Waaree Energies wins 1.5 GW order, adds 3.05 GW inverters

Key development at Waaree Energies

Waaree Energies Ltd., positioned as India’s largest PV module and solar cell manufacturer, has reported two operational and order-book updates that are likely to keep the stock in focus for the sector. The company said it secured a 1.5 GW solar module supply contract from a domestic customer and has also started commercial production from newly installed PV inverter manufacturing lines. The inverter lines have a combined annual capacity of 3.05 GW, according to the disclosure.

Alongside these developments, the company has also disclosed smaller module orders in recent filings and announcements, including a 140 MW domestic order received in late November 2025. In a separate update, Waaree highlighted module orders totalling 692 MW across India and the United States, routed partly through its wholly owned subsidiary Waaree Solar Americas.

What the 1.5 GW module supply contract includes

Waaree said the 1.5 GW contract is split between domestic content requirement (DCR) compliant and non-DCR modules. The latest contract covers 1,000 MW of DCR-compliant solar modules and 500 MW of non-DCR modules. The customer was described as a well-established company active in power generation, transmission, and distribution.

The company did not disclose the counterparty name or commercial terms in the provided information. It also did not share pricing, module technology details, or plant-wise manufacturing allocation. What it did specify is the execution window: supplies are scheduled for execution throughout the 2026-27 financial year, and the order delivery is expected to be completed in FY 2026-27.

For developers and utilities, the DCR component is a notable marker because such modules are typically used for projects where domestic sourcing requirements apply. At the same time, the presence of non-DCR supply indicates Waaree is catering to a wider mix of project requirements.

Commercial production begins for PV inverter lines

Separately, Waaree said it has begun commercial production from newly installed PV inverter manufacturing lines. The company indicated the combined annual capacity of these lines is 3.05 GW.

The update signals that Waaree is not only expanding module supplies but also moving deeper into adjacent solar equipment categories. While the provided details do not include plant location, product mix, certification status, or customer pipeline for inverters, the start of commercial production is a tangible milestone. For the broader renewable supply chain, additional domestic inverter capacity may support faster execution for utility-scale and commercial solar deployments.

The 140 MW domestic module order disclosed in November 2025

Waaree Energies stated that its shares were likely to be in focus on Monday, December 1, after it announced a domestic order for 140 MW of solar modules. The company said in an exchange filing that, on November 28, 2025, it received an order for a one-time supply of 140 MW solar modules.

The customer was described as a prominent entity involved in the ownership, development, and operation of renewable power projects in India. The disclosure said the contract pertains specifically to the financial year 2025-26, and the company confirmed that the engagement involves the supply of 140 MW of solar modules during FY26.

Commercial details beyond the capacity size were not disclosed in the information provided, including pricing, module type, or delivery schedule by quarter.

692 MW of module orders across India and the US

In another announcement, Waaree Energies said it has secured orders totalling 692 MW for the supply of solar modules for projects across India and the United States. Within India, the company said orders aggregating 570 MW were placed by renowned customers engaged in owning, developing, and operating renewable power projects. The Indian order set comprises three separate tranches: 220 MW, 210 MW, and 140 MW.

In the United States, Waaree Solar Americas Inc., a wholly owned subsidiary of Waaree Energies, received an order for 122 MW of solar modules from a developer and owner-operator of utility-scale solar and energy storage projects.

Waaree stated these orders are one-time supply contracts, with deliveries scheduled across FY 2025-26 and FY 2026-27. Client names, pricing, and more granular delivery timelines were not disclosed in the provided information.

Where the modules are expected to be deployed

For the India portion, Waaree stated that its modules will be used in large grid-connected plants awarded under SECI, NTPC, and various state tenders, particularly in Rajasthan, Gujarat, and Karnataka. The information also says the orders cover hybrid and round-the-clock renewable projects combining solar, wind, and battery storage.

The stated scope further includes commercial and industrial installations such as rooftops and ground-mounted systems for factories, logistics hubs, and data centers. Additional deployments were cited in agrivoltaics under the PM-KUSUM scheme, and in formats such as canal-top and floating solar plants.

These end-use references indicate demand is spread across multiple project types, but the company did not provide a project-by-project allocation or technology mix.

Market positioning: Mercom ranking and share

According to Mercom’s India Solar Market Leaderboard 2025, Waaree Energies topped the list of leading Indian module suppliers in 2024. The company accounted for 10.7% of module supply in India, based on the cited leaderboard.

That context is relevant because the disclosed order wins and manufacturing line additions arrive at a time when domestic procurement and execution capacity can influence tender outcomes, delivery timelines, and supplier selection.

Related group update: EPC order at Waaree Renewable

A separate update referenced Waaree Renewable Technologies Ltd securing an EPC contract valued at INR 156.66 crore (about INR 157 crore). The order is for a 150 MWac/217.5 MWp ground-mounted solar power project, slated for completion in FY 2026-27.

This disclosure is distinct from the module and inverter updates at Waaree Energies, but it provides additional context on activity within the broader Waaree ecosystem.

Snapshot table: orders and execution windows

Market impact and why these updates matter

The disclosed 1.5 GW contract adds near-term visibility on module shipments through FY 2026-27, with a clear split between DCR and non-DCR volumes. That distinction matters because DCR-linked demand can follow different procurement rules and eligibility conditions versus non-DCR projects. The start of commercial production for PV inverter manufacturing lines, with 3.05 GW annual capacity, also signals diversification across solar equipment, although the company has not provided revenue contribution or order linkage for the inverter lines.

On the order side, the 692 MW set spanning India and the US, along with the separate 140 MW domestic order, indicates multiple parallel demand streams. The information provided also links deployments to tenders and project types across states such as Rajasthan, Gujarat, and Karnataka, and across hybrid and commercial installations. The Mercom leaderboard data point of 10.7% module supply share in India in 2024 provides an external benchmark for the company’s market positioning.

Conclusion

Waaree Energies has combined a large 1.5 GW module supply contract with the start of commercial output from new PV inverter manufacturing lines totaling 3.05 GW annual capacity. Along with the previously disclosed 140 MW domestic order and the 692 MW set of module orders across India and the US, the updates reinforce a busy execution calendar spanning FY 2025-26 through FY 2026-27. The next key milestones to track, based on the provided disclosures, are order execution progress through FY 2026-27 and any subsequent filings that add clarity on customer mix, delivery phasing, and product specifications.