Waaree Renewable Technologies Ltd Management Discussions

GLOBAL ECONOMIC OVERVIEW

The world economy held its ground through 2025, navigating a complex landscape of evolving trade regulations and uneven regional performance. Robust technology investment helped cushion the effects of new tariff measures and policy shifts, while global headline inflation is expected to rise from 4.1% in 2025 to 4.7% in 2026.

The geopolitical backdrop, however, remained a source of material uncertainty. Heightened tensions across

West Asia emerged as a significant flows, energy supply, and supply chain stability concerns around access to the Strait of Hormuz ? a critical artery for global energy shipments - contributed to rising crude oil prices, constrained LNG availability, and broader market volatility. Simultaneously, the protracted Russia-Ukraine conflict continued to weigh on oil supply, commodity pricing, and logistics networks, sustaining upward pressure on input costs and introducing further uncertainty into the availability of key materials and services.

Against this backdrop, world GDP expanded 3.5% in 2025. Advanced economies grew at a measured 1.9%, with the United States posting 2.1% growth on the back of technology investment and fiscal support, the euro area recording 1.4%, and Japan delivering 1.1%. Emerging marketsriskto globaltrade outpaced their developed counterparts, Growing expanding collectively at 4.5%. India stood out with GDP growth of 7.7%, reinforcing its position as one of the worlds fastest-growing major economies, while China sustained steady expansion of 5%.

Global trade volumes expanded to 5.0% in 2025, up from 3.7% the prior year. A US-China trade truce eased tariffs and lifted restrictions on electronics components and critical minerals, while selective US agricultural tariff rollbacks brought average duty levels back in line with historical norms.

Policy uncertainty pulled back from late 2025 peaks but remained above 2024 levels. Financial markets stayed broadly resilient through periodic volatility, with high-growth technology stocks outperforming wider indices. Strong technology exports from Asia provided an additional stabilising force for global trade flows.

Central banks navigated the period with measured discipline - the US Federal Reserve and Bank of England both cut interest rates, carefully calibrated to support growth without reigniting inflation. These deliberate adjustments preserved financial stability even as trade frictions and shifting political dynamics continued to test global markets.

Source: imf

Outlook

The global economy is expected to maintain a steady growth path, GDP is 3.5% in 2025, declining to 3.0% in 2026, before recovering to 3.4% in 2027. Technology-led productivity gains are emerging as the primary engine of this progress, particularly the deepening integration of artificial intelligence across industrial and medical applications. These advances are helping to offset the drag from persistent trade tensions and shifting political dynamics.

The near-term environment, however, remains mixed. Growth is positive but not without friction. US tariff actions, ongoing regional conflicts, and elevated geopolitical risk continue to weigh on business confidence, disrupt supply chains, and constrain the cross-border movement of goods. The West Asia conflict and the protracted Russia-Ukraine war are keeping financial markets in a cautious posture. Energy price volatility, rising transport costs, and tightening investment flows serve as tangible spillover effects felt across global markets. Businesses and investors are expected to remain selective, prioritising resilience and long-term stability over short-term opportunism.

Emerging market and developing economies are projected at 3.8% in 2026 and 4.5% in 2027. The 2026 moderation largely reflectsthe indirect consequences of

Middle East instability, including higher energy costs and disruptions across trade, financial flows, remittances, and energy supply chains. A gradual recovery is anticipated in 2027 as these pressures ease and economic activity normalises across affected regions.

On the structural side, the clean energy transition continues to gain traction, delivering measurable economic dividends. It is contributing to GDP growth, creating employment, lowering energy costs, and reinforcing energy security. While heightened policy uncertainty, evolving trade dynamics, and shifting regulatory frameworks present ongoing challenges, the underlying momentum behind renewable energy remains firmly intact. Its role as a driver of sustainable, inclusive global growth is becoming increasingly difficult to ignore.

Source: imf

INDIAN ECONOMIC OVERVIEW

The Indian economy demonstrated steady resilience through 2025-26, holding its ground against a global backdrop of trade uncertainty and market volatility.

Provisional Estimates confirmed real GDP growth of 7.7% and Gross Value Added of 7.9% affirming the durability of a domestically driven growth model. Agricultural output remained strong, lending support to rural incomes, while urban consumption gathered pace on the back of stable employment conditions and easing inflationary pressures.

Source: PIB

Indian GDP Growth Rate (%)

India retained its position among the worlds fastest growing major economies, buoyed by resilient domestic demand, strong investment momentum, and a steady pipeline of structural reforms. However, Indias nominal GDP ranking moved from fourth to sixth position globally during the year. One of the primary reasons for that was the Indian Rupee depreciating by approximately 11% against the US Dollar. While the domestic economy continued to register strong growth in Rupee terms, this currency weakness compressed the Dollar-denominated value of Indias GDP for the purpose of international comparison. Concurrently, a relatively stronger British Pound supported an increase in the Dollar value of the United Kingdoms economy, enabling it to move ahead of India in the nominal rankings. The shift in relative position is therefore attributable to exchange rate translation rather than to any divergence in the underlying growth trajectories of the two economies.

Source: republicworld

Private consumption remains the primary engine of domestic activity, supported by moderating inflation and improving real incomes across households. Investment momentum has strengthened considerably, with the Union Budget 2026-27 committing public capital expenditure of 12.2 lakh crore toward infrastructure development and productive capacity across manufacturing, construction, and energy sectors. Long-term policy initiatives such as Viksit Bharat 2047 continue to reinforce the countrys strategic focus on self-reliance and domestic capability building, providing a structural counterweight to the uncertainties emanating from the external environment.

Average headline CPI inflation fell to a historic low of 1.7% during the first nine months of FY 2025-26, providing meaningful support to domestic purchasing power through a sustained period of price stability. As global headwinds intensified through the full-year inflationrate at 3.4% as of March 2026, a level that remains well-anchored by disciplined government spending and steady expansion in bank credit.

The banking sector continues to demonstrate commendable resilience. Strong capital buffers and low non-performing asset levels reflect a system in sound health, well-positioned to support ongoing economic activity. Complementing this, foreign exchange reserves exceeding $ 700 billion provide India with a substantial external cushion, reinforcing the countrys capacity to absorb global shocks and navigate periods of international financial volatility with confidence.

Source: PIB, MoSPI, republicworld

Outlook

The outlook for the Indian economy remains positive and stable. For the upcoming FY 2026-27, real GDP is expected to grow between 6.8% and 7.2%. This demonstrates Indias ability to maintain strong momentum even amid global uncertainty.

This growth will likely be driven by continued government spending on infrastructure, a steady increase in private sector investment, and a strengthening manufacturing base. Additionally, the services sector is expected to maintain its consistent expansion. Supported by a stable economy and steady policies, India is well-prepared to manage global challenges while ensuring that economic progress remains inclusive and sustainable over the long term.

Source: PIB

On the price stability front, the Reserve Bank of Indias Monetary Policy Committee, in its April 2026 meeting, raised its CPI inflation projection for FY2027 to 5.0%, up from 4.6% earlier, with a peak of 5.9% expected in the third quarter.

Indias macroeconomic trajectory heading into FY 2026-

27 reflects both resilience and momentum. Despite a global environment marked by geopolitical tensions in West Asia, shifting trade dynamics, and volatility in commodity and energy markets, Indias domestic fundamentals remain on solid footing.

Source: thehindu

INDUSTRY OVERVIEW

Renewable Energy (RE) Market the year, MoSPIfinalised Global renewable power capacity reached 5,149 GW by the end of 2025, marking a record annual addition of 692 GW and growth of 15.5%. Renewable sources now account for 49.4% of total installed global power capacity, up from 46.3% in 2024. Solar and wind energy continued to dominate deployment, contributing 96.8% of all net renewable capacity additions during the year. Despite a rebound in non-renewable installations, renewables still represented 85.6% of total global power capacity expansion, underscoring the continued acceleration of the global energy transition.

In 2025, renewable power capacity expansion increased compared to 2024, and remained well above the long-term trend. China, the United States and the European Union together account for more than 550 GW (or 79.5%) of the new renewable capacity installed in 2025. China didnt just build more renewables - it rewrote the procurement playbook. Chinas transition from feed-in tariffs to competitive, market-based procurement accelerated the global shift toward renewable energy auctions. While auctions were already in use elsewhere, Chinas scale helped validate the model, driving more competitive pricing and contributing to lower renewable energy costs worldwide. Africa experienced its largest growth on record, with 11.30 GW of additions (+15.9%) in 2025. Even with this progress, reaching the COP28 target of tripling global renewable capacity by 2030 will require a faster pace than what 2025 delivered. IEA has lowered its renewable energy growth forecast for 2025-2030 by

5% compared to last year, to reflect policy, regulatory, geopolitical conditions, and market changes.

India is making rapid progress toward its clean energy goals, aligned with the vision announced at COP26, aiming for 500 GW of non-fossil capacity by 2030. The country achieved 50% of installed power capacity from non-fossil sources in June 2025 five years ahead of schedule and stood at 283.46 GW as on March 31, 2026 accounting for over half of total capacity. During 2025-26, a total of 55.29 GW of non-fossil fuel energy capacity has been added, nearly double the previous year, reflecting strong growth momentum.

India is also strengthening renewable energy sector, with a pipeline of 509 GW including 190.84 GW under implementation and 55.74 GW tendered (as of November 2025). This includes innovative approaches such as hybrid energy systems, round-the-clock (RTC) power, and thermal-plus-renewable bundling projects, all aimed at improving grid stability and strengthening energy security. The Ministry of New and Renewable Energy(MNRE)continuestoplayakeyroleinaccelerating renewable energy deployment nationwide. With strong policy support and a clear strategic focus on clean energy, India remains well positioned to achieve its ambitious renewable energy targets while advancing its sustainability goals.

Source: pib, iea, irena, cea

Outlook

The renewable energy outlook for 2025?2030, as set out in the IEAs Renewables 2025 report, is broadly positive though with some important nuances worth noting. Total renewable electricity additions over 2025?2030 are projected at 4,600 GW and the share of renewables in global electricity generation is expected to climb from 32% in 2024 to 43% by 2030, with renewables set to meet over 90% of global electricity demand growth during this period. Solar PV leads the way accounting for nearly 80% of the global capacity increase, followed by wind, hydropower, bioenergy and geothermal. China continues to account for nearly 60% of global renewable capacity growth and is on track to reach its

2035 wind and solar target five years ahead of schedule.

Indias renewable energy market was valued at $ 25.95 billion in 2025 and is projected to reach $ 52.58 billion by 2034, growing at a CAGR of 8.16% from 2026 to 2034. Indias trajectory is particularly strong driven by higher auction volumes, new rooftop solar support, and faster hydropower permitting, the country is on track to become the second-largest growth market for renewables, with capacity set to rise 2.5 times in five years. Grid integration, permitting delays and financing gaps especially in emerging economies remain the key hurdles to sustaining this momentum.

Source: imarcgroup, iea1, iea2

GLOBAL SOLAR POWER MARKET

The global solar power market size accounted for $ 286.15 billion in 2025, and is anticipated to hit $ 304.32 billion by 2026, and is predicted to reach around $ 522.71 billion by 2035, growing at a CAGR of 6.21% from 2026 to 2035.

Source: precedenceresearch

This growth can be attributed to government renewable energy targets, declining production costs of solar components, expansion of manufacturing capacities, rising global electricity demand, increasing fossil fuel price volatility. In 2025, global solar capacity saw a significant increase of 27.2%, reaching a total of 2,392 GW.

Thisgrowthwasdrivenbytheadditionof511GWduringthe year. In 2025, solar energy accounted for approximately 47% of the total renewable energy capacity added globally. Asia has more than doubled its installed solar power capacity since 2022, adding 317.10 GW in 2024 and 371.20 GW in 2025. However, the largest capacity increases occurred in China of 315.10 GW and India of 37 GW, followed by South Korea with 3.70 GW. Beyond Asia, the United States added 34 GW of solar capacity in 2025 ? a 19.2% increase over the additions in 2024 ? followed by Germany with 15.10 GW and Brazil with 11.60 GW.

Solar is the major contributor in Indias progress. Solar capacity reached to 150.26 GW as of 31^st March 2026. This includes 114.87 GW from ground-mounted installations, 25.72 GW from grid connected rooftop solar, 3.82 GW from hybrid project solar components and 5.79 GW from off grid systems. As per IRENA RE Statistics 2026 globally, India stands 3^rd in Solar Power installed capacity.

The market size surpass $ 10.3 billion valued in 2024 to reach a valuation of around $ 50.4 billion by 2031. CAGR of 21.9% from 2024 to 2031.

Source: verifiedmarketresearch

Indias solar sector is witnessing rapid capacity expansion, driven by the countrys 280 GW solar capacity target, policy support for domestic manufacturing, and increasingly competitive auction tariffs that have made solar power more cost-effective than new coal-based generation.

Indias solar manufacturing base is gaining meaningful depth, with capacity expansion now covering the full value chain across polysilicon, ingots, wafers, and cells, strengthening domestic integration and materially lowering import dependence from historically high levels. This supply-side momentum is being met by demand that is widening well beyond large utility projects, driven by falling costs, rooftop subsidies, and open-access reforms that are collectively pulling in a broader consumer base. To manage evening load requirements, developers are increasingly pairing solar with storage, while states are simultaneously unlocking new deployment opportunities through canal-top and agrivoltaic installations that productively combine land use with power generation.

Source: precedenceresearch, cciindia, verifiedmarketresearch

Outlook

The global solar power market is witnessing sustained momentum, underpinned by increasing investments in next-generation solar technologies, rising focus on supply chain localisation, expanding adoption in emerging economies, and the growing integration of solar with storage solutions. Key trends shaping the forecast period include the accelerated deployment of large-scale solar installations, rising adoption of high-efficiency solar cells, expansion of integrated manufacturing ecosystems, and a sharpened focus on cost reduction and module durability across the value chain.

India stands at the heart of this global shift. The countrys renewable and solar energy market is undergoing a structural transformation driven by long-term policy support, cost competitiveness, energy security priorities, and decarbonisation imperatives rather than short-term cyclical demand. India now ranks third globally in both total installed renewable energy capacity and solar energy capacity. Solar remains the undisputed engine of this growth, propelled by competitive auctions, production-linked incentives, and a rapidly scaling domestic manufacturing base. With Indias energy demand projected to reach nearly 15,820 TWh by 2040, the runway for investment across generation, storage, and grid infrastructure remains significant. Looking ahead, green hydrogen, hybrid solar wind systems, and large-scale battery storage are emerging as the defining pillars of the next phase of growth, anchoring

Indias ambition to achieve 500 GW of non-fossil fuel capacity by 2030 and net zero emissions by 2070.

Source: pib

SOLAR PHOTOVOLTAICS (PV) MANUFACTURING

Solar PV technology converts sunlight directly into electricity using semiconductor materials creating an electric current that can be used to power homes, businesses, and the grid.

The global solar PV panel manufacturing market stood at $ 198.5 billion in 2025 and is expected to reach $ Z384.4 billion in 2034, growing at a CAGR of 7.62%.

Source: precedenceresearch

The solar photovoltaic (PV) market is driven by government incentives and policies, such as tax credits, subsidies, and renewable energy mandates.Asia Pacific dominated the global market with the largest market share of 38% in 2025.

The solar photovoltaic market is poised for significant growth, driven by technological advancements and increased R&D efforts improving efficiencyacross large-scale applications. Favourable government renewable energy targets and federal integration mandates are accelerating solar deployment rates, particularly boosting demand for crystalline and polycrystalline silicon PV ? the latter gaining traction for its low production costs and straightforward manufacturing. Across the corporate landscape, a decisive shift toward optimised manufacturing, standardised production methods, and lower installation costs is reshaping the competitive environment. Reduced pricing structures, combined with tax credit schemes and broad applicability across utility-scale projects, are further expanding the addressable market and reinforcing the long-term growth trajectory of solar PV globally.

Source: precedenceresearch

The Solar PV market in India is projected to more than double from $ 8.8 billion in 2025 to an estimated $ 21.4 billion by 2034. In calendar year 2025, around 119 GW of solar module manufacturing capacity and over 9 GW of solar cell manufacturing capacity were added in India, taking the total to 210 GW and 27 GW respectively. Indias solar manufacturing sector has scaled up considerably over the past year. Indigenous module manufacturing capacity under the ALMM has reached around 144 GW per annum. Indias solar module manufacturing capacity nearly doubled year-on-year, with 81 GW added in 2025 against 41 GW in 2024. With regards to cell manufacturing, MNRE issued the ALMM List-II for Solar Cells in July 2025, enlisting around 24 GW of domestic cell capacity. The PLI Scheme for High-

Efficiency Solar PV Modules has been a key driver of this growth, with beneficiaries installing approximately 11

GW of module and 5 GW of cell manufacturing capacity during 2025. Together, these developments reflect a deliberate push to reduce import dependence and build a more integrated domestic supply chain from cells and modules through to finished panels as India works toward its long-term renewable energy targets.

Source: pv-magazine-india, pv-tech, iea, imarcgroup

Outlook

Solar PV is projected to account for around 80% of new global renewable capacity additions by 2030 driven by low module costs, streamlined permitting, and broad public acceptance. However, the IEAs Renewables 2025 report has trimmed the 2025?2030 growth forecast by 5%, translating to 248 GW less capacity. The US faces the sharpest cuts nearly 50% across most technologies while Chinas 5% revision still represents 129 GW in absolute terms.

Manufacturing trends are being shaped by cost-driven procurement in Asia, IRA-backed capacity expansion in the US, and growing corporate PPA demand from AI-driven data centres. Hybrid solar-battery projects are gaining traction as the preferred development model. Longer term, urbanisation, energy security concerns, rising fuel costs, and the push for cleaner alternatives will sustain demand.

The India solar PV module market is expected to witness robust growth over the medium to long term, supported by the countrys accelerating renewable energy transition and continued policy focus on domestic solar manufacturing. Additionally, improving module efficiency and wider adoption crystalline silicon technologies are expected to support capacity expansion and enhance competitiveness. Overall, Indias solar PV module industry is well positioned for sustained growth, underpinned by strong demand fundamentals and the countrys long-term clean energy targets.

Source: iea, imarcgroup

SEGMENT-WISE MARKET

Open Access

Indias Open Access Solar PV market is gaining strong traction as commercial and industrial consumers seek cost-effective, sustainable power alternatives. The country added a record 36.6 GW of solar capacity in 2025, which include 7.80 GW of open access solar capacity during the year a marginal 0.5% increase over 2024. Large-scale solar projects, including open access installations, accounted for nearly 81% of total additions. Karnataka led open-access solar installations in 2025, accounting for more than 24% of annual capacity additions followed by Maharashtra and Rajasthan, contributing over 20% and 18%, respectively, to the annual capacity additions.

Growth was driven primarily by large industrial users and data centres seeking long-term tariff certainty alongsidesustainabilitytargets.ForC&Iconsumers,open access solar delivers tariffs that consistently undercut conventional grid electricity, providing long-term price stability and shield energy-intensive industries from fossil-fuel-linked volatility. On the sustainability side, it enables companies to directly account for clean energy consumption, supporting commitments under global frameworks such as RE100, CDP, and TCFD.

Key challenges remain, including the ALMM-II requirement mandating domestically manufactured cells from June 2026, land acquisition hurdles, and ofmonocrystalline and grid connectivity constraints. Policy clarity, stronger transmission infrastructure, and storage integration incentives will be critical to sustaining momentum. As ESG considerations become central to investment decisions, open access solar is increasingly viewed as a credible decarbonisation tool. It is well-positioned as the primary mechanism connecting industrial demand with the countrys expanding clean energy supply.

Source: pv-magazine-india, energy.economictimes.indiatimes

Rooftop

Rooftop solar is one of the fastest-growing renewable energy segments globally, driven by falling technology costs and supportive policy frameworks. There is a noticeable trend towards decentralized solar power systems, with a focus on rooftop solar installations for residential and commercial buildings. Rooftop solar eases pressure on power distribution networks by cutting peak demand and reducing transmission losses. Its versatility allows deployment across residential, commercial, and parking structures alike. Adoption has been broad - spanning both on-grid and off-grid applications supported by financial incentives including tax credits and feed-in tariffs.

The global rooftop solar photovoltaic market size is accounted for $ 143.96 billion in 2025 and is anticipated to reach around $ 600.87 billion by 2035, growing at a CAGR of 15.36% from 2025 to 2034. The India solar rooftop market size was valued at $ 2.52 billion in 2025 and is projected to reach $ 4.27 billion by 2034, growing at a compound annual growth rate of 6.05% from 2026-2034. Rooftop solar installations in India reached 7.10 GW in 2025, representing a 122% year-on-year growth from 2024.

Source: imarcgroup, pv-magazine-india, precedenceresearch, eqmagpro

Floating Solar Power

The global floating solar market was valued at $ 8.67 billion in 2025 and is projected to reach $ 86.51 billion by 2035, growing at a CAGR of 25.86% from 2026 to

2035. Floating solar, or floating photovoltaics, involves solar panels mounted on structures that float on water bodies such as reservoirs, lakes, and canals. Asia Pacific led the market with a 49% share at $ 4.25 billion in 2025 and is predicted to be worth $ 42.38 billion by 2035 rising at a CAGR of 25.86% from 2026 to 2035. It was driven by high solar irradiance, supportive government policies, and large-scale deployments across China, India, and Japan. North America is expected to register the fastest growth over the forecast period, as utilities and private developers deploy projects on reservoirs and treatment plant waterbodies.

Floating solar avoids the land acquisition and site planning costs associated with ground-mounted installations by utilising water bodies such as rivers, lakes, and ponds. Water surfaces also enhance panel performance through natural reflectivity, while the shading effect reduces evaporation a meaningful benefit in water-stressed regions. Together, these factors make floating solar a cost-effective and resource-efficient alternative to conventional land-based solar development.

The India floating solar farms market size reached $ 6.8 million in 2025. Looking forward, IMARC Group expects the market to reach $ 41.8 million by 2034, exhibiting a growth rate (CAGR) of 21.75% during 2026-2034. The market is driven by increasing government initiatives, land constraints, and growing renewable energy (RE) demand, with major projects in states like Kerala and Madhya Pradesh positioning the country as a global leader in water-based solar power generation.

In November 2024, Tata Power Renewable Energy commissioned a 126 MW floating solar project at Omkareshwar, Madhya Pradesh, one of Indias largest featuring over 213,460 bifacial glass-to-glass modules and conserving an estimated 32.5 million cubic metres of water annually through reduced reservoir evaporation. The Steel Authority of India Limited and National Thermal Power Corporations joint venture

NSPCL successfully commissioned the states first15 MW floating solar power plant at the Maroda-1 reservoir of Bhilai Steel Plant (BSP). The innovative project, spread over 80 acres and built at a cost of 111.35 crore, is expected to generate 34.25 million units of clean electricity annually, reducing the plants carbon and saving 0.23 lakh

footprint by 28,400 tonnes of CO2

tonnes of coal every year.

SOLAR PV ENGINEERING, PROCUREMENT AND CONSTRUCTION (EPC) MARKET

The global solar EPC market is projected to grow from $ 246.41 billion in 2025 to $ 259.58 billion in 2026 at a CAGR of 5.3%, reaching $ 317.6 billion by 2030. Growth is driven by rising investment in utility-scale and floating solar projects, expanding rooftop installations, and demand for cost-efficient EPC services. Advances in tracking and mounting technologies, smart grid integration, and a shift toward integrated EPC models are key trends shaping the period. Major trends in the forecast period include growing deployment of utility scale solar EPC projects, rising adoption of floating solar EPC installations, increasing use of single and dual axis tracking systems, expansion of rooftop solar EPC in residential and commercial sectors, shift toward integrated EPC models for faster project delivery.

Indias power EPC market presents a compelling growth story ? valued at $ 26.42 billion in 2026, it is forecast to reach $ 186.53 billion by 2035, expanding at a CAGR of 24.26%. The Union Budget 2026 raised the allocation for the renewable energy sector to 32,914.7 crore, up 30.1% from the revised estimates of 25,301.22 crore for

2025-26, reinforcing the governments focus on clean energy deployment, domestic manufacturing and grid integration as India scales up its energy transition.

Indias solar capacity target of 280 GW by 2030 ? up from 150.26 GW in FY2026 ? implies a ~16.8% CAGR, underpinned by the governments 500 GW non-fossil energy goal and surging industrial electricity demand. Western and southern regions are leading development, while energy storage integration is emerging as a critical enabler of dispatchable clean energy at scale.

Source: morganreedinsights, researchandmarkets

SOLAR PV OPERATIONS AND MAINTENANCE (O&M) MARKET

The global solar panel operation and maintenance (O&M) market size was valued at $ 14.51 billion in 2024 and is projected to reach $ 32.63 billion by 2034, growing at a CAGR of 8.44% from 2025 to 2034. This growth is driven by the increasing deployment of solar PV installations, rising demand for O&M services, and supportive government initiatives. In India, growing electricity demand and the continued expansion of renewable energy capacity are expected to further support the O&M market. To facilitate this growth, transmission infrastructure is being planned for over 900 GW of non-fossil fuel capacity by 2035-36, enabling greater integration of renewable energy projects into the grid. In India, the O&M opportunity is scaling in step with capacity additions. The Central Electricity Authority (CEA) estimates India will have 280 GW of solar capacity by 2030. A clear trend toward specialist providers is seen as developers increasingly outsource operations. Key service activities include module cleaning, vegetation control, drone thermography, and inverter servicing, with MNRE having directed state agencies and developers to adopt water-smart cleaning technologies to reduce water consumption at solar plants.

Globally, technological innovations such as predictive maintenance, drone inspections, and real-time performance monitoring are making O&M more cost-effective, while stringent performance guarantees are prompting plant owners to invest in professional services to ensure reliability and asset longevity. In January 2025, Tata Power Solar launched a mobile app for rooftop solar users in India enabling real-time system monitoring and automated service scheduling reflecting a broader industry shift toward digitally managed, data-driven O&M frameworks.

Source: precedenceresearch1

BATTERY ENERGY STORAGE SYSTEMS MARKET

Battery Energy Storage Systems (BESS) are advanced solutions that store electricity?primarily using lithium-ion and other battery technologies?for use when needed. These systems capture energy from renewable sources such as solar and wind and store it for later discharge, helping balance supply and demand.

The global BESS market was valued at $ 10.16 billion in 2025 and is projected to grow to $ 12.9 billion in 2026, reaching $ 102.69 billion by 2035 at a CAGR of 26.03%.

Source: precedenceresearch2

Growth is driven by the global shift toward low-emission energy generation, increasing adoption of renewables, and rising investments supported by favourable government policies.

Asia Pacific dominates the market, accounting for a significant share due to strongelectrificationinitiatives and grid modernisation efforts in countries such as India, Japan, South Korea, and Australia. Expanding energy access in rural and remote regions, along with infrastructure upgrades, is further accelerating demand for storage solutions across the region.

In India, the BESS market was valued at $ 1.54 billion in 2025 and is expected to grow rapidly to $ 8.59 billion by 2031, at a CAGR of 33.2%. As of June 30, 2026, India has built a robust Battery Energy Storage System (BESS) pipeline, with 171 projects representing a cumulative capacity of 49.6 GW (157.2 GWh) across operational, under-construction, awarded, and tender-stage projects. Of the total, 18 projects (2.9 GW) are already operational, while 45 projects (15.8 GW) are under construction, reflectingthe strong execution momentum in the sector.

The project pipeline is expected to accelerate significantly over the next few years, with the largest capacity additions scheduled for FY2027 and FY2028.

This growth is fuelled by increasing renewable capacity additions, declining battery costs, and strong policy support. According to the Central Electricity Authoritys Long-Term National Resource Adequacy Plan (2026?27 to 2035?36), published in April 2026, India is estimated to require 47 GW / 236 GWh of Battery Energy Storage System (BESS) capacity by 2032 to support grid reliability and enable greater integration of renewable energy into the power system. According to the report from the India Energy Storage Alliance, the capacity addition of battery energy storage is expected to leap from approximately 507 MWh in 2025 to around 5 GWh in 2026.

Source: cea, ibef

Key policy initiatives include a Production Linked

Incentive (PLI) scheme of 18,100 crore for domestic cells manufacturing, Viability Gap Funding covering up to 40% of project costs, and Energy Storage Obligations mandating utilities to procure storage-backed power. Additionally, falling lithium-iron-phosphate battery prices?dropping below $ 100 per kWh are improving cost competitiveness.

Overall, strong policy backing, rapid renewable expansion, and improving economics position the BESS market, particularly in India, for accelerated growth surpassing the pace of renewable energy deployment.

Source: mordorintelligence, mnre, heavyindustries

BESS EPC INDUSTRY

The Battery Energy Storage Engineering, Procurement, And Construction (EPC) market size has reached to $ 10.72 billion in 2025 and is expected to grow to $ 27.19 billion in 2030 at a compound annual growth rate (CAGR) of 20.5%. Battery energy storage engineering, procurement and construction (EPC) refers to the engineering, procurement, and construction services provided to design, supply, and install Battery Energy Storage Systems. It involves planning and integrating all system components, including batteries, inverters, control systems, and balance of system equipment, to ensure efficient and reliable energy storage operation. This approach enables large-scale deployment of energy storage solutions to support grid stability, renewable integration, and optimized energy management. The primary growth driver is the increasing adoption of renewable energy projects, which necessitates cost-competitive power integration and grid stability solutions. Battery energy storage EPC solutions support renewable energy integration by enabling energy storage, managing intermittency, ensuring grid stability, and supporting reliable power supply across electricity networks. Additional drivers include increasing investments in long-duration energy storage, rising demand for grid balancing services, expansion of electric vehicle charging infrastructure, growing adoption of hybrid energy systems, and increasing policy support for clean energy storage.

Indias battery energy storage market is undergoing a structural shift, with deployment scale emerging as a central pillar of the countrys renewable energy ambitions. Cumulative tendered energy storage capacity surged from 6.80 GW in 2018 to 90.70 GW in 2025, with standalone BESS projects accounting for 60% of total capacity tendered during the year, directly fuelling demand for end-to-end EPC services across engineering, procurement, construction, and commissioning. Of the 10.40 GW allocated in 2025, the

2-hour, 2-cycle configuration dominated, though the

4-hour segment has been gaining prominence since mid-2025 given its suitability for evening peak demand. Approximately 1.8 GWh of grid-scale BESS capacity was installed as of March 2026, with the majority commissioned in the second half of FY2026 alone.

Near-term execution risks persist, with implementation delays of up to 18 months expected due to challenges around financial closure, procurement, and commissioning. Tariff viability remains an additional pressure point, with nearly 75% of allocated 2-hour capacity falling in the risky category, reflecting a meaningful gap between discovered tariffs and actual project costs. Addressing these challenges will require reformed procurement frameworks and cost-reflective tariff structures. On the technology front, heavy reliance on lithium-ion is expected to give way to a diversified mix of storage technologies including flow batteries and sodium-ion, each suited to distinct use cases and tender configurations. Notwithstanding these near-term headwinds, the long-term growth trajectory of Indias BESS EPC market remains strong, supported by a deepening project pipeline and the countrys commitment to 500 GW of non-fossil fuel capacity by 2030.

Source: ieefa

TRANSMISSION AND DISTRIBUTION EPC MARKET

The global power transmission and distribution (T&D) industry encompasses the infrastructure and systems responsible for moving electricity from generation sources to end consumers. The market is broadly segmented by asset type ? Transmission Lines and Distribution Lines ? and by end use, covering Renewables, Electric Utilities, and Industrial consumers.

The global electric power transmission and distribution equipment market size is valued at $256.70 billion in 2025 and is predicted to increase from $271.84 billion in 2026 to approximately $453.09 billion by 2035, expanding at a CAGR of 5.85% from 2026 to 2035.

Asia Pacific generated more than 53% of revenue share in 2025 and the region will continue its dominance over the forecast period. By product, the cables and lines segments contributed more than 27% of revenue share in 2025 and the transformer segment is expected to grow at a noticeable rate in the market forecast period.

Electric power transmission and distribution equipment forms a critical part of the power grid, enabling the efficient flow of electricity through interconnected transmission networks. This includes essential components such as switches, transformers, insulators, and capacitors. As electricity demand rises and the energy sector increasingly shifts toward renewable sources, continuous development of transmission and distribution infrastructure has become necessary. Growing residential and commercial infrastructure, along with rapid technological adoption worldwide, is further driving demand for power transmission and distribution equipment.

India remained the worlds third-largest producer and consumer of electricity. The Indian power industry is undergoing a transition, and the next big investment opportunity is not just in power generation. Instead, it has moved to improving the transmission and distribution system that delivers power to our homes, factories and businesses. It is generating a huge demand for Engineering, Procurement and Construction (EPC) service providers in India. Indias power transmission & distribution EPC market is expected to grow around

$ 75-88 billion in 2035 from the estimated $ 28-32 billion in FY2025 with continued pace driven by several government schemes, renewable energy and urbanisation. This is a reliable, profitableand sustainable market sector for manufacturers, contractors and entrepreneurs. These expansions are being driven by government programs. Large amount is being invested in the Indias power infrastructure via Revamped Distribution Sector Scheme (RDSS) and National Electricity Plan. These initiatives look to reduce power losses and enhance grid reliability, making it possible to integrate renewable energy sources into the grid. Major growthdriverstothisindustryareexpansionofrenewable energy projects, government power infrastructure spending, growing electricity consumption in industries & urban areas, smart metering and smart grid roll-out and urbanisation and industrialisation.

Source: niir

GROWTH DRIVERS

1. Rising Electricity Demand

India is among the worlds top three energy consumers, and electricity demand continues to grow every year. The total electricity generation increased from 1,739 billion Units (BU) in 2023?24 to 1,829 BU in 2024?25 to 1,837 BU in 2025-26.

Increasing electricity consumption driven by urbanisation, industrial growth, and electrification is boosting solar adoption. Expanding EV usage and rising rural energy access needs further accelerate demand. Solar offers a scalable, clean alternative, making it a preferred solution to meet Indias growing power requirements while reducing dependence on conventional energy sources.

Source: pib

2. Technological Advancements

Advancement in solar technologies, including improved panel efficiency and cost reductions in crystalline silicon, are enhancing project viability. Innovations in monitoring, predictive maintenance, and smart grid integration are improving system performance and reliability. These developments are making solar energy more accessible, efficient, and attractive for large-scale and distributed installations.

3. Cost Competitiveness

Declining costs of solar modules are improving project economics. Increased affordability is driving adoption across residential, commercial, and industrial segments. Lower tariffs and higher efficiency are attracting investments, making solar energy one of the most cost-effective sources of power generation globally.

4. Sustainability and Climate Commitments

Indias commitment to achieving 500 GW of non-fossil fuel capacity by 2030 is accelerating solar deployment. Government incentives and climate targets are encouraging investments in renewable energy. Solar EPC demand is rising as organisations align with sustainability goals, contributing to emissions reduction and supporting the transition toward a cleaner energy mix.

5. Increased Demand for Renewable Energy

Growing environmental concerns and the need to reduce carbon emissions are driving demand for renewable energy sources. Solar installations are increasing globally, expanding the need for EPC services. This shift supports long-term sustainability goals while ensuring energy security, making solar a key component in global energy transition strategies.

6. Supply Chain Developments

Expansion of solar manufacturing capacity, especially in Asia, is improving economies of scale and reducing costs. Enhanced availability of modules and components is strengthening project execution capabilities. Domestic manufacturing initiatives further support supply chain resilience, enabling faster deployment and reducing dependency on imports over the long term.

7. Corporate Power Purchase Agreements

(PPAs)

Rising adoption of corporate PPAs is driving solar EPC demand in commercial and industrial sectors. Businesses seek long-term, cost-effective, and sustainable energy solutions to meet ESG goals. PPAs provide price stability and energy security, encouraging large-scale solar installations and boosting private sector participation in renewable energy projects.

8. Energy Storage Integration

Integration of energy storage systems with solar projects is improving reliability and addressing intermittency challenges. Storage solutions enable better energy management, peak load handling, and grid stability. This creates new opportunities for EPC players to offer integrated solutions, enhancing project value and supporting round-the-clock renewable energy supply.

GOVERNMENT INITIATIVES

India is advancing its clean energy transition through several flagship programmes, including National Green

Hydrogen Mission, PM-KUSUM, and PM-Surya Ghar: Muft Bijli Yojana. These initiatives collectively seek to boost renewable energy capacity, enhance energy access for rural and farming communities, and reduce the countrys dependence on fossil fuels. India sets bold climate goals with 45% emission reduction and 60% non- fossil power by 2035.

Source: indiatoday

PM Surya Ghar Muft Bijli Yojana

Launched on February 13, 2024 with an outlay of

75,021 crore, PM Surya Ghar: Muft Bijli Yojana is the worlds largest domestic rooftop solar programme. Eligible households receive subsidies for rooftop installations, supported by collateral-free loans, with the entire process, registration, installation, and subsidy disbursement, managed through a dedicated national portal. The scheme targets 1 crore installations and 30 GW of residential rooftop capacity by FY2027.

As of August 2026, the scheme had facilitated 50 lakh rooftop installations with 17,967.53 crore disbursed as Central Financial Assistance. The scheme is today benefiting 1 lakh households every six days, making it one of the fastest growing clean energy programmes anywhere in the world. Nearly 1.9 million households are now benefiting from zero electricity bills, while rooftop solar installations under the programme have reached

14.8 GW of commissioned capacity. To support this momentum, 28,024 crore in subsidy has been released directly to beneficiaries through Direct Benefit Transfer.

As a result, nearly 19 lakh households are now receiving zero electricity bills, significantly easing the financial burden on families.

Gujarat leads state-wise adoption with 5,94,899 installations followed by Maharashtra and Uttar Pradesh.

Supported by World Bank financing, the scheme is projected to generate 1,000 billion units of electricity equivalent

and avoid around 720 million tonnes of CO2

emissions over the 25 year lifespan of the installations.

Source: pib, pib2, pib3, pib4, pib5, pib6, saurenergy, pmindia, solarquarter, thebatterymagazine

Strengthening Domestic Solar Manufacturing

• The Union Budget for FY 2026-27 reduced the Basic Customs Duty on Sodium Antimonate used in manufacture of solar glass, from 7.5% to Nil.

• ALMM and ALCM are government-mandated approval frameworks under MNRE ensuring only quality-certified domestic manufacturers of solar modules, cells, ingots, and wafers are used in government and grid-connected projects. The framework is being progressively expanded across the solar value chain ? from modules (List-I) to cells (List-II) to ingots & wafers (List-III, effective June 2028) ? to reduce import dependence and strengthen domestic manufacturing.

• Reduction in GST on solar modules from 12% to 5% lead to reduction in cost of projects to developers.

Source: indiabudget

PM Surya Ghar Muft Bijli Yojana

The scheme delivered scale with 44,27,851 installations and 29,829.7 crore disbursed by Central Financial

Assistance. Since the launch of the PMSG: MBY in February 2024, a total of 15,653.45 MW capacity has been added across the country.

Source: pmsuryaghar

PM-KUSUM Scheme

• PM-KUSUM promotes solar energy use in agriculture to enhance farmers income and energy security

• Targets 34,800 MW solar capacity addition by March 2026

Total central financial support of 34,422 crore

• Over 10 lakhs Standalone Solar Pumps Installed and 13 lakhs Grid-Connected Pumps Solarised under Solarised program

Source: mnre, pib

IREDA (Indian Renewable Energy Development

Agency) Financing:

Loan sanctions during FY 2025-26 rose to 51,883 crore, marking a growth of 9% over 47,453 crore in the previous financial year. Loan disbursements recorded a strong increase of 16%, reaching 34,946 crore as against 30,169 crore in FY 2024-25. The outstanding loan book witnessed a significant expansion of 22%, standing at 93,069 crore as on March 31, 2026, compared to 76,282 crore in the previous year.

Source: ireda

Solar Parks and Battery Storage Initiatives

• The Government has approved 55 solar parks with aggregate capacity of ~40 GW across 13 states. As of June 2026, 21.31 GW has been commissioned, 11.16 GW is under tendering, and 9.06 GW is under construction. The policy has also been extended till FY2029.

• Battery Energy Storage Systems are gaining momentum through focused policy support. Under the VGF Scheme (PSDF*), approximately 43 GWh of BESS capacity has been approved. ISTS transmission charge waivers will be available for co-located BESS projects commissioned until June 2028 for a period of 12 years. In addition, minimum domestic content requirements of 20% for VGF schemes and ESS mandates for solar PV projects exceeding two hours of storage are expected to promote local manufacturing and deployment.

*Power System Development Fund

Solar Village

• The “Model Solar Village” aims at promoting 1 solar-powered village per district across India.

800 crore total allocation; each selected village gets 1 crore central assistance.

• The initiative focuses on deploying rooftop solar across households, installing solar pumps, streetlights and community infrastructure, and making villages energy self-reliant, with implementationcarriedoutthroughstaterenewable energy agencies and district-level committees.

• Andhra Pradesh (Feb 2026)

Six villages have been shortlisted under the Model Solar Village initiative.

Planned interventions include rooftop solar, solar street lighting, and solar-powered irrigation pumps.

The best-performing village will receive a 1 crore incentive, driving competitive implementation.

• Telangana (March 2026)

The state plans to develop one solar village per mandal, with 81 villages already under pilot implementation. The initiative covers 38,216 households and includes solarisation of 16,078 agricultural pumps. It reflects a scaled approach toward decentralised rural solar adoption.

New Solar Power Scheme Under PM JANMAN & DA

JGUA

• MNRE is implementing the New Solar Power Scheme [for Tribal and Particularly Vulnerable Tribal Group (PVTG) Habitations/Villages] under Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM JANMAN) and Dharti Aabha Janjatiya Gram Utkarsh Abhiyan (DA JGUA)

• Under the scheme, off-grid systems (Solar Home Lighting Systems/Solar Mini Grids) are provided to tribal and PVTG households, multi-purpose centres and public institutions in Tribal and PVTG areas where grid-connected electrification economically feasible

• Under the scheme, a total of 4,919 households have been electrified in 2025 (as on 30.11.2025)

Source: pib, newindianexpress, businessworld

OPPORTUNITIES AND THREATS

Opportunities	Threats
• Rapid capacity expansion with solar expected to quadruple in India by 2035	• Dependence on Chinese imports
• Strong and continuous demand for solar modules due to supply-demand gap in domestic manufacturing	• Geopolitical supply chain risks
• High growth in rooftop solar across residential and commercial segments	• Policy inconsistency across states
• Government push for local manufacturing (ALMM policy) creating domestic value chain opportunities	• Policy uncertainty, tariffs, and subsidy changes
	• Supply chain disruptions and raw material price volatility
	• Delays in approvals and land acquisition
Increasing adoption of high-efficiency technologies (bifacial, perovskite panels)	• Land acquisition challenges, local opposition
	• Price pressure from unorganized players
• Expansion of energy storage and hybrid solar projects improving reliability	• Overcapacity in module manufacturing
• Rising electricity demand and tariffs making solar cost- competitive vs conventional energy	• Grid integration constraints and intermittency issues • Solar panel disposal concerns
• Growth in utility-scale solar projects and large tenders pipeline	Currency fluctuation risks
• Emerging opportunities in EPC, O&M, and solar consulting services
• Massive untapped solar potential (748 GW) in India https://mnre.gov.in/en/solar-overview/

COMPANY OVERVIEW

Waaree Renewable Technologies Limited (WRTL) is a leading solar Engineering, Procurement and Construction (EPC) company and a subsidiary of Waaree Energies Limited ? Indias #1 solar module manufacturer. The Company incorporated in 1999 and headquartered in Mumbai, WRTL provides comprehensive, end-to-end renewable energy solutions spanning utility-scale ground-mounted solar projects, rooftop solar installations, floating solar systems, Battery Energy Storage Systems (BESS), and long-term Operations & Maintenance (O&M) services. Beyond its core renewable EPC business, WRTL has been expanding its capabilities across adjacent segments. The recent acquisition of Associated Power Structures

Pvt. Ltd. (APSPL) strengthens the companys presence in the transmission and distribution (T&D) space. With 15 years of EPC experience, WRTL has built a formidable track record executing projects for marquee clients. The Companys unexecuted order book as of March 31, 2026, stood at 2,832 MWp, with approximately 2,727 MWp executed during FY2026. Key projects currently under execution include a 2,012 MWp ground-mounted project at Bikaner (Rajasthan), a 1,000 MWp project at Solapur (Maharashtra), a 980 MWp project at Kurnool (Andhra Pradesh). The Company maintains a diversified bidding pipeline of over solar EPC, solar-wind hybrid, and battery storage opportunities, with 5?6 GW of live tenders active at any given time. Government projects constitute less than

10% of the order book by capacity, with the majority of orders originating from private sector clients.

The Companys strategy centres on three pillars: (i) scaling EPC operations across domestic and international markets, (ii) growing its O&M portfolio, currently 1,180 MWp, through differentiated services such as drone thermography, predictive analytics, and underground cable fault-finding, and (iii) building long-term annuity income through IPP assets, with 54.82 MWp of solar generating assets already developed and a further 227.10 MWp IPP plant under development.

Battery Energy Storage Systems (BESS) are increasingly integral to new tenders, as most now require 1?2 hours of co-located storage, and WRTL is actively evaluating larger BESS EPC opportunities. The Company is also developing an 80 MWac / 120 MWp solar park in Maharashtra. Backed by Waaree Groups vertically integrated supply chain, ISO 9001:2015 certification, a 399 strong in-house team, and a CARE A+ (Stable) credit rating, WRTL is well-positioned to capitalise on Indias target of achieving 280 GW of solar capacity by 2030.

The Company has completed the acquisition of equity shares of Associated Power Structures Private Limited (APSPL), resulting in APSPL becoming a subsidiary of the Company. Consequently, the Company holds 55% of the equity share capital of APSPL with effect from June 18, 2026.

Key Strengths and Strategies

Fast-growing solar market presence supported by strong industry tailwinds. Large order book supported by a proven execution track record. Expand EPC business by targeting domestic and international opportunities and increasing participation in government/ private bids.	Comprehensive end-to- end Solar EPC capabilities across project sizes and complexities. Bankable EPC provider with marquee customers and strong customer relationships. Grow in O&M segment by leveraging analytics, innovative solutions, and third- party opportunities.	Strong parent backing enabling seamless integration with module manufacturing. Experienced management team and skilled in- house workforce.	Well-established market position with execution of large- scale projects. Robust financial performance supported by an asset- light business model.
spanning

Operational Performance

CARE upgraded the Companys credit rating to A+, Stable during FY2026, affirming improving financial strength and execution credibility.

FINANCIAL OVERVIEW

Consolidated Financial Performance

Particulars	FY 2025-26	FY 2024-25	Growth (%)
Revenue from Operations	3,331.42	1,597.75	108.51%
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)*	641.10	310.90	106.21%
Profit Before Tax (PBT)	639.61	304.49	110.06%
Profit After Tax (PAT)	478.65	228.92	109.09%

*excluding other income

The Company delivered a strong financial performance in FY 2025-26, with consolidated revenue from operations rising by 108.51% to 3,331.42 crores compared to 1,597.75 Crores in FY 2024-25. This growth reflects robust demand and operational efficiency. EBITDA increased by 106.21% to 641.10 crores, driven by improved cost control and scale benefits. PBT grew by 110.06% to 639.61 Crores, while PAT rose by 109.09% to 478.65 Crores. The Companys strong topline and bottom-line growth underscores its strategic focus and sound execution. The Return on Capital

Employed (ROCE) is 62.54% in FY 2025-26 as compared to 61.94% in FY 2024-25. This reflects the Companys efficient use of capital to drive profitability and create shareholder value. The Companys net worth grew significantly by 105.26%, rising from 454.95 Crores as of March 31, 2025 to 933.83 Crores as of March 31, 2026.

Particulars	For the Year Ended March 31, 2026	For the Year Ended March 31, 2025	% Change	Explanation
Current Ratio (in times)	1.35	1.32	1.7%
Debt Equity Ratio (in times)	0.09	0.06	45.4%	Due to increase in borrowings in current year
Debt Service Coverage Ratio (in times)	5.80	35.77	-83.8%	Due to increase in borrowings in current year
Interest Service Coverage Ratio	47.60	20.52	131.9%	Variation due to increase in Profit before tax
Return on Equity Ratio (in %)	68.93%	65.29%	5.6%
Inventory Turnover Ratio (In times)	54.07	89.72	-39.7%	Variance due to higher inventory
Trade Receivable Turnover Ratio (in times)	3.99	3.67	8.7%
Trade Payable Turnover Ratio (in times)	5.40	4.57	18.1%
Net Profit Ratio (in %) 14.37% 14.33% 0.3%
Operting Profit Margin (%)	19.24%	19.46%	-1.1%

BUSINESS OUTLOOK

Waaree Renewable Technologies is building a substantive position in Indias solar energy market, drawing on its engineering depth and integrated project delivery capabilities. The Company is aligned with Indias domestic manufacturing push and is expanding its solar installation footprint across both home and international markets, with active participation in government and private sector tendering.

The EPC business is supported by disciplined project planning, a reliable supply chain, and access to non-fund-based financial facilities that allow the Company to take on large-scale projects without stretching its balance sheet. In a competitive market, the Company differentiates on solution quality and cost efficiency

? credentials that are increasingly recognised by developers, lenders, and owners engineers across the sector.

Beyond construction, the Company is deepening its service offering to include drone thermography, advanced analytics, predictive maintenance, and underground cable fault detection. These capabilities are designed to extend the Companys relationship with customers well past project commissioning and into the operational life of the asset. The third-party O&M segment is being developed through a combination of organic growth and acquisitions, with the addressable market set to expand in direct proportion to Indias growing installed solar base.

The Company also benefits from its position within the

Waaree Group ecosystem. Access to Waaree Energies pan-India distribution network, module manufacturing scale, and international relationships strengthens both the sourcing side of EPC execution and the Companys ability to pursue cross-border opportunities.

Looking ahead, the Companys priorities remain consistent: disciplined execution on a growing order book, expansion of recurring revenue through O&M and IPP assets, and continued investment in the technical capabilities that underpin long-term competitiveness. The broader energy transition in India provides a durable demand environment; the Companys task is to execute reliably within it.

RISK MANAGEMENT

Risk	Description	Mitigation
Market & Regulatory Changes	Shifts in government policies, tariffs and solar regulations can directly impact project viability and revenue streams.	Engages with policymakers and diversifies project portfolio to adapt to evolving regulatory landscapes.
Technological Advancements	Rapid changes in solar technology may render existing systems less competitive or operationally inefficient.	Invests in research and development to stay ahead of industry innovations and adopt emerging technologies.
Supply Chain Disruptions	Dependence on raw materials and components exposes the Company to delays, cost escalations and shortages.	Maintains strong supplier relationships and diversifies the sourcing base to ensure operational continuity.
Project Execution Challenges	Complex project timelines, resource constraints and on-ground execution issues can affect delivery and quality.	Conducts thorough feasibility assessments and enforces stringent quality control measures across all project stages.

Competitive An increasingly crowded solar market puts Focuses on strategic differentiation, superior Pressures pressure on pricing, margins and market share. customer service and innovative solutions to maintain a competitive edge.

Financial & Funding Dependence on external financing and fluctuating Diversifies funding sources and maintains strong

Risks interest rates can affect the Companys ability to financial partnerships to ensure stable access to fund projects efficiently. capital.

Skilled Labour A limited pool of qualified solar professionals Implements targeted workforce training

Shortages can hinder project execution and operational programmes and collaborates with educational efficiency. institutions to build a skilled talent pipeline.

Climate & Weather Extreme weather events and climate variability Integrates climate-resilient designs and

Risks pose a threat to the longevity and performance of engineering standards to safeguard infrastructure solar installations. against environmental risks.

HUMAN RESOURCES

The Company recognizes its employees as the cornerstone of its success, driven by their dedication, skills, and continued contribution to organizational growth. To attract and retain top talent, the Company invests in comprehensive learning and development programmes designed to foster skill enhancement and long-term career progression.

The Company remains committed to cultivating an inclusive and supportive work environment where employees are empowered to perform at their best. Through targeted engagement programmes and employee welfare initiatives, the Company strives to sustain high levels of workforce satisfaction and productivity.

As of March 31, 2026, the Company has a total workforce of 399 employees.

CORPORATE SOCIAL RESPONSIBILITY

The Company creates a positive social impact through numerous CSR initiatives in education, healthcare, and environmental conservation. Their programmes are aligned to various United Nations Sustainable Development Goals (UNSDGs). The CSR Policy of the Company outlines multiple areas covered under Schedule VII of Companies Act, 2013 with an objective to contribute to activities that are beneficialto society and community at large. The Companys total CSR spend in

FY 2025-26 was 3.87 crores.

INTERNAL CONTROLS

The company maintains internal controls across operations, financial reporting, and regulatory compliance. Its Management Information System tracks key operational metrics and supports timely decisions. Internal audits run regularly to check execution and flagimprovement areas. The Audit Committee reviews these controls periodically to confirm they still work and fit current business needs. Controls are updated on an ongoing basis to address emerging risks.

CAUTIONARY STATEMENT

Statements made in the Management Discussion and Analysis Report describing the Companys outlook, projections, estimates, expectations and predictions may be considered ‘forward-looking statements within the meaning of applicable securities laws and regulations. The Companys performance may differ materially from those expressed or implied.

		On behalf of the Board
	For Waaree Renewable Technologies Limited
	Sd/-	Sd/-
	Pujan Doshi	Hitesh Mehta
Place: Mumbai	(Managing Director)	(Whole-Time Director)
Dated: August 27, 2026	DIN: 07063863	DIN: 00207506
Registered office
504, Western Edge-I, off Western Express Highway
Borivali (East), Mumbai 400066