Waaree Renewable Technologies Limited has informed the Exchange about Investor Presentation
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Safe Harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Renewable Technologies Limited (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.
2
Group Overview
Vertically Integrated Operations
32 Years of Industry Experience
~15 GW Module Capacity & 5.4 GW Cell Capacity
TIER 1 Solar Module Manufacturer
#1 Indian Module Manufacturer
Products Exported In 26 Countries
CARE A+, Stable Credit Rating
~26.5 GW | ~50k cr. (Order Book)
Battery Energy Storage System
Green Hydrogen- Electrolyser manufacturing
~10,000 Employees Globally
400+ Franchises across India
4
Integrated Energy Offerings
Solar Modules
01
O&M Services
03
Floating Solar
05
Off Grid Inverters
07
Lithium Ion Batteries
09
Green Hydrogen- Electrolyser manufacturing 11
02
EPC Services
04
Rooftop Solutions
06
On Grid Inverters
08
BESS
10
Solar Products Water Pump, Street Lights
12
Solar Partners
5
Marquee Clientele & Stakeholder Relationships
Problem Lenders to Developers
Problem Consultants / Owners’ Engineers
Problem Suppliers
•
•
Strong relationship with a multitude of global lenders - both state-owned and private
Lenders rely on Waaree’s credibility as an EPC player to finance projects
•
Strong relationship with renowned consultants and engineers engaged by developers
• Their certification provides additional assurance to
customers
•
Strong relationship with diversified group of local and global suppliers of modules and other raw materials; critical to supply chain success
• Helps Company get significant cost benefits in
sourcing materials
Strong relationship makes Company a leading player
Solid reputation across Other stakeholders
Strengthening the Relationship
Customers / Developers
• Strong relationship with top strategic developers and customers • Manages the complete supply chain thereby reducing the number of service providers customer has to engage with and optimize solution
6
Industry Overview
Global Energy Transition
Projected annual Solar PV capacity additions1, GW
…driven by
RE – Projected Installed Capacity2, GW
402.3
421.7
459.2
493.9
539.6
Net Zero Carbon emission commitment globally
For setting up of 450 GW RE + 19 GW PSP and 42 GW BESS to necessitate incremental debt of ~Rs 14 lakh crore
Solar PV Declining levelized cost of energy
400
450
500
246
191
254
279
262
262
276
CY24P
CY25P
CY26P
CY27P
CY28P
Green Hydrogen / Green Ammonia To fuel solar capacity
FY23 (A)
FY 27
FY 30 (I)
FY30(II)
CEA (E)
Fossil
RE+Hydro
Solar capacity additions in India ~125-130 GW over Fiscals 2025-20291
Break-up of the total installed capacity - FY24 vs FY30E3
38 - 39
40 - 41
28 - 29
30 - 31
24 - 25
13
15
FY23
FY24
FY25P
FY26P
FY27P
FY28P
FY29P
Source: 1:Crisil Report, 2:Energy Storage Care EDGE Report ,3:CEA, Nuvama Research
FY24
48%
4%
6%
0%
19%
10%
12%
2%
Natural Gas
Diesel
Coal
Nuclear
Hydro
Wind
Solar
Others
FY30E
35%
4% 0%3%
35%
2%
8%
14%
Natural Gas
Diesel
Coal
Nuclear
Hydro
Wind
Solar
Others
8
Indian Energy Transition
Government targets to achieve solar power capacity of ~280GW from 100GW in FY25TD (23% CAGR over FY25–30E)1
Installed Capacity in (GW)
280
23%
7
FY16
12
FY17
22
FY18
28
FY19
36%
35
FY20
40
FY21
54
67
82
100
FY22
FY23
FY24
FY25 TD
2030E
Estimated ground-mounted, rooftop and off-grid/KUSUM solar projects to drive solar capacity additions1 (GW)
Ground mounted solar
Off-grid solar/KUSUM
Residential rooftop solar
Grid connected solar rooftop
Hybrid projects solar component
64
12
3 FY24
3
76
16
6
FY25E
3 3
Source: 1:MNRE, Nuvama Research
89
21
6 5
10
FY26E
103
27 6
15
9
FY27E
117
34
7
21
12
FY28E
131
41
28 15
9
FY29E
146
48
35 18
11
FY30E
9
Supportive Government Policies Fueling Growth
India-EPC services demand across solar energy
Market potential of Indian O&M in solar1
State wise solar park approved capacity (MW)2
1705
Estimated market (in Rs. Bn)
Estimated O&M market for 3rd party (GW)
12150
Sanctioned Capacity
Projects commissioned
+23.03%
73.0
8276
605
708
Rs Bn
FY23
FY24F
FY28F
+23%
16.8
5.8
2022-23
25.5
4200
4180
3065
3050
3730
900
1000
341
2500
2000
1000
2029-30
Gujarat
Rajasthan
Andhra Pradesh
Madhya Pradesh
Uttar Pradesh
Karnataka
Maharashtra
Key initiatives by GOI for development of solar energy/ capacity
Solar Parks
PLI Scheme
Rooftop Solar
Energy Storage3
Others
• Solar Park policy released in Sep2014. • GOI has approved 58 solar parks with aggregate capacity of ~40GW • Aggregate capacity of 10GW have been commissioned in 20 Solar Parks
• Govt backed initiative to promote domestic mfg of Solar PV modules • Rs 24,000 Cr outlay under the PLI scheme in two tanches
• PM Surya Ghar Muft Bijli Yojana Proposed outlay of 75k Cr for crore households in India • Providing 300 units of free electricity everymonth
Storage Needs: • FY24: ~12 GW of energy storage
required (4 hours of storage per GW). • FY30: Projected increase to ~70 GW of
storage capacity.
Government Initiative – VGF Scheme: • Objective: Develop 4 GWh of BESS by
FY31.
• Cost Reduction Goal: Lower levelized
cost of storage (LCoS) from ~Rs 11/kWh to Rs 5.50-6.60/kWh.
`
• Min. Domestic content requirement • BCD on solar modules raised from 25% to 40% • Approved list of models & manufacturers to ensure quality & performance of modules in India
Source: Crisil Report, 1: saurenergy.com 2: pib.gov.in 3:Energy Storage Care EDGE Report
10
Company Overview
Journey to Leadership in Solar EPC
Waaree RTL Expands Market Presence in India
115%
876
351
1598
Revenue (Rs. Cr)
2023
2024
2025
162
2022
2025
• Credit Rating upgraded: A,
Stable (CARE)
• Ground Mounted Solar Project - 255 MWp
• Turnkey EPC Project-105 MWp • 40 MWh Battery Storage
System
2024
• GW Scale Project
▪ Jindal Renewables – 2012.47 MWp ▪ Greenko - 980 MWp
• Turnkey Solutions NEEPCO - 450 MWp • MNC Customer Acciona Energy – 412 MWp
of EPC experience
2023
• AM Green - 296 MWp • DRPL Tuticorin - 153 MWp • Continuum Project- 150 MWp
2022
• Cello Industries Rooftop Project
2021
• EPC Division carved out in Waaree RTL
• Continuum Project – 140 MWp • Masaya Project - 210 MWp
12
Complete Solutions with Proven Experience
Engineering
01
Procurement
02
Construction
03
Project Systems
Electrical
Structural & Civil
Monitoring
Evacuation
PV Modules
Inverters
Structures
Cables
Transformers
Other BOS
Land Development
Structure
Control Room
Road , Drainage & Connectivity
Evacuation of Power
Business Development
Infrastructure Planning & Development
Project Execution
Testing and Commissioning
Project Maintenance
13
Comprehensive RE EPC and O&M Expertise…..
Technologically advanced end to end solar solutions
Key financial metrics
Utility scale solar projects (incl turnkey & BOS)
Rooftop solar projects
Floating Solar Projects
Solar + energy storage
RESCO & CAPEX Models
INR 1,597.75 Cr
FY25 Revenue from Operations
19.46%
FY25 EBITDA margin
114.67%
FY22-25 Revenue CAGR
14.33%
FY25 PAT Margin
INR 454.95 Cr
INR 78.76 Cr
FY25 Net Worth
FY25 Cash & Cash Equivalents
65.29%
FY25 ROE
61.94%
FY25 ROCE
Design and Engineering • Dedicated in-house
design & engineering team of 31 people
•
India based cost effective structure
Procurement
•
Selection of vendors after thorough due diligence
• Well-defined quality
management procedures.
Inspection & Audit • 3-stage audit process
•
including initial factory audit, production process audit and monitoring at vendor’s facility and pre- shipment inspection
Construction Final inspection and testing under the supervision of project manager to ensure new plant is safe and meets design objectives
Field quality monitoring • Centralized monitoring
•
with efficient tracking of under-construction plants
O&M service Long Term O&M services for both own customers, and third-party projects
EHS & Quality Procedure • Ensures EHS compliance, providing safety training, support health & wellness, control environment impacts, etc.
14
…with end-to-end capabilities
In House Dedicated Capabilities
Installation & Commissioning
Power Evacuation
End to End Capabilities
Land and Site Identification
Design Services
Adherence to EHS and Quality
Pre-Feasibility Studies
Expertise in Statuary & Liasoning
Expert In House Design & Procurement Team
Single Location Aggregated & Developed Land on Free- Hold Basis
Ready & Robust Evacuation Infrastructure (Transmission Line & GSS Bay) On Shared Basis
Plug-n-Play Solution with proven Expertise of Waaree’s EPC, Approvals & Asset Management Team
15
Major EPC Accomplishments
2.32 GW Project Commissioned
3,263 MWp Project site under execution
58.55 MW (194 Project) Roof Top Commissioned
~695 MW O&M Portfolio of solar power plant assets
2.29 MW (3 Floating Solar Projects)
R&D Team In House R&D team for New Technology Development
16
Large Order Book with Strong Execution
Unexecuted orderbook has been scaled up over years (MWp)…
…. With stable rate of execution
2365
3263
Executed Order Book (MWp)
Revenue from Operations (Rs. Cr)
1524
1598
876
704
295
351
2024
2025
2023
2024
2025
817
2023
Engineering, Procurement and Construction (EPC) works of a project
IPP Assets
Key Orders Wins
•
•
•
•
•
•
•
•
255 MWp Ground Mounted solar power project (Order won in Q4FY25)
105 MWp Turnkey EPC Project (Order won in Q4FY25)
40 MWh Battery Storage System project (Order won in Q4 FY25)
2012.47 MWp Ground Mounted Solar PV project (Order won in Q3FY25)
30.0 MWp Ground Mounted solar power project (Order won in Q2FY25)
3.4 MWp Ground Mounted solar power project (Order won in Q2FY25)
700 KWp Rooftop solar power project (Order won in Q1FY25)
1.090 MWp Floating solar power project (Order won in Q1FY25)
•
•
The company has developed 54.82 MWp solar power generating assets
Additionally, setting up 41.6 MWp Independent Power Producer (IPP) Plant (Q3 FY25)
O&M Portfolio •
The company has ~695 MWp of O&M Portfolio
17
Key Ongoing Projects
2000 MWp Ground Mounted project at Bikaner, Rajasthan
980 MWp Ground Mounted project at Kurnool, Andhra Pradesh
450 MWp Ground Mounted project at Bikaner, Rajasthan
412.5 MWp Ground Mounted project at Bikaner, Rajasthan
150 MWp Ground Mounted project at Ratlam, Madhya Pradesh
100 MWp Ground Mounted project at Jamnagar, Gujarat
78 MWp Ground Mounted project at Kasdol, Chhattisgarh
52.6 MWp Ground Mounted project at Simhapuri, Andhra Pradesh
210 MWp Ground Mounded project at Khandwa
4.25 MWp Rooftop project at Chittorgarh, Rajasthan
3.4 MWp Ground Mounted project (PM Kusum Yojna) at Chadchan, Karnataka
1.090 MWp Floating project at Vadodra, Gujarat
0.7 MWp Flexible Rooftop project at Bhiwandi, Maharashtra
18
Future Strategy
Key Strengths
Fast growing solar market with massive tailwinds
Comprehensive Solar EPC solutions provider with end-to-end capabilities
Ability to undertake complexity, size and all renewable projects
Ecosystem play within the group
Bankable EPC provider with marquee customers
Strong parentage and the ability to leverage module manufacturing business of parent
Well entrenched in the Indian Market with large projects commissioned
Large order book with strong execution
Strong execution capabilities with experienced management at the helm
Robust growth and financial performance backed by an asset-light business model
20
Unique Propositions
CUSTOMER CONNECT
MARKET ACCEPTANCE
NETWORK
ON GROUND TRACK RECORD
Strong Customer base of respected industrial House/Companies
Proven Name & Quality at Competitive rate in national and international markets
Strong & Proven Network with all stakeholders/authorities with more than a decade of experience
Large Installations with Long & Proven On-Ground Performance
QUALITY CERTIFICATION
IN HOUSE TEAM
INNOVATION
ISO 9001:2015 certificate received for Quality Management System (QMS)
Experienced & Strong Team with Proven Performance in Solar (295 Manpower)
Consistent Introduction of new technologies & Innovative products & Solutions
21
Growth Strategy - Energy Transition
Energy Transition
Solar Parks
O&M
Renewable
Storage
Services
Green Hydrogen
Solar
Hybrid
Battery
Pump
Floating
Rooftop
Ground Mounted
Achieve higher growth in the EPC segment
Expand in O&M markets
• Evaluating opportunities in both international and domestic markets to secure
• The size of the O&M market is expected to grow as more solar capacities are added
more EPC contracts
• Evaluating third-party O&M opportunities in international & domestic markets
• Participating in government and private bidding process
through both organic and inorganic methods
• Ecosystem of renewable energy from module to storage helps win clients
• Enhance value to customers by offering differentiating O&M services, such as drone thermography, strong analytics and predictions, underground cable fault finder etc.
22
Powering Growth wide Presence in Energy Ecosystem
Waaree group’s experience in Solar translates into multiple advantages for the EPC business
Emerged as a credible solar EPC player in India
Global Access
26 countries presence
• Waaree Energies is present in India, Middle East, Africa, APAC, North & South America and Europe – can provide access to international markets
• Waaree Energies has a strong presence in India 25 states & 2 UTs which provide sourcing access to Waaree RTL
• Assists the company in being able to source orders by
providing end to end product & solutions
• Also assists in getting leads for EPC projects
Module Manufacturing
25.7 GW Planned Capacity
Strong Group Financials
Strong financial backing
•
•
•
•
~15 GW of existing capacity with planned capacity of 25.7 GW – Largest domestic manufacturer of solar PV modules
Backward integration to provide cost advantage and access to modules
• Waaree RTL has access to strong supply chain
•
Strong Marquee Clients
Support of group for non-fund limits to bid for large projects
Strong balance sheet of Parent Company (Waaree Energies)
•
•
Strong backing & stakeholder relationship
Strong Credit Rating: CARE A,Stable
Waaree group is seen as an end-to-end product & solutions provider in the Global Energy Transition space
23
Experienced Board Management
Mr. Nilesh Bhogilal Gandhi | Chairman & Non-Executive Independent Director
An accomplished professional with over three decades of experience in finance, power, and renewables, he holds a Bachelor’s in Commerce, an LLB, and is a Fellow Chartered Accountant (FCA). He has held key leadership roles at Unid Finance Consultancy, Rational Engineers, and Indosolar, providing strategic guidance and direction.
Mr. Pujan Pankaj Doshi | Managing Director
He combines engineering expertise with visionary in Instrumentation from Mumbai University, he brings over a decade of experience in corporate strategy, business planning, and fostering international collaborations. His strategic acumen drives the company’s innovative initiatives.
leadership. Holding a BE
Mr. Sunil Rathi | Executive Director
He holds a BE in Electronics and an MBA in Marketing from ITM, Mumbai, with over three decades of experience in sales and marketing. He has worked with leading companies including Vikram Solar, Waaree Energies, Powernetics Equipment, Control Paint, and Aplab Ltd.
Mr. Sunil Jain | Non-Executive Independent Director
With over three decades of experience, he led Hero Future Energies to a 2 GW portfolio and helped establish Green Infra Limited. An award-winning leader in renewables, he chairs several councils and holds an engineering degree from BIT Mesra and an MBA from FMS, Delhi University.
Mr. Sudhir Arya | Additional Non-Executive Independent Director
A fellow of ICMAI and ICFAI with a finance degree from MDI, Gurugram, he has over four decades of experience, including roles as CFO of NTPC Ltd and Director (Finance) at UPPCL. He specializes in project finance and financial reporting and serves as an independent director at IIFL Asset Management and Ajay Poly Ltd.
Mr. Viren Chimanlal Doshi |Executive Director
He has been with the company since 2007, and currently oversees the engineering, procurement, and construction of solar projects across the company and its subsidiaries. With over two decades of experience in the engineering industry, he brings extensive knowledge and expertise.
Mr. Hitesh Pranjivan Mehta | Executive Director
With over three decades of experience in engineering, solar, and oil industries, he combines strategic insight and financial expertise. Holding a Bachelor’s in Commerce from the University of Bombay and being a member of the ICAI, he leads Waaree Group strategies, financial management, and corporate governance, ensuring strong financial stewardship.
Mr. Mitul Chandulal Mehta | Non-Executive Independent Director
He holds a Bachelor's degree in Commerce from Mumbai University. He has over two decades of experience in production and is currently working as a director at ITEC Measures Pvt Ltd and Waaree Technologies Limited
Ms. Ambika Sharma | Non-Executive Independent Director
She is a global business strategist with over three decades of experience in public affairs and international relations. A summa cum laude graduate in Economics from Delhi University, she also holds a Master’s in Business Economics and has attended management programs at the EU and XLRI, Jamshedpur.
24
Strong Leadership Team
Mr. Manmohan Sharma Chief Financial Officer
Mr. Ravikesh Singh Chief Operating Officer-EPC
He is a Chartered Accountant with over 29 years of experience in Project Finance, Accounts, Working Capital Management, Banking, Cash Flow Management, Budgeting, MIS, Ind AS Financials, Audits, Taxation, and Financial Modelling. His expertise lies in robust financial planning, control, system improvement, and in establishing a good governance framework and has previously been associated with GMR Energy Limited , Suzlon Energy Limited , Ispat Industries Limited, etc.
He holds a B. Tech in Electrical Engg & Post Graduate Diploma in Business Management. He has over 20 years of experience in power projects and has previously been associated with companies such as CleanMax Enviro Energy Solutions Pvt Limited, Cable Corporation of India Limited, RattanIndia (Indiabulls) Power Limited, Adani Power Ltd, ABB Ltd, Reliance Energy Ltd.
Mr. Mayur Mehta Vice-President Supply Chain Management
He holds a Diploma in Export-Import Management. He has 25+ years of experience in Supply Chain Management and has previously been associated with companies such as Blue Star Ltd, DHL, Astarc Group, ALF Engineering, and Aegis Logistics.
Ms. Heema Shah Company Secretary & Compliance Officer
She holds a Bachelor's degree in Commerce and LLB from Mumbai University and is a Company Secretary from ICSI. She has over 11 years of experience in corporate compliance and governance. She was previously associated with the Pittie group and Reliance Organic
25
Financial Highlights
Robust Financial Performance
(Consolidated)
Revenue
+74.37%
476.58
273.31
EBITDA & EBITDA Margin
27.55%
26.51%
+67.79%
126.33
75.29
PAT & PAT Margin
18.78%
19.67%
(₹ in Cr)
+82.73%
93.77
51.31
Q4FY24*
Q4FY25
Q4FY24*
Q4FY25
Q4FY24*
Q4FY25
Revenue
+82.29%
1,597.75
876.50
EBITDA & EBITDA Margin
23.64%
19.46%
+50.06%
310.90
207.18
PAT & PAT Margin
16.57%
14.33%
+57.64%
228.92
145.22
*Note- Consolidated numbers are on restated basis due to merger effect
FY24*
FY25
FY24*
FY25
FY24*
FY25 *Excluding Other Income
27
Consolidated Income Statement
Particulars (₹ Crs)
Revenue from Operations
Total Revenue
Cost of EPC contract
Employee Expenses
Other Expenses
EBITDA
EBITDA Margin (%)
Other Income
Depreciation
Finance Cost
Profit Before Tax
Profit Before Tax(%)
Exceptional Item
Tax
Profit After Tax
PAT Margin (%)
EPS (As per Profit after Tax)
*Note: Consolidated numbers are on restated basis due to merger effect
Q4FY25
Q4Y24*
Y-o-Y
Q3FY25
Q-o-Q
FY25
FY24*
Y-o-Y
476.58
476.58
334.96
7.50
7.79
126.33
26.51%
4.86
1.63
4.38
125.18
26.27%
-4.02
27.40
93.77
273.31
273.31
190.04
4.97
3.01
75.29
27.55%
2.05
1.72
3.54
72.08
26.37%
-
20.76
51.31
19.67%
18.78%
9.00
4.93
74.37%
67.79%
73.68%
82.73%
360.35
360.35
275.93
7.92
4.57
71.92
19.96%
3.78
1.62
3.35
70.74
19.63%
-
17.25
53.48
14.84%
5.14
1597.75
876.50
32.26%
1,597.75
876.50
82.29%
1238.80
644.90
29.56
18.49
17.30
7.12
75.65%
310.90
207.18
50.06%
19.46%
23.64%
14.80
6.37
14.84
4.15
6.12
6.77
76.98%
304.49
198.45
53.43%
19.06%
22.64%
-4.02
71.55
-
53.24
75.32%
228.92
145.22
57.64%
14.33%
16.57%
22.00
13.95
28
Consolidated Balance Sheet and Cash Flow Statement
Particulars (₹ Cr)
Shareholders' Funds
Non-Current Liabilities
Current Liabilities
Total Equity & 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 & Cash equivalent
Cash and cash equivalents as at start of the period
Cash and cash equivalents as at end of the period
*Note: Consolidated numbers are on restated basis due to merger effect
FY25
454.95
52.23
612.94
1,120.12
254.19
54.42
811.51
1,120.12
FY25
302.70
-236.93
-48.57
17.20
9.59
26.79
FY24*
246.53
48.78
419.23
714.32
159.93
4.05
550.34
714.32
FY24*
127.91
-114.39
-7.18
6.34
3.26
9.59
29
For further information, please contact:
Company :
Investor Relations Advisors :
Waaree Renewable Technologies Ltd. CIN: L93000MH1999PLC120470
MUFG Intime India Private Limited (A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services)
Mr. Rohit Wade GM – Investor Relations rohitwade@waaree.com www.waareertl.com
Mr. Viral Sanklecha +91 9987123158
viral.sanklecha@in.mpms.mufg.com
Ms. Nidhi Vijaywargia +91 9923450804
nidhi.vijaywargia@in.mpms.mufg.com