WAAREE ENERGIES LIMITED

Manufactures solar photovoltaic modules and executes engineering, procurement and construction (EPC) contracts for solar projects, with a small power generation business. In FY26, solar PV modules brought in ₹24,133.4 crore (87.9% of segment revenue) and EBIT of ₹4,423.23 crore, while EPC contracts contributed ₹3,281.89 crore (12.0%) and power generation ₹33.77 crore (0.1%). The module business operates at industrial scale — 26 GW of module capacity (described by management as the largest non-Chinese module manufacturer globally), 5.4 GW of cell capacity, and FY26 production of 12.6 GW (around 56,000 modules per day) with roughly 12 GW sold. The order book stood at ₹53,000 crore, with 65–70% from overseas customers and 3–4 year delivery visibility, while US capacity is scaling to 4.2 GW within six months. Retail distribution runs through 600+ franchisees across 27 states, contributing around 20.8% of revenue, and a backward-integration programme is under execution — 10 GW ingot-wafer at Nagpur, 2,500 TPD of glass, 20 GWh of BESS, 1 GW electrolyser, 4 GW inverters and 20,000 MVA of transformers via the APSL acquisition. Materials are the largest cost at 63.7% of revenue, with other operating expenses at 13.1%, depreciation at 3.7%, capex at 18.4%, and employee costs at 2.3%.