Shares of Waaree Renewable Technologies Ltd came under pressure in Monday’s trade, sliding over 5% in early morning deals, after the company announced the cancellation of a key solar EPC contract. As of 9:29 AM, the shares were trading 5.24% higher at Rs 1,123.90.
In a stock exchange filing, Waaree said it received a notice on July 19, 2025, at 3:30 p.m., informing it of the cancellation of a 125 MWAC (181.3 MWp DC) turnkey solar power project. The contract was awarded to a consortium in which Waaree was a member.
The project—originally slated to be completed within 18 months—was being executed for the Assam Power Distribution Company Limited (APDCL). However, APDCL has now called off the project after the Government of Assam decided to withdraw the plan from the Asian Development Bank (ADB) funding framework.
With the funding support no longer available, APDCL stated that continuing the project is not viable, leading to a full withdrawal of the awarded work. The scope included EPC (engineering, procurement, and construction) as well as operations and maintenance.
Waaree has not yet quantified the financial impact of this development but said it would update stakeholders as more clarity emerges. The cancellation is seen as a temporary setback for the company, which has been steadily growing its renewable energy presence both in India and abroad.
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