Waaree Energies Ltd

- Waaree Energies Limited has taken an enabling resolution to raise up to approximately INR 10,000 crores. - The company plans to come out soon with detailed objectives and timelines for this fundraise. - The fundraise will support the Waaree 2.0 transition, involving expansion into core and adjacent businesses to deepen integration and improve cost competitiveness. - Capital raised will be used to localize Bill of Materials (BOM), support government policies, expand manufacturing capabilities (including glass manufacturing), and extend the growth curve. - The company emphasizes that every rupee deployed will be backed by confirmed demand and clear return paths. - No specific split between debt or equity was mentioned; the resolution covers both possibilities.

- Waaree is undertaking a $3.5 billion (approx. INR 26,000 crores) committed capex over the next two years to scale core capacity and expand into adjacent value pools as part of its transition to Waaree 2.0. - Key projects and capex include: - Battery Energy Storage System (BESS) plant with planned capacity of 20 GWh: Phase 1 (3.5 GWh) in the current FY and Phase 2 (16.5 GWh) next FY, capex around INR 10,000 crores. - Green hydrogen electrolyser manufacturing unit with 1 GW capacity in Gujarat, capex approx. INR 676 crores. - Photovoltaic (PV) glass manufacturing with 2,500 TPD capacity (16-17 GW modules per annum), capex approx. INR 3,900 crores. - Inverter manufacturing plant (4 GW capacity) in Gujarat, capex approx. INR 180 crores. - Transformer manufacturing expansion to 20,000 MVA capacity, capex approx. INR 192 crores. - Completion of core solar module and cell manufacturing expansion by FY27, ingot and wafer and battery expansion by FY28. - These investments aim to build an integrated energy transition platform capturing large market opportunities.

- Waaree expects strong growth driven by capacity expansions, with a 10 GW cell capacity ramp-up in H2 FY26 and 15.4 GW available in FY28. - Revenue growth is supported by expanding into new verticals like Battery Energy Storage Systems (BESS) with 20 GWh capacity planned, aligning with India's expected BESS demand of 60-80 GWh annually and 300 GWh cumulative by 2030-32. - Overseas market focus includes Europe, Africa, and the Middle East, aiming for 15-20% revenue contribution from these regions within three years. - Domestic solar capacity additions in India are projected to grow to 72 GW by 2030 and 100 GW by 2035, sustaining demand. - The company targets operating EBITDA of INR7,000-7,700 crores for FY27, reflecting confidence in volume and margin growth. - Integration across the value chain (ingot, wafer, cell, module, and storage) and policy support (ALMM II/III, PLI) are expected to maintain balanced supply-demand and robust pricing.

- Waaree Energies guides operating EBITDA for FY27 to be between INR 7,000 crores and INR 7,700 crores, reflecting strong growth from FY26. - They expect consistent EBITDA margins around 19%-20% over the next 5 to 10 years. - Full-scale cell manufacturing (15.4 GW capacity) from H2 FY27 onwards is expected to improve margin profiles. - Profit after tax grew by 101% in FY26 to INR 3,884 crores, indicating strong earnings momentum. - ROE and ROCE for FY26 were 29% and 32% respectively, showcasing high returns expected to continue. - EPS growth is aligned with revenue and profit growth driven by increased integration, capacity scaling, and market expansion. - BESS and new verticals are anticipated to contribute progressively, maintaining healthy returns (ROC and ROE around 20%-25%).

- Current order book stands at approximately INR 53,000 crores. - Around INR 8,400 crores of revenue has already been delivered against this order book. - Sequentially, there was a decline of INR 7,000 crores in the order book due to: - Higher shipment compared to new order intake. - Deferral of new orders from overseas markets, influenced by disruptions in the Middle East. - Domestic order intake continues but is outpaced by shipments. - Some depletion in domestic orders due to cell procurement challenges was indicated. - Export orders were impacted by logistics delays and congestion, affecting exports and order inflows temporarily. - Overall, order book remains strong but subject to market and geopolitical factors affecting timing and intake pace.