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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
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Offer For Sale (OFS)
Proceeds go to the existing investors
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Waaree Energies Limited is an Indian manufacturer of solar photovoltaic modules, incorporated in December 1990. The company is the largest solar PV module manufacturer in India, with an aggregate installed manufacturing capacity of around 12 gigawatts as of mid-2024, and positions itself as a preferred partner in the country's solar energy segment. The company's business centres on the design and manufacture of solar modules used in utility-scale, commercial, industrial and residential solar installations, serving both domestic and export markets. It has scaled its capacity substantially over recent years to meet growing demand for solar power equipment in India, supported by government policy favouring renewable energy and domestic manufacturing. Going forward, the company's growth is tied to continued expansion of its manufacturing footprint and to demand for solar modules both in India and overseas, making it sensitive to solar policy incentives, raw material costs, and competitive and pricing pressure in the global solar manufacturing industry.
Ahead of the offer, the company raised about Rs 1,276.93 crore from anchor investors through the allotment of roughly 84.96 lakh shares at the upper end of the price band, representing close to 30 percent of the total issue.
Source: RHP • Analysis provided for informational purposes
Last Updated: 14 July 2026, 5:30 AM
Largest solar module manufacturer in India
The company holds the leading position in India's solar PV module manufacturing industry by installed capacity.
Large and rapidly scaled manufacturing base
Manufacturing capacity has expanded substantially over recent years, positioning the company to serve growing demand for solar equipment.
Strong recent financial growth
Revenue and profit have grown sharply over the last three fiscal years, reflecting robust demand and improved scale economics.
Established industry positioning
The company is recognised as a preferred partner in India's solar energy segment, supporting continued order flow.
Exposure to policy and subsidy changes
Demand for solar equipment is influenced by government incentives and renewable energy policy, changes to which could affect the business.
Geographic revenue concentration
A meaningful share of domestic sales is concentrated in a small number of states, creating regional demand risk.
Export market exposure
International sales expose the company to overseas market conditions, trade policy and currency risk.
Waaree Energies Limited
602, 6th Floor, Western Edge-I, Western Express Highway, Borivali (East), Mumbai - 400066, Maharashtra, India
View on Maps →MUFG Intime India Private Limited
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Full valuation on annualized earnings
On an annualized recent-earnings basis, the issue was priced at levels that leave limited room for near-term re-rating.