Waaree Energies Limited has informed the Exchange about Investor Presentation

April 22, 2025

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

Dear Sir/Madam

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

Sub: Investors/Earning Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investors/ Earnings Presentation for the Quarter and Financial Year ended March 31, 2025. The Company will use this presentation for any meeting scheduled 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.

Thanking you,

Yours faithfully,

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 Q4 and FY25 Presentation

0

Safe Harbour

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

A Year in Review

Agenda

Financial Performance and Takeaways

Appendix

2

A Year in Review

3

₹14,846 Cr. Revenue

₹3,123 Cr. EBITDA

~₹47,000 Cr. Order Book

~₹15,550 Cr. Funds Available

FY25 – A Transformative Year For Waaree

~15 GW Manufacturing capacity of solar modules

5.4 GW Manufacturing capacity of cells

US Manufacturing Operationalised in January 2025

IPO Listed in October 2024, heralding a new era for Waaree

EcoVadis Gold Medal Sustainability rating achieved 97th percentile

Care A+ Care A1+

IndoSolar First year of operations following acquisition. Full year profit of ₹55 Cr.

BNF Tier 1 Consistently Ranked as Tier 1 PV Module Maker for 38 Quarters

Solid Credit and Bankability Ratings Stable outlook for both short and long term

Figures rounded off to nearest unit

4

Strategic Investments Powering a Diversified Green Energy Portfolio and Positions Us Strongly for the Next Wave of Growth

Backward Integration

Forward Integration

Ingots, Wafers

Cells

Modules

Poly- Silicon

• 6 GW facility to be ready by FY27

• Existing capacity

of 5.4 GW • Technology

collaborations for Perovskite tandem cells

• Current capacity

of 15 GW • 4.8 GW to be

added in FY26- 27

On Track for 6 GW PLI Facility by FY27

Batteries

•

•

Investment towards Lithium-Ion Storage Cell and Energy Storage Systems 3.5 GWh facility to be operational in FY27

Green Hydrogen

• Awarded PLI for a 300 MW Electrolyser

Manufacturing Facility To be operational in FY27

•

Note: * Transaction in progress, subject to condition precedents | ** excl. ENEL

Power Infrastructure

• EGPIPL* acquisition in progress • Won RUMSL's 170 MW project • Connectivity ~1 GW**

EPC

• 3.2 GW under execution • 695 MWp of O&M portfolio of

solar power plant assets

Inverters

• 3 GW facility (3 lakh inverters)

under construction

• To be operational by Q4 FY26

5

A Foundational Year for India, Waaree is Primed for Continued Strong Growth Backed by Policy Enablers

~25 GW Order Book

14.1% Share in India’s Module Shipments (Highest)

India Solar Capacity

Robust Demand

Thrust on Indigenising Manufacturing

• Added ~24 GW solar power capacity in FY24-25, surpassing the 100 GW milestone in

January 2025. Currently stands at 105+ GW Projected to reach 280 GW by 2030

•

• PM Suryaghar and Kusum Yojana sanctions

• Solar parks, SECI tenders, and other large utility tenders

• 16.5 GW worth of PPAs signed in utility scale solar (incl. Discom and Private PPAs)

• ALMM and other incentives helping build a robust domestic manufacturing ecosystem

• Cell manufacturing will grow at a 30+% CAGR over the next five years

400+ Franchisees

100+ GW Pipeline

As of FY25 Q4 Beginning

As of FY26 Q1 Beginning

₹50,000+ Cr.

Order Book

~₹47,000 Cr.

46% India

43% India

54% Overseas

57% Overseas

Source: IEA, CEA, MNRE, JMK

6

Demonstrable Commitment Towards Sustainability – Reducing Our Carbon Footprint From Cradle to Grave

Transition to Renewable Energy for Operations; Net Zero Scope #1 and #2 by 2030 and #3 by 2040

Initiatives Deeply Aligned With United Nations Sustainable Development Goals (SDGs)

Gold Medal in EcoVadis Sustainability Rating

Only Indian Company in Our Category

Strong Scores Across Indices

79/100 Overall Score 97th Percentile

Industry-leading efficiency and ultra- low-carbon footprint modules, certified under the International EPD system

7

Achieved Highest Ratings in ‘Bankability of PV Modules’ Over Last Two 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

BNEF Tier-1

Consistently Ranked as a Tier-1 PV Module Maker for 38 Quarters

Q4 2024

8

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

Credit Rating Upgrade to “A+”

Factors in significant performance improvement reflecting in increased CUF, enhanced demand prospects for domestic cells and modules, continued growth in operating income, and sustenance of profitability margins

Financial Performance and Takeaways

9

Robust Financial Performance

(Consolidated)

Q4 FY25

(Consolidated)

FY25

(in ₹ Cr.)

Revenue

37.69%

4,141

3,007

EBITDA*

16.29%

25.59%

116.27%

1,060

490

Revenue

27.62%

14,846

11,633

EBITDA*

15.56%

21.04%

72.59%

3,123

1,810

Q4FY24

Q4FY25

Q4FY24

Q4FY25

FY24

FY25

FY24

FY25

PAT*

6.08%

15.66%

254.52%

648

183

PAT*

8.02%

13.01%

107.08%

1,932

933

*Excluding exceptional items

Q4FY24

Q4FY25

FY24

FY25

10

Consolidated Profit and Loss Statement

Particulars (₹ Cr.)

Q4 FY25 Q4 FY24

Y-o-Y

Q3 FY25

Q-o-Q

FY25

FY24

Y-o-Y

Revenue From Operations Other Income Total Income Cost of Materials Consumed Purchases of Stock-in-Trade Changes in Inventories of Finished Goods, Stock-in- Trade, and Work in Progress Other Manufacturing and Engineering, Procurement, and Construction Project Expenses Employee Benefits Expense Sales, Administration, and Other Expenses EBITDA % Margin Depreciation and Amortisation Expenses Finance Costs Profit Before Tax and Exceptional Items Exceptional Items Profit Before Tax (After Exceptional Items) Tax Expenses PAT PAT (Excluding Exceptional Items) % Margin (Excluding Exceptional Items)

4,003.94 136.98 4,140.92 2,409.57 264.73

2,935.84 71.60 3,007.44 1,870.85 352.90

(64.99)

(34.87)

106.98

69.88

102.92 262.14 1,059.57 25.59% 153.37 56.72 849.48 (4.02) 845.46 200.99 644.47 648.49 15.66%

64.29 194.45 489.94 16.29% 75.15 48.41 366.38 292.23 658.61 183.45 475.16 182.92 6.08%

37.69%

116.27%

131.86%

28.37%

35.63% 254.52%

3,457.29 87.98 3,545.27 1,908.48 327.18

127.84

76.20

85.17 210.69 809.70 22.84% 89.05 30.85 689.81 - 689.81 182.94 506.88 506.88 14.30%

14,444.50 11,397.61

235.15

401.56 16.80% 14,846.06 11,632.76 8,356.48 8,263.19 965.31 1,273.84

27.62%

652.79

(561.99)

330.95

254.04

318.17 883.92 3,123.20 21.04% 402.45 152.09 2,568.66 (4.02) 2,564.64 636.51 1,928.13 1,932.15 13.01%

177.15 632.18 1,809.60 15.56% 276.81 139.91 1,392.86 341.34 1,734.20 459.82 1,274.38 933.04 8.02%

30.86%

23.15%

22.56%

27.15% 27.94%

72.59%

84.42%

47.89%

51.30% 107.08%

11

Consolidated Balance Sheet and Cash Flow

Particulars (₹ Cr.)

Shareholders' Fund

Non-Current Liabilities

Current Liabilities

Total Liabilities

Fixed Assets

Other Non-Current Assets

Current Assets

Total Assets

Particulars (₹ Cr.)

Net Cash Inflow/(Outflow) From Operating Activities

Cash Flow From Investing Activities

Cash Flow From Financing Activities

Net Increase / (Decrease) in Cash and Cash Equivalent

Cash and Cash Equivalents at Beginning of Period

Effect of Foreign Exchange in Cash and Cash Equivalent

Cash and Cash Equivalents at End of Period

FY25

9,595.28

1,365.96

8,786.14

19,747.38

5,469.10

1,121.46

13,156.82

19,747.38

FY25

3,158.21

(6,808.37)

4,035.74

385.58

121.39

2.86

509.83

FY24

4,148.47

1,742.12

5,423.15

11,313.74

2,490.59

810.03

8,013.12

11,313.74

FY24

2,305.04

(3,340.27)

909.19

(126.05)

253.65

(6.22)

121.38

12

Guidance as on April 22, 2025

Particulars

FY26 Guidance

EBITDA (₹ Cr.)

5,500 to 6,000*

Projecting robust year on year growth in

EBITDA on the back of strong demand

realisation and operational excellence

*These figures are forward-looking statements and are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions

13

Key Takeaways

Solid Performance in FY25

•

₹14,846.06 Cr. revenue from operations in FY25

Positions Us for the Next

• EBITDA of ₹3,123.20 Cr.

Wave of Growth

• An order book of ~₹47,000 Cr. stepping into FY26

•

Identified and aligned our initiatives to SBTI and UN Sustainable Development Goals

Technology and

Sustainability Leadership

• EcoVadis Gold Medal – only Indian company in our category

• Became first Indian solar panel manufacturer to receive EPD certifications

• Collaboration with IIT-B to drive technology leadership in cells

• BIS certification for 730 Wp HJT modules

• Cell line operationalised with 5.4 GW capacity

Strategic Investments

• New cells and ingot-wafer facility (6 GW) to come on line in 2027

Across the Energy

• Green hydrogen and battery / energy storage system facilities under construction

Transition Value Chain

• Continued investments in renewable power generation and infrastructure

• Acquisition of ENEL in progress

Guidance for FY26: EBITDA in the range of ₹5,500 to ₹6,000 Cr.

14

Appendix

15

Accomplished Board of Directors

Dr. Hitesh Chimanlal Doshi Chairman and MD

Viren Chimanlal Doshi Whole Time Director

Hitesh Pranjivan Mehta Whole Time Director

Dr. Amit Paithankar Whole Time Director and CEO

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

• Associated with the Company

• Associated with the Company

• Joined the Company in March

since November 2007

• Oversees EPC operations of the

solar projects of Waaree

since 2011 as Director of Waaree Group

• Extensive experience in solar, oil,

and engineering industries

2024

• Previously associated with

Emerson Electric as MD of South Asia

Sujit Kumar Varma Independent Director

Rajinder Singh Loona Independent Director

Richa Manoj Goyal Independent Director

Rajender Mohan Malla Independent Director

• 35 years of experience in the

banking industry

• Associated with SBI in various

capacities since 1987

• Managing Partner at Alliance Law, previously served as Director (Law) in SEBI

• Corporate lawyer with 40+ years experience in the securities market, finance, infrastructure, real estate, and regulatory advice

• Currently the Managing Partner of the law firm Richa Goyal and Associates

• Practising Company Secretary and certified trademarks agent

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

• MBA from the University of Delhi

16

Experienced Senior Management Team

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

• Previously associated with Emerson Electric as MD of 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 industry

• 27+ years of industry

expertise with experience at JSW Energy, NTPC Ltd etc.

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 CFO

• Previously associated with Shubhalakshmi Polyesters Limited as CFO

Gordon Brinser COO, Waaree Solar Americas

• Previously associated with EnerSys as VP operations

17

Dr. Hitesh Chimanlal Doshi Chairman and MD

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

Driving Growth in Broader Energy Transition Value Chain

Waaree Energies Limited (Solar Module and Cell)

100%

96.15%

100%

100%

100%

100%

100%

74.46%

Sangam Solar One Private Limited

Indosolar Limited

Waaree Solar Americas Inc.

Waaree Energies Middle East LLC

Waaree Forever Energies Pvt Ltd

Waaree Energies Storage Solutions Pvt Ltd

Waaree Clean Energy Solutions Private Limited

Waaree Renewable Technologies Limited

Odisha (PLI Project)

Module Manufacturing

Module Manufacturing

Module Supply

Renewable Power Infrastructure

Energy Storage Business

Hydrogen Business

EPC and O&M

18

THANK YOU

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

MUFG Intime India Pvt Ltd

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

Mr. Irfan Raeen +91 9773778669 irfan.raeen@in.mpms.mufg.com