Waaree Energies wins 800 MW module supply order in FY27

Order update disclosed to exchanges

Waaree Energies said in a regulatory filing that a renowned customer has placed an order for the supply of 800 MW of solar modules. The company described the customer as a leading energy solutions provider. The disclosure came at a time when listed solar manufacturers are seeing heightened investor focus on contract wins and execution visibility.

The order details in the filing were limited to capacity and customer profile, with no financial value disclosed. Still, the update was enough to lift sentiment around the stock during Monday’s session.

Stock reaction on NSE and BSE

Waaree Energies shares rose as much as 1.6% to an intraday high of ₹3,080 on the National Stock Exchange (NSE) on Monday, June 15, after the announcement. On the BSE, the stock climbed as much as 1.47% to an intraday high of ₹3,076.

By 1:22 pm, the shares traded 0.97% higher at ₹3,061. The stock underperformed the NIFTY Midcap 50 index, which was up 1.6% at that time. The move reflected a positive reaction to the order win, even as broader midcap sentiment remained stronger on the day.

A separate one-time 500 MW module order for FY 2026-27

In another exchange communication referenced in the provided material, Waaree Energies informed markets about a one-time order to supply 500 MW of solar modules. The customer was described as a solar power developer engaged in the business of an Independent Power Producer (IPP). The company said the modules under this order would be supplied in FY 2026-27.

Taken together, these updates point to continued deal flow for Waaree Energies’ module business. The company also indicated that such orders are expected to support its order book.

Order book size and manufacturing pipeline

Waaree Energies said its order book has reached approximately ₹60,000 crore. It also cited a solar manufacturing pipeline exceeding 100 GW, which it said provides multi-quarter visibility.

In operational updates, the company reported that in Q3 it produced 3.51 GW of modules. Solar cell production reached 0.75 GW, supported by expansions and higher efficiencies. In an investor presentation, Waaree Energies stated that solar module production increased 94% year-on-year (YoY), while cell production rose 35% quarter-on-quarter (QoQ).

Recent financial performance: Q4 FY26 profit growth

Waaree Energies said in April that consolidated net profit attributable to the owners of the company rose 71.44% to ₹1,061.1 crore for Q4 FY26. In the year-ago quarter, post-tax profit was ₹618.91 crore.

The profit growth adds context to why incremental order announcements can meaningfully move the stock. For manufacturers, a combination of capacity ramp-up, utilisation, and execution timing often drives earnings, making order pipelines and delivery schedules key watch items.

US exposure and trade-deal-driven rally

The material also noted a sharp recent rally in the stock. Shares of Waaree Energies, described as the country’s largest solar module manufacturer, surged nearly 28% over the past two weeks, including an 11% jump on Tuesday, after India and the US agreed to a trade deal. The rebound narrowed the stock’s three-month decline to 10%.

A key point highlighted was the shift in revenue mix. The US contributed 15% to 20% of Waaree’s revenue in the December 2025 quarter, compared with 57% in the March 2024 quarter. With tariffs set to ease, the note said exports to the US have room to recover.

December-quarter metrics and brokerage estimate changes

For the December quarter, the company posted consolidated revenue of ₹7,565 crore, described as its highest ever and double year-on-year. Ebitda surged threefold to ₹1,928 crore.

Operationally in the same period, module production rose by 94% to a record 3.5 GW and cell output touched 0.75 GW from a near-zero base. Following the quarterly performance, PL Capital raised earnings estimates by 5.7% and 1.2% for FY27 and FY28, respectively.

1.5 GW contract and inverter manufacturing lines

Separately, the provided material said Waaree Energies secured a 1.5 GW solar module supply contract and began commercial production on PV inverter manufacturing lines with combined annual capacity of 3.05 GW. The contract was described as covering 1,000 MW of Domestic Content Requirement (DCR) compliant modules and 500 MW of non-DCR modules.

Waaree also said it crossed 20 GW of approved solar module manufacturing capacity after its Chikhli plant was added to the Ministry of New and Renewable Energy’s (MNRE) Approved List of Models and Manufacturers (ALMM). The supplies under the 1.5 GW contract were scheduled for execution throughout the 2026-27 financial year.

Key data points at a glance

Market impact and why investors are watching

The immediate market impact was visible in the intraday rise following the order disclosure, though the stock lagged a broader midcap rally by early afternoon. For Waaree Energies, repeated order announcements reinforce the narrative of demand continuity and improved visibility, especially when paired with disclosed production scaling.

Investors are also tracking how a changing export environment could influence the revenue mix, given the decline in the US share of revenue from 57% in the March 2024 quarter to 15% to 20% in the December 2025 quarter. Alongside this, large order-book disclosures around ₹60,000 crore and a stated pipeline exceeding 100 GW provide an anchor for expectations on execution flow in FY 2026-27.

Conclusion

Waaree Energies’ disclosure of an 800 MW solar module supply order, alongside other reported module contracts scheduled for FY 2026-27, helped lift the stock intraday on June 15. The company’s recent profit growth, a sizeable order book, and rising production capacity remain the main datapoints investors are using to judge execution strength. Future updates will likely be centred on delivery timelines for FY 2026-27 orders, further capacity additions, and any changes in export demand conditions.