Waaree Energies Limited has informed the Exchange about Investor Presentation

February 28, 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 India Limited Exchange Plaza, C-1 Block G, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 051 Trading Symbol: WAAREEENER

Subject: Investor Presentation – “Investor Day February 28, 2025”

Dear Sir/Madam,

This is with reference to our intimation dated February, 20 2025, informing about the Investor Day to be held on February 28, 2025. Please find enclosed the Investor Presentation that we will use for “Investor Day” with analysts/institutional investors.

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

Kindly take the information 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 Investor Day 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.

1

Company Overview

Locally built, globally competitive – Giga scale manufacturing at its best

Aggregate Installed Capacity (Module)

2007: 30MW

Historical Growth

2021: 2GW

2023: 12GW

Present: ~15GW 2

2021 – 2023

• Awarded PLI for a 6GW

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

2018 – 2021

• 2018: Divested

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

• 2018: Commissioned 1GW PV plant capacity

2024 - 2027

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

•

Listed on BSE & NSE

• Commenced operations of 1.3GW module mfg. facility at Indosolar

• 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. And 1.4GW started Commercial Production.

• Commercial production of 1.6GW

module mfg. initiated in USA facility

• Awarded 90kT green hydrogen

production PLI

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

3

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

91

17

2017

9%

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

5

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

6

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

7

Waaree - Key Highlights

Waaree’s Strategic Edge Enabling Value Creation

Largest Player – Scale, Demand & Integration

Largest Retail Network

Diversified Customer Base

Ahead of Technology Curve & 2 In- house NABL Labs

Global Certifications & Assurance

Highest rated Bankability of Products & BNEF Tier 1 Rating

Largest Products & Service portfolio

Strong Financial discipline

Value accretive Capital allocation policies

9

India’s Largest Player in Scale, Demand, and Integration

Largest PV Module manufacturer

“3X of Nearest competitor in India”

Largest Order book in the Industry With Clear pathway for next few years

On path of becoming Largest Solar Cell manufacturer

~15 GW Manufacturing capacity of solar modules1

26.5 GW | ~₹ 50K Cr Order book3

5.4 GW Manufacturing capacity of solar cell2

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

10

Largest Retail network in the Industry coupled by authorized sales point and digital platform

400+ Franchisees

28

states

Indosolar

Noida

Surat

Chikli

Tumb

Nandigam

1000+ ASPs

Digital Platform ‘Waaree Experts’

Above chart is graphical representation only. ASP – Authorized sales point

11

Diversified Customer base & Robust Revenue Mix from Marquee Clients

Diversified Order book

Order book1: 26.5 GW

~₹ 50K Cr

Robust Revenue mix2

46.0%

54.0%

>80%

Overseas

India

Overseas

Domestic (Retail, EPC & Enterprise)

1. As on 30.01.2025 for WEL solar manufacturing + WRTL; India and overseas split of orderbook by GW volume.

12

Ahead of Technology Curve & In-house Lab testing

•

Integrated manufacturing production lines

facilities with

automated

Leading the technology roadmap in India for higher efficiency

• Wide array of

technologically advanced & high quality

product portfolio for niche segments

• Robust collaborative ecosystem: Government partnerships,

JVs, marquee clients, suppliers and technology partners

• One of the earliest domestic pioneers in High-Efficiency module development to achieve 545 Wp MonoPERC and 600 Wp+ TOPCon, setting new standards in innovation, efficiency, and sustainability

• Quality assurance bolstered by 2 In-house NABL accredited

Labs at Manufacturing facilities

Waaree amongst the earliest domestic player to achieve 545WP + and

600Wp + module power

700-750

RETC Award 2024 We were honored with multiple RETC awards, including highest achiever. We are also recognized for excellence in combating LID,LETID & BOM verification.

13

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

14

Achieved Highest Ratings in ‘Bankability of PV Modules’ over last 2 decades

Highest Achiever” across performance, reliability, and quality test categories, solidifying our position as the only Indian company to receive this prestigious honour

Top Performer PVEl’s Scorecard identifies top performing PV modules based on module performance in six PQP test categories, wet leakage, visual inspection, diode failure, and energy yields simulation.

BNEF Tier 1 Consistently Ranked as a Tier-1 PV Module Maker

15

Bankability rating “A” Report provides the critical risk analysis and evaluations, essential for investors, project developers, and financial institutions operating in the photovoltaic (PV) industry.

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

16

Consistent Financial discipline and proven track record

Revenue (Rs Cr)

EBIDTA Margin (%)

PAT Margin (%)

11,633

10,705

6,860

19.3%

13.8%

15.6%

11.00%

12%

7.30%

1,993

2,946

6.3%

6.9%

2.40% 2.70%

FY 21

FY 22

FY 23

FY 24

9M FY 25

FY 21

FY 22

FY 23

FY 24

9M FY 25

FY 21

FY 22

FY 23

FY 24 9M FY 25

ROCE %

31.6%

26.3%

ROE %

31.2%

27.2%

21.9%

15.5%

17.8%

18.6%

14.0%

Cash Conversion Ratio

325%

14.5%

47%

147%

118%

109%

FY 21

FY 22

FY 23

FY 24

9M FY 25

FY 21

FY 22

FY 23

FY 24

9M FY 25

FY 21

FY 22

FY 23

FY 24

9M FY 25

17

Prudent Capital allocation Policy intending towards Value accretive and sustainable Capital returns

• Funds

Availability

=

Available Cash & Cash equivalents*

+

Available Term credit facilities

=

Overall Availability of Funds

7900 Cr.

7400 Cr.

15,300 Cr.

• Funds

Committed

Amount committed for 6GW Ingot-Module integrated facility

+

Amount committed for adjacent businesses

=

Total Committed Funds

9100 Cr.

3400 Cr.

12,500 Cr.

* As per unaudited financials as on 31.12.24. All amounts R’off to nearest Hundred Crores

18

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

Module

Cell

Ingot-wafer

13.3 GW India

1.6 GW 2 USA

5.4 GW 1 India

6 GW PLI awarded

6 GW PLI awarded

6 GW PLI awarded

21 GW

11.4 GW

6 GW

1. Trial production initiated & 1.4GW operationalized 2. Commercial production initiated from 22nd Jan'25

19

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

20

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

• Oversees 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 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

21

Experienced senior management team

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

• Previously associated with Emerson Electric 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

Gordon Brinser COO, Waaree Solar Americas

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

• Previously associated with

Vedanta as a CFO

• Associated with the Company since 2017

• Previously associated with EnerSys as VP operations

• Previously associated with Shubhalakshmi Polyesters Limited as CFO

22

Dr. Hitesh Chimanlal Doshi Chairman & MD

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

THANK YOU

ree Energies Limited Waa CIN: 29248MH1990PLC059463 L Name –Mr. Rohit Wade Title – General Manager-Investor Relations Email – rohitwade@waaree.com

Mr. Nikunj Jain +91 9769060608 nikunj.jain@in.mpms.mufg.com

Ms. Pooja Swami +91 9860202359 Pooja.swami@in.mpms.mufg.com