Slides
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0 Earnings Presentation | Q2 & H1 FY27 One Integrated Energy Ecosystem Manufacturing I EPC Services I Infrastructure Platform
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1 Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Energies Limited (WEL) (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation, or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences, and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance, or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the Presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness, or completeness.
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Corporate Overview31 Industry Updates44 Quarterly Overview03 Strategic Roadmap13 Business Segments Updates20 Sustainability48 Table of Contents
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Quarterly Overview
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4 ₹7,518 Cr Revenue from operations +24% YoY ₹1,335 Cr Operating EBITDA 17.8% Margin ₹754 Cr Profit after Tax 9.8% Margin Q2FY27 Consol Highlights ~₹59,200 Cr Order Book1 ~26 GW Module Capacity Largest Non-Chinese Company in the World# 5.4 GW Cell Capacity Strategic Edge -0.2x Net Debt (₹-3,224) to Networth (₹16,020)^ 28.7% ROCE* 24.2% ROE* Capital Efficiency Key Performance Metrics *Calculations based on trailing 12M numbers and adjusted for unutilized portion of IPO proceeds; # Courtesy BNEF and Internal Assessment; 1. For WEL solar manufacturing + WRTL + Others (Transformer, Battery, Inverter & Electrolyser) as on 26th October 2026; ^ As on 30th September 2026 unaudited
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5 Diversified Revenue Mix (Q2 FY2027, %) Module Sold (GW) Retail Revenue (₹ Cr) Overseas Revenue Break-up (₹ Cr) 22.9% 46.1% 18.5% 12.6% Utility/IPP/C&I Retail Overseas EPC, O&M and T&D 2.4 3.0 Q2FY2026 Q2FY2027 +27.4% 732 1,300 2,143 Q2FY2026 Q2FY2027 89 2,875 1,389 Export-India Domestic-US 982 3,464 Q2FY2026 Q2FY2027 +252.9% Healthy Revenue mix with Strong Retail Growth
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6 Diversified Revenue Mix (%) Overseas Revenue Break-up (₹ Cr) Retail Revenue(₹ Cr) Concentration Mix (%) 430 3,440 1,389 1,300 1,980 5,315 569 89 FY2025 FY2026 Q1FY2027 Q2FY2027 2,410 8,755 1,958 1,389 29.0% 45.0% FY2025 33.0% 47.0% FY2026 27.1% 37.1% Q1FY2027 Q2FY2027 15.2% 20.4% Top 10 Customers Top 5 Customers 2,990 5,515 2,289 3,464 FY2025 FY2026 Q1FY2027 Q2FY2027 Domestic-US Export-India 10.5% 20.7% 16.7% 52.1% FY2025 11.6% 20.8% 33.0% 34.7% FY2026 8.5% 28.9% 24.7% 37.9% Q1FY2027 Q2FY2027 12.6% 46.1% 18.5% 22.9% Utility/IPP/C&I Overseas Retail EPC, O&M and T&D Growing Scale with De-concentration Retail Revenue Annualized ₹10,000Cr + in FY27
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7 Total Order Book Mix (%) Module Order Book (GW) Order Book Movement (₹ Cr) 21.4 22.3 25.2 25.6 FY2025 FY2026 Q1FY2027 Q2FY2027 ~₹61k+ Cr 7.8% 92% FY2025 1.1%5.3% 93.7% FY2026 2.0%4.0% 4.0% 90.0% Q1FY2027 Q2FY2027 89% 6% 4% 1% ~₹53k Cr~₹47k Cr Geographical Order Mix (%) 30.0% 23.0% 47.0% FY2025 27.0% 43.0% 30.0% FY2026 40.0% 36.0% 24.0% Q1FY2027 Q2FY2027 7.8% 43.8% 48.4% Export-India Domestic-US Domestic-India Opening Orderbook Net New Orders Executed Closing Orderbook 59.2K 7.3K5.0K 61.5K As on 26th October 2026 ~₹59K+ Cr Order Book remains Robust Module EPC - Renewable T&D - Renewable Other *Due to section 232 related uncertainties in the US, a significant portion of export orders has been deemed cancelled
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8 Module Capacity (GW) – India Cell Capacity (GW) – India Module Capacity (GW) - USA 13.3 21.2 24.2 24.2 10.9 16.7 24.2 24.2 7.1 11.8 FY2025 FY2026 3.0 Q1FY2027 Q2FY2027 2.7 1.6 1.6 1.6 1.6 0.5 1.6 1.6 1.6 0.1 0.8 0.2 0.3 FY2025 FY2026 Q1FY2027 Q2FY2027 5.4 5.4 5.45.4 5.4 5.4 2.3 0.8 1.1 FY2026 Q1FY2027 Q2FY2027 50%*71%65% 17% 53% 71%* 42% 62%* Utilisation * Annualized numbers 45%* 81%* 59%* Installed Capacity (GW) Effective Installed Capacity (GW) Actual Production (GW) Installed Capacity (GW) Effective installed Capacity (GW) Actual Production (GW) Utilisation Installed Capacity (GW) Effective Installed Capacity (GW) Actual Production (GW) Utilisation Capacity at Scale
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9 Key Company Updates Reaffirming Operating EBITDA Guidance for FY27: ₹7,000 – 7,700 Cr Manfacturing & Services Waaree Solar Americas Inc. to invest US$37 million to upgrade its Arizona module manufacturing facility, increasing capacity from 1.0 GW to 1.6 GW taking total US capacity to 4.8 GW Commissioned an additional 1.10 GW of inverter capacity at Sarodhi, Gujarat, taking total capacity to 4.15 GW Other Updates Key solar module orders received include 2 GW and 739.71 MW under Waaree Energies Limited taking total solar module order to 25.6 GW RE- Power Infrastructure Business Received LOA for development of 700 MW of solar capacity and 2,800 MWh of BESS, taking the total PPA portfolio to 1,778 MW of solar and 2,800 MWh of BESS RE-Power Infrastructure Business Commissioned 118.8 MW (out of 170 MW) capacity of solar park in Neemuch, MP
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10 Revenue from Operations (₹ Cr) Operating EBITDA (₹ Cr) Profit After Tax (₹ Cr) Operating EBIDTA Margin (%) Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 23.2% 25.5% 18.6% 18.2% 17.8% 6,066 7,565 8,480 7,932 7,517 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 1,406 1,928 1,577 1,440 1,335 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 878 1,107 1,126 892 754 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Key Financial Metrics
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11 Particulars (₹ Cr) Q2 FY2027 Q2 FY2026 Y-O-Y Q1 FY2027 Q-O-Q H1 FY2027 H1 FY2026 Y-O-Y Revenue from Operations 7,517.74 6,065.64 23.94% 7,931.79 (5.22%) 15,449.53 10,491.47 47.26% Cost of materials consumed 4,715.29 3,198.96 4,843.93 9,559.22 6,161.39 Purchases of stock-in-trade 510.82 932.62 525.46 1,036.28 1,546.64 Changes in inventories of finished goods, stock in trade & work in progress -62.06 -406.78 97.41 35.35 -1,166.85 Other manufacturing and EPC project expenses 398.03 229.72 416.20 814.23 414.99 Employee benefits expense 184.08 152.51 169.86 353.94 287.79 Sales, administration and other expenses 436.38 552.21 439.01 875.39 843.79 Operating EBITDA 1,335.20 1,406.40 (5.06%) 1,439.92 (7.27%) 2,775.12 2,403.72 15.45% % Margin 17.76% 23.19% 18.15% 17.96% 22.9% Depreciation and amortization expense 347.26 239.76 329.98 677.24 421.82 Finance costs 105.26 96.08 70.37 175.63 139.33 Other Income 147.07 160.90 170.81 317.88 332.25 Profit before tax 1,029.75 1,231.46 (16.38%) 1,210.38 (14.92%) 2,240.13 2,174.82 3.00% Tax expenses 276.11 353.25 318.51 594.62 523.72 PAT 753.64 878.21 (14.18%) 891.87 (15.50%) 1,645.51 1,651.10 (0.34%) % Margin 9.83% 14.10% 11.01% 10.44% 15.25% Consolidated Profit and Loss Statement
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12 Particulars (₹ Cr) H1 FY2027 FY2026 Shareholders' Fund 17,300.35 15,010.89 Non-Current Liabilities 4,720.89 2,396.78 Current Liabilities 15,808.94 12,707.70 Total Liabilities 37,830.18 30,115.37 Fixed Assets 14,202.67 9,522.81 Other Non-Current Assets 4,275.83 3,015.56 Current Assets 19,351.68 17,577.00 Total Assets 37,830.18 30,115.37 Particulars (₹ Cr) H1 FY2027 H1 FY2026 Net Cash Inflow/(Outflow) From Operating Activities 3,483.56 574.73 Cash Flow From Investing Activities -4,456.77 -2,377.62 Cash Flow From Financing Activities 1275.76 1,856.83 Net Increase / (Decrease) in Cash and Cash Equivalent 302.55 53.94 Cash and Cash Equivalents at Beginning of Period 774.16 509.83 Effect of Foreign Exchange in Cash and Cash Equivalent 9.72 -6.87 Cash and Cash Equivalents at End of Period 1,086.43 556.90 Consolidated Balance Sheet and Cash Flow Statement
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Strategic Roadmap – Building the New Energy Value Chain
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14 Waaree 1.0 ~26 GW Largest Module Manufacturer End-to-end integration. Unmatched scale. Waaree expands its offerings to deepen client wallet share and lead India’s green revolution Solar Value Chain Backward/Vertical Integration ~ ₹ 14,000 Cr Capex 3.2 GW | 10 GW | 10 GW Module | Cells | Ingots & Wafer Strategic Investment (100k TPA Polysilicon Plant) Transformers ~ ₹ 192 Cr Capex 20,000 MVA Manufacturing Plant Inverters / Smart Meters ~ ₹ 180 Cr Capex 4 GW Inverter Plant RE - Power Infrastructure RE - Power Infrastructure ~ ₹ 3,250 Cr Committed Outlay ~ ₹ 1,225 Cr APSPL# T&D Arm BESS ~ ₹ 10,000 Cr Capex 20 GWh BESS Plant (Cells | Pack | Container) Electrolyser/ Green Hydrogen ~ ₹ 676 Cr Capex Represents Waaree Energies post completion of committed Capex; The stated capex correspondence to the total planned capacity, part of which is already operational, ^Include Inverters, Transformers & Electrolyser # Represents Associated Power Structures Private Limited investment; * Total Addressable Market (TAM) size at the end of 2025, 2030, and 2035 based on industry sources and Internal Assessment EPC, T&D, O&M and Technical Services 6.35 GWp EPC Projects commissioned ~1.5 GWp O&M Portfolio 5.4 GW Cell Facility Technical Services Solar Glass ~ ₹ 3,900 Cr | 2,500 TPD 1 GW Electrolyser Plant Waaree 2.0* ~29 GW Largest Module Manufacturer 4 GW Inverter Facility 2,500 TPD Solar Glass 20 GWh BESS Facility T&D# Capabilities up to 800 KV HVDC 10 GW Ingots & Wafers Facility ~15 GW Cell Facility Strategic Investment (100k TPA Polysilicon Plant) Other Synergistic Opportunities Smart Meter 1 GW Electrolyser Facility Total Capex: 30,000+ Cr (Deployed ~35% + Under-execution ~28% + Planned ~37%) ~$1Tn* Annual TAM Size 2026 ~$4Tn* Annual TAM Size 2035 ~$2Tn* Annual TAM Size 2030 20,000 MVA Transformer Facility Solar BESSEPC & Services Other^ Waaree 2.0: Fully Integrated Energy Transition Player
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15 Balance CapexCapital Deployed# (as on 30th September 2026) STATUS OF PROJECTS ANNOUNCED5 PILLARS OF CAPITAL STRATEGY Asset Allocation Solar: 51% | Services: 14% | BESS: 31% | Others: 4% Leadership in solar and services while accelerating expansion into BESS, inverters, renewable infrastructure, and the broader energy ecosystem. Partnership & Tech Tie-ups Solar | BESS | Inverter | Electrolysers First-mover advantage driven by technology partnerships across Solar, BESS, Inverters & Electrolysers and early adoption of G12/G12R & HJT. Policy-Led, Capital-Efficient Growth • Capital de-risking via favourable Government Policy framework • ROCE and ROE accretive • Disciplined capital allocation • Expansion backed by strong order visibility Phasing of Balance Capex2: FY27: 30% | FY28: 40% | FY29: 30% Optimized deployment of capital to ensure limited risks and calibrate early results, additional capital deployment only post pre-defined milestones are achieved Funding • Strong operating cash flow • Advances from customer • Significant cash balance Solar BESSEPC & Services Other* Central Subsidy including PLI State Subsidy # Capital Deployed is calculated using Gross Block plus CWIP; * Includes Inverters, Transformers & Electrolyser; (1) Includes strategic investment in United Solar Holding in OMAN; (2) as on 30th September 2026 C SSolar Value Chain1 ₹ 12,429 Cr Electrolyser ₹ 676 Cr Transformer ₹ 192 Cr BESS ₹ 10,000 Cr Total ₹ 31,852 Cr Solar Glass ₹ 3,900 Cr RE-Power Infrastructure & T&D ₹ 4,475 Cr Inverter ₹ 6,295 Cr₹ 5,779 Cr ₹ 254 Cr ₹ 192 Cr ₹ 1,607 Cr ₹ 11,525 Cr ₹ 360 Cr ₹ 3,167 Cr ₹ 166 Cr₹ 180 Cr ₹ 422 Cr ₹ 8,393 Cr ₹ 20,327 Cr ₹ 3,540 Cr ₹ 1,308 Cr ₹ 14 Cr S S S C S C S C S Capital Allocation Strategy
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16 Solar BESSEPC & Services Other* *Include Inverters, Transformers & Electrolyser; # acquisition of 55% equity stakes in APSPL FY2027E FY2028E 30% of overall capex in FY29E 40% of overall capex in FY28E 30% of overall capex in FY27E FY2029E 3.2 GW Solar PV (USA) 10 GW Solar Cells (India) 10 GVA Transformers 100k TPA T&D EPC 1 GW Electrolyser 10 GW Ingots/ Wafer ~15 GWh Container ~15 GWh Pack 16.5 GWh BESS Cell 2,500 TPD Solar Glass 5.15 GWh Pack 3.5 GWh BESS Cell Ongoing Project Completed Project 108k TPA T&D EPC# 5.15 GWh BESS Container 4 GW Inverters Phased-wise capex over next 3 years
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17 # Region Product Capacity Technology Timeline Gujarat – Chikhli Module/Cell 14.51 GW / 5.4 GW Topcon, PERC, HJT / Monocrystalline cell Operational Gujarat – Surat Module 0.23 GW Merlin Operational Gujarat – Tumb Module 1 GW Topcon, PERC, HJT Operational Gujarat – Nandigram Module 1.11 GW Topcon, PERC, HJT Operational Gujarat – Samakhiali Module 6 GW Topcon, PERC, HJT Operational Uttar Pradesh - Noida Module 1.3 GW Topcon, PERC, HJT Operational US – Texas – (Phase I) Module 1.6 GW Topcon, PERC, HJT Operational US – Texas (Phase II) Module 1.6 GW Topcon, PERC, HJT FY2027 US – Arizona Module 1.6 GW Smart wire connection FY2027 Gujarat – Unn Cell 10 GW N type Monocrystalline FY2027 Maharashtra – Nagpur Ingots-Wafers 10 GW Czochralski Process FY2028 Gujarat Glass 2,500 TPD Solar PV Glass FY2029 Oman Polysilicon 100k TPA Advanced Siemens Process Operational Gujarat – Manglej T&D 72,000 MT Hot-dip galvanization Operational Gujarat – Bamangam T&D 36,000 MT Hot-dip galvanization Operational Gujarat - Azamnagar T&D 1,00,000 MT Hot-dip galvanization FY2028 Gujarat – Rola Cell | Pack | Container 3.5 GWh | 5.15 GWh | 5.15 GWh LFP Prismatic FY2027 Gujarat – Phase II Cell | Pack | Container 16.5 GWh | 14.85 GWh | 14.85 GWh LFP+ FY2029 Gujarat – Sarodhi Inverters 4.15 GW String Inverter Operational Rajasthan – Alwar Transformers 9.5 GVA Distribution, Inverter Duty, High Voltage Operational Rajasthan – Alwar Transformers 10.5 GVA Distribution, Inverter Duty, High Voltage FY2027 Maharashtra – Nashik Smart Meter 6 lakh PA Smart Electricity Meter Operational Gujarat – Dungri Electrolysers 1 GW Alkaline FY2027 Manufacturing Footprint Across India, US and Middle East Integrated Value Supply Chain Strength Driving India’s Green Energy Independence Nearly 20 Manufacturing Locations^ Across 4+ States In India, 2 States in US and Middle East Diverse Product Portfolio Presence Across World India Oman US 1 2 3 4 5 6 7a Solar BESSEPC & Services Others* 7b 8 9 10 11 12 13 14 15 16a 16b 17 18a 19 *Include Inverters, Transformers & Electrolyser; ^Include investment facility and under finalisation location 20 18b
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18*Include Inverters, Transformers & Electrolyser Ingot- Wafer, Nagpur BESS, Rola Electrolyser, Dungri Cell, Unn T&D, Azamnagar Upcoming Factory Developments Oct’26 Oct’26 Oct’26 Oct’26 Sep’26
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19 Source: Industrial Sources and Internal Assessment Notes: High refers to complete / operational. Medium refers to under-construction/ announced. Low refers to announced. None refers to segment yet not captured. Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Ingot + WaferCellModule Glass BESS Transformer Inverter / EMS Green Hydrogen Electrolyser EPC T&D India’s largest solar module capacity — gigawatt scale achieved among the peers Track record of delivering capacity expansion ahead of competitors Scale as a moat: Drives procurement advantages, operational leverage, and bankability Long-term relationships with marquee IPPs, EPCs, and institutional buyers Polysilicon None HighMediumLow Vertical Integration Horizontal Integration Differentiated Market Positioning from Polysilicon to Grid Equipment
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Business Segments Updates
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21 ® Scaling Integration Integration growing to 64% representing a growth of ~3x from FY2026 Margin Expansion Growing cell integration will directly contribute to margin expansion New Market Avenues Capacity gap opens export market viz Europe, MEA and Australia and Non DCR markets like Green Hydrogen Unlocking Value through Cell Integration Waaree India Module and Cell Capacity (GW) FY2026 FY2027E 19.4 24.2 5.4 24.2 15.4 Cell Capacity Export & Non DCR ~5-6 ~5-6 GW of capacity gap between module and cell is fulfilled via demand from export and non DCR market Module Capacity 22% Cell to Module Integration Ratio 64% Scaled Cell Capacity to Support Margin Expansion
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22 India’s Deepest Solar Retail Engine Engine built. Moat established. Ready to scale across products becoming India’s largest Retail Energy Ecosystem Retail Engine Build A scalable - unified distribution engine 27 States • 200+ districts • 700+ Franchises • 2500+ ASPs 24-hr TAT* Order-to-door delivery capability 5000+ MNRE Integrators on Loyalty App E-Commerce ↑ Waaree.com + D2C + marketplaces Owning the last mile converts distribution into a repeatable monetisation ecosystem Regional Reach + Last Mile Control Structural MOAT Channel Leverage • Deep presence across key solar demand clusters in India - ~15,000 Pin codes • Strong last-mile access via installer & franchise network • Ability to influence customer decision at point of sale> • Same channel enables rapid rollout of kits, BESS & future products • No incremental GTM build required across categories • Lower customer acquisition cost with every additional product North West South East Expanding to 90% of all the Indian pin codes * for orders placed on E-commerce
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23 Market Leadership | New Products Shipping Now India’s #1 solar retail brand1, now scaling from panels into agri kits, feeder level solarization kit and fleet-level data Waaree Energies leads India’s Solar Revolution | ~1 in every 6 Installations Two new launches | Expanding the product line and the data layer Source – JMK Research 2 NEW LAUNCHES — SHIPPING NOW 5MW Feeder Level Solarisation Kit LAUNCHED Our entry into feeder-level solarisation: a pre-engineered kit that turns a project-by-project design job into a standard, ready-to-quote product. Inverter Data Portal LIVE Live generation, alarms and plant history — the whole fleet on one screen. Hardware that ships in weeks. Data that proves performance every day. 5 MW 4 configurations (580 / 615 Wp, DCR & NDCR)
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24 ~1 TWh Global Annual BESS Addition by 2035 Battery Cell BESS as a Core Enabler of Grid Stability and Renewable Integration Source: Mercom; PIB; ;CES; MNRE; * Internal Assessment; Rola, Gujarat Rola, Gujarat BESS Container Battery Pack Industry Outlook Waaree's Positioning ~100 GWh* India Annual BESS and EV Addition by 2035 20 GWh Waaree’s Planned Capacity by FY29 Annual global BESS additions ~1 TWh by 2035E (315 GWh 2025) India BESS Installed Capacity to increase to 236 GWh by FY32 from 8.7 GWh as of H12026 India to add ~80 GWh* annually between FY27-35 primarily driven by BESS and EV segment Backed by favorable policy tailwinds includes viability gap funding (VGF), PLI for advanced chemistry cell (ACC) & BESS and Transmission & Grid reforms Mandatory requirement of minimum 2 hrs duration ESS for solar PV tenders from July 2027, with a draft proposal to increase the requirement to 4 hours from July 2029. ✓ ✓ ✓ ✓ ✓ Plant capacity: 20 GWh by FY29; Phase-I 3.5GWh by FY27; Phase-II 16.5 GWh by FY29 Capex outlay of ~₹10,000 Cr and raised ~ ₹1,000 Cr equity till date Facility will emerge as one of India’s largest integrated Advanced Cell Chemistry Cell and Pack manufacturing hub Offering includes LFP Cells, Pack, Container and further backward integration to indigenize large part of the value chain Customers span the Residential segment as well as Commercial & Industrial (C&I) segment, includes Telecom, Data Centres, and Aerospace & Defence ✓ ✓ ✓ ✓
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25 Inverters: Building the Backbone of India’s Energy Ecosystem Source: Research And Markets; Market Research Future; *Internal Assessment; # DPDP Act - Digital Personal Data Protection Act, 2023 Sarodhi, Gujarat Sarodhi, Gujarat ~$46Bn* Annual Global Market by 2035 ~$1.6Bn Annual Indian Market by 2035 4.15 GW Waaree’s Current Capacity Industry Outlook Waaree's Positioning Annual global solar inverter market currently in 2025 at ~$16Bn* is expected to grow at ~11% CAGR over next 10 years Annual India solar inverter market currently in 2025 at ~$1Bn* is expected to grow at ~6%* CAGR over next 10 years Energy Security and Data Localization is key driver providing fillip to Make-in-India story MNRE mandates domestic storage of inverter-level data under PM Surya Ghar, strengthening data security and monitoring India is seen as a reliable alternative to China for US/EU buyers due to geopolitical stability and free-market compliance Current plant capacity of 4.15 GW with capex outlay of ~₹180 cr Product ranges from 3kW – 350kW to meet demand across retail, utility(includes KUSUM) and C&I segments Capitalizing Waaree retail reach, providing “One Stop Shop” solutions Advanced manufacturing line with scalability across different electronics manufacturing technologies Inverters are the “brain” of solar—controlling power flows and capturing critical user data; India-hosted data enables DPDP Act# readiness and builds stronger customer trust ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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26 Transformers as the Backbone of Grid Expansion and Energy Transition Source: Precedence Research; Mordor Intelligence; MoP; # Internal Assessment Note: (*) USD/INR – 96.00 Alwar, Rajasthan Alwar, Rajasthan ~$132Bn Annual Global Market by 2035 ~$6.5Bn# Annual Indian Market by 2035 20,000 MVA Waaree’s Planned Capacity by FY27 Industry Outlook Waaree's Positioning Annual Global transformer market currently in 2025 at ~$68Bn is expected to grow at ~7% CAGR over next 10 years Annual India transformer market currently in 2025 at ~$3Bn is expected to grow at ~8% CAGR over next 10 years Total outlay of ~$33Bn* under Revamped Distribution Sector Scheme (RDSS) Distribution Transformer sanctioned ~5.89 lacs vs installed ~2.14 lacs pointing to huge supply gap under RDSS Data-centre capacity has surged from ~400 MW in 2019 to ~1.8 GW in H1 2026, with a ~3.9 GW pipeline, driving additional demand for high-voltage infrastructure and transformers Current Capacity – 9,530 MVA Additional Capacity – 10,470 MVA Planned capex ~₹192 Cr Planning to expand the product portfolio: Distribution Transformers; Inverter Duty Transformers; Dry Type Transformer, PAD Mounting transformers, USS Wind Transformers Reactors, High Voltage Transformers upto 500MVA 400kV Class Order book of ₹333 Cr including a large order from a global MNC validating our quality benchmarks and global aspirations ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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27 Electrolyser Scale-Up Driving the Global and India’s Green Hydrogen Market Source: Precedence Research; IEA; PIB; MNRE; # Internal Assessment Note: (*) USD/INR – 96.00 Dungri, Gujarat Dungri, Gujarat ~$231Bn Annual Global Green Hydrogen Market by 2035 ~$12Bn Annual Global Green Hydrogen Market in 2025 1 GW Waaree’s Planned Capacity by FY27 Industry Outlook Waaree's Positioning Global Green Hydrogen market currently in 2025 at ~$12Bn is expected to grow at ~34% CAGR over next 10 years Expected investment of ~$89Bn* to support National Green Hydrogen Mission (NGHM) NGHM targets green hydrogen production of 5 MMTPA by 2030, equivalent to 50-75 GW# of electrolyser demand Target segment: Refinery, Fertilizer, Chemicals, Steel, Specialty Chemicals, Mobility Target capacity of 1 GW per year by FY2027 with planned capex ~₹676 Cr Electrolyser PLI for 300 MW worth ₹444 Cr and Hydrogen production PLI for 90,000 TPA worth ₹510 Cr Starting with electrolyser manufacturing, Build Own Operate (BOO) Projects, mobility and transitioning to green derivatives In India, we have already secured an order book of ~₹ 214.8Cr ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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28 Waaree Green Glass – Converting Dependency into Pricing Power * IEA Moderate Scenario; IMARC Group; DGTR; IEA 2025; Solarbe Global; Mordor Intelligence; * Internal Assessment ~5,400 TPD Supply Gap (India 2030) 5-Year Anti-Dumping Duty on China/Vietnam 2,500 TPD Waaree’s Planned Capacity Industry Outlook Waaree's Positioning India domestic demand set to grow 7–8% CAGR through 2033; global PV glass demand projected at 1,32,000–1,41,000 TPD by 2030* India’s PV glass demand projected at ~17,386 TPD by 2030, versus 12,000 TPD domestic capacity, leaving a ~5,400 TPD gap Glass accounts for ~23% of module cost and ~70% of module weight, making it a critical component influencing module quality, efficiency, and durability Glass (effective Dec 2024); creating a structurally protected domestic market Target plant capacity of 2,500 TPD, capacity is enough to produce ~17GW of module annually Planned Capex: ₹3,900 Cr Waaree has substantial requirement for FEOC compliant glass, ensuring offtake from day 1 Total cost at target yield: would be cheaper than Chinese landed cost providing strong margin cushion on current pricing ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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29 From Generation to Grid: EPC Fueling Renewable & T&D Growth Source: Courtesy Bloomberg NEF; PIB; # Refers to Associated Power Structures Private Limited company acquisition * Internal A ssessment ~$250Bn* Annual Global Solar EPC and O&M Market by 2035 ~$25Bn* Annual Indian Solar EPC and O&M Market by 2035 ~₹ 5,500 Cr Waaree’s Projects Under Execution Industry Outlook Waaree's Positioning Annual Global solar EPC and O&M market currently in 2025 at ~$115Bn is expected to grow at ~8% CAGR over next 10 years* Annual India solar EPC and O&M market currently in 2025 at ~$6Bn is expected to grow at ~6% CAGR over next 10 years* Cabinet approves GEC-III scheme with ₹1.86 lakh crore outlay to expand renewable energy transmission and storage infrastructure Robust demand for solar installations, offers a tremendous opportunities for scalable players with proven execution track record Indian market lacks reliable and large-scale EPC contractors in the industry Fully integrated EPC player—from concept to commissioning & O&M—with a proven track record serving marquee clients Executed ~6.4 GWp on Solar EPC with unexecuted order book of ~₹ 3,300 Cr, including ₹ 2,200 Cr+ of T&D Demonstrated history of scalability and financial performance backed by an asset light business model ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓
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30 * Commitment includes Debt/Equity/Guarantees 1,700+ MW PPA signed 11.58 GW Renewable / BESS projects pipeline ₹3,250+ Cr* Total commitment Aerial View: Solar Plant Solar Module Array Switchyard Structures Critical infrastructure for the entire value chain drives demand for data center, green hydrogen Utilities and corporates seeking renewable solutions, optimizing LCOE and backed by secured infrastructure Robust frameworks allowing bankable power purchase agreements (PPAs) providing the required financial predictability Strong interest from domestic and foreign investors, with large M&A and PE deals in the sector Growing demand for round-the-clock renewable power is increasing opportunities for solar, wind and BESS hybrid projects C&I consumers are seeking long-term power cost visibility alongside their decarbonisation commitments Grid connectivity and land readiness are becoming key differentiators in timely project execution Industry Outlook Waaree's Positioning PPA signed for development of 1,700+ MW solar and 2,800 MWh BESS with creditworthy utilities and global C&Is Secured connectivity for developing 11.58 GW Projects comprising of solar, wind and BESS across central and state transmission network Total Commitment of ₹3,250+ cr* Building a de-risked value driven IPP portfolio for marquee clients and creating long-term order visibility for the group Targeting marquee C&Is, Utilities and Global RE Investors Leveraging the Group’s manufacturing and EPC capabilities to support competitive project costs and execution Developing customised solar, wind and BESS solutions aligned with customers’ consumption profiles Expanding long-term C&I partnerships through group captive and open access power supply models ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Renewable Power Infrastructure: Enabling Full Stack Solar Value Chain
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Corporate Overview
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32 1989–2007 Foundation Strong foundation with proven track record 01 2008–2011 Entry into Solar • Entered solar energy sector • Initiated EPC business 02 2012–2017 Building Momentum • Strategic JVs with NEPPCO • Scaled PV solar capacity 03 2018–2021 Powering Scale • Divested Waaneep Pvt. Ltd. • Commissioned 1 GW PV plant capacity 04 2022–2025 Expanding Horizons • Commenced 1.6 GW US operation • Backward integration with 5.4 GW cell plant 05 2026+ Integrated Scalability • Largest Non- Chinese module manufacturer with 25.8 GW • Strategic investment in polysilicon facility 06 AGGREGATE INSTALLED CAPACITY (MODULE) 2007 30 MW → 500 MW → → 2025 22.8 GW → PRESENT 25.8 GW › › › › › 2017 2 GW 2021 • Board approved capex for BESS, Inverter, Transformer, and Electrolyser • Listed on BSE and NSE • Board approved capex for Glass Our Evolution. Our Strength.
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33 Waaree’s Winning Edge Our Key Differentiators Integrated Business Model • Full Stack Vertical Integration Integrated approach & ecosystem play to enable supply chain reliability, cost competitiveness and wide product offerings. Solar value chain integration is live across polysilicon, cells, modules, EPC and O&M, while ingot-wafer is planned for the near future • Horizontal Integration in Action Similar approach for Energy Storage, Inverters, Transformers, GH2 Electrolysers and more within the energy value chain Backward to forward integration Speed to Execute • Record Capacity Expansion • Expanded overall module manufacturing capacity by ~17x to 25.8 GW (within 7 years) ahead of schedule • Rapid expansion of India cell manufacturing capacity by ~3x to 15.4 GW is expected in a record time of ~2 years • Built 1.6 GW of greenfield module manufacturing capacity in the US in 12 months—among the fastest of its kind—and plan to take total capacity to 4.8 GW by March 2027 Fastest capacity ramp-ups in India and US Efficient Financial & Capital Management • Financial Discipline: • ~2 decades of operations across 5+ industry cycles, the company has been delivering consistent profitability and growth • Maintained D/E ratio of <1 despite heavy capex cycles for nearly a decade • Capital allocation: Driven by “book & build” principle, exemplified by: • Before commissioning US facility, secured 3+ years of firm orders • Cell capex initiated post long-term orders and policy visibility Benchmark efficiency and margins Next-gen cells, AI automation, digital factories Technology Leadership / Smart Manufacturing • Technology Tie-up: Creating a strong business moat and first mover advantage through technology tie-ups across BESS, Inverters, Green Hydrogen Electrolyser and Solar value chain • Early Technology Adoption: Early adoption of upcoming technologies like G12/G12R to offer an expanded range of certified technologies/products • Smart Manufacturing: Adoption of AI/ Digital/ Automation/ Robotics in Manufacturing De-Risked Global Distribution Engine • Distributed Sales Channel / Segment • Retail, Services and Oversees segment contribute 60-70% of revenue • Diversifying Supply Chain through: • Manufacturing across multiple geographies • Focus on localized supply chain • Diversifying raw material procurement • Full stack backward integration Channel Mix across products & markets Source: Company Filings
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34 Waaree’s Integrated Product and Services Suite Integrated solar manufacturing Smart Meters, Inverters & Transformers Green Ammonia & Hydrogen, Specialty Gases RE - Power Infrastructure Diversification and backward integration into other complimentary products ✓ Strong channel mix across products & markets ✓ Tech tie - ups, AI automation & digital factories ✓ Expanding the offerings to deepen client wallet share ✓ Monofacial Bifacial Solar Street Lights Flexible BIPV Solar Kits Ground Mount Rooftop Floating Solar EPC, T&D, O&M & Technical Services Inverters Transformers Smart Meters Battery Cell Battery Pack BESS Container BESS Electrolysers + EPC Green Hydrogen Supplies Green Ammonia/ e- Methanol/ Sustainable Aviation Fuel Renewable Power Infrastructure Project Development (Land and Connectivity) Transmission One-stop Solutions
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35 BNEF TIER - 1 RETC HIGHEST ACHIEVER KIWA TOP PERFORMER ECOVADIS GOLD (TOP 5%) Ranked as a Tier- 1 PV Module Maker for 40 Quarters Across Performance, Reliability & Quality Test Categories Recognized for Superior Module Reliability Sustainability Leadership Recognized Waaree - The Only Indian Company with A rating in Product Performance Bankability & Credit Strength Operational Excellence ALMM Approved 25.54% TOPCon Cell Efficiency 23.55% PERC Cell Efficiency ISO 50001:2018 Energy Management System ISO 9001:2015 Quality Management System ISO 45001:2018 Occupational Health & Safety Management System ISO 14001:2015 Environmental Management System GLOBAL MANAGEMENT SYSTEM CERTIFICATIONS BANKABILITY RATING CREDIT RATING UPGRADED TO High Entry Barriers Enabled by Industry-Leading Certifications
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36 Building a Smarter, Faster & Future-Ready Waaree PEOPLE Empowered. Engaged. Enabled. PROCESS Standardized. Automated. Scalable. TECHNOLOGY Intelligent. Integrated. Innovative. High Impact HR Initiatives Building a High-Performance Culture AI-Driven Process Excellence Streamlining Workflows. Driving Efficiency. Technology-Led Transformation Data-Driven. AI-Powered. Future-Ready. Learning & Development • Curated MDPs with IIM-A, IIM-B, IIM-C & ISB • Product Knowledge: Continuous product capability enhancement • Digital Upskilling: Advanced IT and AI proficiency building Change Management: • ADKAR-based Enterprise Change Management Framework • Leadership Sponsorship for Strategic Initiatives • Enterprise-wide Operating Model Alignment Governance & Integration • Quarterly CXO Sponsor Reviews • Centralised HR Shared Services • Integration Playbook for M&A • ISO 27001 – Information Security management system IMPACT Stronger governance, ownership, and faster decision-making through empowered people, recognition, and capability building. 3A Approach • AI · Agentic Automation · Analytics • Self-driving order-to-cash • HR & tender workflows | Marketing automation Operations Excellence • IoT + predictive maintenance • AI defect detection | MES integration • Central plant monitoring IMPACT Scale without added headcount through intelligent automation, standardization, and real-time visibility. AI and AI Agents • Augmenting & replacing manual work across functions • AI – Machine learning models and GPT Waaree COE AI-made marketing — videos & reels that engage E-pathshala ₹1,000+ Cr Receivables automated for faster cash cycles 700+ Channel partners run with intelligence and real-time enablement IMPACT Lower cost, higher plant uptime driven by intelligent systems, automation, and data insights. Customer Connect & Experience • AI-led dealer & customer engagement • Order-anywhere CRM + e-commerce • Voice / WhatsApp outreach | AI-agent service Transformation Across People, Process & Technology
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37 Accomplished Board of Directors Viren Chimanlal Doshi Whole Time Director • 37+ years of experience • Leads EPC execution, project delivery and strategic expansion across Waaree's renewable energy and transmission businesses. • Associated with Waaree since 2007, driving large-scale project execution and business transformation. Mona Bhide Independent Director • 25+ years experience as Legal practitioner • Expertise includes, corporate law, banking and security transactions, capital markets, structured finance, securitisation, mergers & acquisitions, and restructuring • Currently, Managing Partner of the Dave & Girish & Co. Advocates Hitesh Pranjivan Mehta Whole Time Director • 38+ years of experience • Provides strategic leadership across manufacturing, operations and business development, supporting Waaree's diversified growth initiatives. Rajinder Singh Loona Independent Director • 40+ years experience • Provides strategic guidance on securities law, corporate governance and regulatory compliance. • Previously associated with Securities and Exchange Board of India (SEBI), Alliance Law. Dr. Hitesh Chimanlal Doshi Chairman and MD • 38+ years of experience • Founder and visionary leader driving Waaree's long-term strategy, innovation and leadership across the integrated clean energy value chain. • Founded Waaree in 1990, transforming it into India's leading solar and energy transition company. Rajender Mohan Malla Independent Director • 40+ years experience • Provides strategic oversight on banking, finance, corporate governance and risk management. • Previously associated with SIDBI Venture Capital, IDBI Capital and IDBI AMC Jignesh Rathod Whole Time Director and CEO • 20+ years of experience • Leads Waaree's corporate strategy, global expansion, manufacturing scale-up and operational excellence across the integrated clean energy value chain. Mahesh Chhabria Independent Director • 40+ years experience • Provides strategic oversight on finance, audit, governance and enterprise risk management. • Former Managing Director at Kirloskar Industries Ltd
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38 Experienced Senior Management Team Abhishek Pareek Chief Financial Officer • 20+ years experience • Leads financial strategy, capital allocation, treasury and investor engagement, driving sustainable growth & shareholder value creation. • Previously associated with Shubhalakshmi Polyesters Ltd. Dr. Avadhut Parab Chief Information Officer • 25+ years experience • Leads digital transformation, enterprise technology, cybersecurity and AI-driven operational excellence across the Group. • Previously associated with Parle Agro Pvt Ltd, Wockhardt Ltd Sunil Rathi Director, Sales • 30+ years experience • Leads domestic & international sales, strategic customer engagement and market expansion across Waaree's integrated clean energy portfolio. • Previously associated with Vikram Solar Ltd Vijay Shimpi Chief Executive – Projects • 30+ years experience • Leads utility-scale solar EPC execution, engineering excellence and project delivery across domestic and international markets. • Previously associated with GMR Group, Tata Power Solar System Jignesh Rathod Whole Time Director and CEO • 20+ years of experience • Leads Waaree's corporate strategy, global expansion, manufacturing scale-up and operational excellence across the integrated clean energy value chain.. Varun Goenka President – Growth & Strategy • 20+ years experience • Leads corporate strategy, strategic investments, business development and new growth initiatives across Waaree Group. • Previously associated with Nippon India Mutual Fund and Value Quest Pankaj Vassal President & Business Head, Retail • 25+ years experience • Leads Waaree's retail business, driving channel expansion, customer experience and distributed solar adoption across India. • Previously associated with Havells India Ltd., Pidilite Industries Ltd... Rajesh Gaur Company Secretary and Compliance Officer • 20+ years experience • Leads corporate governance, Board affairs, regulatory compliance and secretarial excellence, reinforcing stakeholder confidence. • Previously associated with Ambuja Cements Limited
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39 Experienced Senior Management Team Anuj Sharma CEO, Hydrogen • 25+ years experience • Leads Waaree's Green Hydrogen business, driving technology leadership, strategic partnerships and commercial deployment. • Previously associated with Linde Malaysia, Praxair India Pankaj Srivastava COO - Glass • 25+ years experience • Leads Waaree's Glass business, driving manufacturing excellence, backward integration and supply chain resilience. • Previously associated with The Luminaz Safety Glass Pvt Ltd, Hindustan National Glass & Industries Ltd and Guardian Industries Pawan Agarwal CEO, Infrastructure • 25+ years experience • Leads Waaree’s renewable power Infrastructure business, driving project execution, expansion and business growth. • Previously associated with Azure Power, Yes Bank, Crisil. Rajiv Agrawal COO - Infrastructure • 25+ years experience • Leads infrastructure development, driving project execution and business growth. • Previously associated with Skeiron Group, Qubit Mobiles and Suzlon Green Power Ltd Shyam Ragupathy COO, Battery • 25+ years experience. • Leads Waaree's Battery business, driving manufacturing excellence, product industrialisation and capacity expansion. • Previously associated with Elest Pvt Ltd, Indo National ltd Nitin Kapadnis President, EMS Business • 30+ years experience. • Leads Waaree's EMS business, driving customer acquisition, strategic partnerships & manufacturing scale-up • Previously associated with Reliance Communications, Bharti Airtel Ltd, Sify Technologies Ltd and ESDS Software Solutions. Prantik Dasgupta CEO, Aluminium and Smart Meter • 20+ years experience • Leads Waaree's Aluminium & Smart Meter businesses, driving product innovation, manufacturing excellence and market expansion. • Previously associated with Infosys, Adani Group and Vedanta Resources Ltd Ashish Sharma President, Strategic Growth • 30+ years experience • Leads Waaree's strategic growth initiatives, driving corporate strategy, business development and new growth platforms • Previously associated with Bhojsons GP PLC, Morphy Richards
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40 Experienced Senior Management Team Ravikesh Singh Chief Operating Officer, WRTL • 23+ years experience • Leads WRTL’s Solar EPC business, driving strategic business development, project execution and profitable growth across utility and C&I • Previously associated with CleanMax Solar, Cable Corporation of India Ltd Satish Desai Founder & Director, T&D • 30+ years experience • Founder of Associated Power Structures Private Limited, leading engineering, fabrication and EPC execution of galvanized tower solutions for power transmission and telecom infrastructure. Mayur Mehta Chief Procurement Officer, WRTL • 27+ years experience • Leads global procurement, driving strategic sourcing, supply chain resilience and cost optimisation. • Previously associated with Blue Star Ltd, DHL, Astarc Group Ajay Patel Founder & Director, T&D • 30+ years experience • Founder of Associated Power Structures Private Limited, leading finance, governance and organizational excellence to support business growth. Manmohan Sharma Chief Financial Officer, WRTL • 30+ years experience • Leads WRTL’s finance function driving capital allocation, finance strategy, shareholder value creation • Previously associated with GMR Energy Ltd, Suzlon Group, Ispat Ind. Ltd. Syed Ahmed Head of Finance, WSA • 25+ years experience • Leads business finance, driving financial planning, commercial and strategic decision making. • Previously associated with Lummus Technology, U. S. Silica Holdings Inc., Bridgepoint Consulting, TF Warren Group Vikas Patel Head Operation, WSA • 25+ years experience • Leads manufacturing operations, driving productivity, quality excellence and continuous improvement • Previously associated with Illuminate USA, Trulite Glass and Aluminium Solutions, Brightstar Corp. Parag Kothari Founder & Director, T&D • 30+ years experience • Founder of Associated Power Structures Private Limited, leading business development, project execution and commercial strategy for galvanized tower and EPC solutions.
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41 Indosolar Limited Module Manufacturing Waaree Energies Middle East FZE Module Supply Waaree Forever Energies Pvt Ltd Renewable Power Infrastructure EPC and O&M Waaree Transpower Private Limited Transformer Sangam Solar One Private Limited Integrated Solar Manufacturing Waaree Solar Americas Inc. Module Manufacturing Waaree Green Glass Private Limited Glass Waaree Energy Storage Solutions Pvt Ltd Energy Storage Business Waaree Power Private Limited Inverter & Smart Meter Waaree Clean Energy Solutions Pvt Ltd Hydrogen Business WAAREE ENERGIES LIMITED (Leading the Energy Transition Ecosystem) 100% 100% 100% 90% 100% 100% 75% 100% 100% 74.5% 64%* Waaree Renewable Technologies Limited Diverse Portfolio Spanning the entire energy value chain Strong Integration From manufacturing to infrastructure & solutions Future Ready Focused on sustainability, innovation & growth Creating Value Delivering long-term value for stakeholders *Board has approved to increase current shareholding to 75.10%; *Include Inverters, Transformers & Electrolyser BESS Others#Solar EPC & Services Driving Growth in Broader Energy Transition Value Chain
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42 Revenue from Operations (₹ Cr) Operating EBITDA (₹ Cr) Profit After Tax (₹ Cr) Operating EBIDTA Margin FY2023 FY2024 FY2025 FY2026 12% 14% 19% 22% 6,751 11,398 14,445 26,537 FY2023 FY2024 FY2025 FY2026 835 1,574 2,722 5,909 FY2023 FY2024 FY2025 FY2026 500 1,274 1,928 3,884 FY2023 FY2024 FY2025 FY2026 Annual Financial Overview (1/2)
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43 ROCE ROE Net Debt to Equity (x) Cash Conversion Ratio FY2023 FY2024 FY2025* FY2026* 27% 22% 29% 32% FY2023 FY2024 FY2025 FY2026 147% 118% 112% 26% FY2023 FY2024 FY2025 FY2026 26% 30% 28% 29% -0.80 -0.85 -0.72 -0.29 FY2023 FY2024 FY2025 FY2026 *FY25 & FY26 numbers are adjusted for unutilized portion of IPO proceeds; Annual Financial Overview (2/2)
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Industry Updates
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45 Global Annual Solar Addition (GW) India Annual Solar Addition(GW) From Foundation to Leadership – A Decade of Accelerated Growth ® Energy Security and Decarbonization Continue to Accelerate Solar Adoption Source: MNRE; SEIA; PIB; Reuters and Industry sources; Internal Assessment India Growth Drivers Energy Transition Global solar capacity surpassed 3 TW and projected to exceed 9 TW by 2036 Data Centers Data Center Physical Infras. market projected to grow at 15% CAGR, to $146.2bn by 2035 Grid Investments Stronger transmission and storage buildout Energy Transition ~35 GW solar added in 9M’26, ~20% increase YoY AI / Data Centers Data centre capacity expected to scale from 1.6 GW to 6 GW by 2029, driving strong renewable energy demand Grid Investments Cabinet approved ~$19.4bn of renewable-energy infrastructure program Global Growth Drivers 698 860 993 2025 2030E 2035E +4% p.a. 38 72 2025 2030E 2035E 100++10% p.a. Solar: Demand Outlook Set for Sustained Long-Term Stability
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46 SOLAR MODULES & CELLS ₹75,021 Cr PM SURYA GHAR OUTLAY ▲ ALMM: List-I modules; List-II cells (from Dec ’26); List-III wafers (proposed, Jun ’28) ▲ Duties: ~40% effective duty on modules, ~27.5% on cells; PLI for high-efficiency modules ▲ Demand: PM-KUSUM, DCR cells; GEC-III and Surya Sarovar initiatives BATTERY ENERGY STORAGE 43.2 GWh VGF-SUPPORTED BESS CAPACITY ▲ VGF: ₹3,760 Cr / 13.2 GWh + ₹5,400 Cr / 30 GWh ▲ ISTS: Waiver extended for eligible storage projects ▲ Mandate: CEA proposes 2-hr ESS with solar tenders from Jul-27, 4-hr from Jul-29 (draft) ▲ Cells: ACC PLI – ₹18,100 Cr for 50 GWh of local cell manufacturing TRANSFORMERS ~229 GVA GEC-III TRANSFORMATION CAPACITY ▲ Demand: GEC-III, RDSS and NEP support transformer orders ▲ Standards: CARGO transformer specifications to improve distribution ▲ Local content: MoP raises requirement for HVDC substations from 30% by Mar ’28 to 60% by Mar ’35 GREEN HYDROGEN & ELECTROLYSERS ₹19,744 Cr NGHM OUTLAY ▲ NGHM 2030 ambition: 5 MMT annual green hydrogen capacity ▲ EaaS: MNRE EaaS model mandates domestic content and land-border trade compliance ▲Offtake: SECI green ammonia deals for 670k TPA; 1,485 MW electrolyser demand to be installed in 36 months; 637.4k t H₂ delivery EPC & SERVICES 43.33% FY30 RENEWABLE CONSUMPTION OBLIGATION ▲Open access: Green Energy Open Access Rules (2022, amended 2023) allow consumers with ≥100 kW demand; no limit for captive users. ▲ RCO trajectory: 29.91% (FY25) → 43.33% (FY30). INVERTERS 100% GRID-FORMING POLICY PROPOSALS ▲ Grid forming: CEA – 100% grid-forming for eligible upcoming BESS. ▲ RE plants: plants commissioned from Jul-27 need ≥15% of inverters with grid-forming controls (draft) ▲ Quality: BIS certification mandatory for solar inverters TRANSMISSION & DISTRIBUTION ~51,126 ckm GEC-III TRANSMISSION LINES ▲ Demand: NEP envisages major transmission expansion by FY33 (~1.63 lakh ckm cited) ▲ SCADA: Imported systems to be phased out by 2030 in favour of domestic technology * Source: MNRE, MoP and public sources ▲ Tailwind (draft) Proposed, not yet notified India: Policy Tailwinds Fueling Domestic Manufacturing
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47 SOLAR MODULES & CELLS 30 GW EU SOLAR PV MANUFACTURING TARGET BY 2030 ▼ US: AD/CVD on Indian cells finalised (Sep-26); 15% tariff + price floor on polysilicon (Dec-26) ▲ US OBBBA: 45X manufacturing credit retained with FEOC limits – rewards non-China supply ▲ EU NZIA: 30 GW EU solar PV manufacturing target by 2030; 30% of annual RE auctions or minimum 6GW per year, apply non-price criteria from 2026 BATTERY ENERGY STORAGE 55% → 75% US BESS SOURCING THRESHOLD ▲ US FEOC: tighter BESS sourcing rules; tax-credit eligibility threshold rises from 55% in 2026 to 75% by 2030 ▲ EU Battery Reg: carbon footprint, due diligence & battery passport (2027) TRANSFORMERS ▲ U.S. DOE finalized distribution transformer efficiency standards, extending compliance timelines and easing amorphous steel requirements amid supply constraints ▲ US utilities plan $1.1 tn capex by 2030; EU requires €1.2 tn in grid investments by 2040, amid US transformer supply shortages. GREEN HYDROGEN & ELECTROLYSERS € 1.2 Bn + EU HYDROGEN BANK AUCTION SUPPORT ▲ EU / Asia: EU Hydrogen Bank auctions, Germany H2Global, Japan CfD support ▼ US: 45V credit limited to projects starting before 2028; H2 Hub funding cut . EPC & SERVICES 42.5% EU 2030 RENEWABLE ENERGY TARGET ▲EU RED III: 42.5% renewables by 2030 lifting demand for non-Chinese modules. ▲ Utility-scale EPC: Saudi Arabia targets 130 GW renewables by 2030; Australia CIS supports 40 GW capacity. INVERTERS Net-Zero Tech EU NZIA RECOGNISES SOLAR VALUE CHAIN ▲ EU NZIA: inverters listed as net-zero technology under 40% target ▲ Security: rising US / EU scrutiny of Chinese inverter remote access TRANSMISSION & DISTRIBUTION3x US TRANSFORMER INSTALLATIONS BY 2050 ▲ US: GRIP funds grid resilience; FERC Order 1920 mandates long-term planning ▲ EU: Grids Action Plan – €584 bn grid investment needed by 2030 * Source: CEA, US DOC / Treasury, European Commission, IEA and public sources ▲ Tailwind ▼ Headwind / risk (draft) Proposed, not yet notified € 584 Bn EU GRID INVESTMENT REQUIREMENT Global Policy Shifts Creating New Opportunities
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Responsible Growth for a Sustainable Future
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49 Sustainable Actions, Measurable Impact 328+ students supported Educational Support • Higher-education support for 15 individuals • Full-year fees paid to institutions for 328 students, reducing dropouts • 1,000 school bags distributed to village students 5,000+ villagers impacted Model Village • Renovated village schools and anganwadis • Installed RO systems, water filters, benches and park equipment • Built toilets, and roof sheds for storm-hit families 300+ students benefited School Infrastructure • Upgraded classrooms and facilities in rural schools • Co-funded school infrastructure in Maharashtra and Gujarat serving 2,000+ children 500+ women benefited Women's Empowerment • Built safe hostel infrastructure for women • Widened access to higher education 100+ children supported Child Welfare • Supported residential care for underprivileged children • Created a safe, nurturing living environment 18,300+ saplings planted Environmental Conservation • Ran large-scale tree plantation drives • Increased biodiversity and green cover Our purpose-led actions align with 13 UN Sustainable Development Goals
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50 Education | Independence Day school-kit drive Relief | Emergency food and drinking water 1,000+ students across 6 schools in Degam received school bags, notebooks and writing pads 2,000+ flood-affected families received dry rations and fresh drinking water CSR in Action: Supporting 1,000+ Students and 2,000+ Flood-Affected Families
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51 Demonstrable Commitment Towards Sustainability 51 Sustainable Operations • Continuous focus on energy efficiency in plat and HVAC • In house recycling of Plastic Waste • In house repurposing of pallets • EcoVadis Gold with 85% • Committed to UNGC 10 principles, CoP submitted • Submitted BRSR report as per SEBI requirements Achieved Zero LTI Achieved ZWL Defended EcoVadis Gold with 85% score Sustainable Energy • Rooftop Solar plants at plant locations • Renewable Energy addition through PPAs; reached ~40% • Energy Optimization of the operations • Implementation of ISO 50001 • Engaging suppliers to use Renewables • SBTi Net Zero targets submitted 1M units of Rooftop Solar 30M units of PPA ~40% RE contribution Sustainable Collaboration • ESG assessment of suppliers • Engagement on GHG reduction • Collaboration on Carbon footprint reduction • Partnering with Other Industries on waste management • Partnering for Climate Action Awareness • Climate Risk Assessment and CDP Participation. 95% Suppliers were assessed on ESG Sustainable Removal • Converted 77% of Forklifts to EV • Achieved 23.5 MW of Rooftop Solar • Reduced 8% of Scope-1 emission • Engage to convert waste into alternate fuel • Focused on Low Carbon Products • Three EPDs completed Avoided 15,838 tCO2 e in our operations ▸Enhanced Investor Confidence ▸Market Access & Competitiveness BENEFIT ▸Resilience to future regulations ▸Reducing energy cost and operational risks BENEFIT ▸Corporate reputation & Leadership positioning ▸Creating Climate Risk Resilient organization BENEFIT ▸Advancing to Low Carbon Future ▸Providing Sustainable Products BENEFIT
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Mr. Prathmesh Parab prathmesh.parab@in.mpms.mufg.com THANK YOU Mr. Nikunj Jain nikunj.jain@in.mpms.mufg.com Waaree Energies Limited CIN: L29248MH1990PLC059463 MUFG Intime India Private Limited A part of MUFG Corporate Markets, a division of MUFG Pension & Market Services investorrelations@waaree.com Meeting Request Link Link
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Key Industry & Company Metrics Industry Update Solar Installation in USA and India: Particulars CY2025 CY2026 Q1FY27 Q2FY27 Q3FY27 USA (GW) 43.1 7.8 11.4 - India (GW) 38.0 14.5 11.9 8.9 Segment wise solar installation in India: Particulars CY2025 CY2026 Q1FY27 Q2FY27 Q3FY27 Residential + C&I rooftop (GW) 8.0 2.1 4.4 3.3 Utility scale (GW) 28.6 12.1 6.9 5.4 Source: SEIA and Public Sources ________________________________________________________________________ Company Metrics Manufacturing Capacity & Utilisation Particulars FY25 FY26 Q1FY27 Q2FY27 Module Capacity Utilisation – India Installed Capacity (GW) 13.3 21.2 24.2 24.2 Effective Installed Capacity (GW) 10.9 16.7 24.2 24.2 Actual Production (GW) 7.1 11.8 3.0 2.7 Utilisation 65% 71% 50%* 45%* Cell Capacity Utilisation – India Installed Capacity (GW) – 5.4 5.4 5.4 Effective Installed Capacity (GW) – 5.4 5.4 5.4 Actual Production (GW) – 2.3 0.8 1.1 Utilisation – 42% 62%* 81%* Module Capacity Utilisation – USA Installed Capacity (GW) 1.6 1.6 1.6 1.6 Effective Installed Capacity (GW) 0.5 1.6 1.6 1.6 Actual Production (GW) 0.1 0.8 0.2 0.3 Utilisation 17% 53% 59%* 71%* * Quarterly utilisation is annualised.
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Order Book Particulars FY25 FY26 Q1FY27 Q2FY27 Total Order Book (₹ Cr) ~47,000 ~53,000 ~61,000+ ~59,200 Module Order Book (GW) 21.4 22.3 25.2 25.6 Total Order Book Mix (%) Module 92.0% 93.7% 90.0% 89.5% T&D – Renewable – – 4.0% 3.7% EPC – Renewable 7.8% 5.3% 4.0% 5.6% Other – 1.1% 2.0% 1.2% Geographical Order Mix (%) Domestic – India 30.0% 27.0% 40.0% 48.6% Domestic – US 23.0% 43.0% 36.0% 43.9% Export – India 47.0% 30.0% 24.0% 7.5% Diversified Revenue Mix, Overseas Revenue and Modules Sold Particulars Q2FY27 Q2FY26 H1FY27 H1FY26 Diversified Revenue Mix (% of revenue) Utility / IPP / C&I 22.9% 24.9% 30.6% 27.0% Retail 46.1% 16.2% 37.2% 18.8% Overseas 18.5% 47.4% 21.7% 42.3% EPC, O&M and T&D 12.5% 11.5% 10.5% 11.9% Domestic Revenue Break-up (₹ Cr) Domestic– India 6,129.0 3,190.9 12,102.5 6,052.3 Overseas Revenue Break-up (₹ Cr) Export – India 89.2 2,142.0 658.5 3,177.1 Domestic – US 1,299.5 731.7 2,688.5 1,262.1 Total Overseas Revenue 1,388.7 2,874.7 3,347.0 4,439.2 Total Revenue from Operation 7,517.7 6,065.6 15,449.5 10,491.5 Modules Sold Modules Sold (GW) 3.0 2.4 6.6 4.3
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Consolidated Profit & Loss Consolidated Balance Sheet Particulars (₹ Cr) H1FY27 FY26 Shareholders' Fund 17,300.35 15,010.89 Non-Current Liabilities 4,720.89 2,396.78 Current Liabilities 15,808.94 12,707.70 Total Liabilities 37,830.18 30,115.37 Fixed Assets 14,202.67 9,522.81 Other Non-Current Assets 4,275.83 3,015.56 Current Assets 19,351.68 17,577.00 Total Assets 37,830.18 30,115.37 Consolidated Cash Flow Statement Particulars (₹ Cr) H1FY27 H1FY26 Net Cash Inflow/(Outflow) From Operating Activities 3,483.56 574.73 Cash Flow From Investing Activities -4,456.77 -2,377.62 Cash Flow From Financing Activities 1275.76 1,856.83 Net Increase / (Decrease) in Cash and Cash Equivalent 302.55 53.94 Cash and Cash Equivalents at Beginning of Period 774.16 509.83 Effect of Foreign Exchange in Cash and Cash Equivalent 9.72 -6.87 Cash and Cash Equivalents at End of Period 1,086.43 556.90 Safe Harbour This document is to provide the general background information about the Company’s activities as at the date of the release. The information contained herein is for general information purposes only and based on estimates and should not be considered as a recommendation that any investor should subscribe / purchase the company shares. The Company makes no representation or warra nty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, comple teness or correctness of any information contained herein. This release may include certain forward -looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. These statements can be recognized by the use of words such as ''expects", "plans", 'will", "estimates", "projects", or other words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. The risks and uncertainties relating to these statements include, but not limited to, risks and uncertainties, regarding fluc tuations in earnings, our ability to manage growth, competition, our ability to manage o ur international operations, government policies, regulations, etc. The Company does not undertake any obligation to revise or update any forward-looking statement that may be made from time to time by or on behalf of the Company including to reflect actual results, changes in assumptions or changes in factors affecting these statements. Given these risks, uncertainties and othe r factors, viewers of this release are cautioned not to place undue reliance on these forward-looking statements. This release may contain certain currency exchange rates and the same have been provided only for the convenience of readers. Particulars (₹ Cr) Q2FY27 Q2FY26 Y-o-Y Change H1FY27 H1FY26 Y-o-Y Change Revenue from Operations 7,517.7 6,065.6 23.9% 15,449.5 10,491.5 47.3% Operating EBITDA 1,335.2 1,406.4 -5.1% 2,775.1 2,403.7 15.5% EBITDA Margin 17.8% 23.2% 18.0% 22.9% PAT 753.6 878.2 -14.2% 1,645.5 1,651.1 -0.3% PAT Margin 9.8% 14.1% 10.4% 15.3% Operating Cash Flow 3,483.6 574.7 506.1%