Waaree Energies Limited has informed the Exchange about Investor Presentation
October 16, 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 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.
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 Half Year ended September 30, 2025. The Company will use this presentation for meeting scheduled on Friday, October 17, 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 Q2 Earnings Presentation
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
Quarterly Overview
Record Performance Delivered - Q2 FY26
₹ 6,227 Cr | +70% YoY Total Income
₹ 1,567 Cr | +155% YoY EBITDA 25.2% Margin
₹878 Cr | +134% YoY PAT 14.1% Margin
~18.7 GW Module Capacity#
5.4 GW Cell Capacity
₹ ~47,000 Cr Order Book
₹ 25,000+ Cr Capex Planned
41.8% ROCE *
34.8% ROE *
*H1 rolling %, numbers are adjusted for unutilized portion of IPO proceeds; # Includes recent acquisition of asset of Meyer Burger in US
3
Strong Production Ramp-up Supported By A Robust Order Book
Strong Production Growth
Solid Order Book
Revenue Mix
Module Production (GW)
Order Book1: ~24 GW
~₹47,000 Cr
Geographical Revenue Mix
+37%
2.6
1.9
59.5%
40.5%
47.2%
52.8%
Q2 FY25
Q2 FY26
India
Overseas
Domestic (Retail, EPC & Enterprise) Overseas
Cell Production 0.6 GW
Order Pipeline
100+ GW
Diversified Segmental Mix
1. As on date, for WEL solar manufacturing + WRTL; India and Overseas split of orderbook (of amount)
4
Industry Overview and Strategic Roadmap
Demand Outlook Remains Robust With Strong Industry Tailwinds
• Domestic
• India Solar Capacity is projected to grow to 280 GW by 2030 from current capacity of ~127 GW
• ~22 GW added in H1 FY2026
• Lower GST to cut module and component costs by 3–4% providing further impetus to solar installation
• Additional budgetary allocation by UP, Maharashtra and other states towards PM Surya Ghar, PM Kusum Yojana
Industry Update
• ALMM for cells necessary to provide further fillip to DCR segment
• ALMM for solar Ingots-wafers is to come into force from June 1, 2028
• A Canadian major raised $20 bn fund to accelerate renewable energy and storage projects in India
• International
• US Solar capacity is projected to grow to ~5001 GW by 2030; ~18 GW added in H1 of 2025
• 45x tax credits for solar manufacturing to continue
• Demand for data center in the USA is expected to increase to 176 GW by 2035 from 33 GW in 2024
• Major US corporations moving towards green power providing fillip to renewable demand
1. SEIA, Internal Assessment; MNRE
6
Maximizing Our Momentum: Key Company Updates
•Board has approved an interim dividend of ₹ 2.00 per share
•Company has set up additional 2.75 GW of module capacity at Chikhli
•Board has approved an additional capex of ~₹8,175 Cr on 1st October 2025 for capacity expansion of:
•Storage Cell & BESS: 3.5 GWh to 20 GWh (Capex of ~₹8,000 Cr)
•Electrolyser: 300 MW to 1 GW (Capex of ~₹125 Cr)
•Inverter: from 3 GW to 4 GW (Capex of ~₹50 Cr)
•Strategic acquisition to strengthen the product portfolio:
•Kotsons Transformers: 64% stake for ₹192 Cr
•Meyer Burger US assets for $18.5 Mn
•Racemosa Energy Meters: 76% stake for ₹53 Cr
•Planned capacity expansion progressing as per schedule
•6 GW Module
•10 GW Cell and Ingot-Wafer each
Battery Plant, Rola
Module Plant, Unn
Inverter Plant, Sarodhi
Electrolyser, Dungri
Module Plant, Chikhli
Transformer Plant, Alwar
7
Well Positioned to Lead Energy Transition and Garner Sizeable Wallet Share
As a Module Manufacturer
Power Infrastructure
As a Solution Provider
Green Hydrogen
Inverter and Transformer
Energy Storage System
EPC and O&M
Waaree's Wallet Share
Unaddressed Portion
Waaree's Wallet Share
Unaddressed Portion
Polysilicon
Ingots
Wafers
Cells
Modules
Established
Developing
Nascent
8
Planned Expansion to Cater to Growing Demand
Module
16.1 GW India
2.6 GW2 USA
6 GW PLI
2.05 GW Incl. 1.6 GW in US
26.7 GW
FY2026
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
Capacity
Timeline
Cell
Ingot-Wafer
5.4 GW1 India
6 GW PLI
4 GW India
15.4 GW
FY2027
6 GW PLI
4 GW India
10 GW
FY2027
1. Commercial operation initiated from March 29, 2025. 2. Includes recent acquisition of module manufacturing assets of Meyer Burger in US
9
Strategic Investments Powering a Diversified Green Energy Portfolio
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 Electrolyser Manufacturing Facility
Investment
Up to ₹10,000 Cr
Up to ₹180 Cr
Up to ₹676 Cr
Key Updates
• •
Plant capacity: 20 GWh Phase-I 3.5GWh by FY27; Remaining by FY28
• •
Plant capacity: 4 GW per annum Phase-I of 3 GW by FY26; remaining by FY27
• •
Plant capacity: 1 GW Operational by FY27
Renewable Power Generation
Renewable Power Infrastructure
Discussions ongoing with EGPIPL
Committed Outlay of ₹2,250 Cr + approved
PPA signed/Bid Won – 413 MW
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
Secured connectivity of ~6.1 GW
*Awarded PLI for 300MW electrolyser manufacturing facility
10
To be added in
final PPT
India and the U.S. are among the fastest-growing BESS markets globally
Rapid growth of renewables
• Soaring energy demand; India aiming 500# GW by 2030
Annual global storage energy additions (GWh)
421
Supportive policies
• Performance Linked incentive, VGF in India
Declining battery costs
• Li-ion pack prices continue to witness declining trend
Advancements in technology
• Higher energy density, faster charging, long-duration storage
Rise of Hybrid System
• FDRE, RTC and Grid Stability
233
74
2023
2027E
2030E
2030
74%
Grid Scale
14%
12%
Cumulative 1,848GWh
C&I
Residential
Domestic Manufacturing Push
• Remove external dependence and indigenisation
Government of India want to setup 236 GWh cumulative Battery Energy Storage System by 2032
Source: IEA, E&Y, CEA and Industry sources # Renewable energy target of achieving 500GW from non fossil capacity by 2030
11
Affirming our strong commitments towards BESS segment
CSR and Sustainability
Sustainable Actions, Measurable Impact
Educational Support | Mumbai and Gujarat
• Supported with school materials to over 8,200+ students • Strengthened school infrastructure for 300+ students
Strategic Partnership with IIT Bombay
• Enabling 3,000+ students to gain industry relevant skills
in solar energy (Perovskite Solar Cells Technology)
Tree Plantation Drives | Vadodara & Ahmedabad
• Planted over 18,300 saplings, positively impacting
25,500+ people
Cyclone Dana Relief | Odisha
• Assisted more than 500 families with immediate relief
support
CT Scan Installation | Palitana
• Enabled diagnostic support for over 1,000 patients in
semi-urban areas
Old Age Home
• Contributed towards building a fully equipped old-age
home at Mumbai supporting 150+ senior citizens
13
Demonstrable Commitment Towards Sustainability
Net Zero Scope #1 and #2 by 2030 and Scope #3 by 2040
First Indian Module Manufacturer to Receive EPD Certifications
Gold Medal in EcoVadis Sustainability Rating
• 100% renewable energy sourcing for
operations by 2030
• Improving process efficiency and
excellence like water neutrality • Supplier and end use sustainability
• Industry-leading efficiency and ultra- footprint modules, low-carbon certified under International Environmental Product Declarations (EPD) system
the
• Continue to enlist more products
• Strong scores across indices • Continue to reduce our environment impact by minimising the carbon from footprint of our products inception to end of life-cycle • Listing in more Global indices
Environmental Stewardship
Innovation and Circularity
Globally Recognised
14
Quarterly Financials
Demonstrating Sustainable Growth Over Quarters
Total Income (₹ Cr)
6,227
3,663
3,545
4,141
4,597
EBITDA (₹ Cr)
1,060
1,169
1,567
810
614
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
EBIDTA Margin
Profit After Tax (₹ Cr)
23%
17%
26%
25%
25%
773
878
644
507
376
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
16
Q2 FY26
Q2 FY25
Y-O-Y
Q1 FY26
Q-O-Q
H1 FY26
H1 FY25
Y-O-Y
Consolidated Profit and Loss Statement
Particulars (₹ Cr)
Revenue from Operations
Other Income
Total Income
Cost of materials consumed
Purchases of stock-in-trade
6,065.64
3,574.38
160.90
89.09
6,226.54
3,663.47
69.96%
3,198.96
2,148.87
932.62
475.36
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
Profit before tax (after exceptional items)
Tax expenses
PAT
% Margin
-406.78
229.72
152.51
552.21
1,567.30
25.17%
239.76
96.08
1,231.46
1,231.46
353.25
878.21
14.10%
79.66
78.53
66.75
200.36
613.94
16.76%
84.27
30.83
498.84
498.84
123.18
375.66
10.25%
4,425.83
171.35
4,597.18
2,962.43
614.02
-760.07
185.27
135.28
291.58
10,491.47
6,983.28
332.25
176.60
35.44%
10,823.72
7,159.88
51.17%
6,161.39
1,546.64
-1,166.85
414.99
287.79
843.79
3,945.14
681.93
589.94
147.77
130.08
411.09
155.29%
1,168.67
34.11%
2,735.97
1,253.93
118.19%
25.42%
182.06
43.25
943.36
943.36
170.47
772.89
16.81%
146.87%
146.87%
133.78%
25.28%
421.82
139.33
17.51%
160.03
64.53
30.54%
30.54%
2,174.82
1,029.37
111.28%
2,174.82
1,029.37
111.28%
523.72
13.63%
1,651.10
15.25%
252.59
776.78
10.85%
112.56%
Note: During the period ended, the Holding Company, being the promoter of Indosolar Limited has completed an offer for sale (OFS) of 88,26,495 equity shares of face value of ₹ 10 each through the offer for sale mechanism of stock exchange in order to comply with the minimum public shareholding requirement and a profit of ₹ 523.20 Cr recorded on these equity shares has been classified in other equity in the consolidated statement
17
Consolidated Balance Sheet and Cash Flow Statement
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
H1FY26
11,702.78
2,003.01
10,919.17
24,624.96
7,063.82
2,179.95
15,381.19
24,624.96
H1FY26
574.73
-2,377.62
1,856.83
53.94
509.83
-6.87
556.90
H1FY25
4,927.56
1,233.04
7,874.15
14,034.75
3,697.47
1,567.37
8,769.91
14,034.75
H1FY25
1,493.16
-1,486.09
356.52
363.60
121.39
5.13
490.11
18
On Track for FY26 Guidance; Clear Pathway of Growth
Strong Operating Performance
• Record quarterly production of 2.64 GW; expect second half to be better • Q2 FY26 Total Income of ₹ 6,226.54 Cr • Q2 FY26 EBITDA of ₹ 1,567.30 Cr • An order book of ~ ₹ 47,000 Cr •
Strong pipeline of 100+ GW
Project Execution on Track
•
Execution of ingot-wafer, cells, module facilities on track
• Cell production continues to ramp-up; expect second half to be significantly better •
Inverter, BESS, Green Hydrogen facilities ramp up on expected lines
• Company is planning to operationalise large part of remaining module capacity expansion by early
2026
Reaffirm Guidance for FY26: EBITDA in the range of ₹5,500-6,000 Cr
19
Appendix
Company Overview
Largest solar module & cell player with demonstrated history of scaling businesses
Global presence with diversified business verticals
Total Revenue (₹ Cr)
EBITDA (₹ Cr)
PAT (₹ Cr)
5x
14,846
15x
3,123
24x
1,928
Longstanding relationships with top global & domestic customers
2,946
203
80
Widest retail network with over 2,800 touch points
FY22
FY25
FY22
FY25
FY22
FY25
Largest orderbook offering clear pathway for upcoming years
Revenue Mix (FY25)
Segmental Mix
Prudent capital allocation policies with proven track record of value creation
17%
Global certification/assurances along with highest rated bankability products
NABL accredited inhouse labs ensures rigorous quality control and faster product validation
83%
Domestic
Overseas
Utility & Enterprises
Commercial & Industrial
EPC
Overseas
Retail & E-Commerce
21
Strong Domestic Presence & Strengthening Overseas Presence
Serving over 700 districts across India
25 Countries 480+ Franchisees 2,800 Total ASP
22
30 MW to 18.7 GW | High Growth by Creating Consistent Value for Shareholders
Aggregate Installed Capacity (Module)
2007: 30MW
Historical Growth
2023: 12GW
Present: 18.7GW
2011 – 2017
• Acquired NEEPCO’s stake
•
in the JV JV with NEEPCO for a solar power project
2007-2011
• Entered solar energy
sector
•
Initiated EPC business
1989-2007
Proven track record of scaling businesses – Hitesh Chimanlal Doshi, Chairman & MD sold his previous venture Waaree Instruments Limited
2024 - 2025
•
Largest module manufacturer with 18.7GW
• Additional capex of ₹ 8,175 Cr for capacity
expansion across BESS, Inverter and Electrolyser
• Operationalised the 5.4GW solar cell facility,
India’s largest of its kind
•
•
•
Capex of ₹2,754 Cr for expansion of cell and ingot/wafer capacity by 4GW each
Inaugurated the 1.6 GW US manufacturing module facility
Listed on BSE & NSE
• Awarded 90kT green hydrogen production
PLI (LoA awaited)
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
• Achieved EcoVadis Gold Medal, top 3%
globally in sustainability practices
2018 – 2021
• Divested Waaneep Solar Pvt Ltd. to Hero Solar Energy Pvt Ltd.
• Commissioned 1GW PV plant
capacity
23
Strong Global Ratings Reflecting Leadership & Reliability
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
Ranked as a Tier-1 PV Module Maker for 39 Quarters
Q1 2026
24
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
Annual Financial Overview (1/2)
Revenue (₹ Cr)
EBITDA (₹ Cr)
14,846
11,633
6,860
1,993
2,946
FY21
FY22
FY23
FY24
FY25
3,123
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
25
Annual Financial Overview (2/2)
ROCE
32%
34%
26%
ROE
26%
30%
28%
22%
16%
18%
14%
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
26
Corporate Structure
Waaree Energies Limited
100%
75%
100%
100%
100%
100%
100%
74.5%
100%
64%
Sangam Solar One Private Limited
Indosolar Limited
Waaree Solar Americas Inc.
Waaree Energies Middle East FZE
Waaree Forever Energies Pvt Ltd
Waaree Energy Storage Solutions Pvt Ltd
Waaree Clean Energy Solutions Pvt Ltd
Waaree Renewable Technologies Limited
Waaree Power Private Limited
Kotsons Private Limited
Integrated Solar Manufacturing
Module Manufacturing
Module Manufacturing
Module Supply
Renewable Power Infrastructure
Energy Storage Business
Hydrogen Business
EPC and O&M
Smart Meter
Transformer
27
Accomplished Board of Directors
Dr. Hitesh Chimanlal Doshi Chairman and 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 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
engineering industries
Dr. Amit Paithankar Whole Time Director and CEO
• Joined the Company in March 2024 • Previously associated with Emerson
Electric as MD of South Asia
Rajender Mohan Malla Independent Director
Richa Manoj Goyal Independent Director
Rajinder Singh Loona Independent Director
Mahesh Chhabria Independent Director
• Previously associated with SIDBI
Venture Capital, IDBI Capital and IDBI AMC
• Currently the Managing Partner of the law firm Richa Goyal and Associates • Practising Company Secretary and
• Managing Partner at Alliance Law,
• Former Managing Director at Kirloskar
previously served as Director (Law) in SEBI
Industries Ltd
• Associate member of the Institute of
• MBA from the University of Delhi
certified trademarks agent
• Corporate lawyer with 40+ years
Chartered Accountants of India
experience in the securities market, finance, infrastructure, real estate, and regulatory advice
28
Experienced Senior Management Team
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
Sonal Shrivastava Chief Financial Officer
Sunil Rathi Exec. Director, Sales
Jignesh Rathod Director, Operations
• Previously associated with Emerson Electric as MD of South Asia
• Previously associated with
Vedanta as CFO
• 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
Abhishek Pareek Group Head Finance
• Previously associated with
Azure Power, Yes Bank, Crisil, etc.
• Previously associated with Shubhalakshmi Polyesters Limited as CFO
29
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
30