Waaree Energies Limited has detailed a broad expansion plan across manufacturing, grid equipment, energy storage, and green hydrogen in its investor presentation for Q4 and FY26. The roadmap positions the company to scale beyond solar modules into an integrated energy platform.
The company has begun work on a 10 GW integrated ingot and wafer facility in Nagpur with an approved capex of Rs 6,200 crore, strengthening backward integration. It has also acquired a strategic stake in United Solar Holding to secure a long-term, traceable non-Chinese polysilicon supply. Expansion of battery and solar cell manufacturing is progressing as planned.
Waaree’s Board has approved a Rs 3,900 crore investment to build photovoltaic (PV) glass manufacturing capacity of 2,500 tonnes per day. The company indicated that internal demand will support immediate utilisation, with expected production costs below Chinese landed prices.
In grid infrastructure, Waaree plans to increase transformer manufacturing capacity from 4,000 MVA to 20,000 MVA with a capex of Rs 192 crore. The expanded portfolio will include distribution transformers, inverter duty transformers, and extra high voltage units. The current order book in this segment stands at about Rs 266 crore.
The company has commissioned Phase-I of a 3 GW inverter manufacturing facility and plans to add another 1 GW by FY27, taking total capacity to 4 GW. The inverter business involves an investment of about Rs 180 crore.
In energy storage, Waaree is developing a 20 GWh advanced cell chemistry cell and battery pack manufacturing facility with an estimated capex of Rs 10,000 crore. The project will be executed in phases, with 3.5 GWh targeted by FY27 and the remaining 16.5 GWh by FY28.
For green hydrogen, the company is targeting 1 GW of electrolyser manufacturing capacity by FY2027, backed by an investment of about Rs 676 crore. The segment currently has an order book of about Rs 152 crore.
Through its subsidiary Waaree Renewable Technologies Limited, the company plans to acquire around 55% stake in Associated Power Structures Limited for approximately Rs 1,225 crore, expanding into transmission and distribution EPC. Waaree has also signed power purchase agreements for 713 MW/1,044 MWp and is building a pipeline of around 8 GW across renewable and battery energy storage system (BESS) projects.
The expansion follows a strong financial performance. Waaree reported a 101.45% year-on-year increase in profit after tax to Rs 3,884 crore on revenue of Rs 26,537 crore for FY26. The company has guided for operating EBITDA in the range of Rs 7,000–7,700 crore for FY27. Its credit rating has been upgraded to CARE AA- (Stable).
