Waaree Energies Secures 500 MW Solar Module Order for FY27; Q3 Profit Jumps 26% QoQ

500 MW Solar Module Supply Order Awarded by Domestic IPP​

Waaree Energies Ltd announced on Monday that it has secured an order to supply 500 MW of solar modules from a reputed domestic solar power developer engaged in the business of an Independent Power Producer.

In a regulatory filing dated February 23, 2026, the company stated that it received the order for the supply of 500 MW of solar modules from a reputable customer operating as a solar power developer and IPP.

The contract is a one time order for the financial year 2026 to 27. Waaree Energies will supply the entire 500 MW capacity within the timeline specified in the agreement. The order has been awarded by a domestic entity.

The development further strengthens the company’s order book in the renewable energy space as demand for solar module capacity continues to rise across India.

Q3 Results: Net Profit Rises 26% Sequentially​

Waaree Energies reported strong financial performance for the third quarter, driven by higher revenue and improved operating leverage.

Net profit rose 26% quarter on quarter to ₹1,062 crore, compared to ₹842 crore in Q2.

Revenue for the quarter increased 24.7% sequentially to ₹7,656 crore from ₹6,065 crore in the previous quarter.

EBITDA Surges 37% as Margins Expand​

Earnings before interest, tax, depreciation and amortisation rose 37.2% quarter on quarter to ₹1,928 crore, up from ₹1,405 crore in Q2.

The EBITDA margin improved to 25.5% from 23.2% in the preceding quarter, reflecting improved operating leverage during the period.

One Time Provision Under New Labour Codes​

Factoring in the implementation of new labour codes, the company recognised a one time provision of ₹7.14 crore. This included employee benefits expenses for the quarter and the nine months ended December 31, 2025.

Waaree Energies stated that the government is in the process of notifying the related rules. The financial impact will be evaluated and accounted for in line with applicable accounting standards once the rules are formally notified.

Share Price Movement​

Shares of Waaree Energies Ltd ended at ₹2,917.10 on the BSE on February 23, up ₹22.45 or 0.78% for the day.

Headquartered in Mumbai, the company operates as a global energy transition player focused on solar energy solutions and maintains a presence in over 20 countries.