Waaree Energies Bags 362.5 MWp Solar Modules Supply Order

Waaree Energies has secured an order to supply solar modules for 362.5 MWp from a renowned customer engaged in the business of owning, developing, and operating renewable power projects in India. The company said in a regulatory filing, the supply of modules is scheduled to commence in FY 2025-26. The order adds to an already bulging order book for Waaree, which claimed an order book of 26.5 GW worth an estimated Rs 50,000 crores earlier this month. These include some orders worth under 2 GW from group EPC firm Waaree Renewable Technologies as well. With Indian orders having a faster ‘velocity’ or delivery time versus US orders. The firm’s India-Overseas revenue breakup was at 79:21 as per management discussions.    

The order comes from Khaba Renewable Energy Pvt Ltd, a subsidiary of Engie India, for the supply of advanced 600Wp Elite BiN-08 N Type TopCon solar modules during Fy25-26.

Waaree Financials

The company’s latest financial result showed Q3 results on Jan 30, reported a sharp 260% jump in profit after tax on a Year on year basis, at Rs 506 crores versus 140 crores last year, indicating a significant improvement in margins as well to 14.30% versus 8.52%. During the quarter, Waaree also started production at its cell manufacturing facility, a move that is expected to make a huge difference in a tight market for DCR modules. Its 1.6 GW module plant in the US has also commenced production.

Expansion Plans

Waaree Energies has also laid down certain plans that the company shared in an investors’ presentation. In the presentation waaree mentioned, ” Waaree Energies plans to develop 6GW integrated expansion expected to commence commercial operations in FY27. In addition to a strong order book, the company is also set to expand its footprint in the international market.

It has further expansion plans to increase its capacity to add 21 GW module capacity, 11.4 GW cell capacity and 6 GW of Ingot-wafer