Waaree RTL wins 450 MWp solar EPC order in Bikaner

Waaree Renewable Technologies Limited (Waaree RTL) has secured a new contract for solar infrastructure in India. According to the company, it received a Letter of Award for a 450 MWp solar project.

The project is situated in Bikaner district, Rajasthan. It will be developed for a domestic independent power producer (IPP). The award confirms the scope of work for the 450 MWp capacity.

Project Scope and Timeline

Waaree RTL oversees the entire project lifecycle, encompassing design, engineering, inspection, procurement, supply, delivery, erection, testing, and commissioning. The agreement stipulates a completion deadline for fiscal year 2027-28. This engagement is classified as a non-related-party transaction, meaning the work is being performed for an independent third party rather than an entity within the Waaree group.

Order Book and Pipeline

Waaree RTL’s total unexecuted order book stood at over ₹5,500 crore as of September 30, 2026. The figure splits between solar EPC and BESS contracts worth over ₹3,300 crore and T&D work exceeding ₹2,200 crore.

Segment	Unexecuted Order Book (₹ crore)
Solar EPC and BESS	> 3,300
T&D	> 2,200
Total	> 5,500

In the second quarter, the company secured new orders for 1.7 GWp. Looking ahead, the firm cites a domestic solar EPC pipeline of approximately 25 GW and an international pipeline of 9 GW.

Company Statement

Viren Doshi, Whole Time Director at Waaree Renewable Technologies Limited, noted that the 450 MWp agreement injects momentum into the order book and demonstrates the firm's capacity to execute large-scale projects for major developers. He highlighted that Rajasthan remains a critical market for the business, with Bikaner strengthening the regional pipeline. Doshi added that the priority is on early mobilisation and achieving commissioning within FY2027-28, while the company continues to pursue additional solar and storage-linked opportunities.

Background

• Waaree RTL had earlier won contracts for 800 MWac (1,109 MWp) of solar installations and a 291 MWp solar initiative coupled with 280 MWh of battery storage.
• The delivery deadline for these prior contracts is likewise established for the 2027-28 fiscal year.
• During Q2 FY27, the firm’s solar EPC earnings dropped 42.2% on a yearly basis to ₹444.98 crore, whereas aggregate revenue increased by 36.5% to ₹1,057.84 crore, per Luminity’s previous analysis.
• Net profit for the period decreased by almost 30% to ₹81.48 crore, with the CFO attributing the pressure on short-term earnings to financing expenses linked to acquisitions, as covered in another Luminity article.
• The T&D division added ₹606.13 crore to the total revenue in Q2 FY27, while the total volume of rooftop solar installations completed stood at 59.26 MWp.

Investor Call Strategy

During its latest investor call, Waaree RTL reiterated that solar EPC would remain its primary growth engine, with battery energy storage systems and transmission and distribution serving as complementary businesses. Management stated the company would continue to expand participation in solar projects, specifically those involving energy storage. This strategy follows a period where the firm added 1.7 GWp of new orders in Q2 despite an execution shortfall.