Waaree Energies Ltd

Meeting Details

• Date/time: Aug 27, 2026, 10:00 a.m.–5:00 p.m.; in-person, Mumbai.

Participants

• Company management participants not disclosed.

Purpose

• Investor/analyst interactions; discussions limited to publicly available information.

Additional Notes

• Organized by DAM Capital Renewable Energy; latest investor presentation available on company website.

Meeting Details

• Date: August 25, 2026; time not specified.
• Type: group meeting; mode: physical.
• Event/organiser: Waaree Energies Limited plant visit with analysts/investors.
• Venue: manufacturing facilities in Gujarat.

Participants

• Key participants: company officials.

Purpose

• Purpose: investor interaction; discussions based on public information.

Additional Notes

• Latest investor presentation available on company website.

Joint venture details

• Waaree Power Private Limited and Waaree Semicon sign a JV with SmartenGrand Ltd.
• The JV aims to manufacture and supply semiconductor products and set up a Gujarat fab.
• Waaree Power (WPPL) will hold 86.83% and SmartenGrand 13.17% in Waaree Semicon.
• Funding will be via equity subscription per valuation, in cash or in-kind.
• Board composition will reflect equity contributions; KMPs to be appointed accordingly.
• Not a related party transaction; SGL is not related to promoters.
• Waaree Semicon is newly incorporated and not yet operational.
• JV scope includes manufacturing and supplying power application diodes and related products.
• Rationale: leverage SmartenGrand technology and Waaree's infrastructure, financial capacity, and market presence.

Transaction overview

• Waaree subsidiaries sign Energy Supply Agreement and SSHA with Ultratech Cement Limited.
• UCL to subscribe to 26% of SHEPL's paid-up share capital.
• Cash consideration of INR 27.75 crore payable, subject to 26% subscription.
• Completion of sale/disposal expected within 180 days from ESA and SSHA execution.
• SHEPL is an SPV incorporated in FY2025-26 and yet to commence business.
• UCL is not part of promoter group; related party transaction not involved.
• Not a slump sale; no scheme of arrangement applicable.

Transaction overview

• Acquirer: C.T. Doshi Family Trust; 12,69,82,903 shares (44.14%) acquired by gift.
• Indirect acquisition: 5,27,67,331 shares (18.34%) via Waaree Sustainable Finance Pvt Ltd.
• Total post-transaction holding: 17,97,50,234 shares, 62.49%.

Regulatory & disclosure

• Exemption from open offer under Regulations 3, 4, 5 read with Regulation 11(5).
• Regulation 10(7) disclosure filed August 10, 2026.
• Filings with NSE/BSE and target company on July 9 and July 17, 2026.
• Acquisition date: July 16, 2026; mode: off-market gift.

Shareholding impact

• Pre-transaction acquirer: Nil; post-transaction: 44.14% directly.
• Seller pre: 45.78%; post: 1.63%.
• Total direct and indirect stake: 62.49%.

Indirect acquisition summary

• Target: Waaree Energies Limited
• Acquirer: C.T. Doshi Family Trust (Promoter Group)
• Type: Indirect acquisition via gift of WSFPL shares; off-market
• Pre-holdings: 12,69,82,903 shares (44.14%)
• Acquired 1,99,999 WSFPL shares (99.9995%), indirect 18.34% stake in Waaree Energies
• Date: August 06, 2026
• Post-holdings: 12,69,82,903 shares (44.14%)
• Open offer exemption granted per SEBI order dated July 03, 2026
• Equity capital before/after: Rs 2,87,65,13,350; 28,76,51,335 shares
• Total diluted capital: Rs 2,87,65,13,350; 28,76,51,335 shares

Key details

• Target Company: Waaree Energies Limited.
• Disclosing Party: Mr. Chimanlal Tribhuvandas Doshi, promoter.
• Transaction Type: Direct transfer to Acquirer Trust and indirect TC acquisition via WSFPL.
• Pre-Transaction Holding: 46,90,309 voting rights shares (1.63%).
• Transaction Details: Direct transfer of 12,90,86,802 shares (44.88%) to Acquirer Trust; 1,99,999 WSFPL shares for indirect.
• Mode: Off-market gift; exempt from open offer obligations.
• Date: August 06, 2026.
• Post-Transaction Holding: Acquirer Trust 12,90,86,802 shares (44.88%); CT Doshi 28,76,410 (1.00%); WSFPL 5,27,67,331 (18.34%).
• Capital context: Rs 2,87,65,13,350 comprising 28,76,51,335 shares (unchanged).
• Total diluted capital after: Rs 2,87,65,13,350 comprising 28,76,51,335 shares.
• SEBI exemption: Open offer exemption order no. WTM/KCV/CFD/05/2026-27 dated 03 July 2026.

Key transaction details

• Indirect acquisition of Waaree Energies via gift of WSFPL shares through inter se transfer.
• Exemption: SEBI Order WTM/KCV/CFD/05/2026-27; open offer obligations exempted.
• Acquirer: Family trust; Transferor: Individual promoter.
• Indirect acquisition of 5,27,67,331 TC shares (18.34%) via WSFPL.
• Acquirer pre- and post- TC holdings: 12,69,82,903 shares (44.14%).
• Transferor pre- and post- TC holdings: 46,90,309 shares (1.63%).
• Method: Off-market gift of WSFPL shares.
• Consideration: Gift; no monetary consideration.
• Public shareholding unchanged; no change in control or promoter group.
• Rationale: streamline succession and intergenerational wealth transfer; public shareholders unaffected.

Business Overview

• Waaree is an integrated clean-energy company spanning solar manufacturing, EPC, and energy infrastructure.
• Strategic expansion includes BESS, transformers, inverters, and green hydrogen.
• Module capacity ~26 GW; cell capacity ~5.4 GW; inverter capacity ~4 GW by FY27.
• 125 MW HJT module order; APSPL stake acquired for ₹1,225 Cr.

Operational Highlights

• Capacity expansion: commissioned 3 GW module capacity at Samakhiali, Gujarat, April 2026.
• Waaree Energy Storage Solutions started 5.15 GWh automated BESS capacity.
• Waaree Transpower started production of 17.6 MVA inverter-duty transformer.
• BESS EPC order of 1,520 MWh; NZ solar+BESS project ECI; two 800 MWac solar EPC orders.
• FY27 EBITDA guidance reaffirmed at ₹7,000-₹7,700 Cr.
• Order book strength ~₹61,500 Cr.
• Total capacity expansion: module 26 GW; cells 5.4 GW; inverters 4 GW by FY27.
• Retail expansion: Radiance Kusum Agri Kit launches.
• Global footprint includes US and Oman manufacturing sites.

Financial Performance

• Revenue from operations ₹7,932 Cr in Q1 FY27, up 79.2% YoY.
• Operating EBITDA ₹1,440 Cr; margin 18.2%; YoY +44.4%.
• PAT ₹892 Cr; margin 11.0%; YoY +15.4%.
• Order book ~₹61,500 Cr.
• ROCE 28.5%; ROE 24.8%.

Capital Structure & Liquidity

• Net debt to equity at -0.08x (net cash position).
• Capex outlay ~₹10,000 Cr; equity raised ~₹1,000 Cr to date.
• Acquired ~55% stake in APSPL for ₹1,225 Cr.

Strategic Priorities & Outlook

• Reaffirm FY27 EBITDA guidance ₹7,000-₹7,700 Cr.
• Target 20 GWh BESS by FY28; Phase I 3.5 GWh by FY27; Phase II 16.5 GWh by FY28.
• Inverter capacity 4 GW by FY27; Phase I 3 GW active, Phase II 1 GW by FY27.
• Transformer capacity to 20,000 MVA; current 9,530 MVA; add 10,470 MVA; capex ₹192 Cr.
• Electrolyser capacity 1 GW by FY27; electrolyser PLI 300 MW; hydrogen PLI 90,000 TPA.
• Geographic expansion in US and Oman; strengthen India’s retail energy platform.
• Two new Waaree launches; Radiance Kusum Agri Kit expanding product line.
• PPA signed for 1,000+ MW; connectivity for ~10 GW projects; long-term visibility.

Governance & Leadership

• Board comprises experienced independent directors; no governance changes announced.
• Key leadership: Jignesh Rathod (CEO), Abhishek Pareek (CFO) among senior management.

Meeting Details

• Date and time: Thursday, July 30, 2026 at 11:00 IST.
• Type: group conference call; mode: virtual.
• Organizer: Waaree Energies Limited.

Participants

• Whole Time Director & CEO.
• Chief Financial Officer.
• President – Growth & Strategy.

Purpose

• Discuss Q1 FY27 unaudited results with analysts and institutional investors.