Waaree Energy has positioned battery manufacturing at the core of its energy transition strategy, with plans to roll out a 20 GW battery cell and pack
manufacturing facility in phases, starting from FY27, Group Head Finance Abhishek Pareek said during a post-results interaction.
Pareek said Waaree’s decision to enter battery manufacturing is the outcome of consistent work over the past few years as the company seeks to position itself as a broader energy transition player rather than remaining focused only on solar modules.
He said the company has been expanding both vertically and horizontally, including backward integration, EPC capabilities and new segments such as inverters, hydrogen, electrolysers and batteries.
He said battery storage is essential to address the limitations of solar power, as 6-8 hours of generation is insufficient to support large-scale, round-the-clock power needs. According to Pareek, the ability to deliver 24x7 electricity at competitive costs requires either hybrid solutions or round-the-clock power, both of which depend on battery integration.
Waaree recently raised about ₹1,000 crore in equity from investors to support its battery manufacturing plans, validating the company’s execution capabilities, Pareek said. The proposed battery project has a total planned capacity of 20 GW of cell and pack manufacturing and will be developed in two phases.
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The first phase, with a capacity of around 3.5 GW, is expected to commence production in FY27, while the second phase of about 16.5 GW is targeted for FY28. Pareek said construction of the first phase is at a very advanced stage and that the company has already begun receiving orders, with an encouraging pipeline from both domestic and overseas markets.
Oman polysilicon facility at advanced stage
Waaree Energies Limited said the polysilicon facility in Oman, where the company has committed investment, has reached an advanced stage of development, with trial production expected to begin this quarter, Abhishek Pareek said.
The facility has an installed capacity of about 100 KTPA of polysilicon, equivalent to nearly 40 GW of annual polysilicon production. Pareek said this capacity provides adequate supply options for Waaree’s vertically and pseudo-vertically integrated operations.
He added that a section of Waaree’s customer base is increasingly seeking non-Chinese polysilicon, and the Oman facility will be used to supply traceable polysilicon for such requirements.
Capital expenditure and capacity roadmap
The finance chief said Waaree has laid out a capital expenditure plan of around ₹25,000 crore, to be deployed over the next 24 months. This includes investments in backward integration into ingots and wafers, expansion of solar cell capacity, battery manufacturing, inverter production and renewable power infrastructure.
Under the plan, module capacity is targeted to reach around 28 GW from the current levels, while solar cell capacity is planned at about 15.5 GW and battery capacity at 20 GW. Pareek said capacity additions are typically aligned with customer orders, and any further expansion would require internal approvals.
US tariff and labour code impact
On the impact of US tariffs, Pareek said Waaree’s early move to establish manufacturing operations in the US has helped insulate both its order book and pipeline. The company currently has 1.6 GW of operating capacity in the US, along with 1 GW of acquired manufacturing assets and an additional 1.6 GW under development, taking total planned US capacity to around 4 GW, sufficient for the next few years.
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He said exports from India continue, with solar cells sourced from territories facing relatively lower tariffs of 15-20%. Following changes in US trade rules, Waaree has shifted parts of its supply chain from Southeast Asia to the Middle East and African countries such as Ethiopia.
On labour codes, Pareek said the company has already factored in the impact on its profit and loss statement and made the required provisions based on assessments and valuations.
Shares of Waaree Energies Ltd surged 9.67% on Thursday, January 22, rising ₹233.80 to close at ₹2,652.80 on the NSE.
