A few years ago, Waaree Energies was known mainly as a solar module manufacturer — the largest in India, sure, but still part of a crowded race where scale mattered more than brand.
But today, it’s playing a very different game. Over the past 12 months, Waaree has been quietly executing one of the boldest pivots in the clean energy space. It’s not just selling modules anymore. It wants to own the entire solar stack — from silicon to storage, and even the power generation itself.
In January 2025, it acquired Enel Green Power’s India operations. It’s building an integrated 6 GW factory in Odisha. It has ventured into battery storage and electrolysers. And through its new Australian subsidiary, it’s laying the groundwork for exports too.
That’s not just expansion. That’s a transformation. But the real question is — can it pull it off?
Let’s start with the numbers. Waaree closed FY24 with ₹11,397 crore in revenue — a 69% jump year-on-year. Net profit more than doubled to ₹1,274 crore. EBITDA margins stood at a strong 18.9%.
In H1 FY25, revenue growth slowed to just 2.7%, but profits held firm — ₹776 crore in net income and a margin of 17.5%. The company shipped 3.3 GW worth of modules during the period and ended September with an eye-popping order book of 20 GW.
These are impressive figures — but they come with a caveat. When you grow this fast, expectations rise even faster. The challenge now is sustaining that growth while managing complexity.
The shift started with a strategic buy. In January, Waaree shelled out ₹792 crore to acquire Enel Green Power India — adding 640 MW of operational assets and a 2.5 GW development pipeline. That move took Waaree beyond just being a module supplier. It entered the power generation game — as an Independent Power Producer (IPP).
And it’s doubling down. A ₹4,000 crore facility is coming up in Odisha to integrate ingots, wafers, cells, and modules under one roof. The company’s subsidiaries are now building out inverters, energy storage systems, and electrolysers. There’s even an international push underway, with an Australian arm setting up shop to tap global markets.
In short, Waaree wants to be India’s first true full-stack solar giant.
The IPO made waves — and raised the stakes. When Waaree went public in October 2024, it wasn’t just a success — it was a blockbuster. The IPO was oversubscribed 79x. QIBs alone bid 215x. Anchors like Goldman Sachs and Abu Dhabi Investment Authority bought in early.
The stock listed at a premium. And with that came pressure. Because now, Waaree has to deliver like the future energy leader it’s being priced as.
But big bets come with big risks. For starters, the stock trades at a premium to domestic peers — justifiable for now, but vulnerable if growth plateaus. Then there’s capital intensity. The new Odisha plant, IPP acquisition, storage buildout — all of it will strain cash flow. Keeping margins steady while scaling will be tricky.
Global policy risk is another worry. The recent US tariffs on Southeast Asian modules boosted Indian exports — but that could reverse just as quickly. A change in trade policy could hit realisations and demand.
So, what should investors watch? Execution. Not ambition. Not order book. Not TAM (Total Addressable Market). But execution.
Because what Waaree is attempting — full-stack integration across solar hardware, power generation, storage, and exports — has never been done at scale in India before. The opportunity is massive. The need is real. But the gap between vision and value is wide — and only disciplined delivery can bridge it.
The bottom line Waaree Energies isn’t a module company anymore. It’s trying to become a platform company — one that builds, supplies, stores, and generates clean energy. The balance sheet looks healthy. The ambition is loud. And the market is watching.
If it succeeds, it could redefine what an Indian clean tech company looks like.
If it stumbles, it’ll be another reminder that in energy, scale alone isn’t enough.
Proof, not promise, will decide what comes next.
