Waaree Energies Limited shareholders approved the adoption of audited standalone and consolidated financial statements for the financial year ended March 31, 2026, during the company's 36th Annual General Meeting (AGM) held on September 24, 2026. The meeting also sanctioned a dividend on equity shares for FY26.

The AGM was conducted via Video Conferencing and Other Audio-Visual Means (VC/OAVM), commencing at 11:00 am and concluding at 12:15 pm. All items of business listed in the notice dated August 29, 2026, were transacted and passed with the requisite majority. The statutory auditors' report and secretarial audit report for FY26 contained no qualifications.

Key resolutions passed

The following ordinary and special resolutions were approved by the members:

Chairman highlights record performance

Hitesh Chimanlal Doshi, Chairman and Managing Director, informed members that FY26 was a record year for the company, achieving record revenue, EBITDA, and profit. He highlighted that Waaree has shipped 36 GW of modules that are proven and operational globally. The Chairman outlined the company's transition into an integrated energy platform under "Waaree 2.0," aiming to bring the entire energy value chain under one roof. He noted the scaling of manufacturing footprints across India, the United States, and Oman as part of the Atmanirbhar Bharat initiative in energy.

Governance and attendance details

A total of 80 shareholders participated in the meeting via video conferencing. The board attendance included Hitesh Doshi (Chairman & MD), Hitesh Mehta (Whole Time Director), Viren Doshi (Whole Time Director), Jignesh Rathod (Whole Time Director & CEO), and several independent directors including Rajender Malla, Mahesh Chhabria, Rajinder Loona, and Ms. Mona Bhide. Abhishek Pareek served as Chief Financial Officer, and Rajesh Ghanshyam Gaur acted as Company Secretary and Compliance Officer.

Statutory auditors SRBC & Co. LLP, internal auditors Mahajan & Aibara, and secretarial auditors Makarand M. Joshi & Co. were present. Vaibhav Dandawate of Makarand M Joshi & Co. was appointed as the scrutinizer for the e-voting process. Results of the e-voting will be uploaded to the company website and stock exchanges within two working days.

Voting pattern analysis

Scrutinizer reports released on September 25, 2026, detailed the voting outcomes across shareholder categories. While all resolutions passed with requisite majorities, institutional investors expressed dissent on specific governance matters.

For the re-appointment of Viren Chimanlal Doshi as a director, institutional holders cast 7.18% of their votes against the resolution, while non-institutional public shareholders voted almost unanimously in favor (99.99%). Promoters voted 100% in favor.

Similarly, for the appointment of Mona Bhide as an independent director, institutional investors voted against the proposal with 12.12% dissent. Non-institutional public shareholders supported the appointment with 99.99% votes in favor. Promoters again voted unanimously in favor.

In contrast, financial resolutions such as the adoption of standalone and consolidated financial statements saw lower but notable institutional dissent of 2.18% and 2.92% respectively. The declaration of dividend received near-unanimous support from all categories, with only 0.0004% total votes against.

Waaree Energies announced that its wholly owned subsidiary, Waaree Clean Energy Solutions (WCES), has entered India's specialty gases business. The new vertical aims to supply ultra-high purity gases and chemicals to domestic semiconductor and solar cell manufacturers, addressing a critical import bottleneck.

Strategic move into specialty gases

The entry marks a diversification for WCES, extending its presence into materials that serve both the semiconductor and solar manufacturing industries. Specialty gases are critical inputs in these high-technology production processes, used across various stages of fabrication and cell manufacturing. The company stated that high-purity process gases are largely imported, creating a supply bottleneck for India's expanding chip and electronics manufacturing under the Semicon India 2.0 programme.

Infrastructure and product portfolio

WCES is building a specialty gases plant at GIDC Saykha, Dahej, Gujarat, to provide domestic supply across India. The development plan includes phased infrastructure capabilities designed to meet semiconductor-grade safety and purity standards.

The company will also design custom gas and chemical supply systems and nitrogen plants. Its Total Gas & Chemical Management System covers storage, delivery, safety monitoring, and inventory management. The Ultra-High Purity (UHP) portfolio includes Silane, Ammonia, Nitrous Oxide, Phosphine mixtures, Boron Trichloride (BCl3), Trimethyl Aluminium, Diborane, Germane/H2 mixes, HBr, SF6, Nitric Oxide, fluorinated gases, and calibration gases.

Sectors served

The move positions WCES to cater to two distinct but related industries:

Both sectors rely on high-purity specialty gases as essential process inputs. Anuj Sharma, CEO of WCES, noted that this is a natural extension of the company's deep-tech manufacturing and clean energy expertise, positioning it to serve fabs, advanced electronics manufacturers, and solar cell lines from day one.

Strengthening manufacturing self-reliance

The new business builds on WCES's existing clean energy manufacturing base, which includes an electrolyser stack facility. Government incentives are expanding semiconductor and solar cell capacity, and the gases business is designed to grow alongside these sectors while providing manufacturers a dependable alternative to imports.