Hitesh Doshi, Chairman and Managing Director, and Sonal Shrivastava, Chief Financial Officer of Waaree Energies, participated in a discussion with ET Now, sharing insights about the company’s transformation as it adapts to global changes. Initially exporting solar panels to Europe, Waaree Energies began to focus more on domestic projects like the Gujarat solar mission when demand for large installations emerged in India. This led them to pioneer EPC projects. Currently known as Waaree Renewable Technologies, the company is diversifying by working on storage solutions like batteries and exploring hydrogen, having applied for PLI for hydrogen production and setting up an electrolyser factory.
During the conversation, Hitesh Doshi acknowledged the potential challenges of going public, such as increased media scrutiny and more frequent interviews, expressing readiness to tackle these aspects. Reflecting on India’s solar industry, Doshi noted India’s position as the largest solar manufacturer and exporter, describing the industry as substantial. He remarked on the rapid global growth of installed solar capacity, projected at 400 gigawatts with a 30% annual growth rate propelled by solar’s cost-effectiveness, cleanliness, and ease of installation. Highlighting India’s ambitious goal of achieving 500 gigawatts by 2030, he emphasized the significance of solar energy in meeting increasing global energy demands.
Discussing Waaree Energies’ market presence, Doshi explained that the domestic solar market accounts for a significant portion of their growth. He highlighted the company’s ability to adapt to evolving demands, such as the need for batteries and potential hydrogen solutions. Doshi forecasted that the solar market would keep expanding beyond 2030 as energy needs continue to rise. He outlined Waaree’s strategic focus on exports, particularly in the US, which contributed to substantial profit and revenue growth post-COVID, benefiting from the China-plus-one strategy in global supply chains.
Sonal Shrivastava noted that Waaree Energies saw accelerated growth in exports over the past few years and is setting up a new facility in the US to meet market demands. The company is committed to scaling up while maintaining profitability. Furthermore, Doshi discussed Waaree’s progression from being a PV manufacturer to an energy solutions provider, emphasizing an innovative approach and a readiness to integrate more deeply, such as producing solar cells domestically—a venture prompted by Indian government policies favoring local production over reliance on China.
As Waaree Energies plans significant expansions, Doshi expressed confidence in their ability to meet customer requirements with market developments like the Pradhan Mantri Surya Ghar Yojana and Pradhan Mantri Kusum Yojana additional rooftop and agricultural solar projects. Doshi reaffirmed Waaree’s focus on delivering comprehensive solutions—from manufacturing ingots and wafers to complete solar modules—highlighting the company’s ongoing commitment to “Make in India.”
Sonal Shrivastava reported that approximately 58% to 60% of Waaree’s products were exported in FY24. The company is establishing new supply chains to cater to non-China demand, especially in the US market. Shrivastava stressed Waaree’s ability to maintain flexibility in its operations to serve both domestic and international markets.
On future prospects, Doshi addressed potential risks and competition, assuring that the company is well-prepared through product diversification and geographic expansion. As major corporations like Tatas and Adanis enter the solar sector, Doshi highlighted the robust market size and Waaree’s experience in navigating global competition.
Looking forward, Waaree is investing in a fully integrated supply chain, including a factory in Odisha, signifying a shift towards broader energy solutions. Doshi expressed that while financial success is important, the company’s primary goal remains to advance in technology and customer service, ensuring sustainable energy solutions through green initiatives.
