Waaree Energies Limited · NSE:WAAREEENER
Waaree Energies — Q4 FY26 Earnings Presentation
41 slides from Waaree Energies's earnings presentation, Apr 30, 2026
Slide 1: Stock exchange filing cover letter
April 30, 2026 To To The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Exchange Phiroze Jeejeebhoy Towers Plaza, C-1 Block G, Dalal Street, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 544277 Tr
Slide 2: Waaree Energies Limited Investor Presentation Q4 & FY26
WAAREE ENERGIES LIMITED Investor Presentation | Q4 & FY26
Slide 3: Safe Harbour
Safe Harbour 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 or subscribe for a
Slide 4: Q4 & FY26 Overview
Q4 & FY26 Overview WAAREE
Slide 5: Record Performance Delivered
Record Performance Delivered FY26 Highlights ₹ 26,537 Cr ₹5,909 Cr ₹3,884 Cr Revenue from Operations Operating EBITDA PAT | +83.72% YoY | +117.10% YoY 22.27% Margin | +101.45% YoY 14.26% Margin Q4FY26 Highlights ₹ 8,480 Cr ₹1,577 Cr ₹1,126 Cr Revenue from Operations Operating EBITDA PAT | +111.80% Y
Slide 6: Record Performance Powered by Global Capacity Leadership
Record Performance Powered by Global Capacity Leadership ~₹53,000 Cr ~26 GW 32.4% Order Book Module Capacity ROCE* Largest Non-Chinese Company in the World# FY26 ~₹30,000 Cr 5.4 GW 29.0% Capex Planned Cell Capacity ROE* Across Verticals India's Largest FY26 *ROCE and ROE is adjusted for unutilized p
Slide 7: Strong Production Ramp-up Supported by Healthy Revenue Mix
Strong Production Ramp-up Supported by Healthy Revenue Mix Strong Production Growth Revenue Mix Retail Revenue ₹ Cr Module Production (GW) Revenue Mix (FY26) +77% +84% 12.6 5,515.0 7.1 11.6% 34.7% FY25 FY26 2,990.0 Cell Production (GW) 33.0% 2.3 20.8% 0.1 FY25 FY26 FY25 FY26 Utility/IPP/C&I Overseas
Slide 8: Steady Production Ramp-Up Backed by a Consistent Order Book
Steady Production Ramp-Up Backed by a Consistent Order Book Strong Production Growth Solid Order Book Revenue Mix Module Production (GW) Order Book1: ~₹53,000 Cr Revenue Mix (Q4 FY26) +104% Retail portion not part of current order book 4.2 2.1 12.0% Q4FY25 Q4FY26 41.1% 21.8% Cell Production (GW) 0.7
Slide 9: Maximizing Our Momentum: Key Company Updates
Maximizing Our Momentum: Key Company Updates* Cell Plant, Unn Module and Cell Plant, Chikhli GROWTH & INVESTMENT CAPACITY Completed the acquisition of strategic stake in United Solar Holding, Commenced construction of a 10 GW integrated ingot and wafer ✓ securing a long-term, fully traceable Non-Chi
Slide 10: Waaree's Winning Edge
Waaree’s Winning Edge Our Key Differentiators Integrated Business Speed to Execute Efficient Financial & Capital De-Risked Global Technology Leadership / Model Management Distribution Engine Smart Manufacturing Backward to forward Fastest capacity ramp-ups in Benchmark efficiency and Channel Mix acr
Slide 11: Beyond Solar – Building the New Energy Value Chain
Beyond Solar – Building the New Energy Value Chain
Slide 12: Emerging as India's Only Fully Integrated Energy Transition Player
Emerging as India’s Only Fully Integrated Energy Transition Player Annual TAM Size - Annual TAM Size - ~$1Tn* Increasing Wallet share ~$4Tn* ~$3.5Bn Capex taking Waaree from 1.0 to 2.0 Waaree 2.0* RE - Power ~28 GW Electrolyser/ Infrastructure Largest ~15 GW Green Hydrogen and T&D Module Cell Facili
Slide 13: Inverters: Building the Backbone of India's Energy Ecosystem
Inverters: Building the Backbone of India’s Energy Ecosystem Sarodhi, Gujarat Sarodhi, Gujarat ~$46Bn * ~$1.6Bn 4GW Annual Global Market by 2035 Annual Indian Market by 2035 Waaree’s Planned Capacity by FY27 Industry Outlook Waaree's Positioning ✓ Annual global solar inverter market currently in 202
Slide 14: Transformers as the Backbone of Grid Expansion and Energy Transition
Transformers as the Backbone of Grid Expansion and Energy Transition Alwar, Rajasthan Alwar, Rajasthan ~$132Bn ~$6.5Bn # 20,000 MVA Annual Global Market by 2035 Annual Indian Market by 2035 Waaree’s Planned Capacity Industry Outlook Waaree's Positioning Annual Global transformer market currently in
Slide 15: BESS as a Core Enabler of Grid Stability and Renewable Integration
BESS as a Core Enabler of Grid Stability and Renewable Integration Rola, Gujarat Rola, Gujarat Battery Cell Battery Pack BESS Container ~1 TWh ~100 GWh* 20 GWh Global Annual BESS Addition by 2035 India Annual BESS and EV Addition by 2035 Waaree’s Planned Capacity by FY28 Industry Outlook Waaree's Po
Slide 16: Electrolyser Scale-Up Driving Global and India's Green Hydrogen Market
Electrolyser Scale-Up Driving the Global and India’s Green Hydrogen Market Dungri, Gujarat ~$231Bn ~$12Bn 1 GW Annual Global Green Hydrogen Market by 2035 Annual Global Green Hydrogen Market in 2025 Waaree’s Planned Capacity by FY27 Industry Outlook Waaree's Positioning Industry Outlook Waaree's Pos
Slide 17: Renewable Power Infrastructure: Enabling Full Stack Solar Value Chain
Renewable Power Infrastructure: Enabling Full Stack Solar Value Chain Rubamin, Gujarat# O&M Continum, Gujarat # Arcerlor Mittal, AP # 713MW/1044MWp ~8 GW ₹3,250+ Cr * PPA signed Renewable / BESS Projects pipeline Total Commitment Industry Outlook Waaree's Positioning Industry Outlook ✓ Critical infr
Slide 18: Waaree Green Glass – Converting Dependency into Pricing Power
Waaree Green Glass – Converting Dependency into Pricing Power ~5,400 TPD 5-Year 2,500 TPD Supply Gap (India 2030) Anti-Dumping Duty on China/Vietnam Industry Outlook Waaree's Positioning Industry Outlook Waaree's Positioning ✓ India domestic demand set to grow 7–8% CAGR through 2033; global PV glass
Slide 19: From Generation to Grid: EPC Fueling Renewable & T&D Growth
From Generation to Grid: EPC Fueling Renewable & T&D Growth ~$250Bn * ~$25Bn * ~3 GWp Annual Global Solar EPC and O&M Market by 2035 Annual Indian Solar EPC and O&M Market by 2035 Waaree’s Projects Under Execution Industry Outlook Waaree's Positioning Industry Outlook Waaree's Positioning ✓ Annual G
Slide 20: Solar: Demand Outlook Set for Sustained Long-Term Stability
Solar: Demand Outlook Set for Sustained Long-Term Stability Global Annual Solar Addition India Annual Solar Addition (In GW) (In GW) 4% CAGR 10% CAGR 993 860 100+ 698 72 38 2025 2030 2035 2025 2030 2035 International Domestic Global solar capacity reached ~2.5 TW in 2025 and expected to reach ~8 TW
Slide 21: Solar at the Core, Powering the Entire Energy Value Chain
Solar at the Core, Powering the Entire Energy Value Chain MANUFACTURING CAPACITY OUTLOOK MODULE CELL INGOT & WAFER Current 25.8 GW Current 5.4 GW Current Under Construction Upcoming 2.6 GW Upcoming 10 GW Upcoming 10 GW Total 28.4 GW Total 15.4 GW Total 10 GW 19
Slide 22: Sustaining Global Benchmark Leadership with Entry Barriers for Global Players
Sustaining Global Benchmark Leadership with Entry Barriers for Global Players Bankable Quality Leadership: Global recognitions (PVEL, RETC, PV Tech, Terawatt) reflect consistent leadership in quality, reliability, and bankability—achieved by only a few manufacturers Bankability Rating "A" Terawatt P
Slide 23: India's Deepest Solar Retail Engine
India’s Deepest Solar Retail Engine Engine built. Moat established. Ready to scale across products becoming India’s largest Retail Energy Ecosystem Structural MOAT Retail Engine Build Regional Reach + Last Mile Control Channel Leverage • Deep presence across key solar demand • Same channel enables r
Slide 24: Execution Translating into Market Leadership
Execution Translating into Market Leadership | Engine → MOAT → Market Share Waaree is India’s #1 solar retail brand with the highest national market share in CY251 Waaree Energies leads India’s Solar Revolution | Persistent Actions driving Market Penetration and Brand Visibility ~1 in every 6 Instal
Slide 25: Responsible Growth for a Sustainable Future
Responsible Growth for a Sustainable Future
Slide 26: Sustainable Actions, Measurable Impact
Sustainable Actions, Measurable Impact Tree Plantation Drives | Vadodara & Educational Support | Mumbai and Gujarat Strategic Partnership with IIT Bombay Ahmedabad • Supported with school materials to over 8,200+ • Enabling 3,000+ students to gain industry relevant students • Planted over 18,300 sap
Slide 27: Demonstrable Commitment Towards Sustainability
Demonstrable Commitment Towards Sustainability Sustainable Operations Sustainable Energy Sustainable Collaboration Sustainable Removal • Continuous focus on energy • Rooftop Solar plants at plant • ESG assessment of suppliers • Converted 77% of Forklifts to EV efficiency locations • Engagement on GH
Slide 28: Quarterly Financials
Quarterly Financials WAAREE
Slide 29: Demonstrating Sustainable Growth Over Quarters
Demonstrating Sustainable Growth Over Quarters Revenue from Operations (₹ Cr) Operating EBITDA (₹ Cr) 8,480 1,928 7,565 1,577 6,066 1,406 4,004 4,426 923 997 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Operating EBIDTA Margin Profit After Tax (₹ Cr) 26% 1,107 1,12
Slide 30: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Particulars (₹ Cr) Q4 FY26 Q4 FY25 Y-O-Y Q3 FY26 Q-O-Q FY26 FY25 Y-O-Y Revenue from Operation 8,480.25 4,003.93 111.80% 7,565.05 12.10% 26,536.77 14,444.50 83.72% Cost of materials consumed 6,738.63 2,409.57 4,010.92 16,910.94 8,265.15 Purchases of stock-in-tra
Slide 31: Consolidated Balance Sheet and Cash Flow Statement
Consolidated Balance Sheet and Cash Flow Statement Particulars (₹ Cr) FY26 FY25 Shareholders' Fund 15,010.89 9,595.28 Non-Current Liabilities 2,396.78 1,365.96 Current Liabilities 12,707.70 8,524.11 Total Liabilities 30,115.37 19,485.35 Fixed Assets 9,522.82 5,444.13 Other Non-Current Assets 3,015.5
Slide 32: Strong Visibility of Maintaining Momentum in FY27
Strong Visibility of Maintaining Momentum in FY27 • Record yearly module production of 12.6 GW • Highest ever yearly Revenue from Operations of ₹ 26,537 Cr Strong Operating • Reported Total EBITDA of ₹6,617 surpassing guidance range of ₹ 5,500-6,000 Cr for FY26 Performance • Operating EBITDA stood a
Slide 33: Appendix
Appendix WAAREE the Sun
Slide 34: 30 MW to 25.8 GW | Scaling Solar Leadership with Full Stack Ecosystem Playbook
30 MW to 25.8 GW | Scaling Solar Leadership with Full Stack Ecosystem Playbook Aggregate Installed 2007: 30MW 2025: 22.8GW Present: 25.8 GW Historical Growth Capacity (Module) 2026 2022 – 2025 • Largest Non-Chinese module manufacturer* with 25.8 GW • Commenced construction of 10 GW • Awarded PLI for
Slide 35: Annual Financial Overview (1/2)
Annual Financial Overview (1/2) Revenue from Operations (₹ Cr) Operating EBITDA (₹ Cr) 26,537 5,909 14,445 11,398 2,722 6,751 1,574 835 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Operating EBIDTA Margin Profit After Tax (₹ Cr) 22% 3,884 19% 14% 12% 1,928 1,274 500 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY2
Slide 36: Annual Financial Overview (2/2)
Annual Financial Overview (2/2) ROCE ROE 32% 30% 29% 29% 28% 27% 26% 22% FY23 FY24 FY25 * FY26 * FY23 FY24 FY25* FY26* Cash Conversion Ratio Net Debt to Equity (x) 147% 118% 112% -0.29 26% -0.72 -0.80 FY23 FY24 FY25 FY26 -0.85 FY23 FY24 FY25 FY26 34 *FY25 & FY26 numbers are adjusted for unutilized p
Slide 37: Corporate Structure
Corporate Structure Waaree Energies Limited 100% 100% 100% 100% 100% 100% Sangam Solar Waaree Clean Waaree Waaree Green Waaree Solar Waaree Forever One Private Energy Solutions Power Private Glass Private Americas Inc. Energies Pvt Ltd Limited Pvt Ltd Limited Limited Integrated Solar Module Renewabl
Slide 38: Accomplished Board of Directors
Accomplished Board of Directors Dr. Hitesh Chimanlal Doshi Viren Chimanlal Doshi Hitesh Pranjivan Mehta Jignesh Rathod 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 • Associated with the Com
Slide 39: Experienced Senior Management Team
Experienced Senior Management Team Jignesh Rathod Abhishek Pareek Sunil Rathi Whole Time Director and CEO Chief Financial Officer Exec. Director, Sales Responsible for overseeing business operations Responsible for financial strategy, capital • Responsible for overseeing the sales functions and grow
Slide 40: Experienced Senior Management Team
Experienced Senior Management Team Vijay Shimpi Pankaj Srivastava Rajiv Agrawal Chief Executive - Projects COO - Glass COO - Infrastructure Previously associated with Ayana Renewable 27+ years of industry expertise with experience at Previously associated with Skeiron Group, Qubit Power, Tata Power
Slide 41: 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. Mamta Nehra Mr. Prathmesh Parab VP Investor Relations General Manager Investor Relations