Waaree Energies is planning a ₹30,000 crore capital expenditure over the next 18–24 months to build a fully integrated clean energy platform, even as the company reported strong March quarter earnings.
Speaking on the sidelines of the results, Chief Financial Officer Abhishek Pareek said the planned ₹30,000 crore investment marks a shift beyond solar modules towards a fully integrated energy transition platform. “More than the quarterly results, the important message is that we are building the organisation to integrate across the entire energy transition value chain. Waaree is no longer just a solar company,” he said.
Of the planned investment, about ₹2,000–3,000 crore has already been deployed, with construction underway across cells and batteries, and nearly 80–85 per cent of the outlay expected over the next 18–24 months. The board has also approved raising up to ₹10,000 crore through a Qualified Institutional Placement (QIP) to support its expansion plans.
The expansion is centred on deep backward integration across the solar value chain. Waaree is scaling cell capacity from 5.4 GW to 15 GW by December, while building 10 GW of ingot and wafer capacity, expected to be operational within 12–15 months. Module manufacturing capacity is set to reach 28 GW within six months, including an additional 2.5 GW being added in the US. The investment is incremental to an existing base of about 25 GW of modules and 5 GW of cells.
“We are running full throttle on the 10 GW cell expansion and building out the chain from ingot and wafer to module,” Pareek said, outlining the company’s push towards backward integration.
The company has also taken a strategic equity stake in an Oman-based polysilicon facility, positioning itself among a limited pool of non-Chinese players with end-to-end integration from polysilicon to modules and further into power electronics, storage and EPC. “There aren’t many non-Chinese players globally with this level of integration,” Pareek said.
Beyond solar, Waaree is entering battery manufacturing with an initial 3.5 GW of Lithium Iron Phosphate (LFP) cell capacity, scaling to 16.5 GW by FY28, with total storage capacity expected to reach around 20 GW. It is also expanding into inverters and hydrogen electrolyser manufacturing, where it is starting with an initial 1 GW project, as part of its broader clean energy push.
“We’re not just doing system assembly; we’re manufacturing at the cell level to remain cost competitive and ensure delivery,” Pareek said.
The integrated approach is aimed at capturing a larger share of customer spending, with the company targeting over 90 per cent wallet share across the value chain, spanning modules, storage, power electronics, transmission and EPC. Its business mix reflects this diversification, with about 20 per cent of revenue coming from B2C, exports contributing roughly 30 per cent and EPC accounting for nearly half of the business.
Operationally, the scale-up is already visible. Module production increased from 7 GW to 12.6 GW in FY26, with quarterly output reaching a record 4.2 GW in the March quarter. “We exited the year at 4.2 GW in a single quarter, and with new capacity coming onstream, that gives a clear sense of the trajectory,” Pareek said.
The company has guided for operating EBITDA of ₹7,000–7,700 crore in FY27, up from ₹5,900 crore in FY26, supported by higher capacity utilisation and integration benefits. Whole-time director and CEO Jignesh Rathod said the company will focus on “deepening value chain integration while scaling next-generation growth engines” as it expands into adjacent segments. The expansion is also supported by government incentives, with PLI approvals of about ₹2,700–2,800 crore across solar and hydrogen, although the battery segment currently operates without policy support.
Consolidated net profit rose 71 per cent year-on-year to ₹1,061 crore in Q4 FY26, while revenue more than doubled to ₹8,480 crore from ₹4,004 crore a year earlier. For the full year, the company reported revenue of ₹26,537 crore, supported by a sharp ramp-up in production and capacity utilisation. Rathod said the year was defined by “execution at scale”, with capacity expansion and backward integration improving efficiency and cost leadership while supporting strong demand.