Waaree Energies has positioned battery manufacturing at the core of its energy transition strategy, with plans to roll out a 20 GW battery cell and pack manufacturing facility in phases starting from FY27. Group Head Finance Abhishek Pareek outlined the company's ambitious expansion plans during a post-results interaction, emphasizing the strategic shift toward becoming a broader energy transition player.

Pareek explained that Waaree's decision to enter battery manufacturing stems from consistent work over the past few years as the company expands both vertically and horizontally. The expansion includes backward integration, EPC capabilities, and new segments such as inverters, hydrogen, electrolysers, and batteries. According to Pareek, battery storage is essential to address solar power limitations, as 6-8 hours of generation is insufficient for large-scale, round-the-clock power needs.

Battery Manufacturing Project Details

The proposed battery project represents a significant investment in India's energy storage capabilities. The facility will be developed strategically to meet growing market demand.

Pareek noted that construction of the first phase is at an advanced stage, with the company already receiving orders and maintaining an encouraging pipeline from both domestic and overseas markets. The ability to deliver 24x7 electricity at competitive costs requires either hybrid solutions or round-the-clock power, both of which depend on battery integration.

Financial Backing and Investment Plans

Waaree recently raised ₹1,000 crore in equity from investors to support its battery manufacturing plans, validating the company's execution capabilities. The finance chief outlined a comprehensive capital expenditure plan of ₹25,000 crore to be deployed over the next 24 months.

The investment will cover multiple areas:

• Backward integration into ingots and wafers
• Expansion of solar cell capacity
• Battery manufacturing
• Inverter production
• Renewable power infrastructure

Oman Polysilicon Facility Progress

The polysilicon facility in Oman has reached an advanced stage of development, with trial production expected to begin this quarter. The facility boasts an installed capacity of 100 KTPA of polysilicon, equivalent to nearly 40 GW of annual polysilicon production.

This capacity provides adequate supply options for Waaree's vertically and pseudo-vertically integrated operations. Pareek highlighted that a section of the customer base increasingly seeks non-Chinese polysilicon, and the Oman facility will supply traceable polysilicon for such requirements.

US Operations and Market Strategy

Waaree's early establishment of US manufacturing operations has helped insulate both its order book and pipeline from tariff impacts. The company currently operates 1.60 GW of capacity in the US, with additional expansion planned.

Following changes in US trade rules, Waaree has shifted parts of its supply chain from Southeast Asia to the Middle East and African countries such as Ethiopia. Exports from India continue with solar cells sourced from territories facing relatively lower tariffs of 15-20%.

Shares of Waaree Energies surged 9.67% on Thursday, January 22, rising ₹233.80 to close at ₹2,652.80 on the NSE, reflecting investor confidence in the company's strategic expansion plans.

Waaree Energies Limited has disclosed a violation of its insider trading code by a designated person, highlighting the company's commitment to regulatory compliance and transparency in corporate governance matters.

Violation Details and Involved Personnel

The violation involved Ruchit Jain (PAN: BSAPJ5915Q), who serves as Associate Manager in the HO-Accounts & Finance department. Jain is not a promoter or part of the promoter group but holds designated person status under the company's insider trading regulations.

Transaction Specifics

The unauthorized trading activity occurred over two consecutive days in November 2025, involving intraday and short-term transactions in Waaree Energies shares.

Code Violations Identified

The company identified two specific violations of its insider trading code:

• Pre-clearance violation: Mandatory pre-clearance was not obtained before executing the transactions
• Contra trading: The transactions qualified as contra trades, being executed within six months of previous trades

The total trade value exceeded ₹10 lakh in the calendar quarter, making it subject to enhanced reporting requirements under SEBI regulations.

Company's Remedial Actions

Waaree Energies took immediate corrective measures following the discovery of the violation:

• Issued a written warning to Ruchit Jain with strict instructions against future violations
• Directed compliance with the Code of Conduct and SEBI PIT Regulations
• Mandated disgorgement of ₹1,400.00 profit to SEBI's Investor Protection and Education Fund

Regulatory Compliance and Rationale

The company justified its measured response by considering the inadvertent nature of the violations and the non-material quantum of trades. The written warning was deemed appropriate given that the transactions were carried out without intention to violate SEBI regulations.

As per SEBI PIT Regulations, the ₹1,400.00 profit earned in violation of insider trading rules was required to be disgorged to the Investor Protection and Education Fund, which has been completed. The company reported no previous instances of such violations since the last financial year, indicating this as an isolated incident.