83 GWp, scheduled for execution over the next 12 to 15 months. Its bidding pipeline has also expanded significantly, crossing 36 GWp, highlighting the scale of opportunities emerging in the sector. The company's O&M portfolio stands at 1.18 GWp, which management has positioned as a recurring revenue stream and a customer stickiness lever over the medium term. FY26 was a landmark year on the execution front, with the company executing 2,727 MWp during the year – described by management as the highest for any single year. The company's sales have compounded at 112% over three years, while profit has compounded at 105%, demonstrating consistent growth momentum. Chief Financial Officer Manmohan Sharma commented that the company delivered a "stellar and consistent financial performance" during FY26, supported by strong demand and execution.
The contract win provides extended revenue visibility into FY27, ensuring steady revenue recognition over the next two fiscal years. As per CNBC TV18, the O&M component is a strategic move to lock in higher-margin services, which typically command better multiples than pure construction. The contract win signals continued momentum for the solar EPC sector and keeps the company's book-to-bill ratio healthy. Following the announcement, shares of Waaree Renewable Technologies rose to an intraday high of ₹971.10 on the NSE before paring gains, as reported by CNBC TV18. However, the stock has since experienced some volatility, slipping 2.04% to ₹950.65 on the BSE according to Chola Securities. The positive market response reflects investor sentiment toward the company's expansion into larger solar project execution capabilities through its subsidiary structure. As per Trade Brains, shares of Waaree Renewable Technologies are currently trading at a price of ₹949.3, which is 2.25% down from its previous closing price of ₹970.25. The stock is trading at a P/E ratio of 21.15 with a market capitalization of ₹9,936 crore. The company received intimation regarding the LOA on June 8 at 10:47 a.m. IST and informed stock exchanges accordingly.
