Waaree Energies: India’s Largest Solar Module Maker

A solar module, or panel, is the device that turns sunlight into electricity.

It looks simple on rooftops and fields, but behind it lies a complex chain of steps from ingots and wafers to solar cells, and finally the finished panel.

Not every company is involved in every stage. Some specialise only in cell production, others outsource components, and only a few manage to integrate the entire chain end-to-end.

Not every company is present across this value chain.

Many specialise in a single step, and others rely on outsourced components.

Waaree Energies stands out as one of the few players to integrate the entire chain end-to-end, from wafers and cells to batteries, inverters, and even green hydrogen.

India is also in the midst of its largest energy transition.

The country has set a bold target: 500 GW of renewable capacity by 2030. Half of that, which is about 250 GW, will come from solar.

As of March 2025, total renewable capacity stands at about 220 GW.

Reaching the 2030 goal will mean adding around 50 GW every year.

Policy support, through schemes such as Production Linked Incentives (PLI), import duties, and anti-dumping measures, is expected to play a crucial role.

At the same time, a global “China +1” strategy is encouraging countries to diversify supply chains, which in turn will create new opportunities for Indian manufacturers.

Founded in 1990 and headquartered in Mumbai, Waaree has grown into India’s largest solar module manufacturer with 15 GW of installed capacity.

Its factories are spread across Gujarat, Noida, and even the United States, making it one of the few Indian players with a truly global presence.

Today, Waaree commands 14.1 per cent of India’s domestic market as of Q1 FY26, accounts for 44% of the country’s module exports, and supplies 21% of modules used domestically.

Behind this dominance lies an order book worth nearly ₹49,000 crore and a project pipeline exceeding 100 GW.

Its entry into the stock market in October 2024 marked a significant milestone for the company.

The IPO raised ₹4,321 crore, providing fresh capital for expansion and integration.

In the first quarter of FY26, revenue rose 31% year-on-year to ₹4,597 crore, while profit nearly doubled to ₹773 crore.

Production also increased sharply, rising to 2.3 GW compared to 1.4 GW in the same quarter last year.

Over the past five years, the company’s scale has expanded dramatically, with revenue climbing from ₹1,993 crore in FY21 to ₹14,846 crore in FY25, and profit after tax rising from just ₹48 crore to nearly ₹1,928 crore in the same period.

Waaree is now preparing for its next phase of expansion.

This includes new capacity for solar cells and wafers, a large lithium-ion battery plant in Gujarat, an electrolyser facility for green hydrogen, and an inverter plant capable of supplying hundreds of thousands of units each year.

To support this, the company has committed over ₹2,700 crore in capital expenditure.

This expansion comes at a time when India’s solar industry is attracting some of the biggest names in business.

Reliance, Tata, Adani, and JSW are all ramping up their renewable portfolios.

Globally, Chinese companies continue to dominate, accounting for almost 78% of global solar module production, while India ranks fourth with just under 2%.

Yet the shift toward diversifying supply chains could tilt the balance.

The government is also providing strong support, with a ₹24,000 crore outlay for high-efficiency modules and a 20% import duty on modules and cells to encourage domestic manufacturing.

For Waaree, this backdrop provides both competition and momentum.

With India planning to add around 50 GW of renewable capacity every year till 2030, the demand outlook remains strong.

Waaree’s future will hinge on how well it delivers on its expansion, navigates shifting policies, and takes advantage of global demand as countries seek to diversify their solar supply.

The company has already proven its ability to grow quickly and capture market leadership.

The question now is how well it can sustain that leadership in a market that is becoming larger, more complex, and more competitive by the day.

Sources:

AltInvestor
Ministry of New and Renewable Energy
Waaree
Indian Express
BSE India
The New Indian Express
Sunsave
NDTV Profit