• New order win: Waaree Energies secured a 2 GW solar module supply order from a large Indian developer, which will be executed over four quarters starting in December at an expected margin between 15% to 20%.
• Pricing and margins: The company continues to position itself as a premium, value-driven brand, avoiding low-priced L1 bidding tenders and maintaining its EBITDA guidance of ₹7,000 to ₹7,700 crore.
• US operations: To navigate geopolitical issues and export challenges from India, Waaree is scaling its US local manufacturing capacity to 4.5 GW, which is driving local order bookings.
• QIP fundraising plans: The ₹10,000 crore shareholder-approved QIP serves as an enabling resolution to fund ongoing capex across the expanded value chain, though the company is currently fully funded and will tap the market only as capital needs arise.
• Adjacent business expansion: Investments in ingots, wafers, transformers, and battery energy storage systems (BESS) are aligned with upcoming regulations and supply gaps, with the company's first ESS battery plant scheduled to become operational in the current financial year.