They manufacture solar PV modules using various technologies: mono PERC, polycrystalline, N-type / TOPCon, bifacial, flexible, etc.
They are vertically integrated: they have a solar cell-manufacturing capacity in addition to modules.
They provide EPC (Engineering, Procurement, Construction) services for solar power projects; rooftop, utility scale, etc.
They are expanding into green hydrogen, electrolyzers, battery energy storage systems (BESS), etc., via their arm Waaree Clean Energy Solutions (Waaree CES).
Module manufacturing capacity in India: ~ 15.1 GW overall capacity.
Cell manufacturing capacity in India: ~ 5.4 GW.
They also have module manufacturing in the USA, with a facility that is operational (1.6 GW) and more expansion planned.
Strong financial performance:
Revenues & profit have surged in recent quarters. For example, Q1 (most recent) PAT (profit after tax) jumped ~ 89% YoY.
Q4 FY25 (quarter ended March 31, 2025): ~ 36% YoY increase in revenue; profit up ~34%.
Orders & Projects:
Secured large module supply orders, both in India and abroad (including US).
Acquisitions: They are acquiring or have acquired entities to strengthen complementary capabilities — e.g., stake in smart-meter manufacturer (Racemosa), stake in transformer business (Kotsons Pvt Ltd).
Expansion & Strategy:
Investing in US manufacturing to mitigate tariff / regulatory risks for exports.
Planning / setting up a 3.5 GWh lithium-ion battery cell plant (subsidiary – Waaree Energy Storage Solutions) via rights issue. Challenges / Risks:
Regulatory / trade risk: In the US, there is a petition / probe related to anti-dumping / pricing, which could affect imports / labeling rules.
Dependence on module / cell pricing which is sensitive to raw material costs and tariffs.
Very large scale in module & cell manufacturing in India, with multiple factories. This gives economies of scale.
Vertical integration (cells + modules) helps reduce costs, manage quality, supply chain risks.
International presence / exports, especially with facility in the US to hedge against import tariff risks.
Product diversification: different PV panel technologies; also moving into storage, hydrogen etc.
Strong financial performance recently; good order book.
Trade / tariff risk (US/others) is material, especially with investigations.
Raw material (silicon, wafers, cells) price volatility can squeeze margins.
Execution risk in scaling up large facilities (both in India & US).
Capital intensity: setting up manufacturing, especially for new tech (electrolyzers, battery cells) requires large capex.