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Waaree Energies Limited has received a 2 GW solar module supply order from a renowned domestic customer and a leading solar developer on September 21, 2026. In a regulatory filing, the company said it would supply the modules during financial years 2026-27 and 2027-28. The order is probably among the largest, if not The largest single order ever received by the firm. 
It will add to Waaree Energies’ order book, which stood at approximately Rs. 61,500 crore as of Q1 FY27. The company secured around Rs. 16,000 crore worth of new orders during the quarter alone.
At the end of the last quarter, Waaree had an order book of approximately Rs. 61,500 crore. Its solar module manufacturing capacity stood at 26 GW, while its solar cell manufacturing capacity was 5.4 GW.
The company also said it plans to add another 10 GW of capacity over the next six months. On its return ratios, Waaree said it continued to maintain a net-cash balance sheet, with net debt-to-equity at -0.08x as of June 30. The company reported a return on capital employed (ROCE) of 28.5% and return on equity (ROE) of 24.8%.
To meet the growing solar moduel order, Waaree Energies has a significant capcaity addition. Varun Goenka, President – Growth and Strategy, Waaree Energies Limited, said the company expects to complete a significant portion of its overall capex plan by the end of FY27. By then, Waaree expects to have close to 28 GW of solar module manufacturing capacity and approximately 15.4 GW of solar cell manufacturing capacity.
Going beyond solar modues. Varun Goenka also plans to add solar inverter capacity. Goenka said that Waaree will also complete the first phase of its inverter manufacturing capacity, adding 4 GW of inverters.
The company’s expansion will extend beyond modules and cells, with plans for 20,000 MVA of transformers and 1 GW of electrolyzer capacity. 
Looking ahead to FY28, the company has guided towards approximately Rs. 7,000 crore of EBITDA for the year. Beyond the core module and cell business, Waaree expects its other equipment and power electronics businesses to contribute to the expansion. The company also expects a significant step-up in its EPC business following the acquisition of Associated Power Structures Pvt Ltd  (APSPL).
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