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From Sun to Storage: Waaree Eyes BESS & Inverters in Next Big Push

After establishing a strong presence in the solar module and cell market and moving towards wafer and ingot production, the Gujarat-based company now plans to venture into manufacturing BESS and inverters.

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Manish Kumar
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From Sun to Storage: Waaree Eyes BESS & Inverters in Next Big Push Photograph: (Saur Energy)

India’s largest solar module manufacturer, Waaree Energies, is gearing up to strengthen its position in the Indian solar market. After scaling its solar module and cell business, the Gujarat-based company now plans to expand into new areas of the energy sector, including Battery Energy Storage Systems (BESS), solar inverters, and green hydrogen electrolysers.

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This mirrors the strategies of close competitors—such as Premier Energies—which are also entering the manufacturing space for BESS and solar inverters. With rising demand, more tenders are being issued for standalone BESS as well as solar+BESS projects. The publicly listed firm appears to have read the pulse of India’s renewable energy market and is incorporating these trends into its long-term roadmap.

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Plans for BESS Manufacturing

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Waaree's Plans For New Ventues Photograph: (Waaree Energies)

The ALMM-enlisted company plans to begin BESS manufacturing with a capacity of 3.5 GWh by FY27. With an investment of around ₹2,073 crore, the firm aims to develop lithium-ion storage cells and complete energy storage systems. The new facility will be set up at Rola (Valsad), Gujarat, and the company says the project is on track. Waaree Group believes that by venturing into these new segments, it can become a full-stack energy solutions provider and a one-stop destination for clients’ energy transition needs.

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Amit Paithankar, Chief Executive Officer (CEO), compared the current state of the BESS market to the early days of solar:

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“When solar started, it was almost 10 times as expensive as it is now. Around 2010–2011, many questioned why anyone would enter the solar business because it was so much more costly than conventional energy. In 10–12 years, that changed drastically. Batteries are going through a similar curve. Lithium prices have fallen, and so have cell and pack prices. All of this together will lead to a substantial reduction in overall costs,” he said.

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Mission 2027 — Strong Backward Linkage & Diversification

Waaree Energies, the manufacturing arm of the Waaree Group led by Hitesh Chimanlal Doshi, plans to scale up its manufacturing footprint and diversify into multiple green technology segments, including modules, cells, ingots, wafers, BESS, inverters, and green hydrogen electrolysers.

waaree production
Waaree's manufacturing plan. Photograph: (Waaree Energies)

Targets by FY27:

  • BESS: 3.5 GWh capacity by FY27

  • Inverters: 3 GW capacity by FY26

  • Hydrogen Electrolysers: 300 MW by FY27

  • Solar Modules: 26 GW by FY27

  • Solar Cells: 16 GW by FY27

  • Ingots & Wafers: 10 GW by FY27

Record Q1 in FY26

In its latest investor call, top management described Q1 FY26 as a “record-breaking quarter,” boosting the firm’s confidence to scale up operations and explore new ventures. Key achievements included:

  • Highest-ever production: 2.3 GW

  • Highest-ever revenue: ₹4,597 crore

  • Highest-ever EBITDA: ₹1,169 crore

  • Highest-ever PAT: ₹773 crore

Interestingly, the company plans to increase its module manufacturing capacity to 25 GW within the next six months.

How Waaree Is Utilising Indosolar

Waaree is using its acquired company, Indosolar, to cater to solar clients in northern India.

“Indosolar fits squarely into our broader expansion plans. The primary purpose we use it for is module manufacturing. Its location in Greater Noida helps us reach northern customers quickly,” said Paithankar.

Indosolar has a total capacity of about 1.3 GW and began operations in Q2 FY25. “This quarter, Indosolar achieved ₹196 crore in revenue and around ₹65 crore in EBITDA. We’re continuing to ramp up and expect more orders,” said Sonal Shrivastava, Chief Financial Officer (CFO) of Waaree Energies.

Post-Odisha Shift — Scaled-Up Ingot & Wafer Plans

Following a strategic realignment, Waaree decided to move a large part of its manufacturing plans out of Odisha, opting for Gujarat for solar cell production and Maharashtra for ingot and wafer manufacturing. The company has also scaled up its ingot and wafer production target from 6 GW to 10 GW by FY27.

With these expansions, Waaree is set to become more backward integrated and diversified, offering multiple products under one roof. This scale is likely to make it a formidable competitor to both domestic and global firms operating in India, while establishing a strong presence in the BESS and inverter markets.

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