Waaree Energies Limited — PPTs, 07-05-2026: Investor Presentation

**Waaree Energies: Powering India's Green Future**

**1. Business Performance:** Waaree Energies shows strong growth, with its EPC segment's FY26 revenue at 3,331.4 Cr and a 111.73% CAGR (FY23-26). Consolidated 3-year CAGRs are robust: Revenue +58%, EBITDA +92%, PAT +98%. It’s a key player in the integrated solar value chain.

**2. Growth Drivers / Strategy:** Leveraging India's 300+ GW solar target and a tripling global market, Waaree is expanding its integrated solar value chain (modules, cells, wafers). "Waaree Unbound 2.0" diversifies into BESS, Green Hydrogen, Inverters, and Transformers, targeting a $4 trillion market by 2035. Its retail engine is key for market leadership.

**3. Recent Developments:** Rapid capacity build-out: A BESS gigafactory and inverter plant are now operational. A 1 GW electrolyser plant starts FY26-27 in Valsad (with PLI). Waaree is also boosting grid capabilities by acquiring Associated Power Structures Limited for T&D.

**4. Key Financial Metrics:** Planned capital expenditure of ~31,500 Cr over the next two years includes major investments in solar value chain (~11,700 Cr), BESS (~9,900 Cr), Solar Glass (~3,870 Cr), and Green Hydrogen electrolysers (~675 Cr).

**5. Management Outlook:** Management sees India at a "2012 China solar moment," where distribution leadership will win. Waaree aims to simplify solar for every home and business, committed to powering India's energy future.