WAAREE Energies Limited · NSE:WAAREEENER
WAAREE Energies — Q2 & H1 FY27 Earnings Presentation
57 slides from WAAREE Energies's earnings presentation, Oct 28, 2026
Slide 1: Stock exchange cover letter for earnings presentation
October 28, 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 T
Slide 2: Earnings Presentation | Q2 & H1 FY27
Earnings Presentation | Q2 & H1 FY27 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 13 Strategic Roadmap 20 Business Segments Updates 31 Corporate Overview 44 Industry Updates 48 Sustainability
Slide 5: Quarterly Overview
Quarterly Overview WAAREE mzsun
Slide 6: Key Performance Metrics
Key Performance Metrics Q2FY27 Consol Highlights ₹7,518 Cr ₹1,335 Cr ₹754 Cr Revenue from operations Operating EBITDA Profit after Tax +24% YoY 17.8% Margin 9.8% Margin Strategic Edge ~₹59,200 Cr ~26 GW 5.4 GW Module Capacity Order Book1 Cell Capacity Largest Non-Chinese Company in the World# Capita
Slide 7: Healthy Revenue mix with Strong Retail Growth
Healthy Revenue mix with Strong Retail Growth Diversified Revenue Mix (Q2 FY2027, %) Module Sold (GW) +27.4% 12.6% 22.9% Utility/IPP/C&I 18.5% Retail 3.0 Overseas 2.4 EPC, O&M and T&D 46.1% Q2FY2026 Q2FY2027 Overseas Revenue Break-up (₹ Cr) Retail Revenue (₹ Cr) 2,875 +252.9% 2,143 1,389 89 3,464 1,
Slide 8: Growing Scale with De-concentration
Growing Scale with De-concentration Diversified Revenue Mix (%) Overseas Revenue Break-up (₹ Cr) 8,755 10.5% 11.6% 8.5% 12.6% 20.7% 20.8% 28.9% 5,315 16.7% 46.1% 33.0% 24.7% 2,410 1,958 18.5% 1,389 52.1% 1,980 3,440 569 89 34.7% 37.9% 430 1,389 1,300 22.9% FY2025 FY2026 Q1FY2027 Q2FY2027 FY2025 FY20
Slide 9: Order Book remains Robust
Order Book remains Robust Total Order Book Mix (%) Module Order Book (GW) ~₹47k Cr ~₹53k Cr ~₹61k+ Cr ~₹59K+ Cr 7.8% 5.3% 1.1% 4.0% 2.0% 4% 1% 4.0% 6% 92% 93.7% 25.2 25.6 90.0% 89% 21.4 22.3 FY2025 FY2026 Q1FY2027 Q2FY2027 FY2025 FY2026 Q1FY2027 Q2FY2027 Module EPC - Renewable T&D - Renewable Other
Slide 10: Capacity at Scale
Capacity at Scale Module Capacity (GW) – India Cell Capacity (GW) – India 65% 71% 50%* 45%* 42% 62%* 81%* 21.2 24.2 24.2 24.2 24.2 5.4 5.4 5.4 5.4 5.4 5.4 16.7 13.3 10.9 11.8 7.1 2.3 3.0 2.7 0.8 1.1 FY2025 FY2026 Q1FY2027 Q2FY2027 FY2026 Q1FY2027 Q2FY2027 Installed Effective Installed Actual Product
Slide 11: Key Company Updates
Key Company Updates Manfacturing & Services Other Updates Waaree Solar Americas Inc. to invest US$37 million to RE- Power Infrastructure Business upgrade its Arizona module manufacturing facility, Received LOA for development of 700 MW of solar increasing capacity from 1.0 GW to 1.6 GW taking total
Slide 12: Key Financial Metrics
Key Financial Metrics Revenue from Operations (₹ Cr) Operating EBITDA (₹ Cr) 8,480 1,928 7,565 7,932 7,517 1,577 6,066 1,406 1,440 1,335 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Operating EBIDTA Margin (%) Profit After Tax (₹ Cr) 25.5% 1,107 1,126 23.2% 18.6% 8
Slide 13: Consolidated Profit and Loss Statement
Consolidated Profit and Loss Statement Particulars (₹ Cr) Q2 FY2027 Q2 FY2026 Y-O-Y Q1 FY2027 Q-O-Q H1 FY2027 H1 FY2026 Y-O-Y Revenue from Operations 7,517.74 6,065.64 23.94% 7,931.79 (5.22%) 15,449.53 10,491.47 47.26% Cost of materials consumed 4,715.29 3,198.96 4,843.93 9,559.22 6,161.39 Purchases
Slide 14: Consolidated Balance Sheet and Cash Flow Statement
Consolidated Balance Sheet and Cash Flow Statement Particulars (₹ Cr) H1 FY2027 FY2026 Shareholders' Fund 17,300.35 15,010.89 Non-Current Liabilities 4,720.89 2,396.78 Current Liabilities 15,808.94 12,707.70 Total Liabilities 37,830.18 30,115.37 Fixed Assets 14,202.67 9,522.81 Other Non-Current Asse
Slide 15: Strategic Roadmap – Building the New Energy Value Chain
Strategic Roadmap – Building the New Energy Value Chain
Slide 16: Waaree 2.0: Fully Integrated Energy Transition Player
Waaree 2.0: Fully Integrated Energy Transition Player ~$1Tn* ~$2Tn* ~$4Tn* Annual TAM Size Annual TAM Size Annual TAM Size 2026 2030 2035 Total Capex: 30,000+ Cr (Deployed ~35% + Under-execution ~28% + Planned ~37%) Waaree 2.0* Electrolyser/ Green ~29 GW Inverters / Smart Largest Module ~15 GW Meter
Slide 17: Capital Allocation Strategy
Capital Allocation Strategy 5 PILLARS OF CAPITAL STRATEGY STATUS OF PROJECTS ANNOUNCED Asset Allocation Solar Value Chain1 ₹ 12,429 Cr ₹ 5,779 Cr ₹ 6,295 Cr C S Solar: 51% | Services: 14% | BESS: 31% | Others: 4% Leadership in solar and services while accelerating expansion into BESS, inverters, ren
Slide 18: Phased-wise capex over next 3 years
Phased-wise capex over next 3 years 30% of overall capex in FY27E 40% of overall capex in FY28E 30% of overall capex in FY29E FY2027E FY2028E FY2029E Ongoing Project 3.2 GW Solar PV (USA) 5.15 GWh Pack 10 GW Solar Cells (India) 3.5 GWh BESS Cell 10 GW ~15 GWh Container Ingots/ Wafer ~15 GWh Pack 16.
Slide 19: 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 Operational 3 Gujarat –
Slide 20: Upcoming Factory Developments
Upcoming Factory Developments Ingot- Wafer, Nagpur BESS, Rola Oct’26 Sep’26 Electrolyser, Dungri Cell, Unn T&D, Azamnagar Oct’26 Oct’26 Oct’26 *Include Inverters, Transformers & Electrolyser 18
Slide 21: Differentiated Market Positioning from Polysilicon to Grid Equipment
Differentiated Market Positioning from Polysilicon to Grid Equipment 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 leverage
Slide 22: Business Segments Updates
Business Segments Updates WAAREE
Slide 23: 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 24: 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 25: 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, feeder level solarization kit 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 Ins
Slide 26: 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 FY29 Industry Outlook Waaree's Po
Slide 27: 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 4.15 GW Annual Global Market by 2035 Annual Indian Market by 2035 Waaree’s Current Capacity Industry Outlook Waaree's Positioning ✓ Annual global solar inverter market currently in 2025 at
Slide 28: 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 by FY27 Industry Outlook Waaree's Positioning Annual Global transformer market curren
Slide 29: Electrolyser Scale-Up Driving the 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 Global Green
Slide 30: 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 India domestic demand set to grow 7–8% CAGR through 2033; global PV glass Target plant
Slide 31: From Generation to Grid: EPC Fueling Renewable & T&D Growth
From Generation to Grid: EPC Fueling Renewable & T&D Growth ~$250Bn* ~$25Bn* ~₹ 5,500 Cr 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 Annual Global solar EPC and O&M market curren
Slide 32: Renewable Power Infrastructure: Enabling Full Stack Solar Value Chain
Renewable Power Infrastructure: Enabling Full Stack Solar Value Chain Aerial View: Solar Plant Solar Module Array Switchyard Structures 1,700+ MW 11.58 GW ₹3,250+ Cr* PPA signed Renewable / BESS projects pipeline Total commitment Industry Outlook Waaree's Positioning ✓ Critical infrastructure for th
Slide 33: Corporate Overview
Corporate Overview WAAREE
Slide 34: 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 35: 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 36: 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 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% Waaree Clean Sangam Solar Waaree Green Waaree Energy Waaree Waaree Solar Energy One Private Glass Private Storage Power Private Americas Inc. Solutio
Slide 44: 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 FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026 Operating EBIDTA Margin Profit After Tax (₹ Cr) 22% 3,884 19% 14% 12% 1,928 1,274 500 FY2023 FY2024 FY2025 F
Slide 45: Annual Financial Overview (2/2)
Annual Financial Overview (2/2) ROCE ROE 32% 30% 29% 29% 28% 27% 26% 22% FY2023 FY2024 FY2025* FY2026* FY2023 FY2024 FY2025 FY2026 Cash Conversion Ratio Net Debt to Equity (x) 147% 118% 112% -0.29 26% -0.72 -0.80 -0.85 FY2023 FY2024 FY2025 FY2026 FY2023 FY2024 FY2025 FY2026 *FY25 & FY26 numbers are
Slide 46: Industry Updates
Industry Updates WAAREE"
Slide 47: 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 2030E 2035E 2025 2030E 2035E Global Growth Drivers India Growt
Slide 48: India: Policy Tailwinds Fueling Domestic Manufacturing
India: Policy Tailwinds Fueling Domestic Manufacturing SOLAR MODULES & CELLS ₹75,021 Cr EPC & SERVICES 43.33% PM SURYA GHAR OUTLAY FY30 RENEWABLE CONSUMPTION OBLIGATION ▲ ALMM: List-I modules; List-II cells (from Dec ’26); List-III wafers (proposed, Jun ’28) ▲Open access: Green Energy Open Access Ru
Slide 49: Global Policy Shifts Creating New Opportunities
Global Policy Shifts Creating New Opportunities SOLAR MODULES & CELLS 30 GW EPC & SERVICES 42.5% EU SOLAR PV MANUFACTURING TARGET BY 2030 EU 2030 RENEWABLE ENERGY TARGET ▼ US: AD/CVD on Indian cells finalised (Sep-26); 15% tariff + price floor on polysilicon (Dec-26) ▲EU RED III: 42.5% renewables by
Slide 50: Responsible Growth for a Sustainable Future
Responsible Growth for a Sustainable Future
Slide 51: Sustainable Actions, Measurable Impact
Sustainable Actions, Measurable Impact 328+ 5,000+ 300+ students supported villagers impacted students benefited Educational Support Model Village School Infrastructure • Higher-education support for 15 individuals • Renovated village schools and anganwadis • Upgraded classrooms and facilities in ru
Slide 52: CSR in Action: Supporting 1,000+ Students and 2,000+ Flood-Affected Families
CSR in Action: Supporting 1,000+ Students and 2,000+ Flood-Affected Families Education | Independence Day school-kit drive Relief | Emergency food and drinking water flood-affected families 1,000+ students across 6 schools in Degam received school bags, notebooks and writing pads 2,000+ received dry
Slide 53: 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 in plat and HVAC locations • En
Slide 54: 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 [email protected] Mr. Nikunj Jain Mr. Prathmesh Parab [email protected] [email protected]
Slide 55: Key Industry & Company Metrics
Key Industry & Company Metrics Industry Update Solar Installation in USA and India: CY2026 Particulars CY2025 Q1FY27 Q2FY27 Q3FY27 USA (GW) 43.1 7.8 11.4 - India (GW) 38.0 14.5 11.9 8.9 Segment wise solar installation in India: CY2026 Particulars CY2025 Q1FY27 Q2FY27 Q3FY27 Residential + C&I rooftop
Slide 56: Order Book
Order Book Particulars FY25 FY26 Q1FY27 Q2FY27 Total Order Book (₹ Cr) ~47,000 ~53,000 ~61,000+ ~59,200 Module Order Book (GW) 21.4 22.3 25.2 25.6 Total Order Book Mix (%) Module 92.0% 93.7% 90.0% 89.5% T&D – Renewable – – 4.0% 3.7% EPC – Renewable 7.8% 5.3% 4.0% 5.6% Other – 1.1% 2.0% 1.2% Geograph
Slide 57: Consolidated Profit & Loss
Consolidated Profit & Loss Particulars (₹ Cr) Q2FY27 Q2FY26 Y-o-Y Change H1FY27 H1FY26 Y-o-Y Change Revenue from Operations 7,517.7 6,065.6 23.9% 15,449.5 10,491.5 47.3% Operating EBITDA 1,335.2 1,406.4 -5.1% 2,775.1 2,403.7 15.5% EBITDA Margin 17.8% 23.2% 18.0% 22.9% PAT 753.6 878.2 -14.2% 1,645.5