Waaree Energies Limited has informed the Exchange about Investor Presentation
April 30, 2026
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: Analysts/Institutional Investors 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 Year ended March 31, 2026. The Company will use this presentation for the meeting scheduled on Thursday, April 30, 2026 at 03:00 PM. (IST) 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
Investor Presentation | Q4 & FY26
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
Q4 & FY26 Overview
Record Performance Delivered
FY26 Highlights
₹ 26,537 Cr
₹5,909 Cr
₹3,884 Cr
Revenue from Operations
Operating EBITDA
PAT
| +83.72% YoY
| +117.10% YoY 22.27% Margin
| +101.45% YoY 14.26% Margin
Q4FY26 Highlights
₹ 8,480 Cr
₹1,577 Cr
₹1,126 Cr
Revenue from Operations
Operating EBITDA
PAT
| +111.80% YoY
| +70.91% YoY 18.59% Margin
| +74.76% YoY 13.01% Margin
3
Record Performance Powered by Global Capacity Leadership
~₹53,000 Cr
Order Book
~26 GW
Module Capacity
32.4%
ROCE*
Largest Non-Chinese Company in the World#
FY26
~₹30,000 Cr
Capex Planned
Across Verticals
5.4 GW
Cell Capacity
India's Largest
29.0%
ROE*
FY26
*ROCE and ROE is adjusted for unutilized portion of IPO proceeds; # Courtesy BNEF and Internal Assessment
4
Strong Production Ramp-up Supported by Healthy Revenue Mix
Strong Production Growth
Revenue Mix
Retail Revenue
Module Production (GW)
Revenue Mix (FY26)
₹ Cr
+77%
12.6
7.1
11.6%
+84%
5,515.0
FY25
FY26
Cell Production (GW)
2.3
0.1
FY25
FY26
34.7%
2,990.0
33.0%
20.8%
FY25
FY26
Module Sold
~12 GW
Utility/IPP/C&I
Overseas
Retail
EPC
Strong Traction in B2C Segment
5
Steady Production Ramp-Up Backed by a Consistent Order Book
Strong Production Growth
Solid Order Book
Revenue Mix
Module Production (GW)
Order Book1:
~₹53,000 Cr
Revenue Mix (Q4 FY26)
+104%
4.2
2.1
Q4FY25
Q4FY26
Cell Production (GW)
0.7
0.1
Q4FY25
Q4FY26
Retail portion not part of current order book
47,000
53,000
Q4 FY25
Q4 FY26
12.0%
21.8%
41.1%
25.1%
Module Sold
4.1 GW
Order Pipeline
100+ GW
1. For WEL solar manufacturing + WRTL + Others (Transformer, Battery, Inverter & Electrolyser) as on date
Utility/IPP/C&I
Overseas
Retail
EPC
6
Maximizing Our Momentum: Key Company Updates*
Cell Plant, Unn
Module and Cell Plant, Chikhli
G R O W T H & I N V E S T M E N T
C A P A C I T Y
Completed the acquisition of strategic stake in United Solar Holding, securing a long-term, fully traceable Non-Chinese supply of polysilicon
Subsidiary Waaree Renewable Technologies Limited to acquire ~55% stake in Associated Power Structures Limited for ~₹1,225 crore#
Board approved a capex of ₹3,900 Cr for PV Glass manufacturing capacity of 2,500TPD
Credit rating upgraded to CARE AA- (Stable) from CARE A+ (Stable)
✓
✓
✓
✓
✓✓
✓
✓
✓
Commenced construction of a 10 GW integrated ingot and wafer facility in Nagpur (₹6,200 cr capex)
Commissioned additional module capacity of 3 GW at Samakhiali, Gujarat
Large part of module capacity have moved to G12/G12R
Planned capacity expansions in battery, solar cells, ingot-wafers and green hydrogen electrolyser are progressing as per schedule
* During the period of January to April 2026; # Subject to completion of due diligence and customary closing conditions
7
Waaree’s Winning Edge
Our Key Differentiators
Integrated Business Model
Speed to Execute
Efficient Financial & Capital Management
De-Risked Global Distribution Engine
Technology Leadership / Smart Manufacturing
Backward to forward integration
Fastest capacity ramp-ups in India and US
Benchmark efficiency and margins
Channel Mix across products & markets
Next-gen cells, AI automation, digital factories
approach
• Full Stack Vertical Integration & Integrated ecosystem play to enable supply cost chain reliability, competitiveness wide product offerings. Solar value chain live integration already starting right from Polysilicon to Ingots & Wafer to to EPC and O&M Modules offerings
to Cell
and
in
Integration
• Horizontal Action Similar approach for Energy Storage, Inverters, Transformers, GH2 Electrolysers and more within energy value chain
• Record Capacity Expansion
•
Expanded overall module manufacturing capacity by ~17x to 25.8 GW (within 7 years) ahead of schedule
• Rapid expansion of
India cell manufacturing capacity by ~3x to 15.4 GW expected in a record time of ~2 years
• Built 1.6 GW of greenfield module manufacturing capacity in the US in 12 months—among the fastest of its kind—and taking total capacity to 4.2 GW within next 6 months
• Financial Discipline: • ~2 decades of operations across 5+ industry cycles, company has been consistent profitability and growth
delivering
• Maintained D/E ratio of <1 despite heavy capex cycles for nearly a decade
• Capital allocation: Driven by principle,
build”
“book & exemplified by: • Before
commissioning US facility, secured 3+ years of firm orders
• Cell capex initiated post long- term orders and policy visibility
• Distributed Sales Channel /
Segment
• Retail, Services and Oversees segment contribute 60-70% of revenue
• Diversifying Supply Chain
through: • Manufacturing out of multiple geographies Focus on localized supply chain
•
• Diversifying raw material
•
procurement Full stack backward integration
• Technology Tie-up: Creating strong business moat and first mover through advantage technology tie-ups across BESS, Inverters, Hydrogen Green Electrolyzer and Solar value chain
• Early Technology Adoption: Early adoption of upcoming technologies like G12/G12R to offer expanded range of certified technologies/products
• Smart
of
Adoption Automation/ Manufacturing
Manufacturing: Digital/ in
AI/ Robotics
Source: Company Filings
8
Beyond Solar – Building the New Energy Value Chain
Emerging as India’s Only Fully Integrated Energy Transition Player
Annual TAM Size - ~$1Tn*
Increasing Wallet share
Annual TAM Size - ~$4Tn*
~$3.5Bn Capex taking Waaree from 1.0 to 2.0
EPC, O&M and Technical Services
5.06 GWp EPC Projects commissioned
Inverters / Smart Meters
~$20Mn Capex
1.18 GW O&M Portfolio
4 GW Inverter Plant
Technical Services
Value Chain – Backward/Vertical Integration
~$1.3Bn Capex
2.6 GW|10 GW| 10 GW Solar Module|Cells| Ingots & Wafer
Strategic Investment (100k TPA Polysilicon Plant)
Solar Glass
~$430Mn | 2,500 TPD
Waaree 1.0
~26 GW Largest Module Manufacturer
5.4 GW Cell Facility
Transformers
~$20Mn Capex
20,000 MVA Manufacturing Plant
BESS
~$1.1Bn Capex
20 GWh BESS Plant (Battery Pack + Cells)
Electrolyser/ Green Hydrogen
~$75Mn Capex
1 GW Electrolyser Plant
RE - Power Infrastructure and T&D
RE - Power Infrastructure
~$360Mn Committed Outlay
~$135Mn APSL# T&D Arm
Waaree 2.0*
~28 GW Largest Module Manufacturer
10 GW Ingots & Wafers Facility
~15 GW Cell Facility
Strategic Investment (100k TPA Polysilicon Plant)
20 GWh BESS Facility
4 GW Inverter Facility
20,000 MVA Transformer Facility
1 GW Electrolyser Facility
T&D# Capabilities up to 800 KV HVDC
Smart Meter
2,500 TPD Solar Glass
Other Synergistic Opportunities
End-to-end integration. Unmatched scale. Waaree expands its offerings to deepen client wallet share and lead India’s green revolution
Represents Waaree Energies post completion of committed Capex; The stated capex correspondence to the total planned capacity, part of which is already operational # Represents Associated Power Structures Limited, subject to completion of due diligence and customary closing conditions; * Total Addressable Market (TAM) size at the end of 2025 and 2035 based on industry sources and Internal Assessment; Capex numbers has been converted at USD/INR – 90.00
10
Inverters: Building the Backbone of India’s Energy Ecosystem
Sarodhi, Gujarat
Sarodhi, Gujarat
~$46Bn* Annual Global Market by 2035
~$1.6Bn Annual Indian Market by 2035
4GW Waaree’s Planned Capacity by FY27
Industry Outlook
Waaree's Positioning
✓ Annual global solar inverter market currently in 2025 at ~$16Bn* is expected to
grow at ~11% CAGR over next 10 years
✓ Plant Capacity of 4 GW with capex outlay of ~₹180 cr
Commissioned Phase-I of 3 GW; Phase-II of 1 GW by FY27
✓ Annual India solar inverter market currently in 2025 at ~$1Bn* is expected to
grow at ~6%* CAGR over next 10 years
✓
✓
India is seen as a reliable alternative to China for US/EU buyers due to geopolitical stability and free-market compliance
Energy Security and Data Localization is key driver providing fillip to Make-in- India story
✓ Capitalizing Waaree retail reach, providing “One Stop Shop” solutions
✓ Advanced manufacturing line with scalability across different inverter technologies
✓
Inverters are the “brain” of solar—controlling power flows and capturing critical user data; India-hosted data enables DPDP Act# readiness and builds stronger customer trust
Source: Research And Markets; Market Research Future; *Internal Assessment; # DPDP Act - Digital Personal Data Protection Act, 2023
11
Transformers as the Backbone of Grid Expansion and Energy Transition
Alwar, Rajasthan
Alwar, Rajasthan
~$132Bn Annual Global Market by 2035
~$6.5Bn# Annual Indian Market by 2035
20,000 MVA Waaree’s Planned Capacity
Industry Outlook
Waaree's Positioning
✓
Annual Global transformer market currently in 2025 at ~$68Bn is expected to grow at ~7% CAGR over next 10 years
✓ Current Capacity – 4,000 MVA
Additional Capacity – 16,000 MVA
✓ Annual India transformer market currently in 2025 at ~$3Bn is expected to
grow at ~8% CAGR over next 10 years
✓ Planned capex ~₹192 Cr
✓ Total outlay of ~$33Bn* under Revamped Distribution Sector Scheme (RDSS)
✓ Distribution Transformer sanctioned ~5.89 lacs vs installed ~1.75 lacs pointing
to huge supply gap under RDSS
✓
Planning to expand the product portfolio: Distribution Transformers; Inverter Duty Transformers; Extra High Voltage Transformers
✓ Order book of ₹266 Cr including a large order from a global MNC validating our
quality benchmarks and global aspirations
Source: Precedence Research; Mordor Intelligence; MoP; # Internal Assessment Note: (*) USD/INR – 90.00
12
BESS as a Core Enabler of Grid Stability and Renewable Integration
Rola, Gujarat
Rola, Gujarat
Battery Cell
Battery Pack
BESS Container
~1 TWh Global Annual BESS Addition by 2035
~100 GWh* India Annual BESS and EV Addition by 2035
20 GWh Waaree’s Planned Capacity by FY28
Industry Outlook
Industry Outlook
Waaree's Positioning
✓ Annual global BESS addition ~1 TWh by 2035E (247 GWh 2025)
✓ Plant capacity: 20 GWh by FY28; Phase-I 3.5GWh by FY27; Phase-II 16.5 GWh by FY28
✓ India BESS Installed Capacity to increase to 236 GWh by FY32 from 1.1GWh
during 2025
✓ India to add ~80 GWh* annually between FY27-35 primarily driven by BESS
and EV segment
✓ Grid stability and curtailment is increasing demand for BESS. Increasing
Demand for local infrastructure
✓
Capex outlay of ~₹10,000 Cr and raised ~ ₹ 1,000 cr equity till date Facility will emerge as one of India’s largest integrated Advanced Cell Chemistry Cell and Pack manufacturing hub
✓ Offering includes LFP Cells, Pack, Container and further backward integration to
indigenize large part of the value chain
✓ Mandatory requirement of minimum 2 hrs duration ESS for solar PV tenders
✓ BESS (Utilities, C&I, Residential)
Source: Mercom; PIB; ;CES; MNRE; * Internal Assessment
13
Electrolyser Scale-Up Driving the Global and India’s Green Hydrogen Market
Dungri, Gujarat
~$231Bn Annual Global Green Hydrogen Market by 2035
~$12Bn Annual Global Green Hydrogen Market in 2025
1 GW Waaree’s Planned Capacity by FY27
Industry Outlook
Industry Outlook
Waaree's Positioning
Waaree's Positioning
✓ Global Green Hydrogen market currently in 2025 at ~$12Bn is expected to
grow at ~34% CAGR over next 10 years
✓
✓
✓
Expected investment of ~$89Bn* to support National Green Hydrogen Mission (NGHM)
NGHM targets green hydrogen production of 5 MMTPA by 2030, equivalent to 40-60GW# of electrolyzer demand
Target segment: Refinery, Fertilizer, Chemicals, Steel, Specialty Chemicals, Mobility
✓ Target capacity of 1 GW by FY2027 with planned capex ~₹676 Cr
✓ Electrolyser PLI for 300 MW worth ₹ 444 Cr and Hydrogen production PLI for
90,000 TPA worth ₹510 Cr
✓
Starting with electrolyser manufacturing, Build Own Operate (BOO) Projects and transitioning to green derivatives
✓ In India we have already secured an order book of ~₹ 152Cr
Source: Precedence Research; IEA; PIB; MNRE; # Internal Assessment Note: (*) USD/INR – 90.00
14
Renewable Power Infrastructure: Enabling Full Stack Solar Value Chain
Rubamin, Gujarat#
O&M Continum, Gujarat #
Arcerlor Mittal, AP #
713MW/1044MWp PPA signed
~8 GW Renewable / BESS Projects pipeline
Industry Outlook
Industry Outlook
₹3,250+ Cr* Total Commitment
Waaree's Positioning
✓ Critical infrastructure for the entire value chain drives demand for data center,
green hydrogen
✓ Utilities and corporates seeking renewable solutions, optimizing LCOE and
backed by secured infrastructure
✓
✓
Robust frameworks allowing bankable power purchase agreements (PPAs) providing the required financial predictability
Strong interest from domestic and foreign investors, with large M&A and PE deals in the sector
✓ PPA signed for 713MW/1044MWp and with creditworthy utilities and global C&Is
✓
Secured connectivity for developing ~8 GW Projects comprising of solar, wind and BESS across central and state transmission network
✓ Total Commitment of ₹3,250+ cr*
✓ Building a de-risked value driven IPP portfolio for marquee clients and creating
long-term order visibility for the group
✓ Targeting marquee C&Is, Utilities and Global RE Investors
* Commitment includes Debt/Equity/Guarantees; # Images are project sites of Waaree Renewable Technologies Limited
15
Waaree Green Glass – Converting Dependency into Pricing Power
~5,400 TPD Supply Gap (India 2030)
5-Year Anti-Dumping Duty on China/Vietnam
2,500 TPD
Industry Outlook
Industry Outlook
Waaree's Positioning
Waaree's Positioning
✓ India domestic demand set to grow 7–8% CAGR through 2033; global PV glass
demand projected at 1,32,000–1,41,000 TPD by 2030*
✓ India’s PV glass demand projected at ~17,386 TPD by 2030, versus 12,000 TPD
domestic capacity, leaving a ~5,400 TPD gap
✓ Target plant capacity of 2,500 TPD, capacity is enough to produce ~17GW of
module annually
✓ Planned Capex: ₹3,900 Cr
✓ Glass accounts for ~23% of module cost and ~75% of module weight, making it a critical component influencing module quality, efficiency, and durability
✓ Waaree has substantial requirement for FEOC compliant glass, ensuring offtake
from day 1
✓
5-Year Anti-Dumping Duty imposed on Chinese & Vietnamese solar glass (effective Dec 2024); creating a structurally protected domestic market
✓ Total cost at target yield: would be cheaper than Chinese landed cost providing
strong margin cushion on current pricing
* IEA Moderate Scenario; IMARC Group; DGTR; IEA 2025; Solarbe Global; Mordor Intelligence; * Internal Assessment
16
From Generation to Grid: EPC Fueling Renewable & T&D Growth
~$250Bn*
Annual Global Solar EPC and O&M Market by 2035
~$25Bn* Annual Indian Solar EPC and O&M Market by 2035
~3 GWp Waaree’s Projects Under Execution
Industry Outlook
Industry Outlook
Waaree's Positioning
Waaree's Positioning
✓ Annual Global solar EPC and O&M market currently in 2025 at ~$115Bn is
expected to grow at ~8% CAGR over next 10 years*
✓ Annual India solar EPC and O&M market currently in 2025 at ~$6Bn is
expected to grow at ~6% CAGR over next 10 years*
✓
Robust demand for solar installations, offers a tremendous opportunities for scalable players with proven execution track record
✓ Indian market lacks reliable and large-scale EPC contractors in the industry
✓
✓
Fully integrated EPC player—from concept to commissioning & O&M—with a proven track record serving marquee clients
Executed 5+ GWp with ~3 GWp under execution; expanding into T&D via acquisition#, with ~3x revenue visibility
✓ Demonstrated history of scalability and financial performance backed by an asset
light business model
Source: Courtesy Bloomberg NEF; PIB; # Refers to announcement of Associated Power Structures Limited company acquisition * Internal Assessment
17
Solar: Demand Outlook Set for Sustained Long-Term Stability
Global Annual Solar Addition
(In GW)
698
4% CAGR
860
993
2025
2030
2035
India Annual Solar Addition
(In GW)
10% CAGR
72
100+
38
2025
2030
2035
International
Domestic
✓
✓
✓
Global solar capacity reached ~2.5 TW in 2025 and expected to reach ~8 TW by 2035, making solar the largest contributor to renewable power growth
Global data centre capital expenditure reached $770 billion in 2025, surpassing upstream oil & gas investments for the year, with the United States leading global spending at $355 billion
✓
✓
India added 44.6 GW of solar capacity in FY26, taking cumulative solar capacity to 150.3 GW
Data centre capacity expected to reach ~10 GW by FY30, driving electricity demand from data centres to reach ~14 GW by FY32
China subsidy removal and EU restrictions on Chinese imports likely to improve competitiveness of non-China manufacturers
✓
ALMM expansion, duty exemptions on BESS manufacturing, and domestic ecosystem support to strengthen local value chains
Evolving Geopolitical Landscape has Strengthened Energy Transition Imperative
Source: MNRE; SEIA; PIB; Reuters and Industry sources; Internal Assessment
18
Solar at the Core, Powering the Entire Energy Value Chain
MANUFACTURING CAPACITY OUTLOOK
M O D U L E
Current
Upcoming
Total
25.8 GW
2.6 GW 28.4 GW
C E L L
Current
Upcoming
Total
I N G O T & W A F E R
5.4 GW
10 GW 15.4 GW
Current
Upcoming
Total
Under Construction
10 GW 10 GW
19
Sustaining Global Benchmark Leadership with Entry Barriers for Global Players
Bankable Quality Leadership: Global recognitions (PVEL, RETC, PV Tech, Terawatt) reflect consistent leadership in quality, reliability, and bankability—achieved by only a few manufacturers
Certification Driven Edge: Global marquee clients require certifications as a prerequisite for engagement—an area where the company holds a distinct competitive advantage
Multi-Year Excellence Journey: Not a one-time certification—these rankings reflect a continuous, multi-year journey of product performance, process optimization, field validation and financial strength
Sustained Competitive Edge : Sustaining rankings requires continuous investment in technology, quality, and financial strength—ensuring operational excellence and balance sheet discipline
Warranty-Backed Reliability: Certifications and reliability rankings validate durability, enabling ~30-year warranties backed by proven field performance
Bankability Rating "A"
Terawatt PV Top 10
Critical risk analysis for investors, project developers, and financial institutions in the PV industry
Only Indian manufacturer in the Top 10 of the Terawatt PV 100 (Q1 2026) Ranking
Highest Achiever
Top Performer
Across performance, reliability, and quality test categories — only Indian company to receive this honour
PVEL's scorecard: top performing PV modules in six PQP test categories, wet leakage, visual inspection, energy yields
Dual Insurer Backing: Product warranties are supported by two global insurance providers
Over 50 Global and Domestic Certifications / Credentials
20
India’s Deepest Solar Retail Engine
Engine built. Moat established. Ready to scale across products becoming India’s largest Retail Energy Ecosystem
Retail Engine Build
27 States • 200+ districts • 600+ Franchises • 2500+ ASPs
24-hr TAT
Order-to-door delivery capability
3000+
MNRE Integrators on Loyalty App
E-Commerce ↑
Waaree.com + D2C + marketplaces
Structural MOAT
Regional Reach + Last Mile Control
Channel Leverage
• Deep presence across key solar demand
clusters in India - ~15000 Pin codes
• Same channel enables rapid rollout of kits,
BESS & future products
• Strong last-mile access via installer &
• No incremental GTM build required across
franchise network
categories
• Ability to influence customer decision at
• Lower customer acquisition cost with every
>
point of sale
additional product
Expanding to 90% of all the Indian pin codes
North
West
South
East
A scalable - unified distribution engine
Owning the last mile converts distribution into a repeatable monetisation ecosystem
21
Execution Translating into Market Leadership | Engine → MOAT → Market Share
Waaree is India’s #1 solar retail brand with the highest national market share in CY251
Waaree Energies leads India’s Solar Revolution | ~1 in every 6 Installations
Persistent Actions driving Market Penetration and Brand Visibility
1. Source – JMK Research
22
Responsible Growth for a Sustainable Future
Sustainable Actions, Measurable Impact
Educational Support | Mumbai and Gujarat
Strategic Partnership with IIT Bombay
Tree Plantation Drives | Vadodara & Ahmedabad
• Supported with school materials to over 8,200+
students
• Strengthened school infrastructure for
300+ students
• Enabling 3,000+ students to gain industry relevant
skills in solar energy (Perovskite Solar Cells Technology)
• Planted over 18,300 saplings, positively impacting
25,500+ people
Cyclone Dana Relief | Odisha
CT Scan Installation | Palitana
Old Age Home
• Assisted more than 500 families with immediate
• Enabled diagnostic support for over 1,000
relief support
patients in semi-urban areas
• Contributed towards building a fully equipped
old-age home at Mumbai supporting 150+ senior citizens
24
Demonstrable Commitment Towards Sustainability
Sustainable Operations
Sustainable Energy
Sustainable Collaboration
Sustainable Removal
•
• • •
• •
Continuous focus on energy efficiency In house recycling of Plastic Waste In house repurposing of pallets Participated in EcoVadis Reassessment Committed to UNGC 10 principles Published GRI aligned Sustainability report
•
•
•
• •
•
Rooftop Solar plants at plant locations Renewable Energy addition through PPAs Energy Optimization of the operations Implementation of ISO 50001 Engaging suppliers to use Renewables SBTi Commitment
• • • • •
•
ESG assessment of suppliers Engagement on GHG reduction Collaboration on Carbon footprint reduction Partnering with Other Industries on waste management Partnering for Climate Action Awareness
• •
• •
•
Converted 77% of Forklifts to EV Achieved 23.5 MW of Rooftop Solar Reduced 6% of Scope-1 emission Engage to convert waste into alternate fuel Focused on Low Carbon Products
Achieved Zero LTI Achieved ZWL
1M units of Rooftop Solar 21M units of PPA
80% Suppliers were assessed on ESG
Avoided 15,545 tCO2 e in our operations
25
Quarterly Financials
Demonstrating Sustainable Growth Over Quarters
Revenue from Operations (₹ Cr)
Operating EBITDA (₹ Cr)
4,004
4,426
6,066
7,565
8,480
1,928
1,577
1,406
923
997
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Operating EBIDTA Margin
Profit After Tax (₹ Cr)
23%
23%
23%
26%
19%
773
878
644
1,107
1,126
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
27
Consolidated Profit and Loss Statement
Particulars (₹ Cr)
Revenue from Operation
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
Operating EBITDA
% Margin
Depreciation and amortization expense
Finance costs
Other Income
Profit before tax and exceptional items
Exceptional items
Profit before tax (after exceptional items)
Tax expenses
PAT
% Margin
-256.42
-702.61
473.26
143.71
506.93
1,576.76
18.59%
300.64
47.89
179.73
1,407.95
0.00
1,407.95
281.69
1,126.26
264.73
-64.99
106.98
102.92
262.14
922.57
23.04%
153.37
56.72
136.99
849.48
-4.02
845.46
200.99
644.47
Q4 FY26
Q4 FY25
Y-O-Y
Q3 FY26
Q-O-Q
FY26
FY25
Y-O-Y
8,480.25
4,003.93
111.80%
7,565.05
12.10%
26,536.77
14,444.50
83.72%
6,738.63
2,409.57
4,010.92
297.49
-85.51
649.01
167.75
597.23
16,910.94
8,265.15
1,587.71
1,273.84
-1,954.97
650.83
1,537.26
599.25
330.95
318.17
1,947.94
883.92
70.91%
1,928.15
-18.22%
5,908.64
2,721.64
117.10%
25.49%
267.26
93.28
196.18
22.27%
18.84%
989.72
280.50
708.15
402.45
152.09
401.56
65.74%
1,763.79
-20.17%
5,346.57
2,568.66
108.15%
-294.78
-294.78
-4.02
66.53%
1,469.02
-4.16%
5,051.79
2,564.64
96.98%
362.23
1,167.64
636.51
74.76%
1,106.79
1.76%
3,884.15
1,928.13
101.45%
13.01%
15.56%
0.14
14.26%
12.99%
28
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
FY26
15,010.89
2,396.78
12,707.70
30,115.37
9,522.82
3,015.55
17,577.00
30,115.37
FY26
1,626.95
-3,953.18
2,573.11
246.88
509.83
17.45
774.16
FY25
9,595.28
1,365.96
8,524.11
19,485.35
5,444.13
1,307.95
12,733.27
19,485.35
FY25
3,158.21
-6,808.37
4,035.74
385.58
121.39
2.86
509.83
29
Strong Visibility of Maintaining Momentum in FY27
Strong Operating Performance
• Record yearly module production of 12.6 GW • Highest ever yearly Revenue from Operations of ₹ 26,537 Cr • Reported Total EBITDA of ₹6,617 surpassing guidance range of ₹ 5,500-6,000 Cr for FY26 • Operating EBITDA stood at ₹ 5,909 Cr for FY26 •
Strong pipeline of 100+ GW
Project Execution on Track
•
•
Execution of cells and ingot-wafer facilities remain on track
Strong ramp-up in Inverter and Transformer segment
• BESS, Green Hydrogen Electrolyser facilities continue to progress on expected time lines
Operating EBITDA Guidance for FY27: ₹7,000 – 7,700 Cr
30
Appendix
30 MW to 25.8 GW | Scaling Solar Leadership with Full Stack Ecosystem Playbook
Aggregate Installed Capacity (Module)
2007: 30MW
Historical Growth
2025: 22.8GW
Present: 25.8 GW
2022 – 2025
• Awarded PLI for a 6GW integrated ingots,
•
wafer, cell, module mfg. facility Inaugurated the 1.6 GW US manufacturing module facility and acquired 1 GW module manufacturing assets of Meyer Burger in US
• Commenced construction of 10 GW integrated cell facility in Gujarat Listed on BSE & NSE
• • Operationalised the 5.4GW solar cell facility • Board approved capex in BESS, Inverter and
Electrolyser
• Acquired 64% equity stake in transformer
company
• Acquired 76% equity stake in smart meter
company
2026
•
Largest Non-Chinese module manufacturer* with 25.8 GW
• Commenced construction of 10 GW integrated ingot and wafer facility in Nagpur
• Acquired a strategic stake in the largest non-Chinese polysilicon manufacturer, with 100 KTPA capacity in Oman
•
• Board approved Capex of ₹3,900Cr for solar PV glass manufacturing plant Subsidiary Waaree Renewable Technologies Limited to acquire ~55% stake in Associated Power Structures Limited for ~₹1,225 Cr
2018 – 2021
• Divested Waaneep Solar Pvt Ltd. to Hero Solar Energy Pvt Ltd.
• Commissioned 1GW PV plant capacity
2012 – 2017
•
• Acquired NEEPCO’s stake in the JV JV with NEEPCO for a solar power project
2008-2011
• 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
*Courtesy BNEF and Internal Assessment
32
Annual Financial Overview (1/2)
Revenue from Operations (₹ Cr)
Operating EBITDA (₹ Cr)
26,537
5,909
11,398
14,445
6,751
FY23
FY24
FY25
FY26
Operating EBIDTA Margin
19%
22%
12%
14%
FY23
FY24
FY25
FY26
835
FY23
500
FY23
2,722
1,574
FY24
FY25
FY26
Profit After Tax (₹ Cr)
3,884
1,928
1,274
FY24
FY25
FY26
33
Annual Financial Overview (2/2)
ROCE
ROE
27%
22%
29%
32%
26%
30%
28%
29%
FY23
FY24
FY25
*
FY26
*
FY23
FY24
FY25
*
* FY26
Cash Conversion Ratio
Net Debt to Equity (x)
147%
118%
112%
FY23
FY24
FY25
*FY25 & FY26 numbers are adjusted for unutilized portion of IPO proceeds;
26%
FY26
-0.80
FY23
-0.85 FY24
-0.72
FY25
-0.29
FY26
34
Corporate Structure
Waaree Energies Limited
100%
Sangam Solar One Private Limited
100%
100%
100%
100%
100%
Waaree Solar Americas Inc.
Waaree Forever Energies Pvt Ltd
Waaree Clean Energy Solutions Pvt Ltd
Waaree Power Private Limited
Waaree Green Glass Private Limited
Integrated Solar Manufacturing
Module Manufacturing
Renewable Power Infrastructure
Hydrogen Business
Inverter & Smart Meter
Glass
75%
100%
90%
Indosolar Limited
Waaree Energies Middle East FZE
Waaree Energy Storage Solutions Pvt Ltd
74.5%
Waaree Renewable Technologies Limited
64%*
Waaree Transpower Private Limited
Module Manufacturing
Module Supply
Energy Storage Business
EPC and O&M
Transformer
*Board has approved to increase current shareholding to 75.10%
35
Accomplished Board of Directors
Dr. Hitesh Chimanlal Doshi Chairman and MD
Viren Chimanlal Doshi Whole Time Director
Hitesh Pranjivan Mehta Whole Time Director
Jignesh Rathod 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 and
Transformer Division 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
• Associated with the Company since
November 2007
• Responsible for overseeing business
operations and growth
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
36
Experienced Senior Management Team
Jignesh Rathod Whole Time Director and CEO
Abhishek Pareek Chief Financial Officer
Sunil Rathi
Exec. Director, Sales
Responsible for overseeing business operations and growth
Responsible for financial strategy, capital allocation, governance and business performance, supporting Waaree’s growth plans across segments
• Responsible for overseeing the sales functions • Previously associated with Vikram Solar Ltd
Anuj Sharma CEO, Hydrogen
Pawan Agarwal CEO, Infrastructure
Prantik Dasgupta CEO, Aluminium and Smart Meter
27+ years of industry expertise with experience at Linde Malaysia, Praxair India
Previously associated with Azure Power, Yes Bank, Crisil, etc.
Previously associated with Infosys, Adani Group and Vedanta Resources Ltd
Dr. Hitesh Chimanlal Doshi Chairman and MD
Founded the Group in 1990 and has been instrumental in driving its growth since inception
Pankaj Vassal President & Business Head Previously associated with Havells India Ltd, Pidilite Industries Ltd and Reliance Broadcast Network Ltd
Nitin Kapadnis President, EMS Business Previously associated with Reliance Communications, Bharti Airtel Ltd, Sify Technologies Ltd and ESDS Software Solutions
Shyam Ragupathy COO, Battery 25 years of industry expertise with Elest Pvt Ltd, Rajesh Export Ltd., Indo National ltd etc.
37
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
Vijay Shimpi Chief Executive - Projects Previously associated with Ayana Renewable Power, Tata Power Solar System
Pankaj Srivastava COO - Glass 27+ years of industry expertise with experience at Linde Malaysia, Praxair India
Rajiv Agrawal COO - Infrastructure Previously associated with Skeiron Group, Qubit Mobiles and Suzlon Green Power Ltd
Varun Goenka President – Growth & Strategy Previously associated with Nippon India Mutual Fund and Value Quest
Sandesh Shetty President - Sales Previously associated with SCHOTT, Sun Solar Techno Limited
Dr. Avadhut Parab Chief Information Officer Previously associated with Parle Agro Pvt Ltd, Wockhardt Ltd and Atos Origin India Pvt Ltd
Strong second line of management of ~150 professionals being groomed for building Waaree 2.0
38
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. Mamta Nehra mamta.nehra@in.mpms.mufg.com
Mr. Prathmesh Parab prathmesh.parab@in.mpms.mufg.com
Meeting Request
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