Business Segments Waaree Energies Limited

Equities

Market Closed - NSE India S.E. Other stock markets 04:35:05 13/02/2026 pm IST			5-day change	1st Jan Change
3,096.20 ^INR	-2.37%		+0.28%	+4.32%

04/02	Waaree Energies Ltd receives order for 150 MW solar modules	RE
23/01	Nomura Adjusts Waaree Energies' Price Target to INR2,185 From INR2,295, Keeps at Underperform	MT

Breakdown by Business Segment (INR)

Fiscal Period: March	2021	2022	2023	2024	2025
Analog and Mixed Signal
Solar Photovoltaic Modules	-	2.77TCr	6.55TCr	11TCr	13TCr
Total Assets	-	1.3TCr	4.42TCr	6.23TCr	9.62TCr
Interest Expense	-	-34Cr	-77Cr	-133.14Cr	-137.25Cr
EBITDA	-	91Cr	767.9Cr	1.36TCr	2.42TCr
D&A	-	-	160.93Cr	255.86Cr	350.37Cr
Solar Photovoltaic Modules and EPC of Solar Power Plants	1.95TCr	-	-	-	-
Total Assets	1.11TCr	-	-	-	-
EBITDA	83Cr	-	-	-	-
Construction Support Services
Engineering, Procurement and Construction Contract	-	147.28Cr	333.36Cr	847.76Cr	1.56TCr
Total Assets	-	44Cr	96Cr	418.38Cr	532.09Cr
Interest Expense	-	-6.94Cr	-5.3Cr	-	-
EBITDA	-	11Cr	68Cr	179.24Cr	273.88Cr
D&A	-	-	29.3L	16.6L	42L
Independent Power Producers and Energy Traders
Generation of Power	6.18Cr	14Cr	13Cr	29Cr	33Cr
Total Assets	172.79Cr	83Cr	228.14Cr	212.28Cr	300.68Cr
Interest Expense	-	-	-	-6.77Cr	-15Cr
EBITDA	3.16Cr	3.72Cr	8.31Cr	28Cr	32Cr
D&A	-	-	2.91Cr	9.48Cr	10Cr
EBITDA	-93.8L	-	-	-	-
Total Assets	1.72Cr	-	-	-	-
Total Assets	-	47Cr	100.19Cr	287.03Cr	439.9Cr
Total Assets	-	6.34Cr	6.34Cr	6.34Cr	6.34Cr
Total Assets	-	143.16Cr	31Cr	71Cr	65Cr
Total Assets	-	5.42Cr	9.9Cr	23Cr	33Cr
Total Assets	-	82Cr	210.9Cr	145.34Cr	505.95Cr
Total Assets	-	18Cr	14Cr	83Cr	46Cr
Total Assets	-	1.48Cr	7L	9L	1.68Cr
Total Assets	-	2.29Cr	33Cr	4.77Cr	2.8Cr
Total Assets	-	366.37Cr	1.74TCr	121.38Cr	509.83Cr
Total Assets	-	16Cr	14Cr	25Cr	11Cr
Total Assets	-	86Cr	620.03Cr	214.97Cr	452.99Cr
Total Assets	-	-	6.8Cr	46.9L	18Cr
Inter Segment Eliminations	-	-79Cr	-146.96Cr	-133.31Cr	-105.28Cr
Total Assets	-	-30Cr	-76Cr	-189.24Cr	-38Cr
EBITDA	-	-	-9.12Cr	3.66Cr	9L
Total Assets	-	-	-	3.66TCr	7.24TCr

Geographical breakdown of sales (INR)

Fiscal Period: March	2021	2022	2023	2024	2025
India	-	2.2TCr	2.13TCr	4.83TCr	12TCr
Total Assets	-	893.24Cr	1.97TCr	3.11TCr	5.81TCr
Outside India	-	657.82Cr	4.62TCr	6.57TCr	2.4TCr
Total Assets	-	-	-	194.15Cr	738.45Cr