Waaree Group Company Profile

Background

Founded in 1989 and headquartered in Mumbai, India, Waaree Group has established itself as a prominent player in the renewable energy sector, particularly in solar energy solutions. The company's mission is to provide high-quality and cost-effective sustainable energy solutions across all markets, aiming to reduce carbon footprints and enhance the quality of life for present and future generations. With a vision centered on continuous improvement and innovation, Waaree has expanded its operations globally, serving over 20 countries and maintaining a significant presence in the solar module export market.

Key Strategic Focus

Waaree Group's strategic focus encompasses several core objectives:

Solar Module Manufacturing: Operating India's largest solar panel manufacturing capacity of 12 GW across plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat.

Engineering, Procurement, and Construction (EPC) Services: Providing comprehensive EPC solutions for large-scale solar projects, including ground-mounted and rooftop installations.

Product Diversification: Offering a wide range of solar products such as photovoltaic modules, inverters, batteries, and solar water pumps.

Global Expansion: Extending its market reach to over 20 countries, with a strong emphasis on quality and customer satisfaction.

Financials and Funding

Waaree Group has demonstrated robust financial growth:

Revenue: In Q2 FY 2025, the company reported a total revenue of ₹5.24 billion (~$62.24 million), marking a 249.5% year-over-year increase.

Earnings: The net profit for the same quarter was ₹535.2 million (~$6.35 million), reflecting a 160.52% increase over the previous year.

Funding: In August 2023, Waaree Energies raised ₹1,000 crore (~$120.88 million) in a funding round led by ValueQuest Investment Advisors, aimed at expanding its solar panel manufacturing capacity.

Pipeline Development

Waaree Group has a strong pipeline of projects:

Executed Orders: During Q2 FY 2025, the company executed orders exceeding 488 MW.

Unexecuted Order Book: As of September 30, 2024, the unexecuted order book stood at over 1,702 MW.

Bidding Pipeline: The company is actively pursuing a bidding pipeline of 17.8 GW, indicating a strong future project outlook.

Technological Platform and Innovation

Waaree Group distinguishes itself through several technological advancements:

High-Efficiency Modules: In October 2023, the company unveiled a 715 Wp dual-glass bifacial module based on n-type heterojunction (HJT) M12 solar cells, achieving an efficiency of up to 22.88%.

Electrolyser Plant: In February 2025, Waaree launched a 300 MW electrolyser plant in Gujarat, contributing to India's green hydrogen mission.

Leadership Team

Waaree Group's leadership comprises experienced professionals:

Hitesh Chimanlal Doshi: Chairman & Managing Director

Hitesh Pranjivan Mehta: Whole-time Director & CFO

Viren Chimanlal Doshi: Whole-time Director

Dr. Arvind Ananthanarayanan: Non-Executive Director

Richa Manoj Goyal: Independent Director

Jayesh Dhirajlal Shah: Independent Director

Rajender Mohan Malla: Independent Director

Sujit Kumar Varma: Independent Director

Leadership Changes

As of the latest available information, there have been no recent significant changes or appointments within Waaree Group's leadership team.

Competitor Profile

Market Insights and Dynamics

The global solar energy market is experiencing rapid growth, driven by increasing demand for renewable energy sources and supportive government policies. India, in particular, has set ambitious targets for solar energy capacity, fostering a competitive environment among solar energy companies.

Competitor Analysis

Waaree Group faces competition from several key players:

Vikram Solar: Founded in 2006, headquartered in Kolkata, India, specializing in solar PV module manufacturing and EPC services.

Tata Power Solar: Established in 1989, based in Mumbai, India, offering solar solutions including manufacturing, EPC services, and rooftop installations.