Business description: Waaree Energies Limited

Waaree Energies Ltd is an India-based company, which is engaged in the business of manufacture of solar photo-voltaic (PV) modules, setting up of projects in solar space and sale of electricity. The Company’s segments include Solar Power Product, Generation of Power, and Engineering, Procurement and Construction (EPC). The Company has an operational capacity of 12 gigawatt (GW) for solar PV modules, such as Mono PERC, Bifacial, BIPV, Flexible and Polycrystalline modules. It also offers off-grid inverters and on-grid invertors. It provides various solar solutions, including solar panel, solar inverter, lithium-ion battery, solar streetlight, solar mobile charger, and solar bag. The Company provides various services, including EPC Ground Mount, EPC Floating Solar, operation and maintenance (o&M), EPC Rooftop, and Waaree Prime. It offers O&M services which cover testing, cleaning, preventive maintenance, and corrective repairs to deliver optimal plant performance.

Number of employees: 1,804

Sales by Activity: Waaree Energies Limited

Fiscal Period: March 2021 (INR) 2022 (INR) 2023 (INR) 2024 (INR) 2025 (INR)

Solar Photovoltaic Modules

- 2.77TCr 6.55TCr 11TCr 13TCr

Solar Photovoltaic Modules and EPC of Solar Power Plants

1.95TCr - - - -

Engineering, Procurement and Construction Contract

- 147.28Cr 333.36Cr 847.76Cr 1.56TCr

Generation of Power

6.18Cr 14Cr 13Cr 29Cr 33Cr

Inter Segment Eliminations

- -79Cr -146.96Cr -133.31Cr -105.28Cr

Geographical breakdown of sales: Waaree Energies Limited

Fiscal Period: March 2021 (INR) 2022 (INR) 2023 (INR) 2024 (INR) 2025 (INR)

India

- 2.2TCr 2.13TCr 4.83TCr 12TCr

Outside India

- 657.82Cr 4.62TCr 6.57TCr 2.4TCr

Executive Committee: Waaree Energies Limited

Manager TitleAgeSince
Chief Executive Officer 59 16/02/2007
Chief Executive Officer - 01/03/2024
Director of Finance/CFO 55 01/09/2024
Compliance Officer - 19/05/2023
Chief Operating Officer - 28/11/2007

Composition of the Board of Directors: Waaree Energies Limited

Director TitleAgeSince
Chairman 59 16/02/2007
Director/Board Member 60 01/04/2011
Director/Board Member 72 16/01/2019
Director/Board Member 51 30/08/2021
Director/Board Member - 23/12/2024
Director/Board Member 74 26/03/2025
Director/Board Member 61 01/07/2025

Shareholders: Waaree Energies Limited

NameEquities%Valuation
Chimanlal Tribhovandas Doshi
45.88 %
13,19,63,212 45.88 % 3 999 M ₹
Waaree Sustainable Finance Pvt Ltd.
18.34 %
5,27,67,331 18.34 % 1 599 M ₹
2.303 %
66,23,420 2.303 % 201 M ₹
Vt Energy SRL
2.169 %
62,40,000 2.169 % 189 M ₹
1.06 %
30,50,000 1.06 % 92 M ₹

Holdings: Waaree Energies Limited

NameEquities%Valuation
7,75,50,245 74.32% 765 M $
3,11,73,505 74.93% 249 M $
1,60,000 1.17% 2 $

Company details: Waaree Energies Limited

WAAREE Energies Ltd.

Western Express Highway

400066, Mumbai

+91 22 6644 4444

http://www.waaree.com
address Waaree Energies Limited(WAAREEENER)

Group companies: Waaree Energies Limited

NameCategory and Sector
Electronic Equipment/Instruments
Electronic Equipment/Instruments
Alternative Power Generation
Alternative Power Generation

Photovoltaic Solar Systems & Equipment

Change 5d. change 1-year change 3-years change Capi.($)
+0.46%-2.63%+18.94% - 821.87Cr
-0.13%-6.12%+50.32%-6.11% 2.12TCr
-1.83%-4.90%+1.32%-59.27% 1.93TCr
+1.02%+25.14%+82.71%+43.00% 1.62TCr
+2.69%-10.84%+141.08%+211.48% 1.54TCr
-2.07%-6.58%+6.29%-51.27% 1.03TCr
-3.21%-5.91%+6.15%-52.29% 709.55Cr
-2.31%-8.63%+26.14% - 698.71Cr
-0.66%-7.03%+79.97%-7.13% 578.45Cr
-1.42%-6.81%+6.46%-72.29% 568.66Cr
Average -0.74%-2.24%+41.94%+0.77% 1.16TCr
Weighted average by Cap. -0.40%-1.27%+47.78%+13.19%
Trader
Investor
Global
Quality
ESG MSCI
B
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
2,634.00INR
Average target price
3,422.73INR
Spread / Average Target
+29.94%

Quarterly revenue - Rate of surprise

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