Waaree Energies invests ₹300 crore in arm Waaree Energy Storage for lithium-ion cell plant

Domestic solar module manufacturer Waaree Energies Limited on Wednesday (September 24) said it has invested ₹300 crore in its wholly-owned subsidiary, Waaree Energy Storage Solutions Private Limited (WESSPL), through a rights issue.

The investment involves 60 crore partly paid-up equity shares of face value ₹10 each, issued at par. Of this, ₹5 per share was paid on application, while the balance, ₹5 per share, will be payable on call.

According to the filing, WESSPL, incorporated in February 2020 in Mumbai, reported nil turnover for the financial year ended 2025 as well as for the previous three years. It will remain a wholly-owned subsidiary of Waaree Energies post the investment.

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The company stated that the funds will be used for setting up a Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant. WESSPL belongs to the renewable energy sector and is fully aligned with Waaree's core business.

No regulatory approvals were required for the transaction, and it was executed as a cash consideration. Waaree said there will be no change in its shareholding percentage in WESSPL.

First Quarter Results

Waaree Energies' consolidated net profit rose 20.3% sequentially to ₹745 crore, compared to ₹619 crore in Q4FY25. The company also saw a significant boost in operating performance, aided by improved efficiency and cost control.

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EBITDA came in at ₹997 crore, up 73.4% quarter-on-quarter from ₹575 crore, signalling a sharp jump in operating leverage. The EBITDA margin improved to 22.5%, compared to 14.3% in the previous quarter, underscoring improved realisations and internal cost efficiencies.

Shares

of Waaree Energies Ltd ended at ₹3,492.00, up by ₹57.30, or 1.67%, on the BSE.