Waaree Pivots to Full-Service Renewables, Eyes EU & Middle East After Record Results

• Waaree Energies is transitioning from a solar module manufacturer to a full-service renewable power provider, expanding capabilities beyond modules to include solar cells, ingots, wafers, polysilicon, batteries, and green hydrogen electrolysers.
• The company plans significant investments: Rs 12,000 crore for solar modules/cells/ingots/wafers (including a polysilicon supplier acquisition in Oman), Rs 10,000 crore for battery manufacturing, Rs 2,250 crore for renewable power infrastructure, and Rs 675 crore for green hydrogen electrolysers, totaling Rs 25,000 crore.
• Waaree aims to reduce its dependence on the US market for overseas revenue, actively exploring new geographies like the Middle East and the European Union, leveraging potential trade agreements.
• The company reported record Q3FY26 financial results, with sales more than doubling to Rs 7,565 crore, EBITDA growing to Rs 1,928 crore, and profit after tax reaching Rs 1,107 crore, driven by increased production and strong order inflows.
• Despite US political rhetoric and local resistance to data centers, the high demand for power from data hyperscalers (supporting AI and cloud computing) continues to drive significant renewable power capacity additions in the US, benefiting the solar industry.

Why It Matters: Waaree is strategically expanding into full-service renewables and new global markets after achieving record financial performance.