Waaree Energies Limited · NSE:WAAREEENER
Waaree Energies — Investor Presentation (May 2026)
86 slides from Waaree Energies's investor presentation, May 7, 2026
Slide 1: Exchange Filing Cover Letter - Investor Presentation
May 07, 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 Trad
Slide 2: Waaree's Winning Edge
Integrated Solar Value-Chain - PV Technologies Waaree Unbound 2.0 Waaree’s Winning Edge
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the "Presentation") have been prepared by Waaree Energies Limited (the "Company") solely for informational purposes. The Presentation covers the Company's businesses, including those carried on through its subsidiaries and affiliates (colle
Slide 4: Global Solar PV Capacity to increase to 7.4 TW from current 2.26 TW
Global Solar PV Capacity to increase to 7.4 TW from current 2.26 TW; 3x of current levels Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future In GW Key Demand Drivers 3x 7400 Data Centres: Electricity demand to double to 945 TWh by 2030;
Slide 5: Geopolitical Crises Accelerating Solar and Renewable Energy Adoption
Geopolitical Further Crises Accelerating Solar and Renewable Energy Adoption Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future Russia-Ukraine War (2022) Revised Renewable Energy Directive introduced to • EU gas from Russia collapsed: 4
Slide 6: USA Solar Industry: Installations to increase with focus on local manufacturing
USA Solar Industry: US Solar installation to increase steadily but with focus on local manufacturing and restrictions on Chinese components Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future Annual Solar Installations (GWdc) 50.2 47 44
Slide 7: India Solar PV Capacity: 300+ GW of Installations by 2030
India Solar PV Capacity: India to cross 300+ GW of Solar Installations by 2030 on back of policy support and cost advantage Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future Key Drivers Annual Additions (GW) & Cumulative Capacity (GW)
Slide 8: Solar Industry Outlook
Solar Industry Outlook Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future Annual Solar Installations 6
Slide 9: Solar Industry Outlook: C&I Open Access
Solar Industry Outlook Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future C&I Open Access (Solar)- Cost-Driven, Demand Driven 7
Slide 10: Solar Industry Outlook
Solar Industry Outlook Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 8
Slide 11: Solar Industry Outlook: Rooftop PM Surya Ghar
Solar Industry Outlook Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future Rooftop- PM Surya Ghar Driving Acceleration 9
Slide 12: Quantifying the Solar Demand FY27 to FY30
Solar Industry Outlook Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future Quantifying the Solar Demand- FY27 to FY30 Source: Company Estimates 10
Slide 13: Waaree Way Of Working
Waaree Way Of Working WAAREE™ GET IT DONE TAKE QUICK ACTION EMPOWER PEOPLE NEVER GIVE UP One with the Sun @ DREAM BIG b. ‘THINK BEYOND SEEK OPPORTUNITIES BE FUTURE FOCUSSED i IMPROVE & INNOVATE DIVE DEEP mpRove coNTINUOUSLY GET INTODETALS EMBRACE CREATIVITY ANALYZE DATA DELIVER EXCELLENCE FIND SOLUT
Slide 14: Waaree's Capacity Journey in PV Module Manufacturing
Waaree’s Capacity Journey in PV Module Manufacturing Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 12
Slide 15: Beyond a certain size and scale is an Ecosystem, Not a Factory
Beyond a certain size and scale is an Ecosystem, Not a Factory Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 13
Slide 16: Beyond a certain size and scale is an Ecosystem, Not a Factory
Beyond a certain size and scale is an Ecosystem, Not a Factory Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 10 GW+ 14
Slide 17: The CAPEX Barrier: Waaree's competitive advantage
The CAPEX Barrier: Waaree’s competitive advantage Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future Note: CAPEX/GW indicative and based on the company estimates 15
Slide 18: We OWN the Core, We LEAD the Curve
We OWN the Core, We LEAD the Curve Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future Board Approved 16
Slide 19: A Typical 10 GW of Solar Cell Manufacturing Plant
A Typical 10 GW of Solar Cell Manufacturing Plant Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 17
Slide 20: Adaptive Manufacturing At Scale
Adaptive Manufacturing At Scale- Multiple Plants. Many Products. Every Technology. All Markets Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 18
Slide 21: Risk Management: Significant complexity with scale
Risk Management: Significant complexity with scale Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future We manage risk through structural integration and absolute transparency 19
Slide 22: Waaree Aligned to Regulatory Tailwinds
Waaree Aligned to Regulatory Tailwinds Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 20
Slide 23: The USA Paradox: Why America Needs Non-Chinese Manufacturers
The USA Paradox: Why America Needs Non-Chinese Manufacturers Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 21
Slide 24: Certification & Bankability
Certification & Bankability Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 22
Slide 25: Complexity is the moat. Integration is the strategy. Execution is the proof
Complexity is the moat. Integration is the strategy. Execution is the proof Industry Outlook Our Execution Engine Structural Tailwinds Customer Advantage Proven Leadership Compounding Future 23
Slide 26: Energy Storage Business
Energy Storage Business PresentationWaaree onUnbound Retail 2.0 Business 7th May 2026 India is at the 2012 China solar moment. The company that owns distribution wins the next decade.
Slide 27: Battery Energy Storage System (BESS) – The Backbone of a Renewable Grid
Battery Energy Storage System (BESS) – The Backbone of a Renewable Grid 25
Slide 28: BESS — Cell formats and the applications they power
BESS — Cell formats and the applications they power 26
Slide 29: Sizing the Opportunity
Sizing the Opportunity ~ ~ ~1680 ~ ~ ~17.7 ~ Source: McKinsey report, CEA, CES, Internal analysis 27
Slide 30: Global BESS Momentum
Global BESS Momentum WAAREE’ One with the Sun OBAL EXAMPLES OF BESS DEP! © UNITED STATES @ CHINA + Grid balancing . + Worles largest & peak shaving BESS market = Utilty- scale Megapack 5 + Solar + storage deployments 5 becoming standard + Texas & California ‘ + Aggressive renewable lang adoption nop
Slide 31: Capturing the Opportunity: Waaree's Gigafactory Play
Capturing the Opportunity: Waaree's Gigafactory Play India's first fully integrated cell-and-pack gigafactory — built to capture the BESS opportunity at scale 29
Slide 32: Gigafactory Current Status | From Plan to Plant
Gigafactory Current Status | From Plan to Plant March January2025 2025 April 2026 30
Slide 33: Our manufacturing roadmap. Phased for Speed.
Our manufacturing roadmap. Phased for Speed. Our Manufacturing Trajectory. Scaling with Certainty. 31
Slide 34: Inverter and EMS Business
Inverter and EMS Business PresentationWaaree onUnbound Retail 2.0 Business 7th May 2026 India is at the 2012 China solar moment. The company that owns distribution wins the next decade. India is at the 2012 China solar moment. The company that owns distribution wins the next decade.
Slide 35: Solar Inverters – The Brain of every Solar Ecosystem
Solar Inverters – The Brain of every Solar Ecosystem.. Owning the Inverters = Owning Performance, Service and Customer trust – one point of contact 33
Slide 36: We cover all the Key Segments and already rank amongst Top-10
..We cover all the Key Segments and already rank amongst Top-10 Market Segments Rooftop, C&I Large Residential Solar + Storage and Utility Scale Utility Scale Factories, industrial units, installed within the solar Installed in rooftop solar ALREADY AMONG Commercial buildings, park at multiple distr
Slide 37: We are entering strong — here is what gives us the right to win
We are entering strong — here is what gives us the right to win in inverters Vision : Full spectrum power electronics leadership We are The four building blocks Waaree already has in place The Policy Tailwind DATA-SOVEREIGN Technology Access Leverage ODM partnerships to bring world-class inverter te
Slide 38: Getting it done Waaree Way | Concept to Commissioning in 6 months
Getting it done Waaree Way | Concept to Commissioning in 6 months First Inverter out of the Factory Speed to Execute | Disciplined capital & cost control | Lean external support State of the Art Testing facility after every stage of production 36
Slide 39: EPC Business
Waaree’s Winning Edge EPC Business Waaree Unbound 2.0 37 Source: Company Filings
Slide 40: Key Differentiators – What Sets Waaree Apart
Waaree’s Winning Edge Key Differentiators – What Sets Waaree Apart Why WAAREE EPC ! Plug-n-Play Solutions IPP Asset Ownership Revenue Diversification Started EPC Journey in 2011 Pre-acquired freehold land Commissioned & own solar Expanding into BESS, data eliminates acquisition risk generating asset
Slide 41: In-House Ecosystem Driving Project Timelines
In-House Ecosystem Driving Project Timelines Waaree Group’s Vertically Integrated Ecosystem – Unique Advantage No Other EPC Can Offer Execution & Delivery Advantage Green Hydrogen Green Ammonia Solar Module ❑ Standardized project modules – Faster deployment through repeatable plant designs ❑ Dedicat
Slide 42: Marquee Clientele & Stakeholder Relationships
Marquee Clientele & Stakeholder Relationships Customers / Developers Developers • Trusted EPC partner for leading global Lenders to and domestic developer. • Strong credibility ensures smooth financing and project execution. End-to-End Execution Capability Owners’ Engineers Consultants / • Deep rela
Slide 43: Complete Solutions with Proven Experience
Complete Solutions with Proven Experience Engineering Project Systems Electrical Structural & Civil Monitoring Evacuation 01 Procurement PV Modules Inverters Structures Cables Transformers Other BOS 02 Construction Road, Drainage & Land Development Structure Control Room Evacuation of Power 03 Conne
Slide 44: Key Ongoing Projects
Key Ongoing Projects 2012 MWp Ground Mounted project ` 980 MWp Ground Mounted project 1000 MWp Ground Mounted project, at Bikaner, Rajasthan at Kurnool, Andhra Pradesh at Solapur, Maharashtra 435 MWp Ground Mounted project 180 MWp Ground Mounted project 450 MWp Ground Mounted project at Bikaner, Raj
Slide 45: Journey to Leadership in Solar EPC
Journey to Leadership in Solar EPC Waaree EPC Expands Market Presence in India • Battery Energy Storage System – 1400 MWh Revenue (Rs. Cr.) 3,331 • Ground mounted solar Project – 420 MWp • Ground mounted solar Project – 217.5 1,598 MWp 876 • Ground mounted solar Project – 39.8 162 351 MWp 2022 2023
Slide 46: Growth Strategy – EPC opportunities across segments
Growth Strategy – EPC opportunities across segments Energy Transition Renewable Storage O&M Solar Wind Hybrid Green Hydrogen BESS Pumped Hydro Services Rooftop Floating Ground Mounted Solar Parks Achieve higher growth in the EPC segment Expand in Asset Management markets • Evaluating opportunities i
Slide 47: Future Fuels: Green Ammonia & Hydrogen, Speciality Gases
Future Fuels : Green Ammonia & Hydrogen, Speciality Gases Waaree 2.0 Unbound
Slide 48: What is Hydrogen (H2)?
What is Hydrogen (H2)? ▪ Grey H2 Hydrogen is the most abundant element in the Universe ✓ Ubiquitous in nature, forming part of water, organic matters, and hydrocarbons ▪ Blue H2 ✓ Critical element in industrial applications and emerging clean energy technologies ▪ Green H2 Hydrogen Biomass Oxygen 46
Slide 49: Hydrogen Applications
Hydrogen Applications Conventional Applications: Emerging Applications: o Refineries o Maritime industry o Fertilizers o Aviation industry o Chemical Industry o Transport industry o Food Industry o Primary Steel o Secondary Steel o Power generation o NG blending with Green H2 Hydrogen can decarboniz
Slide 50: Global Energy Crisis and the importance of Green Hydrogen
Global Energy Crisis and the importance of Green Hydrogen Impact of Geopolitical issues: Importance of Green Hydrogen: ✓ Surge in crude oil and natural gas prices ✓ Energy independence ✓ Shortage of fossil fuels ✓ Reduction in import bill ✓ Severe economic impact ✓ Long term price stability ✓ Global
Slide 51: National Green Hydrogen Mission
National Green Hydrogen Mission Making India not only energy independent but net exporter as well Aim to position India as a global hub for the production, usage, and export of green hydrogen—produced using renewable energy. 5 MMTPA 125 GW 50-75 GW ₹ 8 Lakh Cr Production Target under Mission Renewab
Slide 52: Green Hydrogen Usage: Ground realities
Green Hydrogen Usage: Ground realities o SECI awarded PLI (production linked incentives) ✓ Green H2 production: 0.86 million ton/ year ✓ Electrolyser production: 3 GW/ year o SECI awards contracts for 7.24L TPA Green Ammonia for supplies to fertilizer plants o Refineries award tenders for 40 KTPA Gr
Slide 53: Green Hydrogen: Revenue Streams
Green Hydrogen: Revenue Streams Electrolyzers + EPC Green Hydrogen Supplies Green Ammonia/ e-Methanol/ Sustainable Aviation Fuel 51
Slide 54: Hydrogen Market Size
Hydrogen Market Size (in million tons per annum) 100 0.3 2.9 2.8 6 5 MMTPA Refinery Fertilizer Others Global India 2025 Hydrogen Demand Hydrogen Demand by Industry India Green H2 target by 2032 Source: Ministry of New and Renewable Energy, internal estimates 52
Slide 55: Why is Waaree entering in Green Hydrogen Business?
Why is Waaree entering in Green Hydrogen Business? 6-8 GWh BESS 10-12 GW 1 MMTPA 10-12 GW 15-20 GW RE RTC Green Hydrogen Electrolysers Solar RE (70-75% CUF) 10-12 GW Wind RE Large integrated opportunity for Electrolysers, RE assets, BESS associated with Green H2 production; INR ~1.8L Crore per 1 mil
Slide 56: Electrolyzer Technology Tie-up Partner Profile
Electrolyzer Technology Tie-up Partner Profile ▪ 18+ years of electrolyser experience ▪ Electrolyser R&D, design, engineering and manufacturing ▪ 60+ Patents on stack and BoP design ▪ Manufacturing facility with ✓ Automated production lines ✓ Complete FAT testing & quality control ▪ Product Range ✓
Slide 57: Waaree's Electrolyzer Manufacturing Plant
Waaree’s Electrolyzer Manufacturing Plant Valsad, Gujarat 1 GW FY26-27 Annual Capacity Commercial Startup PLI Awarded ₹ 675 Cr Electrolyser - INR 440 Crores Approved Investment Green H2 – INR 510 Crores Pressurized Skilled Tech Team Alkaline 400+ years of experience Electrolyzer Technology Equipment
Slide 58: Electrolyzer R&D and Engineering Focus
Electrolyzer R&D and Engineering Focus Continuous efficiency improvement and custom solutions for large plants 1 2 3 4 Technology Development & Modularisation, Scale, and Digital Twin & Predictive Asset Integration with RE Sources Localization customization Management Systems (Solar, Wind, Hybrid) L
Slide 59: Waaree's Proof of Concept
Waaree’s Proof of Concept Hydrogen Generation, Compression & Storage for supply of high-purity gas 57
Slide 60: Recent Success Stories
Recent Success Stories PROJECT 1 PROJECT 2 Multi-tech Green Hydrogen Project BOO Contract: Green H₂ + Green O₂ PEM + Alkaline + Hydrogen Refueling Station + Tech Stack Tech Stack Alkaline Electrolyzer (pressurized) Hydrogen Fuel Cell + EV Charging ➢ 2 x PEM Electrolysers ➢ 1 x Alkaline Electrolyser
Slide 61: Strategic Roadmap
Strategic Roadmap Scaling manufacturing, integration & technology leadership Giga Scale: - Commission & ramp up 1 GW plant (under development); To become - Scale up capacity based on demand growth leading integrated Technology: multi- - Develop local R&D capabilities for continuous improvement - Int
Slide 62: Key Building Blocks
Key Building Blocks Green Hydrogen Green Ammonia Solar Module Electrolyser Manufacturing Strong EPC Excellence Financial Discipline Core Battery Energy Strength RE Generation Infra Storage System Trusted Brand Scalability & Equity Global Reach Transformers Inverter 60
Slide 63: Retail Business
Retail Presentation onBusiness Retail Business 7th May 2026 India is at the 2012 China solar moment. The company that owns distribution wins the next decade.
Slide 64: Distributed Solar: Powering India One Rooftop at a Time
Distributed Solar: Powering India One Rooftop at a Time Why decentralized generation is reshaping the grid — and what it means for homes, businesses, and India's energy future NO OTHER ENERGY SOURCE IS CHEAPER, FASTER OR EASIER TO DEPLOY THAN SOLAR 62
Slide 65: Why Distributed Solar Is Here to Stay
Why Distributed Solar Is Here to Stay Cost economics, policy support, grid constraints, and customer demand are converging to make on-site generation a structural shift, not a cycle * CORE SEGMENTS RESIDENTIAL ROOFTOP Franchise + D2C 1–10 kW homes C&I ROOFTOP B2B + EPC + RESCO 50 kW–2 MW CAPEX/OPEX
Slide 66: Success Stories Globally, Underpenetrated in India
Success Stories Globally, Underpenetrated in India Mature markets have already scaled distributed solar to double-digit shares of generation — India's runway is multiples larger ~ 64 Sources: Census base and ~1.2% annual household growth assumption, MNRE press release dated 11 Feb 2026, Internal ana
Slide 67: Way ahead of the curve | Waaree has built a robust Solar Retail Engine
Way ahead of the curve | Waaree has built a robust Solar Retail Engine 65 Sources: Waaree Q4 Investor presentation; * For selective channels
Slide 68: E-Commerce: The D2C Channel Closing the Last Mile to the Customer
E-Commerce: The D2C Channel Closing the Last Mile to the Customer Our aspiration is to be the market leader in solar by reaching every home, every business and every possible customer. To achieve this, we continuously explore new channels and innovative go-to-market (GTM) strategies. We recently ven
Slide 69: The Waaree Flywheel
Our Expanding Product stack The Waaree Flywheel One compounding wheel Seven categories. One brand. 1 Manufacturing All products in-house Service Integrated 8 Extensive service 2 Offering Modules Inverters support across country Complete ecosystem Financing WAAREE 7 Multiple options FLYWHEEL 3 Brand
Slide 70: Creating Impact Beyond Energy
CREATING IMPACT mi BEYOND ENERGY 9“ EMPOWERING PEOPLE. STRENGTHENING COMMUNITIES. ACCELERATING INDIA'S SOLAR FUTURE. Be ( ) (iy 2000+ LIVES IMPACTED | Fa BY ENROLLING THEM AS WAAREE EXPERTS. 3 —— AND THIS IS JUST THE STARTING. ————— _ WAAREE EXPERTS i —_ FA 10k-15k 30k-40k FP] © @ — 400+ kW Be D Bef
Slide 71: Entire Home. One Ecosystem. Complete Energy Freedom.
ENTIRE HOME. ONE ECOSYSTEM. COMPLETE ENERGY FREEDOM. PowerED BY WAAREE™ ne SOLAR PANELS Generate Clean. Green Energy BESS Store Energy. Use Anytime. SOLAR KIT ‘3 Everything You Need. Built to Last. INVERTER, BESS ACCESSORIES a oS SE ONE ECOSYSTEM All You Need From One Trusted Brand. MAXIMUM SECURITY
Slide 72: Connecting The Dots
Connecting The Dots Waaree Unbound 2.0 Waaree’s Winning Edge
Slide 73: Waaree's Winning Edge
Waaree’s Winning Edge 71 Source: Company Filings
Slide 74: Integrated Business Model: From Today's Focus to Tomorrow's Full Spectrum Leadership
Integrated Business Model: From Today’s Focus to Tomorrow’s Full Spectrum Leadership 72
Slide 75: Expanding our footprint across the energy value chain
Integrated Business Model: From Today’s Focus to Tomorrow’s Full Spectrum Leadership Expanding our footprint across the energy value chain with an aim to capture a ~$4Tn opportunity by 2035 2025 - CURRENT: FOCUSED PARTICIPATION 2035 - FUTURE: FULL SPECTRUM LEADERSHIP Waaree 2.0 Focus Total Addressab
Slide 76: Speed to Execute: From Rapid Expansion to Sustainable Value Creation
Speed to Execute: From Rapid Expansion to Sustainable Value Creation Record Capacity Expansion ~17x ~3x 1.6GW US Capacity built in 12 Relentless Execution. growth to India cell capacity to months -> scaling to Industry Leading Scale Up 25.8 GW 15.4 GW 4.2 GW In 7 years In next ~2 years In next 6 mon
Slide 77: Building A Resilient & Future-Ready Global Enterprise
Building A Resilient & Future-Ready Global Enterprise 75
Slide 78: Waaree Core
® Waaree Core WAAREE One with the Sun
Slide 79: Waaree's Financial History
Waaree’s Financial History Growth Over the Years In CAGR 3Y 5Y 10Y Revenue 58% 69% 41% EBITDA 92% 128% 54% PAT 98% 143% 87% 77 Source: Consolidated Financials
Slide 80: So… What's Next?
So... What’s Next? WAAREE One with the Sun
Slide 81: Building Blocks for Waaree 2.0
Building Blocks for Waaree 2.0 ~$3.5Bn being invested over the next two years Waaree 2.0* RE - Power Electrolyser/ Infrastructure ~28 GW ~15 GW Largest Module Green Hydrogen and T&D Manufacturer Cell Facility BESS Transformers Inverters / RE - Power Strategic Value Chain – EPC, O&M and Smart Meters
Slide 82: Powering India's Energy Future, Solving for Every Customer
Powering India’s Energy Future, Solving for Every Customer 80
Slide 83: The Foundation, The Opportunity, The Aspiration
The Foundation, The Opportunity, The Aspiration
Slide 84: Our Mission
POWERING GROWTH. = 1,00,000 Cr DELIVERING A BRIGHTER FUTURE. Fourmssion | \ LESS THAN 9 YEARS
Slide 85: Solar Panels, One Ecosystem
SOLAR PANELS Generate Clean. Green Energy. GREEN HYDROGEN Ye Clean Fuel. y, Limitless Possibilities. TRANSFORMERS _ Reliable Power. Store Energy. / uM Vi INVERTERS. ; ie / f ‘Smart Conversion. | I ° : i Safe. Reliable.” % i Zi sal Te = * tity Built to Last. SOLAR PANELS 7) BESS ‘TRANSFORMERS RADIANC
Slide 86: Thank You
THANK YOU