Waaree Energies Limited · NSE:WAAREEENER
Waaree Energies — Q1 FY2027 Earnings Presentation
50 slides from Waaree Energies's earnings presentation, Jul 30, 2026
Slide 1: Cover letter to stock exchanges
July 30, 2026 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 - 400 051 Scrip Code: 544277 Tra
Slide 2: Earning Presentation | Q1FY27
Earning Presentation | Q1FY27 One Integrated Energy Ecosystem Manufacturing I EPC Services I Infrastructure Platform 0
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: Table of Contents
Table of Contents 03 Quarterly Overview 12 Strategic Roadmap 16 Business Segments Updates 28 Company Overview 42 Sustainability 45 Historical Financials 2
Slide 5: Quarterly Overview
Quarterly Overview WAAREE Rihe sun
Slide 6: Q1FY27 Consol Highlights
Strong Performance. Consistence Growth Q1FY27 Consol Highlights ₹7,932 Cr ₹1,440 Cr ₹892 Cr Revenue from operations Operating EBITDA Profit after Tax +79.2% YoY +44.4% YoY | 18.2% Margin +15.4% YoY | 11.0% Margin Strategic Edge ~₹61,500 Cr ~26 GW 5.4 GW Module Capacity Cell Capacity Order Book1 Larg
Slide 7: Healthy Revenue mix with Retail Continues to take Strong Strides
Healthy Revenue mix with Retail Continues to take Strong Strides Diversified Revenue Mix (Q1 FY2027) Module Sold (GW) +89% 8.9% Utility/IPP/C&I 21.2% 39.7% Retail 3.6 Overseas 1.9 EPC, O&M and T&D 30.2% Q1FY2026 Q1FY2027 Overseas Revenue Break-up (₹ Cr) Retail Revenue (₹ Cr) 1,564 1,609 +130% 287 1,
Slide 8: Growing Scale with De-concentration
Growing Scale with De-concentration Diversified Revenue Mix (%) Overseas Revenue Break-up (₹ Cr) 10.5% 11.6% 8.9% 8,755 20.7% 20.8% 30.2% 16.7% 5,315 33.0% 21.2% 2,410 52.1% 1,609 34.7% 39.7% 3,440 1,980 287 430 1,322 FY2025 FY2026 Q1FY2027 FY2025 FY2026 Q1FY2027 EPC, O&M and T&D Retail Overseas Uti
Slide 9: Order Book Continues to Strengthen
Order Book Continues to Strengthen Total Order Book Mix (%) Module Order Book (GW) ~₹47k Cr ~₹53k Cr ~₹61k+ Cr 2.0% 1.1% 7.8% 4.0% 5.3% 4.0% 22.3 25.2 21.4 92% 93.7% 90% FY2025 FY2026 Q1FY2027 FY2025 FY2026 Q1FY2027 Module T&D - Renewable EPC - Renewable Other Retail (Cash and carry) orders are larg
Slide 10: Scaling Capacity Accelerating Growth
Scaling Capacity Accelerating Growth Module Capacity (GW) – India Cell Capacity (GW) – India 65% 71% 50%* 42% 62%* 24.2 24.2 5.4 5.4 5.4 5.4 21.2 16.7 13.3 10.9 11.8 2.3 7.1 0.8 3.0 FY2025 FY2026 Q1FY2027 FY2026 Q1FY2027 Installed Effective installed Installed Effective installed Actual Production (
Slide 11: Maximizing Momentum: Key Company Updates
Maximizing Momentum: Key Company Updates Capacity Expansion EPC & Services Other Update Waaree Group Secures First HJT Module order of Commissioned additional module capacity of Waaree RTL received 1,520 MWh BESS EPC order 125 MW HJT Module Order under Waaree Solar 3 GW at Samakhiali, Gujarat in Apr
Slide 12: Demonstrating Sustainable Growth Over Quarters
Demonstrating Sustainable Growth Over Quarters Revenue from Operations (₹ Cr) Operating EBITDA (₹ Cr) 8,480 1,928 7,565 7,932 1,577 6,066 1,406 1,440 4,426 997 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Operating EBIDTA Margin (%) Profit After Tax (₹ Cr) 25.5% 1,
Slide 13: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Particulars (₹ Cr) Q1 FY2027 Q1 FY2026 Y-O-Y Q4 FY2026 Q-O-Q Revenue from Operation 7,931.79 4,425.83 79.22% 8,480.25 -6.47% Cost of materials consumed 4,843.93 2,962.43 6,738.63 Purchases of stock-in-trade 525.46 614.02 -256.42 Changes in inventories of finish
Slide 14: Strategic Roadmap – Building the New Energy Value Chain
Strategic Roadmap – Building the New Energy Value Chain
Slide 15: Emerging as India's Only Fully Integrated Energy Transition Player
Emerging as India’s Only Fully Integrated Energy Transition Player ~$1Tn* ~$2Tn* ~$4Tn* Annual TAM Size Annual TAM Size Annual TAM Size 2026 2030 2035 ₹ 30,000+ Cr Capex taking Waaree from 1.0 to 2.0 Waaree 2.0* Electrolyser/ Green ~28 GW Inverters / Smart Largest Module ~15 GW Meters Hydrogen Cell
Slide 16: Capital Allocation Strategy
Capital Allocation Strategy 5 PILLARS OF CAPITAL STRATEGY STATUS OF PROJECTS ANNOUNCED Asset Allocation Solar Value Chain1 ₹ 12,047 Cr ₹ 4,429 Cr ₹ 7,645 Cr C S Solar: 51% | Services: 14% | BESS: 32% | Others: 3% Leadership in solar and services while accelerating expansion into BESS, inverters, ren
Slide 17: Phased Capacity Expansion to Build an Integrated Energy Transition Platform
Phased Capacity Expansion to Build an Integrated Energy Transition Platform 30% of overall capex in FY27E 40% of overall capex in FY28E 30% of overall capex in FY29E FY2027E FY2028E FY2029E +2.6GW Solar +100k TPA +10GW +2,500TPD Module T&D EPC Ingots/ Wafer Solar Glass +10GW Solar Cells +20GVA +4GW
Slide 18: Business Segments Update
Business Segments Update WAAREE
Slide 19: Solar: Demand Outlook Set for Sustained Long-Term Stability
® Solar: Demand Outlook Set for Sustained Long-Term Stability From Foundation to Leadership – A Decade of Accelerated Growth Global Annual Solar Addition (GW) India Annual Solar Addition(GW) +4% p.a. 993 +10% p.a. 100+ 860 698 72 38 2025 2030 2035 2025 2030 2035 Global Growth Drivers India Growth Dr
Slide 20: Continuous Policy Tailwinds to Favor Integrated Local Manufacturers
Continuous Policy Tailwinds to Favor Integrated Local Manufacturers India Global Demand Pull and Supply-Chain Rules Manufacturing-led Incentive Stack US policy (IRA, UFLPA, Section 232 & FEOC) is accelerating PLI incentive for high-efficiency solar PV modules; ALMM solar deployment, domestic manufac
Slide 21: Differentiated Domestic Market Positioning with Deep Vertical Integration
Differentiated Domestic Market Positioning with Deep Vertical Integration Scale as a moat: Drives India’s largest solar module Track record of delivering Long-term relationships with procurement advantages, capacity — gigawatt scale capacity expansion ahead of marquee IPPs, EPCs, and operational lev
Slide 22: Scaled Cell Capacity to Support Margin Expansion
® Scaled Cell Capacity to Support Margin Expansion Waaree India Module and Cell Capacity (GW) 22% 64% ~5-6 24.2 24.2 ~5-6 GW of capacity gap between module and cell is 15.4 fulfilled via demand from export and non DCR market 19.4 5.4 Export & Non DCR FY2026 FY2027E Cell Capacity Module Capacity Cell
Slide 23: 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 BESS Pack 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 24: 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 2025 a
Slide 25: 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 26: 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 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 Outl
Slide 27: 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 Waaree’s Planned Capacity Industry Outlook Waaree's Positioning Industry Outlook Waaree's Positioning India domestic demand set to grow 7–8% CAGR throu
Slide 28: From Generation to Grid: EPC Fueling Renewable & T&D Growth
From Generation to Grid: EPC Fueling Renewable & T&D Growth ~$250Bn* ~$25Bn * ~2.4 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 Gl
Slide 29: 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 # 1,000+ MW ~8 GW ₹3,250+ Cr* PPA signed Renewable / BESS Projects pipeline Total Commitment Industry Outlook Waaree's Positioning Industry Outlook Critical infrastruct
Slide 30: Corporate Overview
Corporate Overview WAAREE pitithe sun
Slide 31: Our Evolution. Our Strength.
Our Evolution. Our Strength. 2026+ 2022–2025 2018–2021 2012–2017 2008–2011 1989–2007 Expanding Integrated Building Powering Horizons Scalability Momentum Scale • Commenced 1.6 GW • Largest Non- Foundation › Entry into Solar › › › • Listed on BSE and NSE › US operation Chinese module manufacturer wit
Slide 32: Waaree's Winning Edge
Waaree’s Winning Edge Our Key Differentiators Integrated Business Model Speed to Execute Efficient Financial & Capital De-Risked Global Technology Leadership / Management Distribution Engine Smart Manufacturing Backward to forward Fastest capacity ramp-ups in Benchmark efficiency and Channel Mix acr
Slide 33: Waaree's Integrated Product and Services Suite
Waaree’s Integrated Product and Services Suite Smart Meters, Green Ammonia & Integrated solar EPC, T&D, O&M & RE - Power Inverters & BESS Hydrogen, Specialty manufacturing Technical Services Infrastructure Transformers Gases Ground Mount Electrolysers + EPC Project Development Monofacial Bifacial (L
Slide 34: 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 • Same channel enables rapid ro
Slide 35: Market Leadership | New Products Shipping Now
Market Leadership | New Products Shipping Now India’s #1 solar retail brand1, now scaling from panels into agri kits and fleet-level data Waaree Energies leads India’s Solar Revolution | Two new launches | Expanding the product line and the data layer ~1 in every 6 Installations 2 NEW LAUNCHES — SHI
Slide 36: Manufacturing Footprint Across India, US and Middle East
Manufacturing Footprint Across India, US and Middle East # Region Product Capacity Technology Timeline Presence Across World 14.51 GW / 5.4 Topcon, PERC, HJT / 1 Gujarat – Chikhli Module/Cell Operational GW Monocrystalline cell US India 2 Gujarat – Surat Module 0.23 GW Merlin, M10, M6, M2.5 Operatio
Slide 37: High Entry Barriers Enabled by Industry-Leading Certifications
High Entry Barriers Enabled by Industry-Leading Certifications RETC ECOVADIS KIWA TOP BNEF TIER - 1 HIGHEST GOLD PERFORMER ACHIEVER (TOP 5%) Ranked as a Across Tier- 1 PV Module Performance, Recognized for Sustainability Maker for 40 Reliability & Superior Module Leadership Quarters Quality Test Rel
Slide 38: Transformation Across People, Process & Technology
Transformation Across People, Process & Technology Building a Smarter, Faster & Future-Ready Waaree PEOPLE PROCESS TECHNOLOGY Empowered. Engaged. Enabled. Standardized. Automated. Scalable. Intelligent. Integrated. Innovative. High Impact HR Initiatives AI-Driven Process Excellence Technology-Led Tr
Slide 39: 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 • 38+ years of experience • 37+ years of experience • 38+ years of experience • 20+ years of expe
Slide 40: Experienced Senior Management Team
Experienced Senior Management Team Jignesh Rathod Abhishek Pareek Sunil Rathi Pankaj Vassal Whole Time Director and CEO Chief Financial Officer Director, Sales President & Business Head, Retail • 20+ years of experience • 20+ years experience • 30+ years experience • 25+ years experience • Leads Waa
Slide 41: Experienced Senior Management Team
Experienced Senior Management Team Shyam Ragupathy Anuj Sharma Pawan Agarwal Prantik Dasgupta COO, Battery CEO, Hydrogen CEO, Infrastructure CEO, Aluminium and Smart Meter • 25+ years experience. • 25+ years experience • 25+ years experience • 20+ years experience • Leads Waaree's Battery business,
Slide 42: Experienced Senior Management Team
Experienced Senior Management Team Manmohan Sharma Ravikesh Singh Mayur Mehta Vikas Patel Chief Financial Officer, WRTL Chief Operating Officer, WRTL Chief Procurement Officer, WRTL Head Operation, WSA • 30+ years experience • 23+ years experience • 27+ years experience • 25+ years experience • Lead
Slide 43: Driving Growth in Broader Energy Transition Value Chain
Driving Growth in Broader Energy Transition Value Chain WAAREE ENERGIES LIMITED (Leading the Energy Transition Ecosystem) 100% 100% 100% 90% 100% 100% Sangam Waaree Waaree Waaree Energy Waaree Clean Solar Waaree Solar Green One Private Glass Private Storage Power Private Energy Solutions Americas In
Slide 44: Responsible Growth for a Sustainable Future
Responsible Growth for a Sustainable Future
Slide 45: Sustainable Actions, Measurable Impact
Sustainable Actions, Measurable Impact Educational Support Model Village | 5,000+ Impacted Our Purpose led actions aligns with UN SDGs Villagers • Provided Higher Educational opportunities to • Renovated many village schools and individuals anganwadi to support education • Improved access to quality
Slide 46: Demonstrable Commitment Towards Sustainability
Demonstrable Commitment Towards Sustainability Sustainable Sustainable Sustainable Energy Sustainable Removal Operations Collaboration • Continuous focus on energy • Rooftop Solar plants at plant • ESG assessment of suppliers • Converted 77% of Forklifts to efficiency locations • Engagement on GHG E
Slide 47: Historical Financials
Historical Financials WAAREE One with the Sun
Slide 48: 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 49: 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 -0.85 FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 *FY25 & FY26 numbers are adjusted for unutilized portion
Slide 50: THANK YOU
THANK YOU Waaree Energies Limited MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of CIN: L29248MH1990PLC059463 MUFG Pension & Market Services Mr. Varun Goenka Mr. Rohit Wade Mr. Nikunj Jain Mr. Prathmesh Parab President Growth and Strategy General Manager Investor Rel