Waaree Energies wins 1.5 GW order, starts inverter production

Waaree Energies Limited has received a 1.5 GW solar module supply order and begun commercial production at PV inverter lines with 3.05 GW of combined annual capacity. The module contract, comprising 1,000 MW of DCR-compliant modules and 500 MW of non-DCR modules, is scheduled for execution in FY 2026-27.

What is Waaree Energies' new solar module order?

Waaree Energies has secured an order to supply 1.5 GW of solar modules to an established customer engaged in power generation, transmission and distribution. The order consists of 1,000 MW of Domestic Content Requirement, or DCR, compliant modules and 500 MW of non-DCR modules.

The company has not identified the customer or disclosed the value of the contract in the information provided. It has, however, set out the delivery schedule, with supplies planned during FY 2026-27. The split between DCR and non-DCR products indicates that the contract includes modules designed for different procurement requirements.

The order adds to Waaree Energies' disclosed order book of 25 GW, valued at about INR 49,000 crore. Overseas orders account for 58.7% of that order book and domestic orders account for 41.3%, showing that the company has commitments across both markets.

When will Waaree Energies execute the 1.5 GW order?

Waaree Energies is scheduled to execute supplies under the 1.5 GW module contract during FY 2026-27. This timetable places the order within the company's existing manufacturing expansion period, during which it is adding capacity in India and the United States.

The disclosed contract provides a defined supply commitment rather than an immediate indication of revenue recognition. The company has not provided a quarter-by-quarter dispatch plan, module pricing, payment terms or a specific commissioning schedule for the projects that will use the modules.

The order follows other module supply announcements made by the company. In January 2025, Waaree Energies disclosed a 150 MWp module supply order for a renewable power project developer, with supplies scheduled to begin in FY 2025-26. In December 2024, it also announced two module supply projects aggregating 398 MW, comprising a 249 MW project and a 149 MW project.

These announcements reflect continuing module procurement by renewable project developers in India. For Waaree Energies, the FY 2026-27 execution schedule links the latest contract to its planned addition of module, cell and ingot-wafer capacity.

What inverter capacity has Waaree Power started?

Waaree Power has commenced operations at a solar inverter manufacturing facility in Sarodhi-Valsad, Gujarat, with two manufacturing lines of 1.525 GW annual capacity each. The wholly owned subsidiary's combined installed inverter capacity is therefore 3.05 GW a year.

Commercial production at the facility began on December 29, 2025. The start of operations marks Waaree Energies' expansion into power electronics alongside its established solar module and cell manufacturing operations.

Inverters are an operating component of solar power systems because they convert the electricity produced by solar panels for use in the power system. The company has not disclosed the product types to be manufactured at the two lines, the expected production volume in the first year, customer commitments or financial investment for the Sarodhi-Valsad facility.

The new facility is separate from the module supply order, but both developments broaden the company's manufacturing activity. The module order provides a future delivery commitment, while the inverter plant has entered commercial production with installed capacity already in place.

How does this fit Waaree Energies' manufacturing expansion?

Waaree Energies' latest order and inverter production start fit into a wider manufacturing build-out across modules, solar cells and upstream solar components. The company reported that 4.8 GW of additional module capacity was on track for commissioning by FY 2027, comprising 1.6 GW in Texas, United States, and 3.2 GW in Chikhli, Gujarat.

On completion of those projects, Waaree Energies has said its cumulative capacity would reach 25.7 GW for modules, 15.4 GW for cells and 10 GW for ingot-wafers. It has also said that its factory build-out projects in India and the United States remain on track.

The company began trial production at its 5.4 GW solar cell manufacturing facility in Chikhli in January 2025. Separately, Waaree Solar Americas Inc., a wholly owned subsidiary, began commercial production at its 1.6 GW module facility in Brookshire, Texas, on January 23, 2025.

In an August 31, 2026 update, the board approved US$37 million of capital expenditure through its US subsidiary to revamp an Arizona facility and increase its capacity from 1.0 GW to 1.6 GW. Waaree Energies said this would lift total US capacity to 4.8 GW, with funding through debt and internal accruals. The board also approved consolidation of its Tumb and Nandigram plants into the Chikhli facility for operational efficiency.

Why do the order and inverter plant matter for Waaree Energies?

The 1.5 GW order matters because it adds scheduled module supply work for FY 2026-27, while the 3.05 GW inverter facility adds a new operating manufacturing segment. Together, the developments show the company is pursuing both higher module output and a broader range of solar equipment manufacturing.

The scale is also relevant to Waaree Energies' recent manufacturing record. The company said it became the first solar panel manufacturer in India to produce more than 1 GW of solar modules in a single month, with that output achieved in November 2025. It reported production volume of 5.07 GW for the first nine months of FY 2025.

For customers, the new inverter lines may provide an additional domestic source of solar-system equipment. For investors and the wider industry, the disclosures provide measurable milestones: a module order scheduled for FY 2026-27, commercial inverter production from December 2025, and capacity additions targeted by FY 2027.

The disclosures do not establish the revenue contribution, margins or utilisation rate from the new inverter facility or the 1.5 GW module order. Those outcomes will depend on execution of the supply schedule, production levels and the terms of individual customer contracts.

Conclusion

Waaree Energies has combined a significant future module supply commitment with the start of commercial production at a 3.05 GW PV inverter facility. The 1.5 GW order is split between 1,000 MW of DCR-compliant modules and 500 MW of non-DCR modules, while the Sarodhi-Valsad plant extends the group into inverter manufacturing.

The next disclosed milestones are execution of the module order in FY 2026-27 and commissioning of 4.8 GW of additional module capacity by FY 2027. Progress at the Chikhli and US facilities, including the Arizona revamp and Indian plant consolidation, will indicate how the broader manufacturing plan is implemented.