Waaree Energies Ltd Management Discussions

ECONOMY OVERVIEW Global Economy

The global economy navigated a complex landscape in 2024, marked by shifting geopolitical dynamics and evolving market trends. The global economy grew by 3.3% year-over-year (YoY) in 2024, compared to 3.5% in 2023. Advanced economies registered growth rate of 1.8% YoY in 2024, while Emerging Market and Developing Economies (EMDEs) continued to demonstrate resilience with growth of 4.3% YoY during the same period. The US economy remained resilient in 2024, supported by strong labour markets and robust domestic demand, while the Eurozone continued to face structural challenges, especially in energy-intensive sectors. India and Southeast Asia led the way with strong domestic consumption, digital transformation and infrastructure investment. Chinas economy, while recovering, faced headwinds from a property sector slowdown and weaker external demand. The energy transition gained momentum globally, with accelerated investments in renewable infrastructure and clean technologies, reflecting a broader commitment to climate goals. However, challenges such as regional conflicts, climate- related disruptions and trade fragmentation continued to pose risks to global economic stability.

Outlook

The global economic outlook for 2025 presents both challenges and opportunities, shaped by evolving trade dynamics and shifting policy priorities. While advanced economies are expected to achieve inflation targets sooner, EMDEs, led by China and India, are likely to sustain steady growth. However, recent US tariffs and retaliatory actions pose risks to global trade, potentially increasing inflation and slowing economic growth. The global economy is projected to grow by 2.8% YoY in 2025 and 3.0% YoY in 2026, reflecting a slowdown from the growth recorded in the previous two years. Advanced economies are expected to expand by 1.4% YoY in 2025 and 1.5% YoY in 2026, continuing a trend of modest growth. In contrast, Emerging Market and Developing Economies (EMDEs) are projected to grow at a relatively stronger pace of 3.7% YoY in 2025 and 3.9% YoY in 2026. Despite these uncertainties, technological advancements and strategic policies are expected to support economic resilience and stability. As more countries focus on clean and sustainable energy, the sector is boosting global GDP, creating jobs, cutting energy costs and improving long-term energy security. This remarkable growth is not taking place in isolation; rather, it is being driven by a combination of globalisation and supportive policy framework. Collectively, these factors are accelerating the progress of the renewable energy sector and firmly establishing it as a key driver of inclusive and sustainable economic development across both developed and emerging economies.

INDIAN ECONOMY

India continues to be one of the fastest-growing economies globally, supported by its demographic advantage, strong domestic demand, ongoing economic reforms, healthy GST collections, growth in manufacturing and infrastructure, technological progress and an effective digital drive. Despite global uncertainties, the Indian economy continued to grow, although at a slower pace than the previous year.

As per the second advance estimates from the Ministry of Statistics and Programme Implementation (MOSPI), the Indian economy grew by 6.5% YoY in FY 2024-25, lower than the 9.2% growth recorded in FY 2023-24. Indias GDP growth also had been impacted due to the high base effect since COVID-19, along with a combination of factors such as weak urban consumption, a rising trade deficit and reduced private investment.

Despite the slowdown, India continued on a stable growth path, driven by robust manufacturing activity, growing services and increased infrastructure spending. Government initiatives to promote digital transformation, financial inclusion and ease of doing business further supported growth. Efforts to diversify trade and sign new free trade agreements (FTAs) helped reduce external risks. Rising urbanisation and a growing middle class also contributed to higher consumer spending.

Inflation remained a concern in FY 2024-25 due to global supply chain disruptions and volatile commodity prices. In response to changing economic conditions, the Reserve Bank of Indias Monetary Policy Committee (MPC) unanimously decided to reduce the repo rate by 25 basis points twice since February 2025, bringing it down to 6% on April 9, 2025 and further reduced 50 basis points to 5.5% in June 2025, while maintaining a neutral stance. Retail inflation in India has steadily eased over the past three financial years, declining from 6.7% in FY 2022-23 to 5.4% in FY 2023-24, and further to 4.6% in FY 2024-25, and is expected to decline further to 3.7% in FY 2025-26.

Indias GDP Growth Rate (%)

9.2

FY 23 FY 24 FY 25 FY 26

Outlook

Looking ahead, Indias economic outlook remains favourable, with growth expected to stay above the global average. Building on these strengths, the economy is expected to grow by 6.5% YoY in FY 2025-26, maintaining the same growth rate as FY 2024-25. Indias expanding population, young demographic profile and the Governments sustained focus on developing digital, regulatory, financial and physical infrastructure over the past decade are expected to accelerate economic growth in the coming years. As Indias energy demand rises alongside rapid urbanisation and industrial growth, the need for clean and renewable power becomes more urgent. The country is home to a large number of high-quality businesses yet remains underrepresented in global equity indices. This creates a meaningful opportunity to invest in companies with strong balance sheets, steady growth and improving profitability - especially those driving Indias transition to green energy. The Government of India has introduced multiple initiatives such as the Production Linked Incentive (PLI) scheme for solar PV modules, green hydrogen mission and significant capital investments towards grid modernisation and renewable parks. These measures are aimed at strengthening the countrys energy security while promoting sustainable development.

INDUSTRY OVERVIEW

Global Renewable Energy Market

Overview

In 2024, global renewable power capacity reached 4,448 GW, with a record addition of 585 GW during the year, accounting for 92.5% of all-new capacity additions. The growth was mainly driven by solar and wind power in 2024. In India, renewable sources now make up 48.5% of the total installed power capacity, reflecting strong progress in clean energy. As the energy transition moves forward, improvinggrid flexibilityand systemadaptability will be key to supporting continued growth. In 2024, Asia contributed the largest share of new capacity at 72.0%, adding 421.5 GW of renewables and bringing its total to

In India, renewable sources now make up 48.5% of the total installed power capacity, reflecting strong progress in clean energy.

2,382 GW, which represents 53.6% of the global capacity. North America saw an increase of 45.9 GW, driven primarily by renewable power installations in the United States. Africa experienced steady growth, expanding by 4.2 GW, mainly led by Egypt, Ethiopia and South Africa. Oceanias installed capacity grew by 8.7 GW, largely due to additions in Australia. South America maintained its upward trajectory, with a capacity increase of 22.4 GW. In the Middle East, newly commissioned capacity rose by 3.3 GW in 2024, with Saudi Arabia contributing over half of the total expansion. Achieving the ambitious COP28 target of tripling global renewable energy capacity by 2030 presents a tremendous opportunity to accelerate the global energy transition and will require an even more rapid pace of innovation, investment and development across the sector.

4,448.1

2020 2021 2022 2023 2024

Source: IRENA

Outlook

The outlook for the renewable energy market remains very strong. The IEAs Renewables 2024 report projects that global renewable capacity will expand 2.7 times by 2030—surpassing current government targets by nearly 25%, yet remaining below the COP28 objective of tripling capacity. Between 2018 and 2023, global renewable energy capacity grew at a compound annual growth rate (CAGR) of 10.4%, reflecting steady progress in the

transition towards cleaner energy sources. However, achieving the target by 2030 would have necessitated sustaining a minimum annual growth rate of 16.1% starting from 2022, highlighting the need for consistent and accelerated progress in renewable energy installation and utilisation. Solar and wind power sectors are expected to account for 95% of this growth, with China leading the way by contributing 60% of the new additions. Other key markets like the US, EU and India are also expected to see significant growth.

Renewable Power Capacity by Region

North America
	-
Capacity	573 GW
Global share	12.9%
Change	+ 45.9 GW
Growth	+8.7%
Central America and
the Caribbean
Capacity	19 GW
Global share	0.4%
Change	+ 0.6 GW
Growth	+3.2%
South America
Capacity	313 GW
Global share	7.0%
Change	+22.5 GW
Growth	+7.8%

 

Europe
Capacity	849 GW
Global share	19.1%
Change	+70.1 GW
Growth	+ 9.0%
Capacity	40 GW
Global share	0.9%
Change	+ 3.3 GW
Growth	+ 9.0%
Capacity	67 GW
Global share	1.5%
Change	+4.2 GW
Growth	+6.7%

 

Capacity	131 GW
Global share	2.9%
Change	f- +8.3 GW
Growth	+6.8%
?
Capacity	2382 GW
f Global share	53.6%
^ Change	+421.5 GW
Growth	+21.5%
Capacity	74 GW
Global share	1.7%
Change	+8.7 GW
Growth	+ 13.3%

Looking ahead, a significantly accelerated pace of renewable energy utilisation is essential. This includes not only large-scale renewable power plants but also widespread adoption of distributed electricity generation. Achieving the 1.5?C climate goal will depend on urgent and coordinated efforts across countries to scale up renewable energy investments, streamline regulatory frameworks and enhance grid infrastructure to support this rapid expansion. However, challenges such as grid integration, permitting and financing - especially in emerging economies - still remain. The solar PV manufacturing sector shows strong capacity and growth potential. Meanwhile, the wind energy sector offers promising investment opportunities that can help avert potential bottlenecks and sustain long-term growth.

Source: IRENA Capacity Statistics 2025 CRISII Infrastructure Yearbook 2025

INDIAN RENEWABLE ENERGY MARKET Overview

India has reached a key milestone by crossing 200 GW of installed renewable energy capacity in FY 2024-25, reflecting its growing role in global climate action. As of March 31, 2025, the countrys renewable energy capacity stood at 220.1 GW, with 29.5 GW added in FY 2024-25 - its highest ever annual addition.

India witnessed strong growth in renewable energy, led by solar energy, which added 23.83 GW - up from 15.03 GW the previous year - bringing total solar capacity to 105.65 GW. This was followed by wind energy with 4.15 GW of new additions, raising its cumulative capacity to 50.04 GW during the year. Bioenergy and small hydro power also maintained momentum, with capacities reaching 11.58 GW and 5.10 GW respectively during the year.

As of April 11, 2025, India had a renewable energy pipeline of 234.46 GW, comprising 169.40 GW under implementation and 65.06 GW at the tendered stage. These projects include advanced solutions like hybrid energy systems, round-the-clock power and combinations of thermal and renewable sources, aimed at improving grid stability and energy security. The Ministry of New and Renewable Energy (MNRE) continues to drive these efforts, reinforcing Indias clean energy ambitions.

As of April 11, 2025, India had a renewable energy pipeline of 234.46 GW, comprising 169.40 GW under implementation and 65.06 GW at the tendered stage.

Outlook

Indias renewable energy sector was valued at USD 23.9 billion in 2024 and is expected to grow to USD 52.1 billion by 2033, registering a CAGR of 8.1%. This growth would be supported by innovation in solar and wind technologies, expanding energy storage solutions and increasing demand for sustainable energy alternatives. Indias renewable energy outlook is shaped by a balanced approach that equally prioritises economic growth, energy security and environmental sustainability. The country has set clear targets - achieving net-zero emissions by 2070, reducing the carbon intensity of GDP by 45% till 2030 and ensuring that 50% of installed power capacity comes from non-fossil fuel sources. With nonfossil sources already contributing 46% to its power mix, India is well on track to meet its 2030 commitments. The transition is supported by strong policy frameworks, growing investments and global partnerships. The sectors key priorities include expanding renewable capacity, developing green hydrogen infrastructure, decarbonising hard-to-abate sectors, promoting electric mobility, energy efficiency and mobilising green finance.

Source: IEA, IMARC,

CRISII Infrastructure Yearbook 2025, PIB Press Release PIB GoI dated Apr 10, 2025 Renewable Energy Pipeline

GLOBAL SOLAR POWER MARKET Overview

The global solar energy market has experienced remarkable expansion, fuelled by supportive government policies, declining technology costs and rising demand for clean energy. In 2024 alone, global solar capacity grew by 32.3% YoY, reaching 1,866.3 GW with 452 GW added during the year - accounting for around 42% of all renewable capacity additions. The market is projected to grow from USD 169.5 billion in 2024 to USD 217.5 billion in 2025, reflecting a strong CAGR of 28.3%. Asia emerged as the leader in the global solar energy surge, more than doubling its solar capacity since 2022. In 2024, China made a significant contribution by adding 278.0 GW, followed by India with 24.5 GW and South Korea with 3.1 GW, reflecting the regions strong commitment to renewable energy expansion. In other regions, the United States saw a 54% YoY increase with 38.3 GW added, while Brazil and Germany contributed 15.2 GW and 15.1 GW, respectively.

Outlook

The global solar market is poised to maintain its robust growth trajectory, with the market size projected to reach USD 501.2 billion by 2029, growing at a CAGR of 23.2%. This expansion will be fuelled by multiple factors including the ongoing modernisation of power grids, rising global electricity demand, rapid urbanisation and the widespread adoption of distributed energy generation. Supportive global climate policies and agreements are expected to further accelerate adoption, along with the growing popularity of community solar programmes that enable wider access to clean energy. Key trends shaping the future of the solar industry include technological advancements in solar panels, increasing deployment of solar tracking systems, digitalisation and integration with smart grids, the rise of floating solar installations and the development of hybrid energy systems.

Source: The Business Research Company IRENA RE Capacity Highlights 2025

INDIAN SOLAR POWER MARKET Overview

In FY 2024-25, solar energy emerged as the leading contributor to Indias renewable energy capacity growth, with an impressive addition of 23.8 GW - substantially higher than the 15.0 GW added in the previous year. This brought the countrys total installed solar capacity to 105.7 GW, comprising 81.0 GW from ground-mounted systems, 17.0 GW from rooftop solar, 2.9 GW from hybrid project components and 4.7 GW from off-grid setups. The expansion reflects the sustained momentum in both large-scale and small-scale solar adoption. With urbanisation and industrialisation driving up power needs, solar energy is increasingly being adopted as an economical and dependable solution. Government initiatives such as the National Solar Mission and various financial incentives have played a key role in accelerating the uptake of solar power across residential and commercial sectors.

Outlook

Indias solar energy market, valued at over USD 10.3 billion in 2024, is witnessing rapid growth, propelled by surging electricity demand and robust government backing for renewables. Indias solar energy market is projected to grow significantly, reaching USD 50.4 billion by 2031 at a robust CAGR of 21.9%. This anticipated expansion reflects the growing preference for solar power as a clean, affordable and sustainable energy solution. The markets upward trajectory is being fuelled by favourable government policies, advancements in solar technologies and rising environmental consciousness. Active involvement from both the public and private sectors, along with continuous innovation, is expected to drive the sector forward in future. As India strengthens its position as a global renewable energy leader, solar power will remain central to achieving long-term goals in energy security, economic development and environmental responsibility.

Source: PIB - MNRE Press Release

MNRE - Year Wise Achievement

Verified Market Research- India Solar Energy Market

GLOBAL SOLAR PV MANUFACTURING Overview

Solar photovoltaic (PV) technology, which harnesses sunlight through solar cells to generate electricity, continues to gain traction due to its flexibility, affordability and environmental advantages. In 2024 alone, nearly all-new solar power capacity - totalling 451.9 GW - was attributed to solar PV. This rapid expansion has been propelled by robust economic growth in developing nations, rising populations, government subsidies, increasing environmental concerns, corporate adoption of clean energy and enhanced research and development (r&d) efforts. Between 2018 and 2023, global solar PV capacity tripled, supported by favourable policy frameworks and declining installation costs.

Outlook

Looking ahead, solar photovoltaic (PV) technology is set to play a pivotal role in the global energy transition, with forecasts suggesting it will contribute nearly 80% of global renewable capacity additions by 2030. This reinforces its position as the worlds leading renewable energy source by the end of the decade. The global solar PV market is expected to grow from USD 250.1 billion in 2024 to USD 280.7 billion in 2025, marking a 12.2% YoY increase and is projected to reach USD 439.6 billion by 2029 at a CAGR of 11.9%. By 2030, China is anticipated to maintain its leadership, contributing over 80% of manufacturing capacity across the entire solar PV supply chain, while the United States and India are expected to nearly triple their solar cell and module production capacities.

Within this broader growth trajectory, the rooftop and floating solar PV segments are also witnessing rapid expansion. The global rooftop solar market is projected to grow from USD 124.4 billion in 2024 to USD 534.9 billion by 2034, registering a CAGR of 15.7%. Asia-Pacific - led by China, India and Japan - continues to dominate this segment, fuelled by rising electricity demand and favourable policy frameworks. The Asia Pacific floating solar market size was evaluated at USD 3.28 billion in 2024 and is predicted to be worth around USD 37.11 billion by 2034, rising at a CAGR of 27.49% from 2025 to 2034.

Building on the momentum in rooftop and floating installations, the Engineering, Procurement and Construction (EPC) segment - crucial for large-scale solar project implementation - is also experiencing consistent growth. The global solar EPC market is projected to increase from USD 232.6 billion in 2024 to USD 246.4 billion in 2025 and further to USD 302.5 billion by 2029, at a CAGR of 5.3%. The growth is underpinned by the global shift towards decentralised energy systems, supportive government policies and innovations such as bifacial modules, energy storage solutions, digitalisation and hybrid solar models.

Complementing EPC growth is the solar operations and maintenance (o&m) sector, which ensures the long-term performance and reliability of installed solar

The countrys solar module production capacity witnessed a sharp increase to 100 GW as on August 13, 2025 from 38 GW in March 2024.

systems. The global solar PV O&M market is expected to reach USD 10.9 billion by 2030, growing at a CAGR of 14.8% during 2024-2030. The sector is benefiting from the surge in global solar installations, falling technology costs and the adoption of digital tools that enhance preventive maintenance and reduce system downtime. These trends align with broader environmental goals aimed at reducing carbon emissions and mitigating climate change impacts.

Several underlying drivers are reinforcing this growth trajectory across the solar PV value chain. These include rapid urbanisation, a growing global population, rising energy demand and increasing investments in clean energy. Additionally, concerns over volatile fuel prices, dependence on fossil fuel imports and heightened climate commitments are propelling the shift towards renewable energy. Future advancements are expected to be shaped by scale-up in manufacturing infrastructure, the integration of AI and robotics, improvements in solar panel efficiency and the establishment of cross-border solar transmission networks.

Sources:

• Industry ARC

• The Business Research Company

• LEA

• Precedence Research - Rooftop Solar

• Precedence Research - Floating Solar

• The Business Research Company - Solar EPC Global Market Report

INDIAN SOLAR PV MANUFACTURING Overview

India has achieved notable advancements in solar manufacturing, aligning with its broader push for Aatmanirbharta (self-reliance). The countrys solar module production capacity witnessed a sharp increase to 100 GW as on August 13, 2025 from 38 GW in March 2024. Similarly, solar photovoltaic (PV) cell manufacturing capacity saw a substantial rise, growing from 9 GW in March 2024 to 25 GW by March 2025. A key milestone was the commissioning of Indias first ingot- wafer manufacturing facility with a capacity of 2 GW in FY 2024-25. Additionally, the Production Linked Incentive (PLI) Scheme for High-Efficiency Solar PV Modules has attracted investments totalling g 48,120 crores as of June 30, 2025.

PIB, GoI

PIB GoI dated April 1, 2025

India has reached a historic milestone in its solar PV manufacturing journey, with its enlisted module manufacturing capacity under the Approved List of Models and Manufacturers (ALMM) now exceeding 100 GW. This remarkable achievement represents a significant increase from just 2.3 GW in 2014, showcasing a rapid expansion of the countrys solar manufacturing ecosystem.

This growth is a testament to Indias commitment to self-reliance, aligning with its "Atmanirbhar Bharat" (Self-Reliant India) vision. Key drivers behind this surge include the visionary leadership and transformative initiatives, such as the Production Linked Incentive (PLI) Scheme for High-Efficiency Solar Modules. These interventions have created a competitive and diverse manufacturing landscape, capable of meeting domestic demand while also positioning India as a significant player in the global solar value chain.

The expansion is not only in scale but also in scope. The number of manufacturers included in the ALMM has increased from 21 in 2021 to 100 as of August 13, 2025, operating across 123 manufacturing units. This growth has been supported by both established companies and new entrants, many of whom have adopted advanced, high-efficiency technologies and vertically integrated operations. The governments continued policy support, along with infrastructure development and innovation, is set to further strengthen this ecosystem, ensuring Indias solar journey remains inclusive, competitive, and future-ready.

In India, the solar PV Engineering, Procurement and Construction (EPC) and Operations and Maintenance (o&m) market is expanding rapidly alongside the countrys growing solar capacity. Emphasis is shifting from installation to efficient maintenance, with region-specific strategies required to manage

diverse climatic challenges. Innovations like robotic cleaning and digital tools (e.g., predictive analytics) are boosting performance and reducing downtime. The sectors growth is also creating skilled job opportunities, supported by training and collaboration between government, private players and local communities, ensuring long-term sustainability despite standardisation and innovation challenges.

Outlook

Indias solar PV sector is poised for robust growth, driven by expanding capacity, strong policy support and a strategic pivot towards domestic manufacturing. The countrys solar PV module manufacturing capacity is projected to rise from the current 100 GW to 125 GW by 2030, while solar cell manufacturing capacity is expected to increase from 25 GW to nearly 40 GW in the near term. Backed by the Aatmanirbhar Bharat initiative, these developments highlight Indias commitment to self-reliance and position the country as a major global hub in the solar PV manufacturing ecosystem.

Complementing this momentum, the Indian floating solar market is emerging as a viable land-saving solution for clean energy generation. Valued at USD 5.5 million in 2024, the market is expected to reach USD 36.8 million by 2033, growing at a CAGR of 23.6%. Significant projects such as those at Kerala, Ramagundam (100 MW), Kayamkulam (92 MW) and the Omkareshwar Dam in Madhya Pradesh (126 MW and 90 MW) underscore the governments intent to scale up water-based solar capacity and overcome land constraints.

Indias solar energy market was valued at USD 10.4 billion in 2023 and is projected to grow to USD 24.9 billion by 2030, registering a compound annual growth rate (CAGR) of 13.4%. This growth is supported by increasing demand across utility, commercial and industrial segments, alongside flagship initiatives like the National Solar Mission. Although challenges such as labour shortages, regulatory delays and land or grid access persist, the sector is set to benefit from advancements in hybrid systems, energy storage and digital technologies.

Source:

• PIB

• PIB - MNRE Press Release - FY24-25 Historic Milestone

• PV Magazine India - Heavy Industries

• PIB - MNRE Press Release

• Renewable Affairs

• IMARC - India Floating Solar Farms Market

• PS Market Research - India Solar Energy Market

• The Economic Times

EMERGING ENERGY SECTORS

Battery Energy Storage Systems Market

Battery Energy Storage Systems (BESS) are crucial technologies that store electricity for later use, playing a vital role in enhancing grid reliability, supporting renewable energy integration and improving overall energy efficiency. The global BESS market is projected to grow at a CAGR of 17.6% from USD 76.7 billion in 2025 to USD 172.2 billion by 2030. One major development in 2024 was the sharp drop in costs, with global lithium-ion battery prices falling to USD 115 per kWh - down from USD 144 per kWh in 2023, marking a 13.6% decline from 2022 and an 82.12% fall since 2013. These cost reductions have been driven by continuous research and development (r&d) efforts aimed at improving battery materials, reducing the use of non-active materials and increasing efficiency in design and production. The market is also seeing a shift towards alternative solutions like sodium- ion batteries, which are expected to reach a production capacity of 335.4 GWh by 2030.

According to a recent report by MarkNtel Advisors, the India Battery Energy Storage System (BESS) market was valued at approximately USD 250 million in 2024 and is projected to expand to USD 1.2 billion by 2030, growing at an estimated CAGR of around 27% during 2025-30. This robust growth will be driven by several factors, including the increasing integration of renewable energy sources and supportive government initiatives such as the National Energy Storage Mission. The adoption of BESS is also essential for improving grid stability, balancing energy demand-supply and reducing carbon emissions. The market presents significant opportunities, particularly with the rising demand for environmentally friendly energy storage solutions in India. Additionally, the need for reliable power supply in rural and remote areas is creating further demand. Technological advancements and the growing electric vehicle (EV) market are also contributing to the sectors growth potential.

Source: Statista - Global Li-Ion Battery Pack Costs Mordor Intelligence - BESS Market MarkNtel - India BESS Market BloombergNEF

Green Hydrogen and Electrolysers Manufacturing Market

Green hydrogen is produced by splitting water into hydrogen and oxygen using an electrolyser powered by renewable energy sources. As an environmentally sustainable energy carrier, it can be stored and later converted into electricity or heat, offering flexibility across various applications. The global green hydrogen and electrolyser manufacturing market is set to witness remarkable growth, with a market size of USD 4.2 billion in 2024 to a forecast size of USD 23.4 billion in 2030, growing at a CAGR of 33.2% from 2025-2030. This growth is primarily driven by the increasing global emphasis on decarbonisation, the ongoing energy transition and strong government support for clean energy initiatives.

Green hydrogen is steadily gaining momentum in sectors such as transportation, power generation and heavy manufacturing. Key growth drivers include stringent environmental regulations, rapid technological advancements in electrocatalysts and the rising adoption of hydrogen-based solutions in the automotive industry. However, challenges such as high production costs, complex storage and transportation requirements and the need for a robust supporting infrastructure continue to pose barriers to large-scale adoption.

The global green hydrogen sector continues to demonstrate resilience and strong momentum, driven by technological innovation and large-scale project developments. Notably, advancements in Proton Exchange Membrane (PEM) electrolysers and the rollout of large-scale projects, particularly in North America and Europe, underscore the markets long-term potential. In parallel, the India Green Hydrogen and Electrolyser Manufacturing Market is expected market size of USD 9.0 billion in 2024 to a forecast size of USD 34.0 billion in 2030, growing at a CAGR of 20.89% from 2025-2030. This growth is boosted by significant government initiatives, including the National Green Hydrogen Mission, which aims to produce at least 5 million metric tonnes annually.

In India, the drive for decarbonisation in sectors such as transport, steel and energy is accelerating market momentum. The key opportunities for the green hydrogen market lie in its integration into clean mobility, decarbonisation of industrial processes and energy storage solutions. These opportunities are supported by improvements in electrolyser technologies and the growing availability of renewable energy sources like solar and wind. Among these, solar energy is expected to play a pivotal role in enabling sustainable hydrogen generation. Furthermore, alkaline electrolysers are anticipated to dominate the market due to their cost- effectiveness and operational efficiency.

Source: MarkNtel Advisors India Green Hydrogen Market Size

Solar Inverters

Solar inverters are critical components in solar power systems that convert the direct current (DC) generated by solar panels into alternating current (AC) used by most electrical appliances and the grid. The global solar inverter market is witnessing robust growth, with projections indicating an increase from USD 16.6 billion in 2024 to USD 18.2 billion in 2025. This upward trajectory is being driven by the widespread adoption of solar photovoltaic systems, declining costs and a growing emphasis on energy independence. Looking further ahead, the market is expected to reach USD 27.2 billion by 2029, registering a CAGR of 10.5%. Key trends supporting this growth include the integration of energy storage systems, the evolution of smart grid infrastructure and the rising popularity of hybrid solar inverters.

Technological advancements are playing a pivotal role in market expansion, with innovations such as 6 Megavolt-Amperes (MVA), 2000 Volts of Direct Current (Vdc) inverter and 330 kilo Watt (kW) three-phase inverters gaining traction. The demand for clean and renewable energy sources continues to rise, further accelerating the development of solar power solutions. Among the global regions, Asia-Pacific stands out as both the largest and the fastest-growing market.

India, in particular, is emerging as a major contributor to this momentum. The Indian solar electric system and inverter market, valued at 104.5 GW in 2024, is projected to grow at a CAGR of 22.6%, reaching an estimated 715.5 GW by 2033. This expansion is being fuelled by strong government initiatives, including the Solar Rooftop Scheme and the Jawaharlal Nehru National Solar Mission, both aimed at reducing reliance on fossil fuels and curbing carbon emissions. Indias favourable geographical conditions - characterised by high solar irradiation and the availability of low-cost solar panel manufacturing - further enhance the sectors prospects. While the initial investment in solar systems remains high, the low maintenance costs and long-term savings make them an increasingly attractive option for both residential and commercial consumers.

Source: IMARC - Indian Inverter Market

The Business Research Company - Solar Inverter Global

Market Report

RENEWABLE POWER INFRASTRUCTURE

The renewable energy infrastructure refers to the physical and organisational framework that supports the generation, transmission and distribution of energy

derived from renewable sources. The India Renewable Energy Infrastructure Market, currently valued at USD 0.05 billion in 2024, is anticipated to experience substantial growth, reaching an estimated value of USD 0.21 billion by the year 2033. This projection corresponds to a robust CAGR of 17.4% over the forecast period. The expansion of the market is being primarily driven by the implementation of favourable government policies, continuous advancements in clean energy technologies and a growing national emphasis on sustainable development.

Significant government-led initiatives, such as Indias Nationally Determined Contribution (NDC) under the Paris Agreement and the Green Energy Corridor project, are playing a crucial role in accelerating this growth. These programmes aim to enhance the integration of renewable energy into the national grid and reduce the countrys reliance on fossil fuels.

In addition to policy support, the market is benefiting from technological innovations across various renewable energy segments, including solar, wind and energy storage systems. These advancements are making renewable energy solutions more efficient and economically viable. Furthermore, increased participation from the private sector in terms of investments and project development is further propelling the market forward.

The renewable energy infrastructure market in India is segmented into key areas such as power generation, transportation and energy storage. Each of these segments is expected to witness significant growth in the coming years, supported by a strong policy framework, technological progress and increasing demand for clean energy alternatives.

Source: IMARC - India Renewable Energy Infrastructure Market

GROWTH DRIVERS

1. Sustainability and Climate Commitments: Indias commitment to achieve 500 GW of non-fossil fuel capacity by 2030 is significantly accelerating solar installations across the country. This ambitious target is driving a surge in the adoption of solar energy, as both public and private sectors increase investments in renewable infrastructure. Government policies and incentives, such as subsidies and tax benefits, are playing a pivotal role in accelerating the rapid expansion of solar energy projects. These efforts are not only enhancing Indias energy security but

also contributing to a cleaner and more sustainable energy mix, aligning with global climate goals and reducing the countrys reliance on fossil fuels.

2. Rising Electricity Demand: Increasing energy demands from both urban and rural areas, combined with the adoption of electric vehicles and industrialisation, are driving the need for solar- based solutions as a sustainable energy source. This trend is set to continue with the acceleration of urbanisation and the rising power consumption.

3. Cost Competitiveness: As the cost of solar modules continues to decrease, along with improvements in balance-of-system components such as inverters and mounting structures, solar power has become more affordable for both residential and commercial users. These cost reductions are attracting greater investments into the solar sector.

4. Technological Advancements: Developments in crystalline silicon technology have improved solar panel efficiency while reducing production costs. This has made solar energy more affordable, boosting the demand for EPC services. Innovations in monitoring, diagnostic technologies and operational maintenance services have also enhanced the appeal of solar energy systems. Additionally, advancements in smart grid integration are improving the overall reliability and accessibility of solar energy.

5. Increased Demand for Renewable Energy: A global shift towards sustainable energy sources, driven by environmental concerns and the need to reduce carbon emissions, is driving the demand for solar PV systems. The increasing number of global solar installations has also expanded the market for O&M services to ensure the optimal performance and longevity of these systems.

6. Corporate Power Purchase Agreements (PPAs):

An increasing number of businesses are entering into PPAs to secure long-term, cost-efficient energy solutions, thus boosting the need for EPC services in commercial and industrial solar projects. These agreements also provide stability and predictability in energy procurement costs.

7. Supply Chain Developments: The expansion of solar PV manufacturing, particularly in regions such

as Asia, has led to economies of scale, reducing costs and increasing the availability of solar panels. This has made solar energy more accessible and affordable globally.

8. Energy Storage Integration: The growing adoption of energy storage solutions alongside solar installations has created new opportunities for EPC providers to offer integrated solutions, improving energy management and addressing the intermittent nature of solar generation.

OPPORTUNITIES AND THREATS Opportunities

Decreasing solar PV costs enhancing project viability

Advancements in PV technology and the use of smart inverters

Growing adoption of energy storage solutions

Increased demand for rooftop solar installations

Rising industrial and commercial demand for solar energy

Expansion of green financing and ESG-linked investments

Rising digitalisation in the renewable energy sector

Government targets for achieving 500 GW of non-fossil fuel energy by 2030

Supportive initiatives such as the National Solar Mission, PM-KUSUM and Suryaghar

Export potential for domestically produced PV modules from India

Threats

Heavy reliance on Chinese imports for PV modules and components

Geopolitical tensions affecting the supply chain

Currency fluctuations impacting the cost of imports

Inconsistent regulatory frameworks across states

Project delays caused by permitting and land acquisition challenges

Difficulties in grid integration for large-scale solar projects

Environmental concerns related to solar panel disposal

Intense competition and aggressive pricing from unorganised players

Risk of losing talent - with the fastest growing renewable sector, there is an intense competition

for the talent across all levels

Government Initiatives

India is progressing towards a cleaner energy future through several initiatives like the National Green Hydrogen Mission, Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) scheme and PM Surya Ghar Muft Bijli Yojana. These programmes aim to increase renewable energy generation, improve energy access and support farmers while reducing reliance on fossil fuels. Key government initiatives include:

Solar PV Manufacturing

• The use of domestically produced solar modules and cells is now mandatory

• There is strong encouragement for the local production of inverters and balance-of-plant components

PM-KUSUM Scheme

• In FY 2024-25, 4.4 lakhs pumps were installed, of which 2.6 lakhs pumps were solarised

PFC

• As of March 2025, the renewable energy loan book of Power Finance Corporation (PFC) stood at g 81,031 crores, reflecting a 35% year-on-year growth

REC

• As of March 2025, the renewable energy loan book of Rural Electrification Corporation (REC) stood at g 1,05,258.87 crores, ma rking a 49% yea r-on-yea r g rowth

IREDA Financing

• g 47,453 crores in loans were sanctioned, marking a 27% increase as of March 31, 2025

• g 30,168 crores was disbursed, reflecting a 20% increase during the same period

Solar Parks and Battery Storage Initiatives

• Lakshadweeps first on-grid solar plant inaugurated in Kavaratti with 1.7 MW capacity and 1.4 MWh Battery Energy Storage System (BESS)

• Indias largest Solar-BESS project has been commissioned in Rajnandgaon, combining a 40 MW/120 MWh BESS with a 152.33 MWh solar plant

PM Surya Ghar Muft Bijli Yojana

• Launched on February 13, 2024, the scheme aims to solar-power 1 Crore households by 2026-27

• As of March 10, 2025, the scheme has enabled the installation of more than 3 GW of rooftop solar capacity, with a goal of adding 27 GW by March 2027

• By March 31, 2025, the PM Surya Ghar Muft Bijli Yojana had made remarkable progress, reaching over 11.01 lakh households. Through the scheme, g 5,437.20 crores was disbursed as Central Financial Assistance to 6.98 lakh beneficiaries, giving a strong boost to rooftop solar adoption

Rooftop Solar

• Households benefit from free or reduced electricity bills, with surplus power being sold to Distribution Companies (DISCOMs) for additional income

• By encouraging the large-scale adoption of solar power, the scheme is expected to help the government save around g 75,000 crores annually in electricity expenses

• Chandigarh and Daman & Diu have met 100% targets for government buildings, while Rajasthan, Maharashtra, Gujarat and Tamil Nadu are leading in household installations

• The target is to add 30 GW of residential rooftop capacity by 2027

• Expected output: 1,000 billion clean energy units over 25 years, reducing 720 million tonnes of CO2

Green Hydrogen

• The National Green Hydrogen Mission has an allocation of g 19,744 crores, with g 600 crores for FY 2024-25. The mission aims to attract investments of over g 8 lakh crores by 2030

• Tenders have been awarded for 4.12 lakhs TPA of green hydrogen production and 1,500 MW of electrolyser manufacturing capacity has been assigned

• g 200 crores has been allocated till 2025-26 to develop testing infrastructure and quality assurance systems

Solar Village

• The "Model Solar Village" scheme aims to promote solar energy by selecting a high-performing village per district based on renewable energy capacity, offering g 1 crore grants, with a total outlay of g 800 crores

Source: REC, PFC, Pib.gov dated Apr 1, 2025,

Pib.gov dated Dec 5, 2024, PIB.Gov dated Dec 31, 2024

COMPANY OVERVIEW

Waaree Energies Limited (hereafter referred to as Waaree or the Company) is Indias leading renewable energy company and plays a key role in the global shift towards sustainable energy. The Company was established in 1990 and is headquartered in Mumbai. Waaree offers end-to-end solar solutions that include the manufacturing of solar PV modules, EPC services, project development and rooftop systems. The Company is committed to delivering innovative and cost-effective renewable energy solutions that contribute to a greener future with a strong domestic presence and operations in 24 countries worldwide. It operates through multiple subsidiaries and affiliates across global markets, focussing on solar, renewable energy and energy storage solutions.

Waaree has strategically aligned its initiatives with the Science Based Targets Initiative (SBTi) and the UN Sustainable Development Goals (UNSDG), reinforcing its commitment to sustainability. Waarees leadership in sustainability is further highlighted by its EcoVadis Gold Medal, making it the only Indian company in its category to receive this recognition. Additionally, the Company became the first Indian solar panel manufacturer to receive Environmental Product Declaration (EPD) certifications. The Company successfully completed its IPO in October 2024, marking a significant milestone in its growth journey and enhancing its visibility in the capital markets.

Waaree upholds high quality assurance standards, supported by warranty insurance from third-party insurers. Waaree is listed under the Approved List of Models and Manufacturers (ALMM) by the Government of India, enabling its participation in government-led solar initiatives.

In FY 2024-25, Waaree commenced operations at its 1.6 GWp module manufacturing facility in Brookshire, Texas, USA, strengthening its presence in the international market and reinforcing its local manufacturing and supply chain strategy to navigate evolving policy landscapes. The Company also inaugurated Indias largest solar cell manufacturing facility with a capacity of 5.4 GWp and began operations of Indosolar facility of 1.3 GWp module manufacturing during the year. It is poised for significant growth with 10 GWp of ingot-wafer, and cell manufacturing capacity, along with 9 GWp of module manufacturing capacity. Additionally, the Company has been awarded Production-Linked Incentive (PLI) schemes for electrolyser manufacturing facility and further expanding its footprint through the ongoing acquisition of ENEL Green Power India Private Limited.

Product Portfolio

Waarees diverse product portfolio comprises standard multi-crystalline and mono-crystalline PV modules, advanced TOPCon modules such as bifacial monocrystalline, flexible module, passivated emitter, rear cell (Mono Passivated Emitter and Rear Cell PERC) modules and building-integrated photovoltaic (BIPV) modules. Additionally, the Company designs and manufactures semi-flexible solar panels for international markets through its in-house R&D capabilities. Waaree continues to strengthen its global presence through innovation, quality manufacturing and a growing export footprint. Moreover, the Company has planned to foray into renewable power infrastructure, battery energy storage systems, green hydrogen electrolyser manufacturing and inverters. Waarees diversified revenue channels include direct sales to utilities and enterprises, export sales of modules and EPC services and retail sales through a widespread franchise network targeting rooftop as well as MSME customers. Other revenue streams comprise domestic EPC services, operations and maintenance, ancillary product trading, renewable electricity generation and scrap sales.

Key Business Strengths

• Indias largest solar PV module manufacturer

Waaree is the largest manufacturer of solar PV modules in India, with a formidable reputation for quality and innovation in the renewable energy sector. The Company began its solar PV module manufacturing operations in 2007, driven by a vision to deliver high-quality, affordable and sustainable energy solutions aimed at addressing global climate challenges. Waaree has demonstrated strong execution capabilities, expanding its installed capacity by more than 8x from 2 GWp in March 2021 to 16.7 GWp by July 2025.

• State-of-the-art manufacturing facilities with global certifications

Waaree operates four advanced solar module manufacturing facilities across the state of Gujarat, India, strategically located in Surat, Tumb, Nandigram and Chikhli, collectively covering an area of 201.64 acres. Waaree also has plants in multiple locations, including Gujarat, UP in India and Texas in USA. The Chikhli plant in Gujarat is a key production hub, housing a sizeable portion of the Companys solar module capacity. The Company is equipped to manufacture photovoltaic (PV) modules using multiple technologies, including multi-crystalline silicon, monocrystalline silicon and Tunnel Oxide Passivated Contact (TOPCon) technology.

• Wide customer base globally with a strong order book

Waarees robust market presence is reflected in its substantial pending order book of solar PV modules. This includes domestic orders, export orders and franchisee orders. As on Q1 FY 2026 the company has a strong order book of approximately ~ 49,000 crores, providing robust revenue visibility and a strong foundation for future growth. The Companys diverse customer segments and expanding global footprint underscore its leadership in the solar energy industry.

• Extensive retail network across India

Waaree has built a strong retail network across India, reaching both urban and rural markets through a franchisee model. The network offers solar PV modules, rooftop systems and other products, with over 480+

franchisees as of July 2025. The Company invests in training and support for franchisees, strengthening relationships and product visibility. This retail network provides a competitive edge, creating barriers for new entrants and ensuring direct customer engagement for complex products. Waarees bottom-up approach focusses on consistent sales from franchisees, supported by the "Waaree Prime" programme and supply chain support from financial institutions. The network also integrates with marketing efforts and inventory management while training local electricians and contractors to support franchisees and expand in high potential markets.

• Experienced leadership team driving growth

Waaree is led by an experienced and visionary leadership team that has consistently driven the Companys growth and strategic direction. The managements deep industry expertise and focus on innovation have enabled Waaree to expand its manufacturing capabilities, enhance product offerings and strengthen its position in the global renewable energy landscape.

Key Business Strategies

• Strengthen operations through strategic integration

The Company is focussed on strengthening its operations through strategic backward integration. It currently manufactures cells and modules and is in the process of setting up 10 GWp of ingot-wafer and cell manufacturing capacity, along with 9 GWp of module manufacturing capacity. The Company is also investing in 3.5 GWh in a Battery Energy Storage System facility; Inverters with 3 GWp (3 Lakh); Green Hydrogen Electrolyser with 300 MWp manufacturing facility and Renewable Power Infrastructure. The Companys expanded capacity will help meet rising global demand for solar products and reinforce its position as a key player in both domestic and international markets, supported by its success in securing a PLI scheme.

• Invest in technology upgrades to produce high- quality modules

Waaree plans to upgrade technology across its manufacturing facilities, gradually phasing out multicrystalline module production in favour of advanced technologies. The focus will be on increasing the production of high-efficiency Mono PERC modules and emerging technologies like TOPCon. The Chikhli facility is equipped with the latest technologies for largesized silicon wafers and produces bifacial modules and semi-flexible solar panels for both domestic and global markets. Waaree is also modernising its infrastructure to reduce costs, enhance capacity utilisation and improve plant performance through investment in advanced equipment and automation, while evaluating new technologies to maintain its competitive edge. Waaree continues to drive technology leadership through a collaboration with institutes of excellence to advance cell technology. The Company also achieved BIS certification for its 730 Wp HJT modules.

• Broadening Domestic Reach

Waaree Energies is focussed on strengthening its presence across India through capacity expansion, new manufacturing facilities, and deeper market reach. The company is enhancing its distribution network in tier-2 and tier-3 cities, increasing participation in large-scale solar tenders, and forging partnerships with EPC players and corporate clients. It also plans to diversify into energy storage and integrated solar solutions to tap into the growing domestic clean energy demand.

• Expanding global footprint

Waaree has built a strong global customer base, with its products sold in markets such as the U.S., Canada, Italy and Vietnam & other 20+ countries. The Company has significantly increased export sales, particularly to the U.S., driven by policies like tariff barriers on China Plus One etc.

• Retain leadership in commercial, industrial and residential solar segments

Waaree aims to retain its leadership in the commercial, industrial and residential solar segments by leveraging its extensive pan-India franchisee network, with a focus on the rooftop and MSME verticals. The Company plans to scale its retail presence further across cities, towns and rural areas, while strategically targeting high-growth states such as Delhi, Gujarat, Maharashtra and Tamil Nadu. Waaree continues to invest in training, customer support and post-sales services for its franchisees, enabling end-to-end service delivery. Waaree seeks to deepen market penetration and create a strong competitive advantage in the rooftop solar segment.

• Scale through organic growth and strategic acquisitions

The Company is strengthening its renewable energy portfolio by acquiring operational wind and solar assets. Additionally, it is developing a strong pipeline of upcoming projects, which enhances its long-term growth potential. It is making strategic investments across the energy transition value chain investment of g 2,073 crores for the development of a large-scale battery storage facility in Gujarat and g 650+ crores in renewable power infrastructure. Additionally, the Company is establishing a green hydrogen electrolyser manufacturing plant with a planned investment of g 551 crores and is investing g 130 crores to set up a 3 GWp inverter manufacturing facilities. These initiatives position the Company as a fully integrated solar solutions provider.

FINANCIAL OVERVIEW

(in g crores)

		Standalone			Consolidated
Particulars	FY 2024-25	FY 2023-24	YoY Change	FY 2024-25	FY 2023-24	YoY Change
Revenue from Operations	12,764.55	10,717.64	19.10%	14,444.50	11,397.61	26.73%
EBITDA	2,848.98	1,955.62	45.68%	3,119.18	2,150.92	45.02%
Profit before Tax	2,396.36	1,557.93	53.82%	2,564.64	1,734.2	47.89%
Tax Expense	615.19	409.58	50.20%	636.51	459.82	38.43%
Profit for the year	1,781.17	1,148.35	55.11%	1,928.13	1,274.38	51.30%

Note :

(1) EBITDA has been calculated as profit before taxes plus finance costs, depreciation, and amortisation.

(2) The EBITDA margin has been calculated as EBITDA divided by total income.

(3) PAT margin has been calculated as profit for the year divided by total income.

Key Financial Ratios

(These figures are based on standalone financials for the year ending March 31, 2025)

Particulars	FY 2024-25	FY 2023-24	% Change	Reason for change (in case the change is 25% more)
Debtors Turnover (x)	16.92	19.26	(12.15)
Inventory Turnover (x)	3.68	3.18	15.72
Current Ratio (x)	1.49	1.50	0.67
Debt Equity Ratio (x)	0.11	0.08	37.50	It was due to the Companys strategy to utilise debt for financing its growth or operations, while still maintaining a low level of debt relative to equity.
Net Profit Margin (%)	13.95	10.71	30.23	It was due to strong revenue growth, better cost management and higher operational efficiency, leading to a higher proportion of net income from total revenue.
Return on Investment (%)	0.19	0.28	(32.14)	It increased due to robust revenue growth, enhanced cost management and increased operational efficiency, resulting in a greater share of net income from total revenue.

Standalone Performance

In FY 2024-25, the Company achieved strong growth in its standalone operations. Revenue from operations rose by 19.10%, increasing from g 10,717.64 crores in FY 2023-24 to g 12,764.55 crores in FY 2024-25. This performance highlights the Companys sustained focus on its core operations and improved execution capabilities. The standalone EBITDA increased by 45.68%, reaching g 2,848.98 crores, compared to g 1,955.62 crores in the previous year. This improvement in operating profitability was supported by better cost control and an optimised product mix. Profit before tax grew by 53.82%, standing at g 2,396.36 crores The tax expense increased by 50.20% to g 615.19 crores, resulting in a 55.11% rise in standalone profit after tax (PAT), which stood at g 1,781.17 crores in FY 2024-25.

Consolidated Performance

On a consolidated basis, the Company reported a 26.73% increase in revenue from operations, which rose from g 11,397.61 crores in FY 2023-24 to g 14,444.50 crores in FY 2024-25. Consolidated EBITDA grew significantly by 45.02%, reaching g 3,119.18 crores compared to g 2,150.92 crores in the previous year. Profit before tax increased by 47.89% to g 2,564.64 crores, while tax expense rose by 38.43% to g 636.51 crores. Consequently, the consolidated profit after tax grew by 51.30%, amounting to g 1,928.13 crores in FY 2024-25

BUSINESS OUTLOOK

Waaree is focussed on expanding its renewable energy portfolio through technological advancements and capacity growth, including the adoption of emerging solar technologies. The Company is diversifying into green hydrogen, battery storage, inverters and renewable power infrastructure, aligning with Indias energy transition goals. Waaree is well-positioned for global growth, particularly in the U.S. market, supported by its dual-location strategy in India and US. Strategic investments in wind and solar assets, battery storage and green hydrogen manufacturing are further strengthening Waarees position as an integrated solar solutions provider.

RISK MANAGEMENT

Waaree recognises that effective risk management is essential for ensuring business continuity, achieving strategic goals and maintaining stakeholder trust. The Company has established a structured and comprehensive risk management framework to proactively identify, evaluate and mitigate risks across financial, operational, environmental, cyber security, ESG and strategic areas.

The Company has constituted a Risk Management Committee to guide and oversee the risk management practices. This Committee is tasked with formulating, implementing and periodically reviewing the risk management policy, adapting it to evolving industry dynamics and complexities. It ensures the establishment of robust systems for identifying, mitigating and monitoring risks. These efforts are complemented by regular updates to the Board and close alignment with other committees to maintain strong corporate governance.

HUMAN RESOURCES

Human Resources plays a vital role in imparting a high-performance culture, attracting and retaining talent and aligning people strategies with the organisations long-term vision. Waaree prioritises the recruitment of talented individuals and focusses on their continuous development. The Company conducts regular training workshops to enhance employees skills, promote teamwork and promote personal growth. Training modules cover a range of areas, including machine utilisation, operations flow, quality management and workplace safety. Notably, all employees are trained in the Company. Waaree has a total workforce of ~11,400 workers, including contract labours, for various functions, such as production, material handling, EPC, O&M and other related tasks at its facilities and project sites.

INTERNAL CONTROLS

Waaree is committed to establishing and maintaining robust internal controls tailored to the size and complexity of its operations. The companys internal audit functions regularly assess the effectiveness of these systems, ensuring compliance with policies, regulations and internal guidelines. Waaree continuously tests and updates its internal processes to adapt to evolving risks and maintain the accuracy of financial reporting. The company also upholds strict compliance with anti-corruption laws, ensuring that its employees and intermediaries adhere to a comprehensive code of conduct. As Waaree grows, it remains dedicated to enhancing its compliance measures and internal controls to support its continued success and operational integrity.

CAUTIONARY STATEMENT

The information provided by the Company may contain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, assumptions and projections about future events, which may change due to numerous factors, including market conditions, regulatory changes and unforeseen challenges. Actual results may differ materially from those anticipated in these forwardlooking statements. The Company does not undertake any obligation to update or revise any forward-looking statements to reflect new information, future events, or changes in circumstances. Investors are advised to carefully consider the risks and uncertainties that could affect the Companys performance before making any investment decisions.