Waaree Renewable Technologies Limited has informed the Exchange about Investor Presentation
Execution with Pace & Comfort
April 16, 2026
To The Manager BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400001 Scrip Code: 534618
To The Manager National Stock Exchange of India Limited Exchange Plaza, C-1 Block G, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 051 Scrip Symbol: WAAREERTL
Sub.: Investors / Earnings Presentation under Regulation 30 of SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015.
Dear Sir / Madam,
With reference to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investors/ Earnings Presentation for the Quarter and Financial Year ended March 31, 2026. The Company will use this presentation for any meeting scheduled with analysts or institutional investors. The above information will also be available on the website of the Company at www.waareertl.com
Request to kindly take this intimation on record.
Thanking you,
Yours faithfully,
For Waaree Renewable Technologies Limited
Heema Shah Company Secretary ACS 52919 Email Id: info@waareertl.com
Waaree Renewable Technologies Limited (A subsidiary of Waaree Energies Limited) 504, Western Edge-1, Off. Western Express Highway, Tel.: +91 22 6644 4444 CIN : L93000MH1999PLC120470 Borivali (E), Mumbai 400 066. Maharashtra INDIA E : info@waareertl.com GST: 27AADCS 1824J2ZB W : www.waareertl.com
INVESTOR PRESENTATION | Q4 & FY26 Accelerating Global Energy Transition
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
Waaree Group – Vertically Integrated Operations
TIER 1 Solar Module Manufacturer*
Gold Medal EcoVadis Sustainability Rating
35 Years of Industry Experience
#1 Indian Module Manufacturer
Products Exported In 25 Countries
~26 GWp Module Capacity, & 5.4 GWp Cell Capacity
CARE AA-, Stable Credit Rating1
Serving more than 80% of pin codes via ASP in India1
3.05 GWp Inverter capacity
Rs.~60k Cr Order Book1
4,000+ | 583 ASP | Franchises across India1
1: For Waaree Energies Ltd. as of Q3FY26; * For 39 quarters
4
Integrated Group Offerings
PV Module
EPC Services
O&M Services
Rooftop Solutions
Floating Solar
BESS
Green Hydrogen- Electrolyser Manufacturing
Inverter
Transformer
Smart Meter
Solar Products Water Pump, Street Lights
Solar Kits
5
Marquee Clientele & Stakeholder Relationships
Customers / Developers
o t s r e d n e L
s r e p o e v e D
l
/ s t n a t l u s n o C
s r e e n i g n E ’ s r e n w O
s r e
i l
p p u S
• Trusted EPC partner for leading global
and domestic lenders.
• Strong credibility ensures smooth financing and project execution.
• Deep relationships with top-tier
consultants and engineering firms.
• Their endorsements reinforce quality
and compliance standards.
• Strong alliances with a diversified
network of local and global suppliers.
• Robust supply chain ensures timely delivery and operational reliability.
End-to-End Execution Capability
Proven Track Record of Reliability
Client-Centric & Collaborative Approach
6
Industry Overview
Energy Transition
Global Projected Annual Solar PV Capacity Additions1, GW
RE – Projected Installed Capacity India2, GW
Government Targets to Achieve Solar Power Capacity of ~280GW from 150GW in FY263
402.3
421.7
459.2
493.9
539.6
For setting up of 450 GW RE + 19 GW PSP and 42 GW BESS to necessitate incremental debt of ~Rs 14 lakh crore
Installed Capacity (GW)
17%
280
Fossil
RE+Hydro
450
500
400
246
191
279
254
262
262
276
150
106
82
22
35
7
54
CY24P
CY25P
CY26P
CY27P
CY28P
FY23 (A)
FY 27
FY 30 (I)
FY30(II)
CEA (E)
FY17
FY18 FY20 FY22 FY24 FY25
FY26
2030E
Solar Capacity Additions in India ~156-164 GW over Fiscals 2027-20301
Break-up of the Total Installed Capacity, India – FY25 vs FY30E1
Solar capacity addition in FY26 is 44.61 GW; surpasses the estimate
26 – 28
30 – 32
23
15
42 – 44
46 – 48
38 – 40
FY24
FY25
FY26P
FY27P
FY28P
FY29P
FY30P
Source: 1:Crisil Report, 2:Energy Storage Care EDGE Report 3: MNRE & pib.gov.in
FY25
47%
Solar
Wind
Large Hydro
Coal
Oil & Gas
Nuclear
Other RE
10%
10%
22%
4% 2%
5%
FY30E
3%
3%
2%
35%
38%
8%
11%
Solar
Wind
Large Hydro
Coal
Oil & Gas
Nuclear
Other RE
8
Supportive Government Policies Fueling Growth
India-EPC Services Demand Across Solar Energy
Market Potential of Indian O&M in Solar1
State Wise Solar Parks as on Dec 2025 (MW)2
Rs Bn
1,705
23%
605
708
FY23
FY24F
FY28F
Estimated market (in Rs. Bn)
Estimated O&M market for 3rd party (GW)
12,150
11,805
Sanctioned Capacity
Capacity Commissioned
73.0 73.0
23% 23%
25.5 25.5
2029-30 2029-30
16.8 16.8
5.8 5.8
2022-23 2022-23
4,132
4,691
4,530
4,300
3,840
3,050
2,263
2,000
2,000
430
1,105
1,089
0
0
415
225
Gujarat
Rajasthan
Madhya Pradesh
Andhra Pradesh Uttar Pradesh
Karnataka
Maharashtra
Jharkhand
Others
Key initiatives by GOI for development of solar energy/capacity
Solar Parks2
PLI Scheme3
Rooftop Solar3
Energy Storage4
Others5
• GOI has approved 55 solar parks with
• Govt backed initiative to
aggregate capacity of ~41GW
• By Dec’25, 16.79 GW commissioned, 13.64 GW under tendering, and 10.60 GW under construction toward the target capacity
•
Solar Park policy extended till FY2029
promote domestic mfg. of Solar PV modules
•
Target of 48 GW of fully integrated solar PV mfg. capacity with an investment of ₹~53k Cr
• PM Surya Ghar Muft Bijli Yojana Proposed outlay of 75k Cr for 1 Crore households in India • Govt targets to add 30 GW of
residential rooftop solar capacity by 2027
•
~9.56 GW of rooftop solar capacity added and ~ 31 lakhs households benefited.
VGF Scheme PSDF* • 30 GWh of BESS; Budgetary allocation
of ₹5,400 Cr through PSDF
ISTS^ Waiver: •
ISTS charges waiver for co-located BESS projects commenced till June’28 for 12 yrs
Minimum Content: • ≥ 20% local content req. for VGF
scheme
• ≥ 2 hrs dur. ESS req. for solar PV
tender
• Minimum domestic content
requirement
• Approved list of models &
manufacturers to ensure quality & performance of modules and cells • Reduction in GST on solar modules from 12% to 5% lead to reduction in cost of projects to developers
Source: Crisil Report; 1: saurenergy.com; 2: MoP Status report; 3: pib.gov.in ; 4:MoP & pib.gov.in; 5: pib.gov.in & mint; *PSDF: Power System Development Fund; ^Inter-State Transmission System
9
Company Overview
Journey to Leadership in Solar EPC
Waaree RTL Expands Market Presence in India
Revenue (Rs. Cr.)
3,331
2026
• Credit Rating upgraded: A+, Stable (CARE) • Ground mounted solar Project – 420 MWp • Ground mounted solar Project – 35 MWp • Ground mounted solar Project – 14 MWp
1,598
876
162
2022
351
2023
2024
2025
2026
2025
of EPC experience
2024
2022
2023
• Cello Industries Rooftop Project
• AM Green – 296 MWp • DRPL Tuticorin – 153 MWp • Continuum Project – 150 MWp
• Credit Rating upgraded: A, Stable (CARE) • Ground mounted solar Project – 217.5 MWp • Ground mounted solar Project – 39.8 MWp • Ground Mounted Solar Project – 1,000 MWp • Ground Mounted Solar Project – 435 MWp • Ground Mounted Solar Project – 255 MWp • 90 MWh Battery Storage System
• GW Scale Project
▪ Jindal Renewables – 2,012.47 MWp ▪ Greenko – 980 MWp
• Turnkey Solutions NEEPCO – 450 MWp • MNC Customer Acciona Energy – 412 MWp
11
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
12
Comprehensive RE EPC and O&M Expertise…..
Key Financial Metrics
Rs. 3,331.42 Cr
FY26 Revenue from Operations
19.24%
FY26 EBITDA Margin
111.73%
FY23-26 Revenue CAGR
14.37%
FY26 PAT Margin
Rs. 933.83 Cr
Rs. 94.66 Cr
FY26 Net Worth
FY26 Cash & Cash Equivalents
68.93%
FY26 ROE
62.54%
FY26 ROCE
Technologically advanced end to end solar solutions
Utility Scale Solar Projects (incl Turnkey & BOS)
Rooftop Solar Projects
Floating Solar Projects
Design and Engineering • Dedicated in-house design & engineering team of 32 professionals •
India based cost effective structure
Procurement • • Well-defined quality management procedures
Selection of vendors after thorough due diligence
Inspection & Process Control • 3-stage quality assurance process including initial factory assessment, production
monitoring at vendor’s facility, and final 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,
Solar + Energy Storage
RESCO & CAPEX Models
control environment impacts, etc.
13
…with end-to-end capabilities
In House Dedicated Capabilities
Installation & Commissioning
Adherence to EHS and Quality
Power Evacuation
Single Location Aggregated & Developed Land on Free-Hold Basis
Pre-Feasibility Studies
End to End Capabilities
Expertise in Statutory & Liasoning
Land and Site Identification
Expert In House Design & Procurement Team
Design Services
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
14
Major EPC Accomplishments
5.06 GWp Project Commissioned
2,832 MWp Project site under execution
59.26 MWp
Roof Top Projects Commissioned
~1,180 MWp O&M Portfolio of solar power plant assets
2.29 MWp Floating Solar Projects
R&D Team In House R&D team for New Technology Development
15
Large Order Book with Strong Execution
Unexecuted orderbook has been scaled up over years (MWp)…
…. With stable rate of execution
2,365
3,263
2,832
Executed Order Book (MWp)
Revenue from Operations (Rs. Cr)
3,331
2,727
295
351
704
876
1,524
1,598
2024
2025
2026
2023
2024
2025
2026
817
2023
Engineering, Procurement and Construction (EPC) works of a project
•
•
•
•
•
•
•
•
•
420 MWp Ground Mounted solar power project (Order won in Q4FY26)
35 MWp Ground Mounted solar power project (Order won in Q4FY26)
14 MWp Ground Mounted solar power project (Order won in Q4FY26)
217.5 MWp Ground Mounted solar power project (Order won in Q3FY26)
39.8 MWp Ground Mounted solar power project (Order won in Q3FY26)
1,000 MWp Ground Mounted solar power project (Order won in Q2FY26)
29.4 MWp Ground Mounted solar power project (Order won in Q2FY26)
435 MWp Ground Mounted solar power project (Order won in Q1FY26)
131.6 MWp Ground Mounted solar power project (Order won in Q1FY26)
Key Orders Wins
IPP Assets
•
•
The company has developed 54.82 MWp solar power generating assets
Additionally, setting up 227.10 MWp Independent Power Producer (IPP) Plant
O&M Portfolio •
The company has ~1,180 MWp of O&M Portfolio
16
Key Ongoing Projects
2012 MWp Ground Mounted project at Bikaner, Rajasthan
980 MWp Ground Mounted project at Kurnool, Andhra Pradesh
450 MWp Ground Mounted project at Bikaner, Rajasthan
1000 MWp Ground Mounted project, at Solapur, Maharashtra
`
217.5 MWp Ground Mounted project at Solapur, Maharashtra
105 MWp Ground Mounted project at Jamnagar, Gujarat
435 MWp Ground Mounted project at Bikaner, Rajasthan
180 MWp Ground Mounted project at Tuticorin, Tamil Nadu
39.8 MWp Ground Mount project at Kadapa, Andhra Pradesh
131 MWp Ground Mounted project at Nashik, Maharashtra
255 MWp Ground Mounted project at Neemuch, Madhya Pradesh
29.4 MWp Ground Mounted project at Yavatmal, Maharashtra
17
Future Strategy
Key Strengths
Fast growing solar market with massive tailwinds
Supported by a strong parent company, enabling seamless integration with its module manufacturing business
Comprehensive Solar EPC solutions provider with end-to-end capabilities
Well entrenched in the Indian market with large projects commissioned
Expertise in handling projects of all sizes and complexities across the solar energy spectrum
Large order book backed by a proven track record of execution
Ecosystem play within the group
Experienced management team
Bankable EPC provider with marquee customers
Robust growth and financial performance backed by an asset- light business model
19
Unique Propositions
CUSTOMER CONNECT
Strong customer base of respected industrial house/companies
MARKET ACCEPTANCE
NETWORK
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
ON GROUND TRACK RECORD
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 (395 Manpower)
Consistent introduction of new technologies & innovative products & solutions
20
Growth Strategy – Energy Transition
Energy Transition
Renewable
Storage
O&M
Solar
Wind
Hybrid
Green Hydrogen
Battery
Pumped Hydro
Services
Rooftop
Floating
Ground Mounted
Solar Parks
Achieve higher growth in the EPC segment
Expand in O&M markets
• Evaluating opportunities in both international and domestic markets to secure
more EPC contracts
• Participating in government and private bidding process • Ecosystem of renewable energy from module to storage helps win clients
• The size of the O&M market is expected to grow as more solar capacities are added • Evaluating third-party O&M opportunities in domestic markets through both organic
and inorganic methods
• Enhance value to customers by offering differentiating O&M services, such as drone thermography, strong analytics and predictions, underground cable fault finder etc.
21
Experienced Board Management
Mr. Nilesh Bhogilal Gandhi Chairman & Non-Executive Independent Director
Mr. Pujan Pankaj Doshi Managing 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 combines engineering expertise with visionary leadership. Holding a BE 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.
Mr. Hitesh Pranjivan Mehta Whole Time 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. Viren Chimanlal Doshi Whole Time Director
Mr. Sunil Rathi Whole Time Director
Mr. Sunil Jain Non-Executive Independent Director
He has been with the company since inception, 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.
He holds a BE in Electronics and an MBA in Marketing from ITM, Mumbai, with over three decades of experience in sales and marketing. His career spans leadership roles with reputed companies.
He has over three decades of experience. An award-winning leader in renewables, he serves as chair on several councils and holds an engineering degree from BIT Mesra along with an MBA from FMS, Delhi University.
Mr. Sudhir Arya Non-Executive Independent Director
Ms. Ambika Sharma Non-Executive Independent Director
A fellow of ICMAI and ICFAI with a finance degree from MDI, Gurugram, he brings over four decades of experience, having served as CFO and Director (Finance) in PSU. His expertise spans project finance and financial reporting.
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.
22
Strong Leadership Team
Mr. Manmohan Sharma Chief Financial Officer
Mr. Ravikesh Singh Chief Operating Officer-EPC
He is a Chartered Accountant with 30 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 establishing a strong governance framework.
He holds a B. Tech in Electrical Engineering & Post Graduate Diploma in Business Management. He has 25+ years of experience in power projects.
Mr. Mayur Mehta Chief Procurement Officer
Ms. Heema Shah Company Secretary & Compliance Officer
He holds a Diploma in Export-Import Management. He has 25+ years of experience in Supply Chain Management.
She holds a Bachelor's degree in Commerce and LLB from Mumbai University and is a Company Secretary from ICSI. She has over 14 years of experience in corporate compliance and governance.
23
Financial Highlights
Robust Financial Performance
(Consolidated)
(Rs. in Cr)
Revenue
+131.31%
1,102.40
476.58
EBITDA & EBITDA Margin
26.51%
18.76%
+63.71%
206.82
126.33
PAT & PAT Margin
19.67%
14.13%
+66.08%
155.72
93.76
Q4FY25
Q4FY26
Q4FY25
Q4FY26
Q4FY25
Q4FY26
Revenue
EBITDA & EBITDA Margin
PAT & PAT Margin
+108.51%
3,331.42
1,597.75
19.46%
19.24%
+106.21%
641.10
310.90
14.33%
14.37%
+109.09%
478.65
228.92
FY25
FY26
FY25
FY26
FY25
FY26
25
Consolidated Income Statement
Particulars (Rs. Cr)
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)
Q4FY26
Q4FY25
Y-o-Y
Q3FY26
Q-o-Q
FY26
FY25
Y-o-Y
1,102.40
1,102.40
870.82
12.78
11.98
206.82
18.76%
6.05
2.09
2.68
208.10
18.77%
-
52.38
155.72
14.13%
14.96
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
93.76
19.67%
9.00
131.31%
63.71%
66.24%
66.08%
851.06
851.06
673.01
13.64
5.61
158.80
18.66%
5.12
2.11
3.42
158.39
18.61%
-
38.19
120.20
14.12%
11.50
3,331.42
1,597.75
29.53%
3,331.42
1,597.75
108.51%
2,605.51
1,238.80
48.96
35.85
29.56
18.49
30.24%
641.10
310.90
106.21%
19.24%
19.46%
20.43
8.62
13.29
14.80
6.37
14.84
31.38%
639.62
304.49
110.06%
19.20%
19.06%
-
160.97
-4.02
71.55
29.55%
478.65
228.92
109.09%
14.37%
14.33%
45.91
22.00
26
Consolidated Balance Sheet and Cash Flow Statement
Particulars (Rs. Cr)
Shareholders funds
Non-Current Liabilities
Current Liabilities
Total Equity & Liabilities
Fixed Assets
Other Non-Current Assets
Total Current Assets
Total Assets
Particulars (Rs. 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 1st April
Cash and cash equivalents as at 31st March
FY26
933.83
111.10
1,328.87
2,373.80
450.09
134.08
1,789.63
2,373.80
FY26
286.95
-264.48
22.55
45.02
26.79
71.81
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
27
For further information, please contact:
Company:
Investor Relations Advisors:
Waaree Renewable Technologies Ltd. CIN: L93000MH1999PLC120470 www.waareertl.com
www.waareertl.com www.waareertl.com
Mr. Neeraj Vinayak VP – Investor Relations neerajvinayak@waaree.com
Mr. Rohit Wade GM – Investor Relations rohitwade@waaree.com
MUFG Intime India Private Limited (A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services)
Mr. Prathmesh Parab
Ms. Mamta Nehra
prathmesh.parab@in.mpms.mufg.com
mamta.nehra@in.mpms.mufg.com
Meeting Request
Link
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