Waaree Energies Secures Shareholder Green Light for ₹10,000 Crore War Chest

The solar major’s ambitious capital raise comes alongside a fresh 800 MW supply contract as the firm looks to dominate India’s renewable manufacturing landscape.

Solar power major Waaree Energies has cleared a significant hurdle in its expansion roadmap. Shareholders have officially voted in favour of a proposal to raise up to ₹10,000 crore through a Qualified Institutions Placement (QIP). The move, first greenlit by the company board in late April, allows the firm to tap into equity markets, non-convertible debentures, or warrants to fuel its aggressive growth strategy.

This massive capital infusion is clearly aimed at fortifying the company’s manufacturing base. Chairman and Managing Director Hitesh Doshi has been vocal about the firm’s strategy, aiming to scale operations across batteries, ingots, wafers, and solar cells. With these new capacities expected to come online throughout the year, the management is projecting a robust EBITDA range of ₹7,000–7,700 crore by FY27.

Beyond the fundraising, the company is also seeing strong operational momentum. Waaree Energies just confirmed it has bagged an order to supply 800 MW of solar modules to a prominent domestic energy provider. While the identity of the client remains under wraps, the scale of the deal—scheduled for execution in the 2026-27 financial year—underscores the sustained demand for indigenous solar equipment.

Leadership Shuffle and Financial Health

The shareholder meeting also saw the formalisation of leadership changes. Jignesh Devchandbhai Rathod has been appointed as a Director, as well as the company’s Whole-Time Director and Chief Executive Officer. His induction comes at a time when the firm is reporting stellar growth; the March quarter saw revenue more than double to ₹1,102.4 crore, while EBITDA surged by over 63% compared to the previous year.

Why it matters

The broader market is witnessing a clear trend where domestic renewable and infrastructure players are bagging significant orders. From L&T to CG Power, the flurry of recent announcements—often tracked by platforms like Upstox—points to a massive push in domestic industrial capacity. For Waaree, the ability to raise ₹10,000 crore signals strong investor confidence in the "Make in India" solar narrative. If the company maintains its projected 20% EBITDA margins while scaling its vertical integration, it will likely remain a bellwether for the country's energy transition. For those watching the Waaree Energies share price, the combination of fresh capital and a bulging order book suggests that the firm is positioning itself to be more than just a module assembler; it aims to be a full-stack energy giant.