Waaree Energies: Pioneering Solar Innovation

Waaree Energies Ltd. stands at the forefront of India’s solar energy sector, driven by a commitment to delivering sustainable, high-quality solar solutions across the globe. Established as a leader in solar photovoltaic (PV) module manufacturing, Waaree has a vision to reduce carbon emissions and enhance the quality of life through accessible, green energy. With a robust manufacturing footprint, Waaree has quickly become India’s largest solar module producer, supporting the nation’s renewable energy goals and the global shift toward clean power. As it broadens its horizons through franchise networks and a growing portfolio of services, including engineering, procurement, and maintenance, Waaree Energies is building a comprehensive solar ecosystem. Its dedication to a sustainable future is evident in the accolades it has received, setting a benchmark in clean technology. With a clear roadmap, Waaree is set to redefine the solar energy industry in India and beyond.

Read the Waaree Energies success story, about its founders, startup story, business model, revenue model, and more.

Waaree Energies - Company Highlights

Waaree Energies - About
Waaree Energies - Industry
Waaree Energies - Founders and Team
Waaree Energies - Startup Story
Waaree Energies - Mission and Vision
Waaree Energies - Name, Tagline and Logo
Waaree Energies - Business Model
Waaree Energies - Revenue Model
Waaree Energies - Challenges Faced
Waaree Energies - Funding and Investors
Waaree Energies - Mergers & Acquisitions
Waaree Energies - Growth
Waaree Technologies - IPO
Waaree Energies - Advertisements and Social Media Campaigns
Waaree Energies - Awards and Achievements
Waaree Energies - Competitors
Waaree Energies - Future Plans

Waaree Energies - About

Waaree Energies Limited is India’s leading solar PV module manufacturer, boasting a total installed capacity of 12 GW as of June 30 (CRISIL Report). Starting in 2007, WEL has focused on producing top-quality, affordable solar PV modules to help make sustainable energy accessible worldwide. By actively reducing carbon emissions, WEL is paving the way for cleaner energy solutions that positively impact quality of life. Today, the company operates four state-of-the-art manufacturing facilities across India, extending its reach to global markets. Their goal is to lead the way toward sustainable living by inspiring individuals to embrace green energy as of June 30, 2023. With a strong connection to local communities, they are dedicated to making homes safer and more eco-friendly. Through its Corporate Social Responsibility program, Waaree supports initiatives that benefit people, protect the environment, and uplift communities.

As of June 2023, Waaree has established itself as India’s leading solar module provider, with an installed capacity of 12 GW across its facilities in Chikhli, Surat, Tumb, and Nandigram, Gujarat. Waaree is also a significant player in solar module exports and has set ambitious plans for backward integration into solar cell manufacturing, aiming for substantial capacity by the close of FY24.

Waaree Energies - Industry

The Ministry of New and Renewable Energy has set a target to achieve 500 GW of non-fossil-based electricity generation by 2030, aligning with the Prime Minister’s announcement at COP26. In 2023 alone, India added 13.5 GW of renewable energy capacity, representing an investment of approximately INR 74,000 crore (US$ 8.90 billion).

Driven by strong economic growth, extreme heat waves, and the growing adoption of electric technologies like EVs and heat pumps, India’s electricity demand is projected to rise by 8% in 2024.

In the 2024-2025 Interim Budget, the allocation for solar power grid development doubled to INR 8,500 crore (US$ 1.02 billion), compared to INR 4,970 crore (US$ 0.60 billion) the previous year. Additionally, INR 17,490 crore (US$ 2.10 billion) was dedicated to the Green Hydrogen Mission and the Strategic Interventions for Green Hydrogen Transition (SIGHT) Program.

According to ICRA, India’s installed renewable energy capacity is projected to reach approximately 170 GW by March 2025, up from 136.57 GW in December 2023.

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Waaree Energies - Founders and Team

Hitesh Chimanlal Doshi is the Chairman and Managing Director of Waaree Energies.

Hitesh Doshi’s journey began in a small village in Maharashtra's Buldhana district, where he was born into a family with humble means. His father ran a modest grocery store and the village had limited amenities—electricity and telephones were rare luxuries. Education beyond the 7th standard required him to travel daily to a neighboring village by bicycle, an experience that only strengthened his resolve to overcome challenges and seek opportunities for a brighter future.

Growing up with financial constraints, Hitesh saw education as a pathway to improvement. He completed a Bachelor’s degree in Commerce from Shri Chinai College of Commerce & Economics, University of Mumbai, in 1987. His time in Mumbai, living in a hostel in Nagdevi, was transformative; he realized early on that he wanted more than a conventional job. Driven by the need for financial independence, he chose to explore trading and other small ventures while studying.

In 1985, Hitesh took his first step into the business world, determined to ease his family’s financial burden. He borrowed INR 5,000 from a relative and launched a small venture focused on trading pressure and temperature gauges. Despite balancing studies and business, his efforts paid off, earning him a profit of INR 1,000 per month—enough to cover his college fees and living expenses.

Hitesh Chimanlal Doshi’s path from a modest village to leading Waaree Group exemplifies resilience, innovation, and a visionary approach to business. His journey has not only secured his success but has also propelled Waaree Group to the forefront of India’s renewable energy industry.

Beyond business, Doshi is dedicated to social impact. Actively involved in nonprofits focused on education, he prioritizes giving back to the community and supporting those in need.

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Waaree Energies - Startup Story

In 1989, Hitesh officially registered his company, Waaree Instruments, marking the start of his entrepreneurial journey. Initially manufacturing measuring instruments, he quickly identified the potential to diversify, adding thermometers to the product line. In 1992, Hitesh expanded further by leasing a 300 sq. ft. space in Andheri, setting up Mahaveer Thermo Equipments. This bold move laid the groundwork for what would become a remarkable venture, fueled by his vision and unrelenting determination.

With a bank loan of INR 1.5 lakh, Hitesh Doshi took the next step in growing Waaree, investing in locally sourced lath machines and assembling a small team. Initially focused on thermometers, the company soon expanded its portfolio to include a range of industrial products.

Waaree Group’s growth was fueled by strategic product diversification—expanding into pressure gauges, solar power equipment, LED lighting, and beyond. By 2007, Waaree embraced solar energy, launching a 30 MW solar module facility in Surat primarily for European clients, as the Indian market was still developing. This success led to exports across China, the U.S., and Japan.

In 2011, Waaree Group made a pivotal move by selling its manufacturing unit to Switzerland’s Baumer Group, securing capital to deepen its investment in solar technology. Building on this momentum, Waaree formed an international partnership with Zucatti in Italy to produce solar panels, highlighting Doshi’s forward-thinking approach.

Waaree continued its expansion in 2013 by acquiring Cesare Bonetti SpA, an Italian leader in level gauges and valves. This acquisition diversified Waaree’s offerings and expanded its workforce to over 200 employees across India and Italy. Today, the Waaree Group has a presence in 65 countries, with headquarters in Mumbai and offices worldwide.

Hitesh Chimanlal Doshi’s path from a modest village to leading Waaree Group exemplifies resilience, innovation, and a visionary approach to business. His journey has not only secured his success but has also propelled Waaree Group to the forefront of India’s renewable energy industry.

Waaree Energies - Mission and Vision

Vision: Waaree Energies' vision is to make sustainable energy accessible and affordable across all markets, driving down carbon emissions and setting a foundation for a cleaner future that enhances the quality of life now and for generations to come.

Mission: Driven by their commitment to stakeholders, Waaree Energies aims to consistently elevate the quality of our products and services, ensuring continuous improvement and excellence in all we do.

Waaree Energies - Name, Tagline and Logo

Waaree envisions a future powered by high-quality, affordable, and sustainable energy solutions, aiming to reduce carbon footprints and uplift the quality of life for current and future generations. Inspired by the #VocalForLocal initiative, Waaree has launched a campaign encouraging prosumerism with the tagline, “Solar lagao, Apni Bijli Swayam Banao – Atmanirbhar ban jao!” This campaign is about empowering individuals to generate their electricity through solar power, fostering a sense of energy independence. Waaree's logo symbolizes innovation and commitment to sustainable energy, with a design that reflects its focus on solar power and a brighter, greener future.

Waaree Energies - Business Model

Waaree Energies is a leading Indian solar PV module manufacturer with a comprehensive business model that spans across:

• Manufacturing: Waaree Energies produces solar PV modules using advanced technologies such as multicrystalline, monocrystalline, and TopCon. The company operates four manufacturing facilities in India and is expanding globally with a new plant in the US.
• Sales: Waaree Energies markets its products through direct sales to businesses, a retail network of franchises, and international exports.
• Services: Waaree Energies offers a range of services, including Engineering, Procurement, and Construction (EPC), Operations and Maintenance (O&M), and the trading of ancillary solar products.
• Research and Development: The company invests in R&D to develop more efficient and cost-effective solar solutions.
• Geographic Expansion: Waaree Energies is actively exploring international markets to expand its global presence.
• Government Initiatives: Waaree Energies leverages national and state-level solar energy policies, including the National Solar Mission, to further its growth.
• Diversification: The company is diversifying its offerings by including solar storage solutions and EV charging infrastructure, aiming for a more sustainable energy future.

Waaree Energies - Revenue Model

Waaree Energies' revenue model is built around multiple streams that support its solar energy business:

• Direct Sales: The company sells solar products directly to enterprises, ensuring tailored solutions for large-scale projects.
• Retail Sales: Waaree Energies utilizes a franchisee network to cater to rooftop installations and MSME customers, expanding its reach to local markets.
• Exports: The company exports its solar products, primarily to the United States, tapping into the international market.
• EPC Revenue: Waaree Energies generates revenue from providing Engineering, Procurement, and Construction (EPC) services to domestic utilities and enterprise clients, ensuring efficient installation of solar systems.
• O&M Services: The company offers Operations and Maintenance (O&M) services to maintain and optimize solar plants, contributing to their long-term performance.
• Ancillary Product Trading: Waaree Energies also trades in ancillary products related to the solar industry, diversifying its offerings.
• Export Incentives: The company capitalizes on export incentives, helping boost its international sales.
• Scrap Sale: Waaree Energies generates additional revenue from the sale of scrap materials, maximizing value from all aspects of its operations.

Waaree Energies - Challenges Faced

Waaree Energies, despite being the largest manufacturer of solar PV modules in India with a significant installed capacity of 12 GW as of June 30, 2023, faces several challenges that could impact its operations and growth:

1. Dependence on the U.S. Market: Waaree Energies has seen significant growth in export sales, especially to the United States, which accounted for 98.67% of its export sales in FY23. This heavy dependence on a single international market poses a risk. Changes in U.S. policies, such as trade tariffs, regulatory adjustments, or shifts in demand, could lead to a substantial revenue loss, leaving the company vulnerable to market fluctuations beyond its control.
2. Regulatory and Policy Changes: The company operates in a highly regulated industry, dependent on favorable government policies and incentives that support the growth of the solar energy sector. Any adverse changes, including the reduction or elimination of incentives, changes in renewable energy regulations, or delays in approvals, could negatively impact Waaree Energies' business. Furthermore, such shifts may increase compliance costs, require additional management resources, and potentially hinder new solar projects or reduce profitability.
3. Solar Module Pricing Volatility: Waaree Energies faces considerable risks from fluctuations in solar module prices. While prices surged in FY22 and FY23, they saw a sharp 21% decline in early FY24 due to an oversupply of key components such as polysilicon. Although the company attempts to mitigate this risk through indexed pricing mechanisms, unexpected price drops could strain profit margins and affect revenue realization from ongoing contracts, making it challenging to maintain stable profitability.
4. Material Cost Volatility: The company is heavily reliant on external suppliers for essential materials like solar cells, and glass and aluminum panels. Price volatility in these materials, driven by factors such as global market trends, currency fluctuations, and import duties, could escalate material costs. If Waaree Energies cannot secure stable and competitively priced materials, its operating margins could suffer, potentially eroding profitability and affecting its ability to maintain cost-effective production.

Waaree Energies - Funding and Investors

Waaree Energies has attracted substantial funding and investment, reflecting strong confidence in its growth potential within the solar energy sector. Their last funding round was on August 2, 2023.

Waaree Energies - Mergers & Acquisitions

Waaree Energies has pursued strategic mergers and acquisitions to expand its market reach and strengthen its position in the renewable energy sector.

Waaree Energies - Growth

Waaree Energies has experienced impressive financial growth, with its revenue expanding at a remarkable 54% CAGR, from INR 1,996 crore in FY20 to INR 11,397 crore in FY24. This growth has been accompanied by a 107% CAGR in net profit, indicating strong demand for its products and effective market expansion strategies.

The company's operating profit margin improved significantly, rising from 5% in FY20 to 14% in FY24, underscoring its enhanced cost efficiency and the benefits of economies of scale. The adoption of advanced technologies like TopCon solar modules has further bolstered margin growth.

Waaree Energies' operating revenue grew by 69%, from INR 6,750 crore in FY23 to INR 11,397 crore in FY24. Total expenses increased by 66%, from INR 6,162 crore to INR 10,239 crore. Profit before tax jumped by 156%, from INR 677 crore to INR 1,734 crore.

In FY24, Waaree achieved an exceptional ROCE of 43.6% and ROE of 33.4%, reflecting efficient capital utilization and robust profitability. These stellar returns demonstrate the success of Waaree's growth strategy and its ability to generate high returns for its stakeholders.

Waaree Energies is now India’s largest manufacturer and exporter of solar modules, with a capacity of 13.3 GW—a sixfold increase from 2 GW in FY21. The company holds a 21% market share in India and commands a 44% share of India’s solar module exports, solidifying its position as a dominant player in the industry.

Waaree Technologies - IPO

Waaree Energies launched its highly anticipated IPO from October 21–23, 2024, with a price range of INR 1,427–INR 1,503 per share and a lot size of 9 shares. The total issue size was 28,752,095 shares, aggregating to INR 4,321.44 crore. The IPO witnessed overwhelming demand, being subscribed 76.34 times, with retail investors booking 11.27 times, non-institutional investors (NIIs) 65.25 times, and qualified institutional buyers (QIBs) an impressive 215.03 times. On October 28, 2024, their shares were listed on the BSE and NSE at a premium, soaring 66.33% on the NSE and 69.66% on the BSE, reflecting strong investor confidence in the company’s legacy and growth potential.

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Waaree Energies - Advertisements and Social Media Campaigns

Waaree Energies has partnered with Carat India, a Dentsu company, to amplify its commitment to sustainability and cleaner energy. Under this partnership, Carat India will manage Waaree’s television media strategy exclusively across India, while also assisting in planning and buying for print, radio, and digital platforms. Posterscope, Dentsu's OOH specialist, will handle out-of-home advertising.

Nilesh Malani, Chief Marketing Officer at Waaree Energies, expressed that choosing Carat as their media partner is a strategic decision to enhance Waaree's brand presence and promote sustainable innovation throughout India.

Waaree Energies - Awards and Achievements

Waaree Energies has garnered multiple awards, highlighting its commitment to excellence and leadership in the solar industry. Among its notable achievements are:

• REI Company of the Year and REI Jury Recognition Leadership in Solar Manufacturing awards at the 16th Renewable Energy India Expo.
• In the 2023 PV Module Reliability Scorecard by PVEL, Waaree was recognized as a Top Performer for its reliable solar modules. 
• Other recognitions include the Long Association Award from Enerparc Energy and India's Greatest Brand honor by AsiaOne.
• Economics Times Best Brand Award
• Make in India Awards for Excellence
• Additionally, Waaree Chairman Dr. Hitesh Doshi won the World CleanTech Award for Visionary Individual in 2021

Waaree Energies - Competitors

Waaree Energies operates in a highly competitive landscape within India's solar energy industry, with several notable competitors:

• Tata Power Solar Systems
• Vikram Solar
• Adani Mundra Solar
• Goldi Solar
• KPI Green Energy
• SWELECT Energy Systems

Waaree Energies - Future Plans

Waaree Energies Ltd. has outlined a strategic plan focused on growth, innovation, and sustainable energy advancements:

1. Rooftop Solar (RTS) Expansion: Waaree expects rooftop solar to become a substantial revenue stream, projected to account for at least 30% of total revenue in the coming years. CEO Amit Paithankar highlighted RTS as pivotal to Waaree’s growth, forecasting it to significantly boost its revenue and align with India’s 100 GW RTS goal by 2030, despite associated challenges.
2. Global Expansion: The company is building a 3 GW solar module manufacturing facility in the U.S., with 1.6 GW slated to be operational by March 2025. Waaree also aims to penetrate the European Union and Middle Eastern markets to enhance its global presence.
3. Manufacturing Capacity Increase: Waaree plans to raise its solar module manufacturing capacity from 13.3 GW to 21 GW by 2027, aiming to meet domestic and international demand.
4. Operational Diversification: Establishing a U.S. manufacturing facility marks a significant move to localize production, providing flexibility and logistical advantages.
5. Hydrogen Exploration: Committed to clean energy innovation, Waaree is exploring hydrogen technologies as part of a broader effort to create a sustainable energy ecosystem.

FAQs

What is Waaree Energies?

Waaree Energies is one of India’s leading solar energy companies. It specializes in manufacturing solar panels, providing solar energy solutions, and offering engineering, procurement, and construction (EPC) services.

When was Waaree Energies founded?

Waaree Energies was founded in 1989 and is headquartered in Mumbai.

Who is Waaree Energies founder?

Hitesh Chimanlal Doshi is the Chairman and Managing Director of Waaree Energies.

Who are the main competitors of Waaree Energies?

The main competitors of Waaree Energies include Tata Power Solar Systems, Vikram Solar, Adani Mundra Solar, Goldi Solar, KPI Green Energy, SWELECT Energy Systems, and more.