Mumbai-based Waaree Renewable Technologies Limited (WRTL) has received a Letter of Award for the engineering, procurement and construction (EPC) of a 200 MW / 500 MWh battery energy storage system (BESS) project. The company told stock exchanges on 30 October 2026 that the award came from a leading independent power producer. Completion is scheduled during financial year 2027-28. The order adds to WRTL’s battery storage EPC work, which includes 1,520 MWh and 280 MWh orders won earlier in FY27.
Key Details of the Award
WRTL’s disclosure under Regulation 30 of the listing regulations sets out these terms:
- Scope: EPC works for a BESS project
- Capacity: 200 MW / 500 MWh, which works out to 2.5 hours of storage
- Awarding entity: a leading independent power producer, described as a domestic entity
- Nature of order: commercial order, domestic
- Execution period: completion during financial year 2027-28, as per the terms of the order
- Time of receipt: 3:44 pm IST on 30 October 2026
The company said that its promoter group has no interest in the awarding entity and that the order is not a related-party transaction. It has not disclosed the customer’s name, the project site, the contract value, the battery supplier or whether the scope includes operation and maintenance. The filing gives the order size only in capacity terms, so its effect on the order book in rupees cannot be stated.
Storage in WRTL’s Order Book
WRTL’s investor presentation of 19 October 2026 lists two storage orders won in FY27. One is a 1,520 MWh BESS EPC order from the first quarter, and the other is a 280 MWh order from the second quarter. Together with the new award, these three FY27 orders total 2,300 MWh. The presentation also shows a 90 MWh BESS project under way at Jaisalmer, Rajasthan.
The 280 MWh order formed part of an August 2026 award from one of India’s thermal power generating companies. That award also covered a 291 MWp solar project. The company describes BESS as one of the adjacent segments it is pursuing beyond its core solar EPC business, alongside data centre infrastructure.
The company’s press release put the bidding pipeline at more than 34.6 GWp of solar and more than 12.5 GWh of BESS. It gives the transmission and distribution (T&D) pipeline as “Rs. 21.9k Cr+”.
Policy Backdrop
Chief Financial Officer Manmohan Sharma said in the press release of 19 October 2026 that government policy support was getting stronger. He said the Green Energy Corridor Phase-III targets evacuation of up to 135 GW of renewable energy, along with 50 GWh of battery storage, by FY2032-33. He also said the Pradhan Mantri Surya Sarovar Yojana plans floating solar capacity.
Sharma said these developments are expanding opportunities across renewable generation, storage and T&D infrastructure. WRTL’s presentation also lists viability gap funding and interstate transmission charge measures among its policy drivers. The company has not said whether the new project falls under any of these schemes.
About the Company
WRTL is a subsidiary of Waaree Energies Limited and describes itself as the EPC arm of the Waaree Group. It also finances, builds, owns and operates solar projects. The presentation reports 6.35 GWp of EPC projects commissioned, 59.26 MWp of rooftop projects and 2.29 MWp of floating solar. It also reports an operation and maintenance portfolio of about 1.5 GWp.
WRTL acquired a 55% stake in Associated Power Structures Private Limited (APSPL), which it says strengthens its presence in T&D. For the September 2026 quarter, consolidated revenue from operations was ₹1,057.84 crore, up 36.53% from ₹774.78 crore a year earlier. Profit after tax fell to ₹81.48 crore from ₹116.36 crore. Sharma attributed the near-term pressure on profitability to acquisition-related financing costs and a business with a different margin profile.
The consolidated unexecuted order book stood at more than ₹5,500 crore in the results for the September 2026 quarter. The presentation splits this into more than ₹3,300 crore of EPC and more than ₹2,200 crore of T&D.
The Company’s Recent Pipeline
According to WRTL’s stock exchange filings in 2026:
- September 2026: Reported that the value of its 2,012.47 MWp ground-mounted solar EPC order had been enhanced by ₹14.79 crore, with the aggregate order size unchanged.
- October 2026: Received a Letter of Acceptance from a public sector undertaking for a 5 MWp grid-connected solar project with 10 years of operation and maintenance.
- October 2026: Reported an increase of ₹22 crore, excluding taxes, in the value of a 150 MWac / 217.5 MWp ground-mounted solar order.
- October 2026: Received a Letter of Award from a leading independent power producer for a 450 MWp solar project, scheduled for completion during financial year 2027-28.
- October 2026: Completed the transfer of its entire shareholding in its data centre subsidiary, formerly Sunsational Energy Private Limited, to Waaree Energies on 30 October.
Outlook
WRTL has scheduled completion during financial year 2027-28, the same window as the 450 MWp solar order of 27 October 2026. The filing does not name the customer or the site, and it gives no contract value. The company has said it remains focused on operational efficiencies, business integration and improving profitability across its expanded portfolio. Its next results will be the first to reflect this award.
Official Sources
- Waaree Renewable Technologies Limited – Regulation 30 disclosure: Letter of Award for 200 MW / 500 MWh BESS EPC project (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_30102026172729_Intimation-s.pdf
- Waaree Renewable Technologies Limited – Revised press release on Q2 FY27 results (NSE, 19 October 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_19102026205127_Release-s.pdf
- Waaree Renewable Technologies Limited – Investor presentation Q2 FY27 (NSE, 19 October 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_19102026182512_Presentation-s.pdf
- Waaree Renewable Technologies Limited – Letter of Award for 450 MWp solar project (NSE, 27 October 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_27102026150033_Intimation-s.pdf
- Waaree Renewable Technologies Limited – Letters of Award for 291 MWp solar and 280 MWh BESS (NSE, 28 August 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_28082026132427_LOA.pdf
- Waaree Renewable Technologies Limited – Completion of transfer of subsidiary (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_30102026162220_Intimation-s.pdf
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