Waaree Energies To Bid Adieu To Amit Paithankar, Jignesh Rathod To Take Over As Chief Executive Officer

Waaree Energies’ Board of Directors has upgraded Jignesh Rathod, currently designated as Director – Operations, and appointed him as the new Chief Executive Officer of the company with immediate effect.

The company said in a regulatory filing that the appointment was made based on the recommendation of the Nomination and Remuneration Committee at a meeting held on December 29, 2025. The Board also took note of the resignation tendered by Amit Paithankar (Whole-Time Director & Chief Executive Officer) to pursue opportunities outside the organisation. 

The company said that Jignesh Rathod will work closely with the outgoing CEO during the transition period. The Board further approved the appointment of Jignesh Rathod as Chief Executive Officer and Key Managerial Personnel with effect from May 16, 2026, or such earlier date as may be notified, consequent upon the earlier relieving of Amit Paithankar as Whole-time Director (WTD) and Chief Executive Officer (CEO). The company also placed on record its appreciation for Paithankar’s leadership and contributions during his tenure, during which the company strengthened its operational capabilities, expanded its footprint, and built a robust foundation for long-term growth.

The board noted that this well-planned internal succession ensures leadership continuity, operational stability, and strategic momentum, and reaffirms the company’s commitment to strong governance, long-term value creation, and sustainable growth for all stakeholders. It accepted Paithankar’s resignation and agreed to relieve him with effect from May 15, 2026, or such earlier date as may be mutually agreed.  

Past Experiences

Jignesh Rathod is a seasoned leader with deep institutional knowledge and a proven execution track record. He holds a Bachelor’s degree in Engineering from Gujarat University, a Master’s degree in Business Administration for Working Executives from NMIMS, Mumbai, and a Doctorate in Business Administration from XIBMS.

He has been associated with the company since November 28, 2007, and brings over 18 years of extensive experience across manufacturing operations, capacity expansion, process optimisation, technology integration, and large-scale execution. Currently responsible for overseeing end-to-end operations across the company’s manufacturing facilities, Rathod has played a pivotal role in scaling production capacities, driving operational efficiencies, strengthening quality systems, and supporting the company’s expansion and modernisation initiatives.

His leadership has been instrumental in building resilient operations aligned with the company’s long-term strategic vision. The Board expressed strong confidence in Rathod’s ability to lead the company through its next phase of growth, citing his deep operational expertise, people-centric leadership approach, and strong alignment with the company’s values and strategic priorities.

Amit Paithankar Stint

 Amit Paithankar's stint as the CEO started in December 2022, post which he led the firm through a very successful IPO in October 2024. He has overseen the capacity expansion from around 4 GW at the time he joined to 12 GW by the time of the IPO, and claimed 20 GW now, including IndoSolar. The firm has consistently ranked as India's largest module maker post IPO.

Under Chairman and Managing Director Hitesh Doshi, Paithankar will probably look back at the successful transition to the IPO and the strong market share and order book he leaves behind as his biggest achievements. The firm has also expanded into related areas like Transformers, Energy storage, and Green Hydrogen. His successor on the other hand, will look ahead to build on those, while taking care of challenges like a looming overcapacity risk in the domestic market, and serious investigations in the US by federal authorities linked to the sourcing of inputs into the modules it has exported into that market.