Waaree Renewable wins 285 MWp solar EPC order due by FY28

Waaree Renewable Technologies Limited (NSE: WAAREERTL) WAAREERTL has signed a work order to build a 285 MWp solar power project on an EPC basis. The client is a leading Independent Power Producer, and the company has to finish the project within FY28. The order adds 285 MWp to an unexecuted order book that was already above ₹5,500 crore in Q2 FY27. In October 2026 the company also received a revised scope of work for a 217.5 MWp solar EPC project. In H1 FY27 it reported revenue from operations of ₹1,982.09 crore. Why it matters: an EPC order book only turns into revenue as projects get built. A completion date in FY28 means this order feeds revenue over the next two to three financial years. It also shows that IPPs are still placing utility-scale solar orders. My view: the order is a positive, but it is not a re-rating event by itself. The company has not disclosed the contract value in this update. Without it, I cannot say how much the order adds to the ₹5,500 crore book. The size of the win matters less than how the company executes it. EPC margins can shrink if solar module and raw material prices rise, and projects can slip on land or grid connectivity. Those are the two risks I would weigh most. What I am watching next: the contract value when it is disclosed, execution progress on this project, margins in the next quarterly results, and whether more IPP orders follow. Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations.