Waaree Energies announced a significant leadership transition following its board meeting held on December 29. The board has accepted CEO Amit Paithankar's resignation and appointed Jignesh Rathod as CEO-Designate with immediate effect, as disclosed in its regulatory filing under Regulation 30 of SEBI Listing Regulations.

Leadership Transition Details

The board accepted the resignation of Amit Paithankar, who serves as Whole Time Director and Chief Executive Officer. According to the official resignation letter dated November 15, Paithankar submitted his resignation to pursue opportunities outside the organization, specifically joining Saarv Solutions Private Limited as a cofounder. The board has agreed to relieve him with effect from May 15, 2026, or an earlier date as may be mutually decided.

Jignesh Rathod's Appointment and Background

Based on the recommendation of the Nomination and Remuneration Committee, the board approved Jignesh Rathod's appointment as CEO-Designate. Currently serving as Director – Operations, Rathod will work closely with the outgoing CEO during the transition period and formally take charge as Chief Executive Officer from May 16, 2026, or an earlier date, subject to Paithankar's earlier relieving.

Rathod brings extensive qualifications and experience to the role. He holds a Bachelor's degree in Engineering from Gujarat University, a Master's degree in Business Administration from NMIMS Mumbai, and a Doctorate in Business Administration from XIBMS.

Board Recognition and Strategic Vision

The board placed on record its deep appreciation for Paithankar's leadership, commitment, and valuable contributions during his tenure. Under his leadership, the company strengthened its operational capabilities, expanded its footprint, and built a robust foundation for long-term growth. The board wished him success in his future professional endeavours.

Rathod has been instrumental in overseeing end-to-end operations across the company's manufacturing facilities. His responsibilities include scaling production capacities, driving operational efficiencies, strengthening quality systems, and supporting expansion and modernization initiatives.

Regulatory Compliance and Future Outlook

The company has fulfilled its disclosure obligations under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations. The announcement was made to both BSE Limited and National Stock Exchange of India Limited.

The board expressed strong confidence in Rathod's ability to lead the company through its next phase of growth, citing his deep operational expertise, people-centric leadership approach, and strong alignment with the company's values and strategic priorities. The planned internal succession ensures leadership continuity, operational stability, and strategic momentum while reaffirming the company's commitment to strong governance and sustainable growth for all stakeholders.

Waaree Energies announced that its wholly owned subsidiary, Waaree Power Private Limited, has commissioned a new solar inverter manufacturing facility and commenced commercial operations on December 29 at 10:00 AM. The facility represents a significant expansion in the company's renewable energy manufacturing capabilities.

Facility Specifications and Capacity

The new manufacturing facility has been established at the existing Sarodhi-Valsad plant premises in Gujarat. The facility comprises two dedicated solar inverter manufacturing lines designed to meet the growing demand in India's renewable energy sector.

Manufacturing Infrastructure

The facility has been set up within Waaree Power Private Limited's existing factory premises at Sarodhi-Valsad, Gujarat. Each production line offers an annual manufacturing capacity of 1.525 GW, providing operational flexibility and efficient production scaling capabilities. The combined capacity positions the facility as a substantial contributor to India's solar inverter manufacturing ecosystem.

Regulatory Compliance and Disclosure

Waaree Energies fulfilled its disclosure obligations under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015. The disclosure was signed by Rajesh Ghanshyam Gaur, Company Secretary and Compliance Officer, and submitted to both BSE Limited and the National Stock Exchange of India Limited. Additional details of the development have been made available on the company's official website.

Market Performance and Strategic Impact

Ahead of the announcement, shares of Waaree Energies closed at ₹2,975.00 on NSE, declining 2.35% during the trading session. The facility commissioning marks another step in the company's efforts to expand its manufacturing footprint across the renewable energy value chain.

Solar inverters serve as critical components in photovoltaic systems, converting direct current generated by solar panels into alternating current for grid integration. The facility's substantial capacity demonstrates Waaree Energies' commitment to supporting India's renewable energy goals and strengthening its position in the solar energy value chain.