- **Waaree Technologies is an Indian battery maker that was born from a pivot - it began life trading cells required for batteries and batteries, then in December 2022 bought the lithium-battery division of a group company and turned itself into a pure energy-storage play.** The recurring pattern is consolidation within the Waaree group: a business is moved into the listed entity to give it a single, focused identity and direct access to capital markets. That one move defines everything the company is today. # Business segments A single energy-storage engine, built on an acquired manufacturing base, serving everything from residential solar kits to electric vehicles - with legacy tape and solar-cell trading still winding through the revenue mix. ## 1. Energy storage: the battery business the company was rebuilt around **The company makes lithium-ion batteries and battery systems at a Surat plant it bought from a group entity, then sells them to industrial buyers, solar installers, and related parties.** - **Bought, not built from scratch** - the entire business was acquired on a going-concern basis from Waaree ESS Private Limited for Rs. 19.75 crore in cash, transferring the factory, all assets, liabilities, licences and employees in one slump sale. That gave the company an operational plant with over 400 MWh of annual battery production capacity from day one. - **Cells in, batteries out** - revenue comes from two streams: trading the lithium-ion cells that go into batteries, and selling the finished batteries themselves. The company also supplies hybrid systems that bundle batteries with inverters and solar panels, like the 20 KWh system ordered by related-party Waaree Renewable Technologies in March 2025. - **A customer base anchored to the group** - the most visible orders flow from fellow Waaree entities: 530 solar street-light kits in November 2024, and multiple hybrid-system purchases by the group’s solar EPC arm. But there are arms-length deals too, including a 2,000-unit solar-kit export agreement signed with a Czech buyer in early 2023. - **Machines that keep improving** - the company has upgraded technology and quality systems at the Surat plant, which has let it raise product quality while reducing the labour needed per unit. It runs flexible manufacturing lines so it can shift output as market demand changes. - **Tailwinds with headwinds attached** - demand is pulled by government programmes like FAME-II and the PLI scheme for battery storage, plus the rise of residential solar and grid-scale storage. But the business is price-sensitive, raw-material supply chains are fragile, and battery technology evolves fast enough that constant investment is needed just to stay relevant. # Group structure and partners **The company sits inside the Waaree group with no subsidiaries of its own, and its biggest customers are its own related parties.** - **A holding with no holdings** - as of March 2025, Waaree Technologies had no associate, joint-venture or subsidiary companies. It is a standalone entity listed on the BSE’s SME platform. - **The group as customer and supplier** - related-party transactions run in both directions with Waaree Energies Limited (purchase and sale of goods/material, and loan transactions). - **The seller became a shareholder** - Waaree ESS Private Limited, the entity that sold the battery business, remained a promoter-group shareholder after the deal, then gradually sold down its stake through open-market sales between mid-2023 and mid-2024, trimming the combined promoter holding from about 60.4% to just under 59%.