About Waaree Energies Limited 

Waaree Energies Limited was incorporated in December 1990 and is headquartered in Mumbai. The Company is primarily engaged in the manufacture of solar photovoltaic (PV) modules and solar cells, setting up projects in the solar space, and sale of electricity. Its registered office is in Borivali (East), Mumbai, with manufacturing plants located at Tumb, Nandigram, Chikhli and Surat in Gujarat, India . Waaree offers end-to-end solar solutions, including module manufacturing, EPC services, project development, rooftop systems, O&M and an expanding portfolio of inverters for on-grid and off-grid applications . The Company has a strong domestic presence and operations in 24 countries worldwide . As on March 31, 2025, Waaree had 16 subsidiaries (number only).

Waaree Energies Limited Milestone 

Key milestones in the latest year include a successful public listing on NSE and BSE in October 2024; commissioning of a 1.6 GW module manufacturing facility in Texas, USA; commencement of 1.3 GW commercial module production at Noida, Uttar Pradesh through a subsidiary; and operationalisation of a 5.4 GW solar cell facility at Chikhli, Gujarat. With these additions, the Company’s total module manufacturing capacity for the year stood at 15 GW.

Waaree Energies Limited’s Business Segments

Segment contribution to revenue (FY 2024-25):

•  Solar Photovoltaic Modules: 89.3%
•  Generation of Power: 0.2%
•  Engineering, Procurement and Construction (EPC): 10.5%

Geographic contribution to revenue (FY 2024-25):

• India: 83.4%
• Outside India: 16.6%

Waaree Energies Limited Key Management

• Hitesh C Doshi – Chairman & Managing Director
• Amit Paithankar – Whole-time Director & CEO
• Sonal Shrivastava – Chief Financial Officer
• Rajesh Gaur – Company Secretary & Compliance Officer

Latest Updates on Waaree Energies Limited 

• IPO and listing: Equity shares were allotted on October 23, 2024; listing and trading commenced on October 28, 2024, on BSE and NSE .
• Capacity additions: Commissioned 1.6 GW of module capacity in Texas (USA), 1.3 GW at Noida, and 5.4 GW of solar cell capacity at Chikhli; module capacity stood at 15 GW for the year .
• Strategic approvals: The Board approved relocation of certain projects from Odisha to Gujarat (cell and module) and Maharashtra (ingot-wafer), and sanctioned additional capex of Rs 2,754 crore for expanding cell capacity by 4 GW (Gujarat) and ingot-wafer by 4 GW (Maharashtra) .
• Order book and global traction: Order book of ~Rs 49,000 crore (~25 GWp) as on June 2025; overseas order book share at 58.7% .
• Credit rating: CARE Ratings reviewed/revised ratings to CARE A+; Stable (long-term) and CARE A1+ (short-term) .