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Waaree Renewable Technologies Signs Five-Year O&M Agreement With Unnamed Independent Power Producer for 360 MWp Solar Project

November 1, 2026 By Vedant Pandya 5 min read
Waaree Renewable: ground-mounted solar panels beside an equipment building at a solar plant
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Mumbai-based Waaree Renewable Technologies Limited (WRTL) has signed a five-year operation and maintenance (O&M) agreement for a 360 MWp solar power project. It told stock exchanges on 1 November 2026 that the order came from a leading independent power producer, which it did not name. The company gave no contract value or site. The capacity equals about 24% of the O&M portfolio of about 1.5 GWp it reported in October 2026.

Key Details

WRTL’s disclosure under Regulation 30 of the Securities and Exchange Board of India listing regulations sets out these terms:

  • Term: five years
  • Order size: stated only as O&M of the 360 MWp project
  • Awarding entity: a leading independent power producer, described as a domestic entity
  • Nature of order: commercial order, domestic
  • Execution period: “as per the terms of the order”
  • Time of receipt: 7:18 pm IST on 31 October 2026

The company said its promoter, promoter group and group companies have 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 location, the contract value, the start date or the service scope. The filing does not say whether WRTL built the project, or whether the plant is operating or still under construction. Without a rupee value, the effect on revenue cannot be stated.

O&M in WRTL’s Business

O&M sits alongside engineering, procurement and construction (EPC) among the company’s revenue lines. Chief Financial Officer Manmohan Sharma said on the earnings call of 21 October 2026 that the O&M portfolio had reached 1.5 GWp and the operational independent power producer portfolio stood at 82.82 MWp. He said these businesses strengthen the company’s recurring revenue base and help it build long-term relationships with customers.

Sharma also said O&M had started contributing, and that projects being completed carried O&M contracts for the next few years. The investor presentation of 19 October 2026 lists O&M expansion as a strategy. It says the company is evaluating third-party O&M opportunities in domestic markets through organic and inorganic methods. It also names services such as drone thermography, analytics and underground cable fault finding.

Policy Backdrop

Sharma told investors that India’s installed renewable energy capacity stood at around 299 GW as of 30 September 2026, with solar at around 171 GW. Ground-mounted projects contributed more than 125 GW of that solar figure, he said. The company’s presentation links that growth to its own business, stating that the O&M market is expected to grow as more solar capacity is added. Sharma said in the results release that Green Energy Corridor Phase-III targets the evacuation of up to 135 GW of renewable energy, along with 50 GWh of battery storage, by FY2032-33.

A wider measure comes from the Ministry of New and Renewable Energy. In a Press Information Bureau release of 28 October 2026, Secretary Santosh Sarangi cited 308 GW of installed non-fossil fuel capacity, a category broader than renewable energy, and a 500 GW target for 2030. The release covers the Bharat Renewable Energy Summit & Expo 2026, scheduled for 2 to 5 November 2026 at Bharat Mandapam, New Delhi.

About the Company

WRTL is a subsidiary of Waaree Energies Limited and describes itself as the EPC arm of the Waaree Group. Its presentation reports 6.35 GWp of EPC projects, 59.26 MWp of rooftop projects and 2.29 MWp of floating solar. Pujan Pankaj Doshi is Managing Director. The company acquired Associated Power Structures Private Limited, which it says strengthens its presence in transmission and distribution (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, and Sharma attributed near-term pressure 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. Sharma split that into more than ₹3,300 crore of solar and storage EPC and more than ₹2,200 crore of T&D.

The Company’s Recent Pipeline

According to WRTL’s stock exchange filings in 2026:

  • August 2026: Received a Letter of Award for a 291 MWp solar project and a 280 MWh battery energy storage system (BESS).
  • October 2026: Received a Letter of Acceptance from a public sector undertaking for a 5 MWp solar project, with O&M for 10 years.
  • October 2026: Reported that one solar Letter of Award rose from 400 MWac / 530 MWp to 400 MWac / 557 MWp, taking two related awards to 800 MWac / 1,109 MWp.
  • 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: Received a Letter of Award for a 200 MW / 500 MWh BESS project. Added to the 1,520 MWh and 280 MWh listed in its presentation, this makes 2,300 MWh of BESS orders in FY27.
  • October 2026: Completed the transfer of its entire shareholding in its data centre subsidiary to Waaree Energies on 30 October.

Outlook

The company’s Q3 FY27 results are the next scheduled source on its O&M portfolio, and the first in which this agreement could appear. The bidding pipeline in the Q2 results release stands at more than 34.6 GWp of solar and more than 12.5 GWh of BESS, with T&D given as “Rs. 21.9k Cr+”. Sharma told investors that solar projects increasingly come with BESS, which he called a good opportunity for WRTL.

Official Sources

  1. Waaree Renewable Technologies Limited – Regulation 30 disclosure: O&M agreement for 360 MWp solar power project (NSE, 1 November 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_01112026133010_Intimation-s.pdf
  2. Waaree Renewable Technologies Limited – Earnings conference call transcript, Q2 FY27 (NSE, 28 October 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_28102026164416_Transcript-s.pdf
  3. Waaree Renewable Technologies Limited – Investor presentation Q2 FY27 (NSE, 19 October 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_19102026182512_Presentation-s.pdf
  4. 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
  5. Waaree Renewable Technologies Limited – Letter of Award for 200 MW / 500 MWh BESS project (NSE, 30 October 2026): https://nsearchives.nseindia.com/corporate/WAAREERTL_30102026172729_Intimation-s.pdf
  6. Press Information Bureau – PM to Inaugurate Bharat Renewable Energy Summit & Expo 2026 (Ministry of New and Renewable Energy, 28 October 2026): https://www.pib.gov.in/PressReleasePage.aspx?PRID=2329695

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