Waaree Energies Limited , a prominent player in the solar equipment manufacturing sector, has reported substantial delays in utilizing the proceeds from its Initial Public Offering (IPO) conducted in October 2024. The company's monitoring agency report for the quarter ended June 30, 2025, reveals that out of the Rs. 3,600.00 crore raised, only Rs. 764.72 crore has been utilized, leaving a significant Rs. 2,835.28 crore unutilized.

Project Location Changes and Timeline Revisions

In a strategic move, Waaree Energies' Board of Directors has approved changes to the project locations, subject to shareholder approval through a postal ballot effective August 2, 2025. The proposed changes include:

• Shifting solar cell and module manufacturing capacity from Odisha to Gujarat
• Relocating ingot wafer manufacturing capacity from Odisha to Maharashtra

These location changes come alongside revised project timelines:

• 6 GW Solar Module completion moved from July 2025 to December 2025
• 6 GW Solar Cell completion shifted from April 2026 to September 2027
• 6 GW Ingot Wafer completion postponed from October 2026 to March 2027

Delay in Fund Utilization

The report highlights a delay in utilizing Rs. 275.00 crore that was scheduled for deployment by March 31, 2025. This delay raises concerns about the company's ability to meet its projected timelines and efficiently use the raised capital.

Current Fund Allocation

The monitoring agency report provides a detailed breakdown of the fund utilization:

Unutilized Funds Management

The company has parked the unutilized funds in term deposits with scheduled commercial banks. As of June 30, 2025, these investments, along with balances in monitoring and allotment accounts, totaled Rs. 2,934.99 crore, including interest earned.

Management's Perspective

The Board of Directors has taken note of the delays and advised management to take necessary steps to utilize the funds in FY 2025-26 and FY 2026-27, following shareholder approval for the project location changes. The management has indicated ongoing negotiations with vendors and plans to utilize the funds in the upcoming fiscal year.

Shareholder Implications

Shareholders are now faced with a crucial decision as they are asked to approve the change in project locations through a postal ballot. This decision will have significant implications for the company's future operations and the timeline for fund utilization.

As Waaree Energies navigates these changes and delays, investors and market observers will be closely watching the company's progress in deploying the IPO funds and meeting its revised project timelines. The coming months will be critical in determining the company's ability to execute its expansion plans effectively and deliver on its promises to shareholders.

Waaree Energies Limited , a leading solar module manufacturer, reported robust financial results for the first quarter, with significant growth in revenue, EBITDA, and profit after tax (PAT). The company also announced plans for capacity expansion and diversification into new energy segments.

Financial Highlights

Operational Performance

• Record quarterly production of 2.3 GW, up 64% year-over-year
• Order book stands at 25 GW, equivalent to ₹49,000.00 crore
• Pipeline exceeds 100 GW

Capacity Expansion Plans

Waaree Energies outlined ambitious plans to expand its manufacturing capacity:

• Module capacity to reach 26 GW by FY27
• Solar cell capacity to increase to 16 GW
• New 10 GW ingot and wafer facility

The company is setting up a 6 GW module and cell facility in Gujarat and an ingot-wafer facility in Maharashtra. Additionally, the Board approved an outlay of ₹2,754.00 crore for expanding cell and ingot-wafer capacity by 4 GW each.

Diversification into New Energy Segments

Waaree is expanding into adjacent energy transition segments:

• 3.5 GWh battery energy storage system facility
• 3 GW inverter manufacturing plant
• 300 MW hydrogen electrolyzer plant

These new facilities are expected to be operational by FY27, positioning Waaree as a full-stack energy solutions provider.

Market Outlook

The company remains optimistic about growth prospects in both domestic and international markets:

• Strong demand in India, with 10.6 GW of solar capacity added in Q1 alone
• Robust growth in the U.S. market, driven by data center expansion, manufacturing reshoring, and transportation electrification
• Exploring opportunities in Europe, Middle East, and Africa

Management Commentary

Amit Paithankar, Whole Time Director and CEO, stated, "We have reported yet another stellar quarter with record-breaking numbers across production, revenue, EBITDA, and PAT. Our order pipeline remains extremely robust, providing a clear pathway for growth in the upcoming quarters and years."

Sonal Shrivastava, CFO, added, "We remain committed to long-term value unlocking across every segment. Our strong performance reflects our team's commitment, resilience, and strategic focus."

Waaree Energies maintains its EBITDA guidance of ₹5,500.00 - ₹6,000.00 crore for the current fiscal year, demonstrating confidence in its growth trajectory and operational efficiency.

As the company continues to expand its manufacturing capabilities and diversify its product portfolio, Waaree Energies is well-positioned to capitalize on the growing demand for solar and renewable energy solutions both in India and globally.