Waaree Renewable Bags 200 MW / 500 MWh Battery Energy Storage Order from Leading IPP

Key numbers

Order Capacity	500 MWhEnergy Storage
Market Cap	₹7,266.88 CrSmall Cap
TTM P/E	15.6xSector: 21.6x
1-Year Return	-45.65%Falling Comet
Order from	A leading Independent Power Producer (IPP) company (name not disclosed)
Execution period	Scheduled completion during FY 2027-28

Key highlights

• Contract involves Engineering, Procurement and Construction (EPC) works for a BESS project
• Total project capacity stands at 200 MW power rating and 500 MWh energy storage
• Awarded by a leading Independent Power Producer (IPP) as a domestic commercial order
• Project execution timeline is set for completion within the financial year 2027-28
• Order received on October 30, 2026, at 03:44 pm following an active year of project wins

Turnkey EPC Works for Large-Scale Storage

Waaree Renewable Technologies Limited has secured a significant Letter of Award for a Battery Energy Storage Project from a major domestic Independent Power Producer. The scope of the contract covers comprehensive Engineering, Procurement, and Construction works for a facility with a capacity of 200 MW / 500 MWh. This domestic commercial order reinforces the company's position in the energy storage segment, moving beyond traditional solar PV installations.

The project is strategically scheduled for completion during the 2027-28 financial year, aligning with the company's long-term execution roadmap for high-capacity renewable infrastructure.

Project Context and Order Book Strength

• Unexecuted order book stood at over ₹5,500 crore as of September 30, 2026
• The 500 MWh storage capacity exceeds the 280 MWh BESS project awarded in August 2026
• Execution aligns with earlier 2026 wins including a 450 MWp solar project in Bikaner
• Company maintains a consolidated EBITDA margin target of approximately 15% for FY27
• Contract reinforces the transition toward hybrid renewable and storage solutions

Recent Financial Performance and Market Position

In the quarter ended September 30, 2026, Waaree Renewable reported operating revenue of ₹1,057.84 crore, representing a 36.5% year-on-year growth. However, net profit for the same period stood at ₹73.89 crore, reflecting a 36.5% decline compared to the previous year. The company's operating profit margin was recorded at 15.1%, down from 20.4% in the corresponding quarter of the previous year.

Despite the earnings pressure, the company maintains a robust promoter holding of 74.3% and continues to scale its order book with large-scale utility projects across the domestic renewable energy landscape.

What to watch next

• Commissioning of the 450 MWp Bikaner solar EPC project scheduled for FY 2027-28
• Execution progress of the 800 MWac solar PV projects aggregating 1,109 MWp in FY28
• Consolidated financial performance for the third quarter ending December 31, 2026

Waaree Renewable Technologies · financial snapshot

Share price	₹696.2
Market capitalisation	₹7,266.88 Cr
Revenue (annual)	₹3,331.42 Cr
Net profit (annual)	₹478.70 Cr
Revenue (latest quarter)	₹1,057.84 Cr+14.45% vs previous quarter
Net profit (latest quarter)	₹73.89 Cr-36.25% vs previous quarter
P/E (TTM)	15.6×Sector 21.6×
Promoter holding	74.3%-0.02% QoQ
FII holding	2.02%Current quarter

Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.