Waaree Renewable wins 350MW BESS EPC order for FY27

Key disclosure: a 350MW/1400MWh BESS EPC contract

Waaree Renewable Technologies announced it has signed a turnkey contract to execute Engineering, Procurement and Construction (EPC) works for a 350MW/1400MWh Battery Energy Storage System (BESS). The contract also includes two years of operation and maintenance (O&M) services. The company classified the deal as a commercial order. The project is scheduled to be completed during FY2026-27, as per the order terms. The disclosure was made under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements (LODR), 2015. The intimation was received on May 18, 2026.

Who awarded the order and why it is a related-party transaction

The order has been awarded by Waaree Forever Energies Private Limited (WFEPL), which the company described as a domestic entity. Waaree Renewable Technologies also flagged the deal as a related-party transaction. That is because WFEPL is a subsidiary of Waaree Renewable Technologies’ holding company. The company stated that the transaction is conducted at arm’s length. In practice, this disclosure matters because investors typically track related-party awards for pricing discipline, governance checks, and execution visibility.

What the contract covers: turnkey EPC plus two-year O&M

The scope is framed as turnkey EPC for a grid-scale BESS with an aggregate size of 350MW/1400MWh. Alongside construction and commissioning, the contract includes two years of O&M services. This structure is common in large renewable infrastructure projects where the developer wants performance support during the early operating period. For EPC contractors, the O&M leg can also create continuity of engagement beyond commissioning. The company has not provided the order value in the disclosed text for this BESS contract.

Project timeline: completion targeted in FY2026-27

Waaree Renewable Technologies said the project is scheduled to be completed during FY2026-27. The timeline aligns with a broader increase in battery storage activity in India, where storage is increasingly bundled with renewable generation for dispatchability and grid stability. A defined completion window can also help investors map execution and working-capital cycles, although the company has not provided milestone-level details in the disclosure.

Management commentary: BESS and data centres as newer focus areas

In a separate management interaction, CFO Manmohan Sharma said Waaree Renewable Technologies is looking to diversify beyond solar EPC by focusing on BESS and data centres. He said the company is currently executing relatively small BESS projects, but expects BESS EPC to become a meaningful revenue stream as storage projects get bundled with solar. Sharma also said the company is seeing many inquiries through tenders and otherwise. On data centres, he clarified that the company is not executing projects yet, but is interested in taking up EPC projects in the future.

Order visibility: unexecuted book and pipeline signals

Sharma said the company has an unexecuted order book of 2.8 GW, with firm orders to be executed over the next few quarters. He added that the company is tracking an order pipeline of around 36 GW. This includes about 23 GW domestically and another 10-12 GW from international markets. He indicated some of these could convert into orders over time. While the 350MW BESS contract is disclosed as a signed order, the pipeline figures provide context on the breadth of opportunities the company is pursuing.

Broader group context: storage manufacturing and capital plans

The retrieved context also references Waaree Energies Ltd, a solar module and cell manufacturer expanding into BESS, inverters, electrolysers and power infrastructure. By Q4 FY26, management provided FY27 Operating EBITDA guidance of ₹7,000-7,700 crore. The same context states Waaree has committed to approximately ₹30,000+ crore in capital expenditure over FY26-FY28 across solar value chain backward integration, BESS manufacturing and green hydrogen electrolysers. It also mentions a board-approved capex of about ₹8,175 crore for expansion including BESS (3.5 GWh to 20 GWh), electrolyser capacity (300 MW to 1 GW), and inverter expansion (3 GW to 4 GW). Separately, Waaree Energies has announced plans for an integrated lithium-ion battery gigafactory in Rambilli, Andhra Pradesh, with an investment of ₹8,175 crore and 16 GWh annual capacity, targeted to be operational by July 2027.

Recent solar EPC order update provides execution backdrop

In another disclosure, Waaree Renewable Technologies reported an enhancement in capacity under an existing solar EPC contract for a ground-mounted project. The capacity was increased from 30 MWp to 35 MWp. The commercial value of the order was revised from ₹90.29 crore to ₹102.93 crore (excluding taxes), an enhancement of ₹12.64 crore, with other terms unchanged. The project is also scheduled to be completed during FY2026-27. While this is separate from the new BESS EPC order, it adds context on ongoing EPC activity and scope expansion within executed contracts.

Key facts table

Market impact: what changes for execution mix and sector positioning

The BESS EPC order adds a large storage project to Waaree Renewable Technologies’ disclosed execution pipeline and aligns with management’s stated intent to make BESS a significant EPC segment alongside solar. Since the contract includes two years of O&M, it embeds a defined post-commissioning service requirement. The related-party nature of the award makes arm’s-length disclosure important for investor interpretation, particularly in projects where pricing and contract terms can influence margins and working-capital needs. At the sector level, the project size underscores how utility-scale storage is moving from pilot deployments toward larger contracted capacities in India.

Analysis: why the 350MW/1400MWh scale matters

A 350MW/1400MWh configuration implies a four-hour storage duration, a format often used for peak shifting and renewable firming. While the company has not disclosed the contract value, the scale and FY2026-27 execution window suggest it could be material in the context of management’s commentary that BESS EPC could meaningfully contribute going forward. The presence of a 36 GW pipeline and 2.8 GW unexecuted order book, as cited by the CFO, supports the view that EPC demand remains broad-based, with storage increasingly bundled into renewable tenders. Meanwhile, the wider Waaree group’s manufacturing and capex plans, including battery cell and pack investments and a proposed gigafactory timeline, indicate a strategic push toward storage across both execution and supply chains.

Conclusion

Waaree Renewable Technologies’ 350MW/1400MWh turnkey BESS EPC contract, awarded by WFEPL and scheduled for completion in FY2026-27, marks a clear step in the company’s push beyond solar EPC. The company has disclosed the deal as a related-party transaction conducted at arm’s length and compliant with SEBI LODR requirements. Management’s commentary on a 2.8 GW unexecuted order book and a 36 GW pipeline provides broader context for FY27 execution visibility. Next milestones to watch will be project execution updates as FY2026-27 progresses and any further disclosures on BESS orders and diversification into new EPC segments such as data centres.