Waaree Renewable Technologies Limited on Thursday, January 8, said it has received a letter of award for a revised 704 MWac / 1,000 MWp grid-connected ground-mounted solar power project, following design and infrastructure optimisation.

The revision was undertaken after reassessing evacuation infrastructure requirements and optimising DC overloading parameters. As a result, the commercial order value has been reduced to about Rs 10.40 billion from Rs 12.52 billion, excluding taxes, implying a downward revision of roughly Rs 2.13 billion. The company said the adjustment reflects proportional optimisation to ensure efficient project design and seamless grid integration.

The solar project is scheduled for completion in FY 2026–27 in line with the revised contract terms.

In the second quarter of FY26, Waaree Renewable Technologies reported strong financial growth across key metrics. Revenue rose 47.7 per cent year-on-year to Rs 7.75 billion from Rs 5.24 billion in Q2 FY25. Profit after tax more than doubled, increasing 117.4 per cent to Rs 1.16 billion from Rs 0.54 billion a year earlier. EBITDA climbed to Rs 1.58 billion, compared with Rs 0.72 billion in the corresponding quarter last year.

For the first half of FY26, consolidated revenue stood at Rs 13.78 billion, an increase of 81.1 per cent year-on-year. Like other solar EPC players, the company said it is increasingly focusing on storage-linked projects, which are expected to gain prominence by FY28.

The broader Waaree Group continues to invest in building a vertically integrated clean energy manufacturing ecosystem covering solar modules, inverters, batteries and energy storage systems. Group company Waaree Energies Limited recently commissioned a new solar inverter manufacturing facility at Sarodhi-Valsad in Gujarat, with two production lines of 1.525 GW each, taking the plant’s total capacity to 3.05 GW.

Meanwhile, Waaree Energy Storage Solutions has raised around Rs 10.03 billion from a consortium of investors to support the establishment of a 20 GWh lithium-ion cell and battery pack manufacturing facility, further strengthening the group’s presence across the clean energy value chain.