Shares of Waaree Renewable Technologies Ltd rose sharply in early trade on Wednesday, March 11, after the company announced a major solar engineering, procurement, and construction (EPC) contract for a large ground-mounted solar photovoltaic project.
The stock climbed as much as 6.9% during the session to ₹852.85 per share, marking its biggest intraday gain since February 3, 2026. However, it later pared some gains and was trading 5.2% higher at ₹839 apiece around 9:58 AM, even as the benchmark Nifty 50 declined 0.41% during the same period.
Despite the rise in Wednesday’s session, the stock has declined 13.6% so far in 2026, underperforming the Nifty 50, which has fallen 7.2% during the same period. The company currently commands a total market capitalisation of ₹8,768.7 crore.
EPC Contract for 300 MW Solar Power Project
In an exchange filing, Waaree Renewable Technologies Ltd said it has signed a contract for the engineering, procurement and construction (EPC) of a ground-mounted solar photovoltaic (PV) power plant with a capacity of 300 megawatt alternating current (MWac) or 420 megawatt peak (MWp).
The contract has been awarded by a domestic company engaged in renewable energy-based power generation. Under the agreement, the company will undertake the complete EPC execution of the solar project.
According to the company, the project is scheduled to be completed during the financial year 2027-28, in line with the terms of the order.
Waaree Renewable Technologies Q3 Performance
Waaree Renewable Technologies Ltd reported strong financial performance in the quarter ended December 2025 (Q3 FY26).
The company posted a 124.67% year-on-year jump in net profit to ₹120.22 crore, compared with ₹53.51 crore in the same quarter of the previous year.
Revenue from operations also surged 136.18% year-on-year to ₹851.06 crore, up from ₹360.35 crore in the quarter ended December 2024.
Strategic Acquisition in Power Transmission
Earlier this year, the company announced that its board had approved the acquisition of a 55% stake in Associated Power Structures (ASPL), a power transmission and distribution company, for ₹1,225 crore.
The acquisition is expected to be completed by April 30, 2026, subject to the fulfilment of agreed conditions. After completion, ASPL will become a subsidiary of Waaree Renewable Technologies, which serves as the listed EPC arm of the Waaree Group.
Waaree Group’s Expansion Moves
The broader Waaree Group has also been expanding its presence across the renewable energy value chain. In September last year, Waaree Energies, the holding company of Waaree Renewable Technologies Ltd, acquired a 64% stake in transformer manufacturer Kotsons through a primary capital infusion of ₹192 crore.
Rising Institutional Investor Interest
Foreign Institutional Investors (FIIs) have also gradually increased their exposure to the company. FII shareholding rose from 1.38% in September 2025 to 1.70% in December 2025, indicating growing institutional interest in the renewable energy EPC player.
