Waaree Energies Ltd

- No explicit mention of immediate new fundraising through debt or equity in the provided transcript. - The company has already taken some bank borrowings but the drawdown has not happened yet. - Existing substantial cash balance and forecasted earnings are expected to support upcoming capex. - Financial closures are planned well ahead of capex requirements to ensure smooth funding. - Capital expenditure of around INR 25,000 crores planned over next 2-3 years, with significant spend expected mainly in FY27 and FY28. - No specific plans shared about fresh equity or additional debt raising at this stage; if any future fundraising plans arise, the company indicated it will inform investors accordingly.

- Waaree Energies has announced an overall capex plan of over INR 25,000 crores to be spent over the next 24 months, with bulk of the expenditure planned for FY27 and FY28. (Pages 16-17) - The capex is back-ended, with around 10-15% expected in the current fiscal year and about 50% in FY27. (Page 17) - Key investments include: - Battery Energy Storage System (BESS) manufacturing with a capacity target of 20 gigawatt-hours, investing approximately INR 8,000 crores. (Pages 5, 11, 14-15) - Inverter manufacturing capacity of 4 gigawatts per annum, with 3 GW operational within the fiscal year and the remaining 1 GW next year. (Page 5) - Green hydrogen capacity of 1 gigawatt expected operational by 2027. (Page 5) - Expansion of module capacity from ~18.7 GW to 26.7 GW by FY26. (Page 5) - Cell capacity scale-up to 15.4 GW and ingots and wafer facility of 10 GW by 2027. (Page 5) - Phase one of BESS cell and pack line commercial production expected next financial year, with phase two following within 12 months. (Page 15) - The company is actively investing in research for advancing technologies and is entering adjacencies like hydrogen, transformers, smart meters, and inverters. (Pages 5, 22)

- Waaree Energies sees strong demand growth driven by India's solar capacity expected to more than double to ~280 GW by 2030. - The company has a healthy order pipeline of over 100+ GW indicating robust future sales. - They plan to expand module capacity from ~18.7 GW to 26.7 GW in FY26. - Cell capacity is targeted to scale up to 15.4 GW by 2027, and ingot & wafer facility to 10 GW by 2027, supporting volume growth. - Battery energy storage system (BESS) segment is a key growth area with INR ~8,000 crores investment and industry forecasted to grow fivefold globally by 2030. - Expansion into complementary segments like inverters (4 GW per annum) and green hydrogen (1 GW by 2027) will contribute to revenue diversification and growth. - Domestic and export sales mix is expected to remain strong, with retail and exports contributing positively to margin and volume expansion. - Utilization improvements at facilities like Indosolar (currently ~70-75%) will aid volume ramp-up. - Overall, steady progress on capacity scale-up and diversification underpins positive future growth outlook.

- Waaree Energies refrains from giving precise forward-looking numerical guidance due to the nascent and evolving nature of the business. - The company expects strong growth with revenues and EBITDA seen expanding progressively, backed by ramping up capacities. - EBITDA guidance for FY26 is INR 5,500 to 6,000 crores. - Profitability expected to improve as cell capacity utilization ramps up significantly in H2 FY26. - Margin expansion targeted through backward integration in module and cell manufacturing, aiming for 22-25% gross margins. - New verticals like BESS, inverters, and electrolyser manufacturing will begin contributing material revenues progressively, with full capex benefits visible post FY28. - Order book remains robust at ~24 GW (~INR 47,000 crores), supporting growth visibility. - Earnings growth is expected to be supported by new technology adoption, enhanced retail sales, and export mix optimization.

- Waaree Energies Limited has a healthy order pipeline exceeding 100+ gigawatts. - The typical order book split is approximately 60% overseas and 40% domestic. - For the recent quarter, revenue contribution was about 53% domestic and 47% overseas, indicating a nearly balanced order fulfillment. - Retail segment is a significant and growing part of the domestic order book, approximately 19%-20%, with the remainder from large institutional customers. - The company’s order book is dynamic and can shift quarter-to-quarter based on customer readiness and demand. - Retail orders are typically cash-and-carry and may not always be included in the official order book but contribute significantly to revenue. - Waaree aims to ramp up capacity to meet the increasing demand, both domestically (supported by strong policy incentives) and internationally.