WAAREEENERNSE30 January 2025

Waaree Energies Limited has informed the Exchange about Investor Presentation

Waaree Energies Limited

January 30, 2025

To The Manager, Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 Scrip Code: 544277

To The Manager, Listing Department National Stock Exchange of Exchange Plaza, C-1 Block G, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 051 Trading Symbol: WAAREEENER

India Limited

Sub: Analysts/Institutional Investors Presentation under Regulation 30 of SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sir/Madam,

With reference to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investors/ Earnings Presentation for the quarter and nine months ended December 31, 2024. The Company will use this presentation for meeting scheduled on January 31, 2025 with analysts/institutional investors.

The above information is also available on the website of the Company i.e. www.waaree.com

Kindly take the same on record

For Waaree Energies Limited

Rajesh Ghanshyam Gaur Company Secretary & Compliance Officer M.No. A34629

WAAREE Energies Ltd. Registered Office: 602, Western Edge – 1, Western Express Highway, Borivali (E), Mumbai – 400 066, INDIA. Tel: +91-22-6644 4444. Fax: +91-22-6644 4400. Email: waaree@waaree.com.Website:www.waaree.com Corporate Identity Number:L29248MH1990PLC059463

ACCELERATING GLOBAL ENERGY TRANSITION

WAAREE ENERGIES LIMITED Q3 FY25 Investor Presentation

Safe Harbor

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Energies Limited (WEL) (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness.

About Waaree

Industry Highlights

Agenda

Business Updates

Financial Performance

Appendix

About Waaree

30 MW to 15 GW in ~18 Years | High Growth by creating consistent value for shareholders

Aggregate Installed Capacity (Module)

2007: 30MW

Historical Growth

2023: 12GW

Present: ~15GW 2

2021 – 2023

2024 - 2027

• 6GW integrated expansion expected to commence commercial operations in FY27

•

Listed on BSE & NSE

• Awarded PLI for a 6GW

• Commenced operations at Indosolar

2018 – 2021

• 2018: Divested

Waaneep Solar Pvt Ltd. to Hero Solar Energy Pvt Ltd.

• 2018: Commissioned 1GW PV plant capacity

integrated ingots, wafer, cell, module mfg. facility

Initiated construction of 5.4GW cell mfg. facility

Increased capacity to 12GW

•

• Raised 2 equity rounds of ₹10,401mn and ₹10,000mn

facility

• Awarded PLI for a 300MW Electrolyser

mfg. facility

•

Entered a Share Purchase Agreement for acquisition of ENEL Green Power India

Trial production commenced at 5.4GW cell mfg. facility

• Commercial production of 1.6GW

module mfg. initiated in USA facility

• Awarded 90kT green hydrogen production PLI (LoA awaited)

2011 – 2017

2017: Acquired NEEPCO’s stake in the JV1

2014: JV with NEEPCO for a solar power project

2007-2011

2007: Entered solar energy sector

2011: Initiated EPC business

1989-2007

Proven track record of scaling businesses – Hitesh Chimanlal Doshi, Chairman & MD sold his previous venture Waaree Instruments Limited

Note: “~” represents rounded off numbers. Largest manufacturer of solar modules as per Crisil Report dated June 2024. All years above are calendar years; 1. The JV, i.e. Waaneep Solar Private Limited, became a wholly owned subsidiary company of WEL pursuant to such acquisition from NEEPCO. 2. Includes 1.3 GW from Indosolar and 1.6GW from USA

India's largest solar PV module manufacturer

~15 GW Manufacturing capacity of solar modules1

5.4 GW Manufacturing capacity of solar cell2

26.5 GW | ~₹ 50K Cr Order book3

2 NABL accredited labs Performs a wide range of solar module tests

BNEF Tier 1 Consistently ranked as Tier 1 PV module maker for 36 quarters

PV magazine award Publisher's pick winner for contribution to the solar & storage industries

28 states Wide presence across India

387 franchisees Strong pan-India retail network

10k+ People strong

1. This includes 1.3 GW from Indosolar and 1.6 GW from USA. 2. Trial production initiated 3. Includes WRTL. As on date, Note: “~” represents rounded off numbers

Enabling energy transition with full stack of products and services

Solar PV module

Green Hydrogen

TopCon

Bifacial

BIPV

Flexible

Electrolyser

Green Hydrogen products

Solar related products

Battery

Inverters

Solar kit

Cell

Battery

Container

EPC and O&M

Renewable power

Ground Mount

Rooftop

Floating Solar

Renewable power generation

Renewable power infrastructure

Drive growth in broader energy transition value chain

Waaree Energies Limited (Solar Module & Cell)

100%

96.15%

100%

74.46%

Sangam Solar One Private Limited

Indosolar Limited

Waaree Solar Americas Inc.

Waaree Energies Middle East LLC

Waaree Forever Waaree Energies Energies Pvt Ltd Middle East LLC

Waaree Energies Storage Solutions Pvt Ltd

Waaree Clean Energy Solutions Private Limited

Waaree Renewable Technologies Limited

Odisha (PLI Project)

Module Manufacturing

Module Supply

Renewable Power infrastructure

Energy Storage Business

Hydrogen Business

EPC and O&M

Advanced manufacturing facilities, global certifications and prestigious awards

Certifications

3rd party audits

Awards/Accreditations

ALMM listing

3rd party insurance

Publisher's pick, PV magazine award 2024

REI company of the year, REI expo 2024

Largest Solar PV Module Manufacturer, MNRE 2024

ZEE Real Heroes Entrepreneur of the Year, 2025

NDTV Entrepreneur of the Year, 2024

300+ awards and accreditations received over the last few years

Industry Highlights

Energy Transition opportunity led by solar is immense | Industry to double by end of this decade

Global RE capacity (TW)

10%

2.4

0.4

2.0

2017

Global RE capacity to grow to 9.8 TW by 2030

12%

16%

4.9 2.1

2.8

4.2 1.6 2.6

2023

Non-solar

2024 Solar

India RE capacity (GW)

16%

India’s RE capacity to grow to 500 GW by 2030

108

2017

15%

181 73 108

2023

Non-solar

209 98

111

2024 Solar

9.8

5.8

3.9

2030

500

280

220

2030

76%

Of global RE capacity additions in 2023 were solar

5.8 TW

Projected global solar capacity in 2030

280 GW

Targeted solar capacity in India in 2030

Declining trajectory in solar and battery costs…

…solar emerging as one of the cheapest sources of energy…

…driving solar's multi-decadal growth story

Source: IEA, CEA, MNRE for India 2030 target, IEA main case projection taken for 2030 global projection, 2024 global RE capacity is projected

Backed by strong growth in global battery capacity

Global battery energy capacity (GWh)

53%

99.6

2018

1296.0

2024

India battery energy capacity (GWh)

52%

3.2

2018

36.9

2024

Global battery energy capacity to grow to 4 TWh by 2030

India battery energy capacity to grow to 177 GWh by 2030

Note: Battery energy capacity includes both mobility and non-mobility Source: E Source, 2024 and 2030 is projected

21%

30%

4064.0

2030

177.0

2030

4 TWh

Projected global battery capacity in 2030

177 GWh

Projected India battery capacity in 2030

Supported by Indian government push with policies and incentives

Favorable policy framework…

…with key developments in the last few months

Supply-side measures

Solar

❑ Approved List of Models and Manufacturers (ALMM)

❑ ALMM solar cell: MNRE mandates solar cells in projects must be from

the approved list by June 2026

❑ PLI (for solar module, cell, ingot-wafer, green hydrogen, electrolyser)

❑ Basic customs duty on solar module and cell imports

❑ ALMM solar PV module: MNRE updated ALMM List-I adding

manufacturers (Indosolar, Visaka, etc.) with a total capacity of 65 GW

❑ Domestic Content Requirement (DCR)

❑ ~15 GW of tenders issued in Q3 FY25

Demand-side measures

Battery

❑ Solar parks

❑ PM Kusum Scheme

❑ PM Surya Ghar Muft Bijli Yojana

❑ SECI tenders and other large utility tenders

❑ Energy storage RFP: MoHI1 to release a 10 GW grid-scale storage2 RFP

❑ Potential mandate: MNRE may mandate 10% battery storage in

upcoming solar & wind plants for RTC3 power delivery4

❑ ~19 GWh of tenders issued in Q3 FY25

Sources: MNRE, PIB, JMK Research & Analytics, 1. Ministry of Heavy Industries 2.Announced by Vijay Mittal, Joint Secretary, Ministry of Heavy Industries, during the International summit on Lithium-Ion batteries hosted by the IESA 3. Round the clock 4. Announced by MNRE Secretary Prashant Kumar Singh as the 21st Global MSME business summit organized by CII

Business Updates

Strengthening presence in solar and diversifying beyond the solar value chain

Key Performance Metrics Q3 FY25 (₹ Mn)

35,453 Total Revenue

115% YoY

8,097 EBITDA

257% YoY

22.8% Margin

5,069 PAT

260% YoY

14.3% Margin

5.07GW Production Volume (9M FY25)

Record Performance Delivered • ₹ 20,636 Mn EBITDA for 9M FY25 with a margin of 19.3% • ₹ 12,837 Mn PAT for 9M FY25 with a growth of 61%

Steady and Growing Order Book • Order book: 26.5 GW order book till date • Order book value ~ Rs 50,000 Cr

Expansion plans on track • Trial production commenced at 5.4 GW cell plant - Chikhli, Gujarat • Commercial production initiated for 1.6GW module plant - Texas, USA

Energy Transition – Way forward & Recent Wins • Strategic investments: Green Hydrogen & electrolyser (₹ 551 Cr), Battery (₹ 2,073 Cr), Renewable power

infrastructure (₹ 650 Cr), Inverters (₹ 130 Cr)

• Acquisition: Entered a Share Purchase Agreement for acquisition of Enel Green Power India (Rs. 792 Cr) • PLI: 300 MW electrolyser mfg (LOA received) I 90kT green hydrogen production (LOA awaited)

Robust framework in place to ride the favorable business environment • Policy environment in India continues to be supportive • Overseas orders continue to be firm and growing

Strong order book with deep market presence

Strong order book

Revenue mix

Robust domestic network

Order book1: 26.5 GW

~₹ 50K Cr

Solar module revenue

54.0%

46.0%

India

Overseas

9M FY25 revenue

India

Overseas

79%

21%

1. As on date, for WEL solar manufacturing + WRTL; India and overseas split of orderbook by GW volume

28 States

387 Franchisees

Continuous capacity expansion to meet future solar demand

Strong growth in production…

…backed by capacity expansion

Module production (GW)

48%

5.07

3.42

9M FY24

9M FY25

y t i c a p a c

t n e s e r P

e r u t u F

y t i c a p a c

FY27 capacity

1. Trial production initiated 2. Commercial production initiated from 22nd Jan'25

Module

Cell

Ingot-wafer

13.3 GW India

1.6 GW 2 USA

5.4 GW 1 India

6 GW PLI awarded

21 GW

11.4 GW

6 GW

Strategic investments powering a diversified green energy portfolio

Renewable power infrastructure

Battery energy storage system

Green Hydrogen electrolyser mfg.

Inverters

Renewable power generation

Renewable power infrastructure

Lithium-ion storage cell, and energy storage system

Awarded PLI for a 300MW Electrolyser mfg. facility

Investment in renewable power projects and bidding pipeline

Investment

Key updates

Acquired EGPIPL for ₹ 792 Cr Won RUMSL's 170 MW project

₹ 650 Cr +

Up to ₹ 2,073 Cr

Up to ₹ 551 Cr

Up to ₹ 130 Cr

• Plant capacity4: 3.5 GWh • Operational by: Q2 FY27

• Plant capacity4: 300 MW • Operational by: Q2 FY27

• Plant capacity4: 3L

invertors/3 GW per annum

• Operational by: Q4 FY26

Market opportunity

500 GW RE capacity 2030 target1

236 GWh energy storage requirement in 2031-322

5 MMTPA 2030 target3 with NGHM

500 GW RE capacity 2030 target1

Source: 1. MNRE 2. National Electricity Plan 3. PIB 4.Potential to expand

Enel Green Power India acquisition

Enel Green Power India, a subsidiary of Enel Green Power, focuses on developing and operating renewable energy projects in India, including wind and solar

Key highlights

• Industry: Power generation using renewable sources of energy • Operating capacity: 640 MWAC (solar and wind energy plants1) • Pipeline projects: 2.5 GW • Ownership acquired: 100% shares of EGPIPL • Timeline: Acquisition expected to be completed in 3 months2 • Cost of acquisition: Consideration up to ₹ 792 Cr3

Strategic rationale

Potential to grow and sustain existing value pools (Modules & solar EPC)

Opportunity to access and build new capabilities to target value pool

Prospects for value accretive transaction

Feasibility to access resources & experienced manpower

1. Operational portfolio includes projects jointly owned with a partner where majority equity stake is with EGPIPL 2. 3.

Subject to fulfilment of conditions precedent as set out in the definitive agreements Subject to closing adjustments

Financial performance

Robust Financial Performance

(Consolidated)

Q3 FY25

(Consolidated)

9M FY25

(₹ in Mn)

Revenue

114.63%

35,453

16,518

EBITDA

13.73%

22.84%

256.97%

8,097

2,268

Revenue

+24.11%

1,07,051

86,253

EBITDA

15.30%

19.28%

56.38%

20,636

13,196

Q3FY24

Q3FY25

Q3FY24

Q3FY25

9MFY24

9MFY25

9MFY24

9MFY25

PAT

8.52%

14.30%

259.98%

5,069

1,408

Q3FY24

Q3FY25

PAT

9.27%

11.99%

60.62%

12,837

7,992

9MFY24

9MFY25

Consolidated Profit & Loss Statement

(₹ Mn)

Revenue from Operations

Other Income

Total Income

Cost of materials consumed

Purchases of stock-in-trade

Other manufacturing and Engineering, Procurement & construction project expenses

Employee benefits expense

Sales, administration and other expenses

EBITDA

% Margin

Depreciation and amortization expense

Finance costs

Q3 FY25

Q3 FY24

Y-O-Y

Q2 FY25

Q-O-Q

9M FY25

9M FY24

Y-O-Y

34,572.88 15,961.83

879.77

555.91

35,743.77

890.86

104,405.66 84,617.72

2,645.75

1,635.47

35,452.65 16,517.74

114.63% 36,634.63

(3.23%)

107,051.41 86,253.19

24.11%

19,084.80 17,277.91

3,271.79

1,361.03

762.03

563.52

851.71

413.97

2,106.91

1,559.57

21,488.69

4,753.57

796.60

785.32

667.50

2,003.58

58,536.24 64,856.36

10,091.08

6,124.09

7,177.76

(5,271.16)

2,239.75

1,841.69

2,152.46

1,128.59

6,217.81

4,377.33

8,097.05

2,268.24

256.97%

6,139.37

31.89%

20,636.31 13,196.29

56.38%

22.84%

13.73%

890.47

308.46

739.04

184.54

16.76%

842.68

308.32

19.28%

15.30%

2,490.80

2,016.59

953.73

915.00

Changes in inventories of finished goods, stock in trade & work in progress

1,278.36

(6,926.50)

Profit before tax and exceptional items

6,898.12

1,344.66

413.00%

4,988.37

38.28%

17,191.78 10,264.70

67.48%

Exceptional items

491.09

Profit before tax (after exceptional items)

6,898.12

1,835.75

275.77%

4,988.37

38.28%

17,191.78 10,755.79

59.84%

Tax expenses

PAT

% Margin

1,829.36

427.69

1,231.78

4,355.18

2,763.79

5,068.76

1,408.06

259.98%

3,756.59

34.93%

12,836.60

7,992.00

60.62%

14.30%

8.52%

10.25%

11.99%

9.27%

Appendix

Accomplished Board of Directors

Dr. Hitesh Chimanlal Doshi Chairman & MD

Viren Chimanlal Doshi Whole Time Director

Hitesh Pranjivan Mehta Whole Time Director

• Founded the Group in 1990 and has

• Associated with the Company since

been instrumental in driving its growth

November 2007

• Overseas EPC operations of the solar

projects of waaree

• Associated with the Company since 2011 as Director of Waaree Group • Extensive experience in engineering

solar and oil industries

Dr. Amit Paithankar Whole Time Director and CEO of Waaree Energies Limited

• Joined the company in Mar’24 • Previously associated with Emerson Electric (India) as a MD in South Asia

Sujit Kumar Varma Independent Director

• 35 years of experience in the

banking industry

• Associated with SBI in various

capacities since 1987

Jayesh Dhirajlal Shah Independent Director

Richa Manoj Goyal Independent Director

Rajendra Mohan Malla Independent Director

• 34+ years of experience in the field of taxation, audit, project finance & compliance

• Practicing charted accountant

• Currently the managing partner of the law firm Richa Goyal and Associates

• Practicing company secretary and

certified trademarks agent

• Previously associated with SIDBI Venture Capital, IDBI Capital and IDBI AMC

• MBA from the University of Delhi

Experienced senior management team

Dr. Amit Paithankar Whole Time Director and CEO of Waaree Energies Limited

• Previously associated with Emerson Electric (India) as an MD in South Asia

Sunil Rathi Director Sales

Jignesh Rathod Director Operations

Aditya Agarwal CEO, Battery

Anuj Sharma CEO, Hydrogen

• Responsible for overseeing

the sales functions

• Previously associated with

Vikram Solar Ltd

• Responsible for overseeing the operational functions at the various factories of the Company

• 30+ years of expertise with experience at JSW Energy, NTPC ltd etc.

• 27+ years of expertise with

experience at Linde Malaysia, Praxair India

Pawan Agarwal CEO, Infrastructure

Sonal Shrivastava Chief Financial Officer

Abhishek Pareek Group Head Finance

• Previously associated with Azure Power, Yes Bank, Crisil, etc.

• Previously associated with

Vedanta as a CFO

• Previously associated with Shubhalakshmi Polyesters Limited as CFO

Gordon Brinser COO, Waaree Solar Americas

• Previously associated with EnerSys as VP operations

Dr. Hitesh Chimanlal Doshi Chairman & MD

• Founded the Group in 1990 and has been instrumental in driving its growth

THANK YOU

Waaree Energies Limited CIN: U29248MH1990PLC059463 Name –Mr. Rohit Wade Title – General Manager-Investor Relations Email – rohitwade@waaree.com

Mr. Suraj Shah +91 9545776665 Suraj.shah@linkintime.co.in

Suraj.shah@linkintime.co.in

Ms. Pooja Swami +91 9860202359 Pooja.swami@linkintime.co.in

Pooja.swami@linkintime.co.in

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