Waaree Renewable Bags 360 MWp Solar Deal: Q2 Revenue Surges 36%

Solar engineering, procurement, and construction (EPC) specialist Waaree Renewable Technologies Limited has expanded its footprint in the clean power sector after securing a long-term commercial Operation and Maintenance (O&M) contract for a large-scale 360 MWp solar power installation. According to a formal regulatory filing submitted to domestic stock exchanges on Sunday, November 1, 2026, the green energy firm received the official Letter of Award (LoA) on October 31 from a leading domestic Independent Power Producer (IPP). Under the commercial terms of the five-year agreement, Waaree Renewables will oversee comprehensive site upkeep, asset monitoring, and performance maintenance for the utility-scale installation, locking in recurring service revenues over the next five years while cementing its operational presence in utility asset management.

360 MWp Solar O&M Mandate: Long-Term Revenue Visibility from Independent Power Producer

The fresh contract win comes against the backdrop of the company's financial scorecard for the second quarter ended September 30, 2026, which presented a bifurcated picture of substantial top-line acceleration alongside bottom-line margin compression. Waaree Renewables reported a 30 percent year-on-year drop in consolidated net profit, which stood at ₹82 crore for the July–September quarter compared to ₹116 crore recorded during the corresponding period of the previous fiscal year. In contrast, operating revenue exhibited robust momentum, advancing 36.53 percent year-on-year to ₹1,057.84 crore against ₹775 crore logged in the year-ago period, driven by execution milestones across ongoing turnkey EPC projects. However, operating earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by just 1.3 percent to ₹160 crore, causing the quarterly EBITDA margin to decline from 20 percent to 15 percent as higher project execution costs and operating expenses trimmed margins.

First-Half FY27 Overview: Revenue Climbs 43% to ₹1,982 Crore While Net Profit Stays Flat

Evaluating the company's broader operational trajectory across the first half of the current fiscal year (H1 FY 2026-27), the renewable solutions player demonstrated steady scale across key business segments, generating cumulative top-line revenues of ₹1,982.09 crore—representing a 43.84 percent surge compared to the corresponding six-month period of the prior year. Half-yearly EBITDA expanded by 21.04 percent, underscoring resilient operational volumes despite shifting input pricing in the broader solar component market. Meanwhile, cumulative bottom-line earnings remained stable across the six-month timeframe at ₹200.44 crore, as expanded execution capacity balanced out short-term quarterly margin pressure, reinforcing the company's competitive standing amid India’s utility-scale clean energy expansion drive.