Waaree

What Waaree does

Waaree Energies Ltd. is India's largest integrated solar PV manufacturer and the largest non-Chinese solar module supplier globally, with aggregate manufacturing capacity of 25.75 GW (24.15 GW in India and 1.6 GW in the United States, expanding to 4.2-4.5 GW). Founded in 1989/1990 and listed on Indian stock exchanges (BSE: 544277) following its October 2024 IPO, the company is headquartered in Mumbai and operates a fully backward-integrated solar value chain spanning polysilicon (via a strategic stake in Oman's United Solar Holding), ingots and wafers (10 GW Nagpur facility under construction), solar cells (5.4 GW, expanding to 15.4 GW), modules, and solar glass manufacturing. Its product portfolio centers on M10R and G12R Glass-to-Glass N-type TOPCon modules — recognized as Top Performers in Kiwa PVEL's 2026 PV Module Reliability Scorecard for the fifth consecutive year — alongside PERC and heterojunction (HJT) technologies acquired through the September 2025 purchase of Meyer Burger's US assets.

The company serves utility-scale solar developers, government entities (notably the Solar Energy Corporation of India), commercial and industrial rooftop customers, residential consumers, and emerging segments including battery energy storage and green hydrogen. Revenue is generated primarily through B2B hardware sales of solar modules and cells, supplemented by EPC services, power infrastructure development (including a 300 MW SECI wind project in Gujarat), managed services for green hydrogen projects, and a growing battery storage business targeting 20 GWh capacity by FY28. Distribution occurs through enterprise field sales for utility tenders, a nationwide distributor network, and direct-to-consumer e-commerce powered by Unicommerce. FY26 revenue reached Rs 26,536.77 crore (approximately USD 3.0-3.2 billion), growing 111.80% year-on-year, with net profit of Rs 3,884.15 crore and an order book of Rs 53,000 crore as of May 2026.

The business model is anchored by ALMM regulatory compliance and PLI scheme participation, which create protected domestic market access effective June 2026. Waaree is pursuing aggressive expansion with Rs 30,000 crore in planned organic capex over 18-24 months and an approved Rs 10,000 crore QIP to fund cell, wafer, glass, BESS, and semiconductor entry (via subsidiary Waaree Semicon), with a stated Rs 1 lakh crore revenue target by 2030.

Name

Waaree

Legal name

Waaree Energies Ltd.

Website

https://waaree.com

Company type

Public

Founded year

1990

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Solar PV Modules & Solar Energy Equipment Manufacturing

NAICS

Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Solar PV Module & Cell Manufacturing (Crystalline, Thin-Film) (EUAMAHAA)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar Inverters, Power Optimizers & MLPE Manufacturing (EUAMAHAB), Solar Distribution & Wholesale Supply (Channel, Procurement, Logistics) (EUAMABAK), Renewable Energy Asset O&M (Wind, Solar, Hydro, Geothermal) (EUAEAGAB)

Keywords

• Solar PV modules
• Solar cell manufacturing
• Green hydrogen projects
• Battery energy storage
• EPC services

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Technology or R&D, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Solar PV Modules: Manufacturing and sale of solar photovoltaic modules including TOPCon, PERC, and HJT technologies. This is the primary revenue driver with over 25 GW of aggregate manufacturing capacity.
2. Solar Cell Manufacturing: Production and sale of solar cells for internal use and external supply as part of backward integration strategy.
3. EPC Services: Engineering, Procurement, and Construction services for solar projects including the 300 MW wind power project with SECI.
4. Green Hydrogen Projects: End-to-end green hydrogen project development including production, storage, compression, and refuelling infrastructure through subsidiary WCES.
5. Battery Energy Storage Systems (BESS): Manufacturing and deployment of battery storage solutions targeting 20 GWh by FY28 with Rs 10,000 crore capex allocation.
6. Power Infrastructure: Development of power infrastructure projects including transmission-connected wind and solar projects.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Waaree Energies manufactures and sells solar photovoltaic modules (primarily M10R and G12R Glass-to-Glass N-type TOPCon) and solar cells using mono-crystalline PERC, TOPCon, and heterojunction (HJT) technologies, with aggregate module capacity of 25.75 GW. The company also delivers Engineering, Procurement and Construction (EPC) services for solar projects, Battery Energy Storage Systems, green hydrogen production, storage and refuelling infrastructure, and wind power generation through its wholly owned subsidiaries. Its distribution combines enterprise sales, a nationwide distributor network, and a Unicommerce-powered e-commerce platform.

Product overview

Waaree Energies operates as a fully-integrated clean energy platform with solar PV modules as its core product, supported by backward integration across the solar value chain including solar cells, ingots, wafers, and solar glass manufacturing. The company has expanded beyond solar into adjacent energy transition segments including Battery Energy Storage Systems (BESS) targeting 20 GWh, green hydrogen production using hybrid electrolyser technology, wind power generation, and power semiconductors. The product portfolio also includes solar inverters, solar kits for distributed installations, and EPC services. Waaree operates manufacturing facilities in India (aggregate capacity of approximately 25.75 GW including 24.15 GW modules and 5.4 GW cells) and the United States (1.6 GW expanding to 4.5 GW). The company distributes products through a nationwide distributor network and e-commerce channels powered by Unicommerce integration.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar PV Modules (M10R and G12R Glass-to-Glass N-type TOPCon) Waaree's flagship solar photovoltaic modules featuring M10R and G12R Glass-to-Glass N-type TOPCon technology, used in utility-scale, residential, and commercial installations. Manufactured at facilities in India (24.15 GW capacity) and the US (1.6 GW expanding to 4.5 GW).
• Solar Cells (PERC and TOPCon) Mono-crystalline PERC and TOPCon solar cells manufactured at Waaree's Gujarat-based facility. Current capacity of approximately 5.4 GW in India, with expansion plans to 15.4 GW. Cells are used internally for module manufacturing and supplied externally to other module assemblers.
• EPC Services for Solar Projects Engineering, Procurement, and Construction services for utility-scale and distributed solar installations. Supports project developers and utilities with end-to-end solar project execution including the 300 MW wind power project with SECI.
• Green Hydrogen Solutions Integrated green hydrogen project development including production, storage, compression, refuelling, and EV charging infrastructure using hybrid PEM and alkaline electrolyser systems. Delivered through wholly owned subsidiary Waaree Clean Energy Solutions (WCES) for industrial decarbonization.
• Battery Energy Storage Systems (BESS) Battery energy storage systems for renewable energy integration, grid stability, and peak shaving. Manufacturing target of 20 GWh capacity by FY28 backed by Rs 10,000 crore capex at Waaree's Rola, Gujarat facility.
• US Solar Module Manufacturing (Heterojunction/ HJT) Solar module manufacturing in the United States through Waaree Solar Americas Inc. Operates 1.6 GW capacity expanding to 4.5 GW following acquisition of Meyer Burger's US assets including heterojunction technology. Targets the 50-60 GW annual US solar market.
• Solar Kits Complete solar panel kits for residential and commercial installations, including modules, inverters, and balance-of-system components. Sold through the Unicommerce e-commerce platform and nationwide distributor network across India.
• Solar Inverters Power conversion equipment sold alongside solar modules as part of complete solar system solutions for residential, commercial, and industrial installations.
• Wind Power Projects Wind power generation projects including a 300 MW interstate transmission system connected project in Dwarka, Gujarat, developed under SECI's wind energy procurement programme through subsidiary Waaree Forever Energies Four.
• Power Semiconductors (Waaree Semicon) Power semiconductor products for renewable energy applications, developed through wholly owned subsidiary Waaree Semicon Private Limited acquired from the promoter group as part of strategic entry into the semiconductor sector.

Quantifiable outcome

• 12.6 GW highest-ever annual module production achieved in FY26
• +3 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Six partnerships are on record, tiered minor, strategic and core.

• Solar SquareminorChannel Partner/ Reseller/ Distributor · 16 June 2026Solar Square, a rooftop solar solutions company, sources solar cells and panels from Waaree Energies alongside its primary supplier Premier Energies. Solar Square operates in 25 cities with plans to expand to 30-40 additional cities.
• TMEIC Industrial Systems IndiastrategicStrategic or Co-development Partner · 15 May 2026Waaree Clean Energy Solutions secured an order to develop an integrated green hydrogen project at TMEIC's facility in Tumkur, Karnataka. Project includes hydrogen production, storage, compression, refuelling, and EV charging powered by hydrogen fuel cells.
• Solar Energy Corporation of India (SECI)coreStrategic or Co-development Partner · 6 May 2026Waaree's wholly-owned step-down subsidiary Waaree Forever Energies Four signed a PPA with SECI for developing a 300 MW wind power project in Dwarka, Gujarat under SECI's wind energy procurement programme.
• UnicommercecoreTechnology or Integration · 5 May 2026Partnership to automate and unify Waaree's e-commerce operations across marketplaces, direct-to-consumer channels, and wholesale portals. Provides unified order management, real-time inventory visibility, B2B distribution management, and streamlined fulfillment workflows for solar products nationwide.
• Waaree Semicon Private LimitedstrategicStrategic or Co-development Partner · 1 May 2026Waaree Power Private Limited, a wholly owned subsidiary, acquired Waaree Semicon Private Limited from the promoter group entity for Rs 100,000 as part of Waaree's strategic entry into the semiconductor sector through internal restructuring.
• United Solar Holding Inc.coreStrategic or Co-development Partner · 30 April 2026Waaree completed acquiring a strategic stake in United Solar Holding Inc., Oman's polysilicon leader, to secure its polysilicon supply chain as part of backward integration strategy.

Scale indicators15 records

Recent moves2 records

Expansion highlights7 records

Direct peers

• Adani Solar: Adani Group's solar manufacturing arm and one of India's largest integrated solar manufacturers, producing cells and modules. Directly competes with Waaree for ALMM-approved domestic solar module market share, government tenders, and utility-scale projects across India.
• Premier Energies: Indian solar cell and module manufacturer competing with Waaree in the ALMM-approved domestic supplier pool. Premier Energies supplies to similar customers like Solar Square and is rapidly expanding capacity to challenge Waaree's leadership position in India's protected solar market.
• Tata Power Solar Systems: Vertically integrated solar manufacturer and EPC provider in India, part of the Tata Group. Competes directly with Waaree in both module manufacturing and rooftop/utility-scale EPC services, with similar target customers in utility, C&I, and residential segments.
• Vikram Solar: One of India's largest solar PV module manufacturers with TOPCon and PERC technologies. Competes with Waaree in domestic ALMM market, EPC services, and exports to similar utility-scale and C&I customers across India.

Broad incumbents

• JinkoSolar: World's largest solar module manufacturer by capacity, headquartered in China with TOPCon technology leadership. While restricted from ALMM-protected Indian market, JinkoSolar represents the competitive threat that defines Waaree's pricing power in any unprotected segment.
• Trina Solar: Global top-tier solar module and cell manufacturer with strong TOPCon technology portfolio. Similar to Waaree in cell technology focus, but operates at 75+ GW scale globally and competes in export markets where Waaree has presence.
• First Solar: US-based thin-film solar manufacturer with vertically integrated production and IRA-aligned manufacturing. Comparable to Waaree's US ambitions under Waaree Solar Americas, and represents a benchmark for profitable Western solar manufacturing at scale.
• LONGi Green Energy Technology: Chinese global leader in solar wafers, cells, and modules, and a pioneer in TOPCon technology. Operates at massive 100+ GW scale and competes with Waaree on global technology benchmarks and export market positioning outside the protected Indian ALMM market.
• Canadian Solar: Global vertically integrated solar manufacturer with significant module, cell, and project development operations. Comparable to Waaree in scale ambitions, technology portfolio (TOPCon), and diversified business model including energy storage and project development.

Emerging players

• Meyer Burger Technology: Swiss-headquartered HJT technology pioneer whose US assets Waaree acquired in 2025. Relevant as a former peer in advanced cell technology and as the technology source for Waaree's US expansion, though Meyer Burger itself has retrenched from manufacturing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/waareegroup
• Facebookfacebook.com/waareegroup
• LinkedInlinkedin.com/company/waaree-group

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries7 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Waaree