Waaree Energies Ltd., India’s largest solar PV module manufacturer, has announced a major commercial breakthrough with the receipt of a 452 MW solar module supply order from a leading renewable energy developer. The order, part of a broader 524 MW procurement commitment, will be fulfilled by one of Waaree’s manufacturing units in Gujarat and is scheduled for delivery across FY25 and FY26. This development further solidifies Waaree’s position as a cornerstone of India’s clean energy transition and underscores its execution capabilities in high-volume solar infrastructure.
The order comes amid Waaree’s aggressive expansion strategy, which includes scaling its module manufacturing capacity to 26 GW and solar cell capacity to 16 GW by FY27.
Key Highlights of the Order Win
Waaree Energies has secured a 452 MW solar module supply order from a prominent renewable energy company engaged in utility-scale solar projects
The supply will commence in FY25 and continue through FY26, supporting multiple solar installations across India
The modules will be manufactured at Waaree’s Surat and Tumb facilities, which are equipped with advanced automation and quality control systems
The company did not disclose the financial value of the order, but industry estimates peg it in the range of ₹900–₹1,100 crore based on current module pricing
Strategic Significance and Market Impact
Strengthening Domestic Manufacturing
-
The order supports India’s push for self-reliance in solar manufacturing under the Production Linked Incentive (PLI) scheme and DCR mandates
-
Waaree’s modules are ALMM-listed, making them eligible for government-backed projects and rooftop solar schemes
Enhancing Execution Pipeline
-
With this order, Waaree’s total confirmed order book for FY26 crosses 25 GW, valued at approximately ₹49,000 crore
-
The company is targeting over 100 GW in project pipeline by 2027, including exports to the US, Africa, and Southeast Asia
Technology and Quality Edge
-
Waaree is transitioning from Mono PERC to TOPCon technology, offering higher efficiency and longer module life
-
The modules supplied under this order will feature PID resistance, anti-reflective coating, and enhanced mechanical load capacity
Operational and Financial Momentum
-
In Q1 FY26, Waaree Energies reported revenue of ₹4,597 crore, up 31.5 percent year-on-year
-
Profit after tax surged 93 percent to ₹773 crore, while EBITDA rose 83 percent to ₹1,169 crore
-
The company maintains zero net debt and holds ₹7,500 crore in cash reserves, ensuring strong financial flexibility
Quarterly production hit an all-time high of 2.3 GW, with 67 percent of revenue from domestic sales and 33 percent from exports
Expansion Blueprint and Future Outlook
Waaree plans to invest ₹15,000 crore over the next two years to expand its manufacturing footprint
The roadmap includes:
-
26 GW module capacity by FY27
-
16 GW solar cell capacity
-
10 GW ingot-wafer line
-
3 GW inverter production
-
3.5 GWh battery energy storage system (BESS) facility
-
300 MW hydrogen electrolyser plant
The company is also ramping up its US operations to meet demand from AI data centers, EV adoption, and reshoring initiatives
Conclusion
Waaree Energies’ 452 MW solar module order marks a significant milestone in its journey toward becoming a full-stack energy solutions provider. With robust manufacturing capabilities, cutting-edge technology, and a strong financial foundation, the company is well-positioned to lead India’s clean energy revolution and expand its global footprint. As demand for solar infrastructure accelerates, Waaree’s strategic execution and scale give it a decisive edge in the renewable energy landscape.
Sources: Economic Times EnergyWorld, Energetica India, Waaree Energies Official Website.
