Waaree Energies IPO Details 2026

Incorporated in December 1990, Waaree Energies Limited is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW.

The product portfolio of solar energy products consists of the following PV modules

1. Multicrystalline modules
2. Monocrystalline modules; and
3. TopCon modules include flexible bifacial modules (Mono PERC), both framed and unframed, as well as building-integrated photovoltaic (BIPV) modules.

As of June 30, 2023, the company operates four manufacturing facilities in India, covering a total area of 136.30 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, India.

The Tumb facility is certified with ISO 45001:2018 and ISO 14001:2015 for the manufacture, marketing, supply, and installation of solar photovoltaic modules. The Chikhli facility is certified with ISO 45001:2018, ISO 9001:2015, and ISO 14001:2015 for solar photovoltaic module manufacturing, marketing, and supply.The company also comply with various safety standards for its PV modules.

As of March 31, 2021, 2022, and 2023, and as of June 30, 2023, the company served a total of 1,381, 716, 566, and 373 customers in India, respectively. Outside India, the company served 31, 26, 33, and 20 customers during the same periods.

Competitive Strength

• Largest Solar PV Module Manufacturer in India
• The diversified base of Indian and global customers with a large order book
• Advanced manufacturing facility with global accreditions
• Extensive Pan India retail network
• Consistent track record of financial performance
• Experienced management team

As of June 30, 2023, the company had 1,019 full-time employees.