Waaree Energies , India's largest solar module manufacturer, has catapulted the Doshi siblings - Hitesh, Kirit, Pankaj, and Viren - to the 37th rank on the Forbes India Rich List. The family's collective wealth now stands at an impressive $7.40 billion, marking a significant milestone in their entrepreneurial journey.

Company Performance and Market Success

Waaree Energies, founded in 1990, has shown remarkable growth since its public listing. The company's shares made a strong debut, listing at a 70% premium to the issue price and subsequently gaining over 50% post-listing. This stellar market performance has been a key driver in the Doshi family's wealth accumulation.

Financial Highlights

The company's financial results for the first quarter showcase its robust performance:

The company also achieved a record high quarterly module production of 2.3 GW.

Operational Strength and Expansion Plans

Waaree Energies has established itself as a leader in the solar energy sector:

• Installed Capacity: 13.3 GW, making it India's largest solar module manufacturer
• Operational Facilities: Spread across Gujarat, Noida, and the USA
• Expansion Plans: Approved additional capex of ₹2,754 crore for:
  • 4 GW cell capacity expansion in Gujarat
  • 4 GW Ingot-wafer capacity expansion in Maharashtra

Recent Corporate Developments

According to the latest LODR data, Waaree Energies has made significant moves to strengthen its market position:

1. Subsidiary Investment: The company has entered into a Share Subscription cum Shareholder's Agreement (SSSHA) with its wholly-owned subsidiary, Waaree Energy Storage Solutions Private Limited (WESSPL).

2. Private Placement: WESSPL is set to offer equity shares to investors, potentially diluting up to 10.07% of its share capital. This move is aimed at facilitating capital infusion for business expansion.

3. Upcoming Financial Results: The Board of Directors is scheduled to meet to consider and approve the unaudited financial results for the quarter and half-year. They will also discuss the possibility of an interim dividend.

Waaree Energies' success story, highlighted by its strong market performance and expansion plans, reflects the growing importance of renewable energy in India's industrial landscape. As the company continues to scale, it not only cements the Doshi siblings' position among India's wealthiest but also contributes significantly to the country's green energy capabilities.

Waaree Energies Limited , a prominent player in the renewable energy sector, has made a strategic move to bolster its energy storage business. The company has entered into a Share Subscription cum Shareholder's Agreement (SSSHA) with its wholly-owned subsidiary, Waaree Energy Storage Solutions Private Limited (WESSPL), and a group of investors.

Key Details of the Agreement

• Stake Offered: Up to 10.07% of WESSPL's share capital
• Method: Private placement of equity shares
• Purpose: Capital infusion for business expansion
• Post-Transaction Status: WESSPL to remain a subsidiary of Waaree Energies Limited

This move signifies Waaree Energies' commitment to expanding its footprint in the energy storage solutions market, a crucial component of the renewable energy ecosystem.

Corporate Governance and Transparency

In line with regulatory requirements, Waaree Energies has promptly disclosed this development to the stock exchanges. The company has adhered to Regulation 30 of the Securities and Exchange Board of India (SEBI) Listing Obligations and Disclosure Requirements, demonstrating its commitment to transparency and corporate governance.

Upcoming Financial Results

In a separate announcement, Waaree Energies has scheduled a Board of Directors meeting for October 16, 2025, to discuss and approve the following:

1. Unaudited Financial Results (Standalone and Consolidated) for Q2 FY2025-26
2. Potential interim dividend for FY2025-26

Insider Trading Prevention

To maintain market integrity, Waaree Energies has implemented the following measures:

• Trading Window Closure: From October 1, 2025
• Reopening: 48 hours after the declaration of Q2 FY2025-26 results
• Applicable to: Directors, Key Managerial Persons, Designated Persons, and their Immediate Relatives

This strategic move by Waaree Energies to partially divest its stake in WESSPL while maintaining majority control could potentially accelerate the growth of its energy storage business. Investors and industry observers will be keenly watching how this capital infusion translates into business expansion and market positioning for WESSPL in the competitive energy storage sector.