Waaree Energies Acquires Kamath To Scale Transformer Business

Mumbai-based Waaree Energies said its Board has approved the acquisition of Kamath Transformers Private Limited, with the transaction expected to be completed in the 2025-26 financial year.

In a regulatory filing, Waaree said Kamath Transformers is a “well-established and progressive company in transformer manufacturing,” with revenues of ₹257.3 crore in FY22, ₹544.1 crore in FY23, and ₹1,226.8 crore in FY24.

The company also announced the acquisition of Green New Delhi Forever Energy Private Limited, aimed at facilitating and holding specific power projects under the independent power producer (IPP) framework. This transaction is also expected to close by FY26. Thses latest acquisitions can support Waaree’s strategy for backward and forward integration.

Performance Highlights and Expansion Plans

Waaree Energies reported a production volume of 2.06 GW in the fourth quarter of FY25, compared with 1.35 GW in the same period a year earlier. Quarterly revenue rose 37.7% year-on-year to ₹4,140.92 crore, while profit after tax (PAT) surged 254.5% to ₹648.49 crore.

For the full year FY25, the company reported:

• Production of 7.13 GW, up from 4.77 GW in FY24

  

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• Revenue of ₹14,846.06 crore, marking a 27.6% year-on-year increase

• PAT of ₹1,932.15 crore, a 107.1% rise from the previous year

“We see encouraging demand trends, which bode well for future growth,” the company said, adding that it will continue to focus on integration through investments in cell, ingot, and wafer manufacturing, battery energy storage systems, power infrastructure, and inverters,” the company said in its financial results.