Waaree Energies Limited · NSE:WAAREEENER
Waaree Energies — Q2 FY26 Earnings Presentation
32 slides from Waaree Energies's earnings presentation, Oct 16, 2025
Slide 1: Exchange filing cover letter for investor presentation
October 16, 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 - 400 051 Scrip Code: 544277
Slide 2: Waaree Energies Limited Q2 Earnings Presentation
WAAREE ENERGIES LIMITED Q2 Earnings Presentation
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: Quarterly Overview
Quarterly Overview WAAREE mzsun
Slide 5: Record Performance Delivered - Q2 FY26
Record Performance Delivered - Q2 FY26 ₹ 6,227 Cr | +70% YoY ₹ 1,567 Cr | +155% YoY ₹878 Cr | +134% YoY Total Income EBITDA PAT 25.2% Margin 14.1% Margin ~18.7 GW 5.4 GW ₹ ~47,000 Cr Module Capacity# Cell Capacity Order Book ₹ 25,000+ Cr 41.8% 34.8% Capex Planned ROCE * ROE * 3 *H1 rolling %, number
Slide 6: Strong Production Ramp-up Supported By A Robust Order Book
Strong Production Ramp-up Supported By A Robust Order Book Strong Production Growth Solid Order Book Revenue Mix Module Production (GW) Order Book1: ~24 GW ~₹47,000 Cr Geographical Revenue Mix +37% 2.6 1.9 59.5% 40.5% 47.2% 52.8% India Overseas Domestic (Retail, EPC & Enterprise) Overseas Q2 FY25 Q2
Slide 7: Industry Overview and Strategic Roadmap
Industry Overview and Strategic Roadmap
Slide 8: Demand Outlook Remains Robust With Strong Industry Tailwinds
Demand Outlook Remains Robust With Strong Industry Tailwinds • Domestic • India Solar Capacity is projected to grow to 280 GW by 2030 from current capacity of ~127 GW • ~22 GW added in H1 FY2026 • Lower GST to cut module and component costs by 3–4% providing further impetus to solar installation • A
Slide 9: Maximizing Our Momentum: Key Company Updates
Maximizing Our Momentum: Key Company Updates Battery Plant, Rola Module Plant, Unn •Board has approved an interim dividend of ₹ 2.00 per share •Company has set up additional 2.75 GW of module capacity at Chikhli •Board has approved an additional capex of ~₹8,175 Cr on 1st October 2025 for capacity e
Slide 10: Well Positioned to Lead Energy Transition and Garner Sizeable Wallet Share
Well Positioned to Lead Energy Transition and Garner Sizeable Wallet Share As a Module Manufacturer Power Infrastructure As a Solution Provider Green Hydrogen Inverter and Transformer Energy Storage System EPC and O&M Waaree's Wallet Share Waaree's Wallet Share Unaddressed Portion Unaddressed Portio
Slide 11: Planned Expansion to Cater to Growing Demand
Planned Expansion to Cater to Growing Demand Module Cell Ingot-Wafer 16.1 GW India Capacity Present 5.4 GW1 India 2.6 GW2 USA 6 GW 6 GW 6 GW Capacity PLI PLI PLI Future 2.05 GW 4 GW 4 GW Incl. 1.6 GW in US India India Capacity 26.7 GW 15.4 GW 10 GW Timeline FY2026 FY2027 FY2027 1. Commercial operati
Slide 12: Strategic Investments Powering a Diversified Green Energy Portfolio
Strategic Investments Powering a Diversified Green Energy Portfolio Battery Energy Green Hydrogen Renewable Power Storage System Inverters Electrolyser Infrastructure Renewable Renewable Lithium-ion Storage Cell and Renewable Power Projects and Awarded PLI* for Electrolyser Power Power Energy Storag
Slide 13: India and the U.S. are among the fastest-growing BESS markets globally
India and the U.S. are among the fastest-growing BESS markets globally Rapid growth of renewables Annual global storage energy additions (GWh) • Soaring energy demand; India aiming 500# GW by 2030 421 Supportive policies 233 • Performance Linked incentive, VGF in India Declining battery costs 74 • L
Slide 14: CSR and Sustainability
CSR and Sustainability WAAREE
Slide 15: Sustainable Actions, Measurable Impact
Sustainable Actions, Measurable Impact Educational Support | • Supported with school materials to over 8,200+ students Mumbai and Gujarat • Strengthened school infrastructure for 300+ students Strategic Partnership with • Enabling 3,000+ students to gain industry relevant skills IIT Bombay in solar
Slide 16: Demonstrable Commitment Towards Sustainability
Demonstrable Commitment Towards Sustainability Net Zero Scope #1 and #2 by 2030 First Indian Module Manufacturer to Gold Medal in EcoVadis and Scope #3 by 2040 Receive EPD Certifications Sustainability Rating • Industry-leading efficiency and ultra- • Strong scores across indices • 100% renewable en
Slide 17: Quarterly Financials
Quarterly Financials WAAREE
Slide 18: Demonstrating Sustainable Growth Over Quarters
Demonstrating Sustainable Growth Over Quarters Total Income (₹ Cr) EBITDA (₹ Cr) 6,227 1,567 4,597 1,169 4,141 1,060 3,663 3,545 810 614 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 EBIDTA Margin Profit After Tax (₹ Cr) 26% 25% 25% 878 23% 773 17% 644 507 376 Q2 FY
Slide 19: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Particulars (₹ Cr) Q2 FY26 Q2 FY25 Y-O-Y Q1 FY26 Q-O-Q H1 FY26 H1 FY25 Y-O-Y Revenue from Operations 6,065.64 3,574.38 4,425.83 10,491.47 6,983.28 Other Income 160.90 89.09 171.35 332.25 176.60 Total Income 6,226.54 3,663.47 69.96% 4,597.18 35.44% 10,823.72 7,1
Slide 20: Consolidated Balance Sheet and Cash Flow Statement
Consolidated Balance Sheet and Cash Flow Statement Particulars (₹ Cr) H1FY26 H1FY25 Shareholders' Fund 11,702.78 4,927.56 Non-Current Liabilities 2,003.01 1,233.04 Current Liabilities 10,919.17 7,874.15 Total Liabilities 24,624.96 14,034.75 Fixed Assets 7,063.82 3,697.47 Other Non-Current Assets 2,1
Slide 21: On Track for FY26 Guidance; Clear Pathway of Growth
On Track for FY26 Guidance; Clear Pathway of Growth • Record quarterly production of 2.64 GW; expect second half to be better • Q2 FY26 Total Income of ₹ 6,226.54 Cr Strong Operating Performance • Q2 FY26 EBITDA of ₹ 1,567.30 Cr • An order book of ~ ₹ 47,000 Cr • Strong pipeline of 100+ GW • Executi
Slide 22: Appendix
Appendix WAAREE the Sun
Slide 23: Company Overview
Company Overview Largest solar module & cell player with demonstrated history Total Revenue (₹ Cr) EBITDA (₹ Cr) PAT (₹ Cr) of scaling businesses 5x 14,846 15x 3,123 24x 1,928 Global presence with diversified business verticals Longstanding relationships with top global & domestic customers 2,946 20
Slide 24: Strong Domestic Presence & Strengthening Overseas Presence
Strong Domestic Presence & Strengthening Overseas Presence Serving over 700 districts across India 25 Countries 480+ Franchisees 2,800 Total ASP 22
Slide 25: 30 MW to 18.7 GW | High Growth by Creating Consistent Value for Shareholders
30 MW to 18.7 GW | High Growth by Creating Consistent Value for Shareholders Aggregate Installed 2007: 30MW 2023: 12GW Present: 18.7GW Historical Growth Capacity (Module) 2024 - 2025 • Largest module manufacturer with 18.7GW • Additional capex of ₹ 8,175 Cr for capacity 2021 – 2023 expansion across
Slide 26: Strong Global Ratings Reflecting Leadership & Reliability
Strong Global Ratings Reflecting Leadership & Reliability Highest Achiever Across performance, reliability, and quality test categories, solidifying our position as the only Indian company to receive this prestigious honour Top Performer Bankability Rating “A” PVEL’s scorecard identifies top perform
Slide 27: Annual Financial Overview (1/2)
Annual Financial Overview (1/2) 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 FY23 FY24 FY25 25
Slide 28: Annual Financial Overview (2/2)
Annual Financial Overview (2/2) 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 *FY25 numbers ar
Slide 29: Corporate Structure
Corporate Structure Waaree Energies Limited 100% 75% 100% 100% 100% 100% 100% 74.5% 100% 64% Waaree Waaree Waaree Energy Waaree Clean Waaree Sangam Solar Waaree Indosolar Waaree Solar Energies Forever Storage Energy Renewable Kotsons One Private Power Private Limited Americas Inc. Middle East Energi
Slide 30: Accomplished Board of Directors
Accomplished Board of Directors 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 • Associated with th
Slide 31: Experienced Senior Management Team
Experienced Senior Management Team Dr. Amit Paithankar Sonal Shrivastava Sunil Rathi Jignesh Rathod Whole Time Director and CEO Chief Financial Officer Exec. Director, Sales Director, Operations • Previously associated with • Responsible for overseeing the • Responsible for overseeing the • Previous
Slide 32: 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