Waaree Energies Ltd. is sharpening its focus on the U.S. market, with plans to boost its solar module manufacturing capacity in the country from 1.6 GW to 4.5 GW within six months, according to a report by the Economic Times. The company is also reportedly considering establishing a solar cell manufacturing facility in the U.S. These developments come alongside the company's broader strategic ambitions, as outlined at its Analyst/Institutional Investor Day titled "Waaree Unbound 2.0," held on May 07, 2026, in Mumbai. The event, conducted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, provided a platform for the company to present its integrated solar value chain, strategic roadmap, and diversified energy transition ambitions to investors and analysts. The company clarified that all discussions at the event were based solely on publicly available information and no unpublished price-sensitive information was disclosed.

U.S. Market Focus and Capacity Expansion

According to the Economic Times report, Waaree Energies is actively targeting the U.S. solar market as a key growth avenue. The company's plans to scale its U.S. solar module capacity from 1.6 GW to 4.5 GW within six months represent a significant ramp-up in its international manufacturing footprint. Additionally, the company is evaluating the possibility of setting up a solar cell manufacturing facility in the U.S., which would deepen its vertical integration in the American market.

Industry Outlook and Structural Tailwinds

The Waaree Unbound 2.0 investor presentation highlighted the global and Indian solar industry outlook, emphasizing key structural tailwinds driving renewable energy adoption. Global solar PV capacity is projected to increase to 7.4 TW from current levels of 2.26 TW. Key demand drivers cited include data centres (electricity demand projected to double to 945 TWh by 2030, with 40% of corporate PPAs signed for renewables), artificial intelligence (AI-specific data centre power to triple by 2030), electric vehicles, and economic growth in emerging markets. On the India front, the government's ₹75,021 Cr PM Surya Ghar scheme, ₹24,000 Cr PLI, and a 500 GW non-fossil target by 2030 were highlighted as major policy catalysts. India's domestic module capacity is expected to scale from 80 GW to 160 GW, while cell capacity is projected to grow from 15 GW to 120 GW by 2030. India doubled its solar additions in FY25, and global solar hit approximately 600 GW additions in 2024.

Waaree 2.0: Strategic Capex Roadmap

The management presented "Waaree 2.0," a strategic roadmap aimed at creating a full-stacked integrated energy transition player. The plan involves a total capital expenditure of approximately $3.5Bn over the next two years, spanning manufacturing capacity expansion across multiple segments. The following table summarises the key investment allocations under Waaree 2.0:

Under Waaree 2.0, the company targets becoming India's largest module manufacturer at ~28 GW, alongside a ~15 GW cell facility, a 20 GWh BESS facility, a 20,000 MVA transformer facility, a 4 GW inverter facility, and a 1 GW electrolyser facility. A strategic investment in a 100k TPA polysilicon plant is also part of the roadmap.

Strategic Business Segments

Waaree Energies outlined its diversified business model spanning manufacturing, EPC services, and emerging verticals. Key new energy segments presented at the event include:

• Energy Storage Business (BESS): The company is establishing India's first fully integrated cell-and-pack gigafactory to capture the Battery Energy Storage System opportunity at scale.
• Inverter and EMS Business: Waaree is expanding into power electronics, targeting full-spectrum leadership across residential, commercial, and utility-scale solar inverter applications, and already ranks among the top 10 in the segment.
• EPC Business: Operating through wholly owned subsidiary Waaree Renewable Technologies Ltd., the company has commissioned 5.06 GWp of EPC projects and manages a 1.18 GW O&M portfolio, including India's largest single-site solar project at Bikaner.
• Green Hydrogen: The company is entering the green hydrogen business with an electrolyzer manufacturing plant in Valsad, Gujarat, featuring a 1 GW annual capacity, an approved investment of ₹675 Cr, and PLI awards of INR 440 Crores for electrolysers and INR 510 Crores for green hydrogen.

Financial History and Compliance

The management highlighted the company's robust financial track record across multiple time horizons. The table below summarises Waaree's historical revenue, EBITDA, and PAT compound annual growth rates:

The intimation regarding the investor presentation was submitted to the stock exchanges on May 07, 2026, by Rajesh Ghanshyam Gaur, Company Secretary & Compliance Officer.

Waaree Energies delivered a record-breaking performance in FY26, with consolidated revenue from operations reaching ₹26,536.77 crores, reflecting a growth of 83.7% year-on-year. Profit after tax more than doubled, growing over 101% to ₹3,884 crores, while operating EBITDA surged 117% to ₹5,908.64 crores. The company's reported total EBITDA of ₹6,617 crores surpassed its earlier guidance range of ₹5,500 crores to ₹6,000 crores for FY26. Management highlighted that no single customer, market, or segment dominates the business, with retail, service, and overseas segments collectively contributing 60% to 70% of revenue.

Full-Year and Quarterly Financial Performance

The company's financial results for the full year and Q4 demonstrated strong momentum across key metrics. The following table summarises the consolidated performance:

For Q4 specifically, revenue from operations stood at ₹8,480 crores, marking a year-on-year increase of 111%. Operating EBITDA for the quarter came in at ₹1,576 crores, up 70%, while profit after tax was ₹1,126 crores compared to ₹644 crores in Q4 FY25. Management noted that Q4 margins were impacted by elevated silver and copper prices, logistics disruptions in the Middle East, and a lower share of overseas revenue relative to the prior quarter.

Capacity Leadership and Production Scale

Waaree Energies' total module manufacturing capacity now stands at approximately 26 gigawatts, positioning it as the largest non-Chinese module manufacturer in the world. Cell manufacturing capacity remains fully operational at 5.4 gigawatts, the largest cell manufacturing facility in India. Module manufacturing for the full year reached a record 12.6 gigawatts—a growth of 77% over FY25—equivalent to approximately 56,000 modules produced every single day. The company sold approximately 12 gigawatts of modules during the year.

For Q4, module production stood at 4.2 gigawatts, a 104% increase year-on-year, while cell production for the quarter was 0.7 gigawatt and module sales reached 4.1 gigawatts. The company has commenced a transition from M10R TOPCon to G12R technology across its cell lines, with G12R modules capable of producing 615-watt output compared to 580 watts for M10R, translating to an expected 10% to 12% improvement in realization per unit.

Revenue Mix and Order Book

The company's revenue mix for FY26 remained well diversified across segments:

The retail segment delivered revenue of ₹5,515 crores in FY26, a growth of 84% year-on-year. The order book stands at approximately ₹53,000 crores, up from approximately ₹47,000 crores at the end of Q4 FY25, with approximately 65% to 70% of the order book comprising overseas long-range orders to be delivered over the next three to four years. The retail portion, representing approximately 20% of total revenues, is not reflected in the stated order book figure.

Strategic Initiatives and Capacity Expansion

During the quarter, Waaree Energies announced and progressed several key strategic initiatives:

• Polysilicon Supply Chain: Completed acquisition of a strategic stake in United Polysilicon, an Oman-based company, securing long-term, fully traceable non-Chinese polysilicon supply.
• T&D Entry: Subsidiary WRTL announced acquisition of approximately 55% stake in Associated Power Structures Limited (APSL) for approximately ₹1,225 crores, marking entry into the transmission and distribution segment.
• PV Glass Manufacturing: Board approved a capex of ₹3,900 crores for a PV glass manufacturing facility with a capacity of 2,500 TPD, sufficient to produce approximately 16 to 17 gigawatts of modules per annum. Glass accounts for approximately 20% plus of module cost.
• Ingot Wafer Facility: Commenced construction of a 10-gigawatt ingot wafer facility at Nagpur with a capex of ₹6,200 crores, expected to be operational in FY28.
• Additional Module Capacity: Commissioned an additional 3-gigawatt module manufacturing capacity at Samakhiali, Kutch.
• US Manufacturing: The 1.6-gigawatt greenfield module manufacturing facility in the US is operational, with an additional 2.6 gigawatts expected to go live over the next six months, taking total US capacity to approximately 4.2 gigawatts.

Waaree 2.0: Adjacency Businesses and Energy Transition Vision

Management outlined the company's transition from Waaree 1.0 to Waaree 2.0, backed by approximately $3.5 billion of committed capex. Upon completion, Waaree 2.0 is expected to encompass:

For BESS, Phase 1 of 3.5 gigawatt hours is expected in the current financial year, with Phase 2 of 16.5 gigawatt hours targeted by the next financial year, at a total capex outlay of approximately ₹10,000 crores. The inverter business has commissioned Phase 1 of 3 gigawatts at the Sarodhi facility in Gujarat, with the remaining 1 gigawatt expected in the current financial year, at a capex outlay of approximately ₹180 crores. Transformer capacity is being expanded from approximately 4,000 MVA to 20,000 MVA at the Alwar facility in Rajasthan, with a capex outlay of approximately ₹192 crores. For green hydrogen, the company has secured electrolyser PLI of ₹444 crores and hydrogen PLI of approximately ₹510 crores, targeting a 1-gigawatt electrolyzer capacity at the Dungri facility in Gujarat at a planned capex of approximately ₹676 crores.

FY27 Guidance and Outlook

Management guided for operating EBITDA of ₹7,000 crores to ₹7,700 crores for FY27, representing approximately 20% to 25% growth over FY26's operating EBITDA of ₹5,908.64 crores. The guidance factors in pre-startup costs associated with new facilities going live during the year. Management indicated that the 10-gigawatt cell facility is expected to go live in H2 FY27, taking total cell capacity to 15.5 gigawatts, which is expected to significantly improve DCR mix and margin profile. The company also announced an enabling resolution to raise up to ₹10,000 crores, with details on objectives and timelines to be communicated to shareholders. For IRA benefits in the US, the company received approximately $40 million cumulatively in the last financial year at $0.07 per watt peak, with the benefit expected to scale as the additional 2.6-gigawatt US facility commences operations. Management maintained a long-range EBITDA margin guidance of 19% to 20% on a sustained basis, while noting that quarters with higher DCR, overseas, or retail mix could deliver materially higher margins.

Source: Company/INE377N01017/403ea4e3a4b4405c.pdf