### **Overview** Waaree Energies Limited (WEL), established in 1990 and headquartered in Mumbai, is India’s largest manufacturer of solar photovoltaic (PV) modules and cells. The company has evolved into a full-stack clean energy solutions provider, offering end-to-end services in solar module manufacturing, engineering, procurement, and construction (EPC), project development, operations & maintenance (O&M), rooftop solar, and emerging technologies such as battery storage, green hydrogen, and smart energy systems. Listed on both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) in FY2024–25, Waaree has demonstrated robust growth, innovation, and strategic expansion across the renewable energy value chain. --- ### **Core Business & Market Position** - **Market Leadership**: Waaree is India’s largest solar PV module manufacturer, with a 14.1% share of India’s global module shipment—highest among Indian companies. Recognized by CRISIL and BloombergNEF (BNEF), it has maintained Tier-1 status for 39 consecutive quarters. - **Global Presence**: Operates in over 24 countries across Asia, the Americas, and Europe, with exports contributing over 16.7% to total revenue and growing. - **Customer Base**: Serves over 5,000 customers globally, including utilities, commercial & industrial (C&I) enterprises, government bodies, MSMEs, and residential users. - **Distribution Network**: Maintains the sector’s widest retail footprint, with **480+ franchisees** and **2,800+ Authorised Selling Points (ASPs)**, enabling deep market penetration across urban and rural India. --- ### **Manufacturing & Production Capacity (as of Oct–Sep 2025)** - **Module Capacity**: - **India**: 16.1 GW (planned to reach **26.7 GW by FY26**). - **USA**: 2.6 GW (1.6 GW operational in Texas; expansion to 3.2 GW underway). - **Global Total**: 18.7 GW (target: **26.7 GW by FY26**). - **Cell Manufacturing**: - 5.4 GW in India (largest in the country, located in Chikhli, Gujarat). - Target: **15.4 GW by 2027**. - **Backward Integration**: - **Ingot-Wafer**: 10 GW capacity under development (commercial production scheduled from **March 2027**). - Facilities being restructured: - 6 GW cell plant moving from Dhenkanal, Odisha to **Unn, Gujarat**. - 6 GW module plant relocating to **Nagpur, Maharashtra**. - 6 GW ingot-wafer plant shifting to **Samakhiali, Gujarat**. --- ### **Expansion Across the Renewable Energy Value Chain** Waaree is executing a multi-pronged integration strategy to become a comprehensive energy transition partner: #### **Backward Integration** - Established **India’s largest solar cell manufacturing facility (5.4 GW)**. - Backward integration into **ingots, wafers, and cells** to improve cost control, reduce import dependency, and enhance margins. - **R&D & Innovation**: - NABL-accredited R&D lab in Chikhli focused on **TOPCon, HJT, perovskite tandem cells**, and customized product development. - Collaboration with **IIT Bombay** to commercialize next-gen solar technologies. - Commissioned automated, reconfigurable production lines for **BIPV, AgriPV, EV-integrated, and defense-grade modules**. #### **Forward Integration** - **Energy Storage**: - Investing in a **3.5 GWh lithium-ion battery cell plant**. - Secured a 40 MWh BESS order from Continuum Green. - **Green Hydrogen**: - PLI award for a **300 MW green hydrogen electrolyzer plant** in Valsad, Gujarat. - Won SECI bid for 90,000 tonnes/year green hydrogen production under SIGHT scheme. - **Inverters**: - 3 GW annual inverter production capacity (3 GWp planned by FY26; 3 GW already operational). - Offers on-grid/off-grid inverters (1–75 kW), with efficiencies up to **98.7%**. - **Project Development**: - Active **Independent Power Producer (IPP)** with 58.42 MWp operational portfolio. - Commissioned over **1.1 GW of solar projects** via EPC, with an unexecuted order book of **3,155 MWp**. - Executed **1,524 MWp of EPC projects** as of Sep 2025. --- ### **Strategic Acquisitions & Joint Ventures** - **Enel Green Power India (EGPIPL)**: Acquired 100% stake (completed Jan 2025). - Adds **640 MW AC (760 MW DC)** of operating solar and wind capacity. - Enhances project development, IPP capabilities, and technical expertise. - **Meyer Burger (USA)**: Acquired solar manufacturing assets to strengthen global footprint. - **Racemosa Energy India**: 76% stake for entry into **smart meters**. - **Kotsons Private Limited**: 64% stake for expansion into **transformer manufacturing**. - **IndoSolar**: Turned around and integrated successfully (added 1.3 GW of capacity). --- ### **Order Book & Revenue Visibility** - **Order Book**: - **₹49,000 crore** (~26.5 GW) as of Sep 2025 – the largest in the industry. - Geographically diversified: **54% international, 46% domestic**. - Covers **utilities, retail, exports, EPC, and U.S. local manufacturing**. - **Revenue (FY2024–25)**: ₹14,444.50 crores, with exports growing steadily. - **Revenue Mix**: 79% domestic, 21% international (as of Q3 FY25), reflecting faster execution in India. --- ### **U.S. Operations & Global Strategy** - **Texas Facility**: - 1.6 GW solar module plant operational from **Jan 2025**, with plans to scale to **3.2 GW by end-2025**. - Strategic positioning to benefit from **U.S. Inflation Reduction Act (IRA)**, localization mandates, and data center-driven power demand. - **Exports**: Key markets include **USA, Canada, Italy, Vietnam, and EU**. - **Geopolitical Advantage**: Benefits from **"China Plus One"** trade diversification trends. - **Future Markets**: Targeting EU and other regions under Indian government trade agreements. --- ### **Product Portfolio & Technology** Waaree offers a wide range of advanced solar products: - **Module Technologies**: - **N-Type HJT** (up to **23.5% efficiency**). - **N-Type TOPCon** (up to **23.2% efficiency**). - **Mono PERC** (up to 21.36%), **Bifacial, Flexible, and BIPV** modules. - **Specialty Panels**: Semi-flexible, lightweight (3W–300W), customized for **EVs, tracking systems, defense, and off-grid use**. - **Integrated Solutions**: - **AgriPV** and **BIPV** for dual land use. - Plug-and-play solar kits for MSMEs, homes, and institutions. - G12 and M10 formats (Elite & Plexus Series) for high yield and low-light performance. --- ### **Sustainability & Recognition** - **EcoVadis Gold Medal (2025)**: Top 5% globally for ESG performance. - **Environmental Product Declaration (EPD)**: First Indian solar company to achieve EPD certification for lifecycle assessment. - **Bankability**: Globally certified and highly bankable modules; rated by TÜV, UL, PVEL, RETC. - **NABL-Accredited Labs**: For quality assurance, accelerated validation, and innovation.