Waaree Energies Limited · NSE:WAAREEENER
Waaree Energies — Q1 FY26 Earnings Presentation
23 slides from Waaree Energies's earnings presentation, Jul 28, 2025
Slide 1: WAAREE with the One Sun - Exchange filing cover letter
WAAREE® with the One Sun July 28, 2025 To To The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1 Block G, Dalal Street, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 0
Slide 2: Waaree Energies Limited Q1FY26 Presentation
WAAREE ENERGIES LIMITED Q1FY26 Presentation One with the Sun
Slide 3: Safe Harbour
Safe Harbour One with the Sun This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Energies Limited (WEL) (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation, or invitation to purchase o
Slide 4: Quarterly Overview
Quarterly Overview WAARFF® with the One Sun
Slide 5: Record Performance Delivered
Record Performance Delivered One with the Sun ₹ 1,169 Cr ₹773 Cr ₹ 4,597 Cr EBITDA PAT Revenue + 31% YoY +83% YoY +93% YoY 25.4% Margin 16.8% Margin ~15 GW 5.4 GW ₹ ~49,000 Cr Module Capacity Cell Capacity Order Book ₹47,000 Cr in FY25 -0.7x 34.1% 28.2% Debt-to-Equity* ROCE * ROE * *FY25 numbers are
Slide 6: Strong Production Ramp-up Supported By A Robust Order Book
Strong Production Ramp-up Supported By A Robust Order Book WA A REE® One with the Sun Strong Production Growth Solid Order Book Revenue Mix Module Production (GW) Order Book1: ~25 GW ~₹49,000 Cr. Geographical Revenue Mix 64% 2.3 41.3% 32.0% 1.4 68.0% 58.7% India Overseas Domestic (Retail, EPC & Ente
Slide 7: Industry Overview and Strategic Roadmap
Industry Overview and Strategic Roadmap WAARFF® with the One Sun
Slide 8: Strong Industry Tailwinds In India; Monitoring Evolving Market Dynamics In The US
Strong Industry Tailwinds In India; Continue To Monitor The Evolving Market Dynamics In The US One with the Sun • Domestic • Q1FY26 solar capacity addition ~10.6 GW. Current capacity at 116+ GW; Solar capacity added in FY24-25: ~24 GW • ALMM for cells necessary to provide further fillip to DCR segme
Slide 9: Demand Outlook Remains Robust – Industry Expected To Grow 2x–2.5x By FY30
Demand Outlook Remains Robust – Industry Expected To Grow 2x–2.5x By FY30 One with the Sun India Solar Capacity (GW)1 280 • Supportive regulatory framework (Duties, ALMM, DCR) 2.6x • Govt Initiatives like PM Surya Ghar, PM KUSUM, CPSU projects • PLI support towards solar value chain integration 106
Slide 10: Well Positioned to Lead Energy Transition and Garner Sizeable Wallet Share
Well Positioned to Lead Energy Transition and Garner Sizeable Wallet Share WA A REE® One with the Sun As a Module Manufacturer Power Infrastructure As a Solution Provider Green Hydrogen Inverter Energy Storage System EPC and O&M Waaree's Wallet Share Waaree's Wallet Share Unaddressed Portion Unaddre
Slide 11: Capacity to Grow ~2x by FY27 to Cater to Growing Demand
Capacity to Grow ~2x by FY27 to Cater to Growing Demand One with the Sun Module Cell Ingot-Wafer 13.3 GW India Capacity Present 5.4 GW1 India 1.6 GW2 USA 6 GW 6 GW 6 GW PLI PLI PLI Capacity Future 4.8 GW 4 GW 4 GW FY27 Capacity 25.7 GW 15.4 GW 10 GW 1. Commercial operation initiated from March 29, 2
Slide 12: Strategic Investments Powering a Diversified Green Energy Portfolio
Strategic Investments Powering a Diversified Green Energy Portfolio One with the Sun Battery Energy Green Hydrogen Renewable Power Storage System Inverters Electrolyser Infrastructure Awarded PLI for a 300 MW Renewable Renewable Lithium-ion Storage Cell and Renewable Power Projects and Electrolyser
Slide 13: Quarterly Financials
Quarterly Financials WAARFF® with the One Sun
Slide 14: Demonstrating Sustainable Growth Over Quarters
Demonstrating Sustainable Growth Over Quarters One with the Sun Revenue (₹ Cr) EBITDA (₹ Cr) 4,597 1,169 4,141 1,060 3,496 3,663 3,545 810 640 614 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 EBIDTA Margin Profit After Tax (₹ Cr) 26% 25% 773 23% 644 18% 17% 507 401
Slide 15: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement One with the Sun Particulars (₹ Cr) Q1 FY26 Q1 FY25 Y-O-Y Q4 FY25 Q-O-Q Revenue from Operations 4,425.83 3,408.90 4,003.93 Other Income 171.35 87.51 136.99 Total Income 4,597.18 3,496.41 31.48% 4,140.92 11.02% Cost of materials consumed 2,962.43 1796.28 2,409.5
Slide 16: On Track for FY26 Guidance; Clear Pathway of Growth
On Track for FY26 Guidance; Clear Pathway of Growth One with the Sun • Record quarterly production of 2.3 GW • ₹ 4,597.18 Cr. revenue from operations in Q1 FY26 Strong Operating • EBITDA of ₹1,168.67 Cr. Performance • An order book of ~₹49,000 Cr • Strong pipeline of ~ 100+GW • Execution of 6 GW Ing
Slide 17: Appendix
Appendix WAARFF® with the One Sun
Slide 18: Annual Financial Overview (1/2)
Annual Financial Overview (1/2) One with the Sun Revenue (₹ Cr) EBITDA (₹ Cr) 14,846 3,123 11,633 1,810 6,860 944 2,946 1,993 125 203 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25 EBIDTA Margin Profit After Tax (₹ Cr) 21% 1,928 16% 14% 1,274 6% 7% 500 48 80 FY21 FY22 FY23 FY24 FY25 FY21 FY22 FY2
Slide 19: Annual Financial Overview (2/2)
Annual Financial Overview (2/2) One with the Sun ROCE ROE 34% 30% 32% 28% 26% 26% 22% 18% 16% 14% FY21 FY22 FY23 FY24 FY25 * FY21 FY22 FY23 FY24 FY25 * Cash Conversion Ratio Net Debt to Equity (x) 325% 0.41 147% -0.12 118% 112% 47% -0.72 -0.80 -0.85 FY 21 FY22 FY23 FY24 FY25 FY21 FY22 FY23 FY24 FY25
Slide 20: Corporate Structure
Corporate Structure One with the Sun Waaree Energies Limited 100% 92.6% 100% 100% 100% 100% 100% 74.46% Waaree Waaree Energies Waaree Clean Sangam Solar One Waaree Solar Waaree Energies Waaree Energies Waaree Forever Renewable Indosolar Limited Storage Solutions Energy Solutions Private Limited Amer
Slide 21: Accomplished Board of Directors
Accomplished Board of Directors One with the Sun Dr. Hitesh Chimanlal Doshi Viren Chimanlal Doshi Hitesh Pranjivan Mehta Dr. Amit Paithankar Chairman and MD Whole Time Director Whole Time Director Whole Time Director and CEO • Founded the Group in 1990 and has • Associated with the Company since • A
Slide 22: Experienced Senior Management Team
Experienced Senior Management Team WA A REE® One with the Sun Dr. Amit Paithankar Sunil Rathi Jignesh Rathod Shyam Ragupathy Anuj Sharma Whole Time Director and Exec. Director, Sales Director, Operations COO, Battery CEO, Hydrogen CEO • 25 years of industry • 27+ years of industry • Responsible for
Slide 23: Thank You
THANK YOU Waaree Energies Limited MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of CIN: U29248MH1990PLC059463 MUFG Pension & Market Services Mr. Neeraj Vinayak Mr. Rohit Wade Ms. Pooja Swami Mr. Irfan Raeen VP Investor Relations General Manager Investor Relations poo