Waaree Energies Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report has been prepared by CARE Ratings Limited, the appointed Monitoring Agency, and covers the utilisation of proceeds from the company's public issue of equity shares aggregating to Rs. 3600.00 crore. The IPO was open from October 21, 2024 to October 23, 2024, and the company's promoter is Mr. Hitesh Doshi and Family. The company operates in the solar equipment manufacturing sector.

IPO Issue Structure and Utilisation Overview

The total IPO proceeds of Rs. 3600.00 crore were earmarked across three primary objects as disclosed in the Offer Document. The table below summarises the original cost allocation:

As at the end of the quarter ended March 31, 2026, cumulative utilisation stood at Rs. 1937.08 crore, with Rs. 472.19 crore deployed during the quarter. The total unutilised amount as at quarter-end was Rs. 1662.92 crore.

Quarterly Progress in Fund Utilisation

The following table details the progress of fund deployment across each object of the issue for the quarter ended March 31, 2026:

During the quarter, Rs. 461.84 crore was utilised for development of the manufacturing projects, while Rs. 10.35 crore was deployed towards issue expenses. No utilisation was recorded under General Corporate Purposes during the quarter, as the entire Rs. 697.70 crore allocated to this head had already been fully utilised in prior periods. The Monitoring Agency noted that the remaining issue expenses of Rs. 36.61 crore are expected to be utilised in FY 2026-27, as informed by the management.

Deployment of Unutilised Proceeds

The unutilised IPO proceeds of Rs. 1662.92 crore (sub-total of Rs. 1684.78 crore, less interest earned on fixed deposits of Rs. 21.86 crore) have been parked across term deposits with scheduled commercial banks, a subsidiary bank account, and the monitoring account. The aggregate earnings on these deployments stood at Rs. 55.14 crore, with a market value of Rs. 1739.92 crore as at the end of the quarter. Key placements include:

• Axis Bank: Multiple term deposits maturing on June 12, 2026, at a return of 6.75% per annum
• Bank of Baroda: Term deposits maturing between May 22, 2026 and June 23, 2026, at returns ranging from 6.50% to 7.15%
• HDFC Bank: Term deposit of Rs. 98.01 crore maturing April 11, 2026, at 7.35%
• State Bank of India: Multiple term deposits across various maturities, at returns ranging from 4.50% to 7.50%
• Sangam Solar One Private Limited's Bank Account: Balance of Rs. 16.64 crore
• Monitoring Account: Balance of Rs. 21.92 crore

The Monitoring Agency noted that the provision for parking funds in the subsidiary account is not explicitly mentioned in the Offer Document. The company has provided its Board-approved policy of investing funds as term deposits only in scheduled commercial banks, dated October 28, 2023, valid for a period of three years.

Project Location Change and Implementation Delays

A significant development covered in the report pertains to the change in project location. The Board of Directors approved a proposal on June 20, 2025, to shift the manufacturing facilities from Dhenkanal, Odisha, to new locations, subject to shareholder approval. Shareholders approved the proposal through a postal ballot on August 01, 2025, with the change becoming effective from the same date. The revised project locations are as follows:

Alongside the location change, the project completion timelines were also revised:

Notably, with effect from April 6, 2026, the entire 6 GW solar module lines are fully operational. The Monitoring Agency observed that the original fund implementation schedule had timelines of March 31, 2025 and March 31, 2026 for deploying Rs. 275.00 crore and Rs. 2000.00 crore respectively. As the project timelines have been revised, the Monitoring Agency noted that no revised fund implementation schedule has been provided, making the exact number of days of delay not ascertainable. As per exchange filings dated July 03, 2025, the company has acquired land for its cell facility at Unn, Gujarat, and has entered into long-term lease agreements for module manufacturing at Samakhiali, Gujarat, and for ingot-wafer manufacturing in Nagpur, Maharashtra.

General Corporate Purposes Utilisation

The full Rs. 697.70 crore earmarked for General Corporate Purposes has been utilised, with funds transferred from the monitoring account to the company's cash credit and current accounts. The breakdown of utilisation under this head is as follows:

The Monitoring Agency confirmed no deviation from the objects of the issue, no change in the means of finance, and no major deviation observed over earlier monitoring agency reports. The report was submitted by Vinakshi Grover, Associate Director at CARE Ratings Limited, and filed with the stock exchanges by Rajesh Ghanshyam Gaur, Company Secretary & Compliance Officer.

Waaree Energies Ltd. successfully conducted its Analyst/Institutional Investor Day, titled "Waaree Unbound 2.0," on May 07, 2026, in Mumbai. The event, held 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 were based solely on publicly available information and no unpublished price-sensitive information was disclosed.

Industry Outlook and Structural Tailwinds

The 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.