Waaree Energies Limited has informed the Exchange about Investor Presentation
WAAREE®
One with the Sun
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
July 28, 2025
To The Manager, Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400 001 Scrip Code: 544277
Dear Sir/Madam,
Sub: Analysts/Institutional Investors Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investors/ Earnings Presentation for the Quarter ended June 30, 2025. The Company will use this presentation for meeting scheduled on Wednesday, July 30 , 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 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
WAAREE ENERGIES LIMITED Q1FY26 Presentation
One with the Sun
Safe Harbour
One with the Sun
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
Quarterly Overview
WAARFF®
One with the Sun
Record Performance Delivered
One with the Sun
₹ 4,597 Cr Revenue + 31% YoY
₹ 1,169 Cr EBITDA +83% YoY 25.4% Margin
~15 GW Module Capacity
5.4 GW Cell Capacity
₹773 Cr PAT +93% YoY 16.8% Margin
₹ ~49,000 Cr Order Book ₹47,000 Cr in FY25
-0.7x Debt-to-Equity*
34.1% ROCE *
28.2% ROE *
*FY25 numbers are adjusted for unutilized portion of IPO proceeds
3
Strong Production Ramp-up Supported By A Robust Order Book
WA A REE®
One with the Sun
Strong Production Growth
Solid Order Book
Revenue Mix
Module Production (GW)
Order Book1:
~25 GW
~₹49,000 Cr.
Geographical Revenue Mix
64%
2.3
1.4
41.3%
58.7%
32.0%
68.0%
Q1FY25
Q1FY26
India
Overseas
Domestic (Retail, EPC & Enterprise) Overseas
Record Quarterly Production
Order Pipeline
100+ GW
1. As on date, for WEL solar manufacturing + WRTL; India and overseas split of orderbook by GW volume
4
Industry Overview and Strategic Roadmap
WAARFF®
One with the Sun
Strong Industry Tailwinds In India; Continue To Monitor The Evolving Market Dynamics In The US
One with the Sun
• Domestic
• Q1FY26 solar capacity addition ~10.6 GW. Current capacity at 116+ GW; Solar capacity added in FY24-25: ~24 GW • ALMM for cells necessary to provide further fillip to DCR segment • ALMM applicable for behind-the-meter government projects from 1-Jun-2026
Industry Update
• International
• US Solar capacity is projected to grow to ~5001 GW by 2030; ~11 GW added in Q1 of 2025 • 45x tax credits for solar manufacturing to continue • At present US tariff on India’s export is 10%, BTA discussion in progress • Anti-dumping investigation initiated in US against Indonesia, Laos, and India
Company Update
• IPO object clause change put up for shareholders’ approval for shifting 6 GW manufacturing facility from Odisha to
Gujarat (Cells & Modules) and Maharashtra (Ingots-wafers); Execution on-track
• The Board of Directors have also approved an additional capex of ₹2,754 Cr for expansion of cell capacity by 4 GW in
Gujarat and Ingot-wafer by 4 GW in Maharashtra • 4.8 GW module capacity addition on track for FY26 • Order flow of ~2.23 GW, majority belongs to US customers, reinforcing the strong demand momentum • Order pipeline of 100+ GW
1. SEIA, Internal Assessment
6
Demand Outlook Remains Robust – Industry Expected To Grow 2x–2.5x By FY30
One with the Sun
India Solar Capacity (GW)1
280
2.6x
106
2025
2030P
USA Solar Capacity (GW)2
500
2.1x
236
2024
2030P
• Supportive regulatory framework (Duties, ALMM, DCR) • Govt Initiatives like PM Surya Ghar, PM KUSUM, CPSU projects • PLI support towards solar value chain integration • SECI and large utility tenders
• Expanding corporate and utility demand led by data centres & large facilities • 45x tax credits to continue for manufacturing • Solar the cheapest energy source that can be deployed at speed and scale • Storage integration
1 MNRE; pib.gov.in: 2. seia.org, Internal Assessment
7
Well Positioned to Lead Energy Transition and Garner Sizeable Wallet Share
WA A REE®
One with the Sun
As a Module Manufacturer
Power Infrastructure
As a Solution Provider
Green Hydrogen
Inverter
Energy Storage System
EPC and O&M
Waaree's Wallet Share
Unaddressed Portion
Polysilicon
Ingots
Wafers
Cells
Modules
Waaree's Wallet Share
Unaddressed Portion
8
Capacity to Grow ~2x by FY27 to Cater to Growing Demand
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Cell
Ingot-Wafer
Module
13.3 GW India
1.6 GW2 USA
6 GW PLI
4.8 GW
t n e s e r P
y t i c a p a C
e r u t u F
y t i c a p a C
5.4 GW1 India
6 GW PLI
4 GW
6 GW PLI
4 GW
10 GW
FY27 Capacity
25.7 GW
15.4 GW
1. Commercial operation initiated from March 29, 2025. 2. Commercial production initiated from January 22, 2025.
9
Strategic Investments Powering a Diversified Green Energy Portfolio
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Battery Energy Storage System
Inverters
Green Hydrogen Electrolyser
Renewable Power Infrastructure
Lithium-ion Storage Cell and Energy Storage System
Renewable Power Projects and Bidding Pipeline
Awarded PLI for a 300 MW Electrolyser Manufacturing Facility
Renewable Power Generation
Renewable Power Infrastructure
Investment
Up to ₹2,073 Cr.
Up to ₹130 Cr.
Up to ₹551 Cr.
Key Updates
• •
Plant capacity4: 3.5 GWh Operational by FY27
•
•
Plant capacity4: 3L invertors – 3 GW per annum Operational within FY26
• •
Plant capacity4: 300 MW Operational by FY27
Discussions ongoing with EGPIPL
Equity Outlay of ₹650 Cr. + approved
PPA signed – 170 MW project
Current Status
On track; Factory under construction at Rola (Valsad), Gujarat
On track; Factory under construction at Sarodhi (Valsad), Gujarat
On track; Factory under construction at Dungri (Valsad), Gujarat
Pursing connectivity of ~5 GW
10
Quarterly Financials
WAARFF®
One with the Sun
Demonstrating Sustainable Growth Over Quarters
Revenue (₹ Cr)
EBITDA (₹ Cr)
3,496
3,663
3,545
4,141
4,597
640
614
810
One with the Sun
1,060
1,169
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
EBIDTA Margin
Profit After Tax (₹ Cr)
18%
17%
23%
26%
25%
401
376
507
773
644
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q1 FY25
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
12
Consolidated Profit and Loss Statement
One with the Sun
Particulars (₹ Cr)
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 & work in progress
Other manufacturing and EPC project expenses
Employee benefits expense
Sales, administration and other expenses
EBITDA
% Margin
Depreciation and amortization expense
Finance costs
Profit before tax and exceptional items
Exceptional items
Profit before tax (after exceptional items)
Tax expenses
PAT
% Margin
Q1 FY26
4,425.83
171.35
4,597.18
2,962.43
614.02
(760.07)
185.27
135.28
291.58
1,168.67
25.42%
182.06
43.25
943.36
-
943.36
170.47
772.89
16.81%
Q1 FY25
3,408.90
87.51
3,496.41
1796.28
206.57
510.27
69.24
63.33
210.73
639.99
18.30%
75.76
33.70
530.53
-
530.53
129.40
401.13
11.47%
Y-O-Y
31.48%
82.61%
77.81%
77.81%
92.68%
Q4 FY25
4,003.93
136.99
4,140.92
2,409.57
264.73
(64.99)
106.98
102.92
262.14
1,059.57
25.59%
153.37
56.72
849.48
(4.02)
845.46
200.99
644.47
15.56%
Q-O-Q
11.02%
10.30%
11.05%
11.58%
19.93%
13
On Track for FY26 Guidance; Clear Pathway of Growth
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Strong Operating Performance
•
•
Record quarterly production of 2.3 GW
₹ 4,597.18 Cr. revenue from operations in Q1 FY26
•
EBITDA of ₹1,168.67 Cr. • An order book of ~₹49,000 Cr •
Strong pipeline of ~ 100+GW
Project Execution on Track
•
•
•
Execution of 6 GW Ingots-Wafers, Cells, and Modules facilities on track; Operational by FY27
Board approved expansion of additional capacity of 4 GW each for cells and ingots-wafers; Operational by
FY27
Present cell facility ramp-up on expected lines; Growing contribution in subsequent quarters
• Green hydrogen and battery / energy storage system facilities under construction •
Continued investments in renewable power generation and infrastructure
Guidance for FY26: EBITDA in the range of ₹5,500-6,000 Cr.
14
Appendix
WAARFF®
One with the Sun
Annual Financial Overview (1/2)
Revenue (₹ Cr)
EBITDA (₹ Cr)
One with the Sun
3,123
14,846
11,633
6,860
1,993
2,946
FY21
FY22
FY23
FY24
FY25
1,810
944
125
FY21
203
FY22
FY23
FY24
FY25
EBIDTA Margin
Profit After Tax (₹ Cr)
21%
14%
16%
6%
7%
FY21
FY22
FY23
FY24
FY25
1,928
1,274
500
48
FY21
80
FY22
FY23
FY24
FY25
16
Annual Financial Overview (2/2)
ROCE
32%
34%
26%
22%
16%
18%
14%
One with the Sun
ROE
26%
30%
28%
FY21
FY22
FY23
FY24
FY25
*
FY21
FY22
FY23
FY24
FY25
*
Cash Conversion Ratio
Net Debt to Equity (x)
325%
0.41
147%
118%
112%
-0.12
47%
FY 21
FY22
FY23
FY24
FY25
FY21
FY22
-0.80
FY23
-0.85
FY24
-0.72
FY25
*FY25 numbers are adjusted for unutilized portion of IPO proceeds
17
Corporate Structure
One with the Sun
Waaree Energies Limited
100%
92.6%
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 Waaree Energies Energies Pvt Ltd Middle East LLC
Waaree Energies Storage Solutions Pvt Ltd
Waaree Clean Energy Solutions Private Limited
Waaree Renewable Technologies Limited
Integrated Solar Manufacturing
Module Manufacturing
Module Manufacturing
Module Supply
Renewable Power Infrastructure
Energy Storage Business
Hydrogen Business
EPC and O&M
18
Accomplished Board of Directors
One with the Sun
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
• Associated with the Company since
been instrumental in driving its growth since inception
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 solar, oil, and
• Joined the Company in March 2024 • Previously associated with Emerson
Electric as MD of South Asia
engineering industries
Mahesh Chhabria Independent Director
Rajinder Singh Loona Independent Director
Richa Manoj Goyal Independent Director
Rajender Mohan Malla Independent Director
• Former Managing Director at Kirloskar
• Managing Partner at Alliance Law,
Industries Ltd
• Associate member of the Institute of
Chartered Accountants of India
previously served as Director (Law) in SEBI
• Currently the Managing Partner of the law firm Richa Goyal and Associates • Practising Company Secretary and
• Corporate lawyer with 40+ years
certified trademarks agent
experience in the securities market, finance, infrastructure, real estate, and regulatory advice
• Previously associated with SIDBI
Venture Capital, IDBI Capital and IDBI AMC
• MBA from the University of Delhi
19
Experienced Senior Management Team
WA A REE®
One with the Sun
Dr. Hitesh Chimanlal Doshi Chairman and MD
Founded the Group in 1990 and has been instrumental in driving its growth since inception
Dr. Amit Paithankar Whole Time Director and CEO • Previously associated with Emerson Electric as MD of South Asia
Sunil Rathi Exec. Director, Sales
Jignesh Rathod Director, Operations
• 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
Shyam Ragupathy COO, Battery
• 25 years of industry
expertise with Elest Pvt Ltd, Rajesh Export Ltd., Indo National ltd etc.
Anuj Sharma CEO, Hydrogen
• 27+ years of industry
expertise with experience at Linde Malaysia, Praxair India
Pawan Agarwal CEO, Infrastructure
Sonal Shrivastava Chief Financial Officer
• Previously associated with Azure Power, Yes Bank, Crisil, etc.
• Previously associated with Vedanta as CFO
•• - �>
Abhishek Pareek Group Head Finance
• Previously associated with Shubhalakshmi Polyesters Limited as CFO
Gordon Brinser COO, Waaree Solar Americas
• Previously associated with EnerSys as VP operations
20
THANK YOU
Waaree Energies Limited CIN: U29248MH1990PLC059463
MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services
Mr. Neeraj Vinayak VP Investor Relations neerajvinayak@waaree.com
Mr. Rohit Wade General Manager Investor Relations rohitwade@waaree.com
Ms. Pooja Swami pooja.swami@in.mpms.mufg.com
Mr. Irfan Raeen irfan.raeen@in.mpms.mufg.com
Meeting Request
Link
Link
21