Waaree Renewable Technologies Ltd reports Rs 1,058 crore revenue

Waaree Renewable Technologies Ltd reported quarterly revenue of Rs 1,058 crore in September 2026, following Rs 924 crore in June 2026. The solar EPC company is also adding new project work, including a letter of award for 291 MWp of solar PV capacity with 280 MWh of battery energy storage, while its O&M portfolio stands at 1.18 GWp.

How did Waaree Renewable Technologies Ltd perform in recent quarters?

Waaree Renewable Technologies Ltd recorded revenue of Rs 1,058 crore for the September 2026 quarter, according to the quarterly figures provided. This was higher than the Rs 924 crore reported in the June 2026 quarter, although below the Rs 1,102 crore reported in the March 2026 quarter.

The reported revenue trend shows a substantial increase from earlier periods. Quarterly revenue was Rs 324 crore in December 2023, Rs 524 crore in September 2024 and Rs 851 crore in December 2025. The figures underline the scale of activity in Waaree Renewable Technologies' engineering, procurement and construction, or EPC, operations, which involve designing, procuring equipment for and building solar power plants.

Revenue in solar EPC can vary between quarters because construction milestones, equipment procurement and project handovers are recognised at different stages of execution. The supplied data does not provide profit figures, order-book value or margin details, so the revenue trend should be viewed as an indicator of reported operating activity rather than a measure of profitability.

Which new solar EPC orders has Waaree Renewable Technologies Ltd disclosed?

Waaree Renewable Technologies received a letter of award on August 28, 2026, for EPC work covering a 291 MWp solar photovoltaic project and a 280 MWh battery energy storage system. The disclosure was made under Regulation 30 of the Listing Obligations and Disclosure Requirements regulations.

The company has also been linked with a 210 MWp, or 150 MWac, grid-connected ground-mounted solar EPC project from Solaris Horizon Energy Pvt. Ltd. The contract includes engineering, procurement and construction work along with two years of operations and maintenance services. The project is scheduled for completion during FY 2027-28.

Solaris Horizon Energy is described as a step-down subsidiary of Waaree Energies Ltd. Waaree Renewable Technologies stated that this contract is a related-party transaction executed on an arm's length basis. The disclosure is relevant because it identifies the relationship between the parties and the terms under which the order was awarded.

What role does operations and maintenance play for Waaree Renewable Technologies Ltd?

Operations and maintenance provides recurring work after Waaree Renewable Technologies completes a solar plant. The company manages plants built for its EPC customers and also seeks third-party O&M contracts, allowing the managed portfolio to grow separately from new construction wins.

Waaree Renewable Technologies said its O&M division manages 1.18 GWp of solar assets. It targets plant availability of more than 99% and a performance ratio above 80%. Plant availability measures the proportion of time that a plant is ready to operate, while the performance ratio compares actual output with expected output after accounting for operating conditions.

The O&M offering includes remote monitoring, drone thermography, predictive maintenance analytics and underground cable fault detection. These tools are intended to identify equipment problems and support maintenance before they result in outages. The company has not provided separate O&M revenue in the supplied information.

What are the key reported figures for Waaree Renewable Technologies Ltd?

The available data shows higher quarterly revenue over the period from December 2023 to September 2026, alongside disclosed EPC work and an established O&M portfolio. The figures below use Rs crore as the common unit for all reported revenue amounts.

The company is a subsidiary of Waaree Energies Ltd and describes itself as an end-to-end renewable energy EPC solutions provider. Its work spans project design, installation and asset management. Waaree Renewable Technologies is also collaborating with Jindal Renewables on a 2 GW single-site solar EPC project, described by the company as India's largest solar EPC project.

Why do these disclosures matter for investors and the solar industry?

The reported figures matter because EPC orders and construction execution support revenue, while O&M contracts can extend customer relationships after a plant is commissioned. The 291 MWp solar project combined with 280 MWh of battery storage also reflects the inclusion of storage in renewable project requirements, based on the disclosed award.

For customers, the combination of EPC and O&M means one provider can undertake construction and continue managing plant operations. For investors, the quarterly revenue data offers a view of the company's reported activity, but the supplied information does not disclose project values, margins, financing arrangements or earnings impact from the individual orders.

The related-party nature of the 210 MWp Solaris Horizon Energy contract is another material detail. Waaree Renewable Technologies has said the arrangement was completed on an arm's length basis. Such disclosures allow market participants to assess the contractual relationship alongside the scale and expected completion period of the project.

Conclusion

Waaree Renewable Technologies Ltd reported Rs 1,058 crore of revenue in the September 2026 quarter, supported by its solar EPC business. Its 1.18 GWp O&M portfolio and the inclusion of O&M services in disclosed contracts show how post-construction services complement project execution.

The next disclosed milestone is the planned FY 2027-28 completion of the 210 MWp Solaris Horizon Energy project. Market participants will also track further updates on the 291 MWp solar PV and 280 MWh battery storage award, as well as subsequent quarterly revenue disclosures.