Business description: Waaree Energies Limited

Waaree Energies Limited is an India-based renewable energy company. The Company is primarily engaged in the business of manufacturing of solar Photo-voltaic modules and solar cells, setting up of projects in solar space and the sale of electricity. The Company’s operating segments include Solar Photovoltaic Modules, Generation of Power, and Engineering, procurement and construction (EPC) contract. Its manufacturing plants are located in Tumb, Nandigram, Chikhli and Surat, Gujarat State, India. Its By Products include PV Modules, Inverter, Solar Kits, BESS and Electrolyzer Stacks. The PV Modules include HJT Module, N Type Module, Mono PERC, Flexible and Special Module. Its By Applications include Rooftop Solar, Flexible Solar, Small Modules, Special Modules, Energy Storage and Green Hydrogen. The Company’s solutions include EPC, Energy Storage and Green Hydrogen (Alkaline Electrolysers Turnkey).

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 - 21/03/2026
President 33 26/03/2025
Director of Finance/CFO 37 21/03/2026
Chief Executive Officer 59 16/02/2007
Chief Tech/Sci/R&D Officer - 01/02/2024

Composition of the Board of Directors: Waaree Energies Limited

Director TitleAgeSince
Chairman 59 16/02/2007
Director/Board Member 61 01/04/2011
Director/Board Member 73 16/01/2019
Director/Board Member 51 30/08/2021
Director/Board Member - 21/03/2026
Director/Board Member 57 -
Director/Board Member 74 26/03/2025
Director/Board Member 62 01/07/2025

Shareholders: Waaree Energies Limited

NameStocks%Valuation
45.88 %
13,19,63,212 45.88 % 4 381 M ₹
Waaree Sustainable Finance Pvt Ltd.
18.34 %
5,27,67,331 18.34 % 1 752 M ₹
Motilal Oswal Asset Management Co. Ltd.
2.481 %
71,36,449 2.481 % 237 M ₹
2.25 %
64,73,420 2.25 % 215 M ₹
Vt Energy SRL
1.91 %
54,93,253 1.91 % 182 M ₹

Holdings: Waaree Energies Limited

NameStocks%Valuation
7,75,50,24574.32% 795 M $
3,11,73,50574.93% 128 M $
1,60,0001.17% 2 $

Company details: Waaree Energies Limited

WAAREE Energies Ltd.

International Business Park

400063, 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
Alternative Power Generation

Photovoltaic Solar Systems & Equipment

Change 5-day change 1-year change 3-year change Capi.($)
+2.08%+2.23%-6.08% - 881.56Cr
-0.29%+1.45%+40.25%+20.15% 2.45TCr
-1.07%-1.19%+80.71%+194.82% 1.68TCr
-2.54%-12.90%+113.55%+56.56% 1.58TCr
+2.37%-3.51%-25.48%-58.58% 1.35TCr
+2.43%-3.73%-44.29%-66.72% 737.23Cr
+2.33%-4.57%-19.89%-65.81% 664.9Cr
-3.35%+2.80%+27.82%-65.15% 634.86Cr
-0.13%+4.09%+7.11%-74.20% 590.85Cr
+1.71%-5.25%+6.87%-41.05% 536.59Cr
Average +0.35%-0.60%+18.06%-11.11% 1.11TCr
Weighted average by Cap. +0.05%-1.40%+31.79%+18.18%
Trader
Investor
Global
Quality
ESG MSCI
B
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
15
Last Close Price
2,922.90INR
Average target price
3,577.07INR
Spread / Average Target
+22.38%

Quarterly revenue - Rate of surprise

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