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India’s solar industry has witnessed multiple recent developments, including module supply agreements secured by Waaree Energies and Gujarat Inject, as well as a significant engineering, procurement and construction (EPC) contract awarded to Bondada Engineering.
Waaree Energies has obtained an order to deliver 800MW of solar modules to an undisclosed domestic client. The company described this as a one-time contract with no promoter or related-party involvement, and did not disclose financial terms. Execution is planned for the 2026-27 fiscal year. On a consolidated basis, Waaree posted a net profit of INR10.61 billion (US$112 million) for the fourth quarter of FY26, up 71.4% from INR6.18 billion (US$65.4 million) in the same period a year earlier. Revenue from operations for the quarter ended 31 March 2026 surged 111.8% year-on-year.
Separately, Waaree’s EPC subsidiary Waaree Renewable Technologies (WRTL) received a contract from Sunsational Power Private Limited (SPPL) to build a 300MW/450MWp ground-mounted solar PV project in India. The award, issued via a Letter of Award (LoA), covers EPC services and two years of operations and maintenance (O&M) support after commissioning. Completion is targeted for the 2026-27 financial year.
Hyderabad-based EPC firm Bondada Engineering has secured an INR13.38 billion (US$141 million) EPC contract from NTPC Renewable Energy Limited (NTPC REL) for a 250MW solar PV project paired with a 50MW/200MWh battery energy storage system (BESS) in Uttar Pradesh. The project, situated in Sitapur district, was awarded via a Notification of Award (NOA) and is to be finished within 18 months. This contract boosts Bondada Engineering’s solar EPC order book to roughly 5.5GWp and its BESS order book to about 1.1GWh.
Navitas Solar intends to invest around INR15 billion (US$158 million) in a 3.6GW solar cell manufacturing facility in Gujarat, along with a pilot wafer and ingot production line. The project will be rolled out in phases, with the first phase expected to start operations in 2027. Civil construction covering over one million square feet is already underway, and the plant is projected to create nearly 1,000 local jobs. The company also plans to set up a pilot wafer and ingot manufacturing line in 2027 to cut reliance on imported upstream solar components. Navitas currently runs 3GW of annual solar module manufacturing capacity, producing mono PERC and TOPCon modules, and manufactures solar encapsulants through its subsidiary Navitas Alpha Renewables.
Gujarat Inject has secured an order valued at approximately INR144.9 million (US$1.5 million) from Deon Energy for the supply of 16,129 solar PV modules rated at 620W. The company also recently obtained a purchase order worth about INR10 million (US$104,836) to supply solar PV modules from Gujarat-based Ottire Lifestyle, covering 1,334 units of 600Wp modules, with execution scheduled by June 2026. Additionally, Gujarat Inject announced it has received approval to change its name to Regenova Renewtech Limited.
Indian residential solar company SolarSquare has raised US$53 million in a Series C funding round led by B Capital, with participation from existing investors including Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital. This brings the company’s total capital raised to over US$100 million since its founding in 2015. SolarSquare plans to use the funds to expand into new cities, enhance its technology and operations platform, and scale capabilities in battery storage and home energy management. The Mumbai-headquartered firm focuses on the residential rooftop solar segment and has installed rooftop solar systems at approximately 50,000 homes across India.
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