WAAREEENER — earnings call

The transcript as filed. Every paragraph is addressable: its link names the page and the position it sits at in the call.

Prepared remarks

LIMITED · Management

MR. ABHISHEK PAREEK – CHIEF FINANCIAL OFFICER – WAAREE ENERGIES LIMITED MR. VARUN GOENKA – PRESIDENT, GROWTH AND STRATEGY – WAAREE ENERGIES LIMITED MR. NEERAJ VINAYAK – VICE PRESIDENT, INVESTOR RELATIONS – WAAREE ENERGIES LIMITED

Moderator · Conference Operator

MR. NIKUNJ JAIN – MUFG INTIME INDIA PRIVATE

LIMITED · Management

Waaree Energies Limited April 30, 2026

Moderator · Conference Operator

Ladies and gentlemen, good day and welcome to the Waaree Energies Limited conference call hosted by MUFG Intime India Private Limited.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes.

Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone.

I now hand the conference over to Mr. Nikunj Jain from MUFG Intime India Private Limited.

Thank you and over to you, Mr. Jain.

Nikunj Jain

Thank you, Michelle.

Good afternoon, ladies and gentlemen.

I welcome you to the Q4 and FY

Questions and answers

17:48:35 +05'30' · Research Analyst

“Waaree Energies Limited

Jignesh Rathod

Thank you, Abhishek.

Looking ahead, our priorities are very clear.

Continue scaling capacity in line with the demand, deepen integration to improve the cost competitiveness, expand across markets, and keep investing in technology and innovation.

To sum up, financial year 26 has been a year of strong progress.

We have delivered on growth, strengthened our position, and built a solid platform for the future.

With strong industry tailwinds and a clear strategy, we remain focused on consistent execution and long-term value creation.

We continue to remain upbeat on our growth prospects and guiding for operating EBITDA of INR7,000 crores to INR7,700 crores for financial year 27.

Thank you for your continued trust and for being with us on this journey.

With that, I would now like to request the operator to open the floor for questions.

Moderator · Conference Operator

Thank you very much, sir.

Ladies and gentlemen, we will now begin with the question-and- answer session.

The first question is from the line of Arun Kailasan from Geojit Investments Limited.

Please go ahead.

Arun Kailasan

Yes, hi.

Thank you for allowing me to ask this question and congratulations on the numbers management.

I just wanted to know why there was a very steep decline in the operating EBITDA margins in this quarter versus the previous quarter?

And that will be my first question and if you could also give us some colour on the realizations of the, current run rate of realizations for the DCR, non-DCR modules as well?

Thank you.

Abhishek Pareek

Thank you for the question, Mr. Arun.

So, on the question about the margins this quarter compared to last quarter.

Over the last quarter, we have seen two things which no one envisaged.

The war in the Middle East and the crisis of commodity prices.

Over the last quarter, the biggest impact which has taken up was the impact of silver pricing and copper pricing.

Waaree Energies Limited April 30, 2026 Which has in a way taken some weight off our margins.

Also, more important to note here, because last quarter, there was also some impact on logistics cost.

There was limited movement of ships inbound as well as outbound.

Out of that, the cost of freight has gone through the roofs like never before.

And the mix of the sales again adds up to this.

If you look at our mix of sales of last quarter compared to a quarter previous to that, you will realize that our revenue from the overall overseas export operations has come down compared to Q3. So, three put together has impacted the margin.

But one thing I would like to add here, since market normalized already now, we have started factoring, customers have started factoring the increased price in the new commodity levels already.

So, we could really foresee the implication that price have adjusted for the higher commodity prices already as we speak.

The other question of DCR, non-DCR market.

Currently, if you look at the non-DCR market for us, there are two segments in non-DCR.

One is utility and another is our retail segment.

Utility segment of prices ranges between INR15 to INR16 with the, I would say, addition of the higher commodity price.

And now the retail prices go with an incremental rupees per watt peak premium to us.

The DCR pricing ranges in the range, basically the Mono PERC or TOPCon, between INR21 to INR22.

Hope that answers.

Arun Kailasan

Okay.

Also, I just wanted to know, like, you know, granted that, you know, Waaree is considerably shielded from the impact of any of the anti-dumping duties per se in the US market.

But do you think that, you know, I mean, do you see any sort of any panic negotiation with regard to it, like, you know, changes in pricing or, you know, even different deliveries in that particular market as a result?

Abhishek Pareek

So, thankfully, ahead of time, you know, we were able to start our production in the US itself.

The 1.6-gigawatt facility started last year has already ramped up and another 2.6-gigawatt worth of new facilities are going to go live over the next six months of time.

So, we will have approx. 4.2 gigawatt of US local capacity for distributing in the local US markets.

So, that insulates us from the impact of import duties on tariffs.

At the same point in time, if you look at the export market also from India, since we have already established our supply chains ahead of time to alternate markets, including the markets from Africa and Europe, where we are sourcing our cells from, that again insulates us from the duty on solar cells originating from India.

So, that's how we have been able to sail through the entire duty scenario.

And I think we are in best position today with local 4.2-gigawatt capacity within the next six months of time.

Arun Kailasan

Okay.

I was, of course, wondering.

Moderator · Conference Operator

Sorry to interrupt you, sir.

Sir, I would request you to kindly re-join the queue we have a long queue today.

Arun Kailasan

Okay.

Thank you.

Moderator · Conference Operator

Thank you, sir.

The next question is from the line of Abhishek Nigam from Motilal Oswal.

Please go ahead.

Waaree Energies Limited April 30, 2026

Abhishek Nigam

Yes.

Hi.

I wanted to check on the G12R transition which you were doing in the last quarter.

So, my understanding is there was a bit of a shutdown on some of the lines in the last quarter.

So, is that complete or there could be some spill over in the first quarter as well?

Jignesh Rathod

Yes.

So, we have converted three lines to G12R.

So, currently, , eleven lines are working.

Three lines are Mono PERC.

Three lines we have converted to G12R.

It is in ramp-up phase.

And five lines continue running into the M10R TOPCon.

Abhishek Nigam

Okay.

So, these five will probably get converted in the first quarter, right?

Jignesh Rathod

Yes.

Phase manner.

Once the three lines will get stabilized, runs fully, slowly we are ramping up.

Abhishek Nigam

So, I mean, it could be 1Q, it could be 2Q depending on when this goes through?

Jignesh Rathod

Yes.

One quarter.

Abhishek Pareek

Abhishek, for you to take a note of one thing which is very important here is we are expecting to go back to the CUF that we have achieved in the month of Jan, 330 megawatt of monthly number in next , two months' time.

In fact, since we are shifting to G12R now, we will have the upset of higher efficiency and higher realizable value from the same set of cell.

So, you can expect in terms of megawatt and in terms of realization, the higher number by 10% to 12% out of the current transition which has happened.

Hope that clarifies.

Abhishek Nigam

Okay.

That works.

Thanks.

I will come back in the queue.

Moderator · Conference Operator

Thank you.

The next question is from the line of Ravi Dharamshi from ValueQuest.

Please go ahead.

Ravi Dharamshi

Yes.

Hi.

Thanks for taking my question.

Just want to understand why was the export mix so low in this particular quarter and would that still be the case going forward and also a little bit on the outlook for order book accretion on the export front?

Abhishek Pareek

Hi, Ravi ji.

So, the question of export being lower this quarter.

So, last quarter between Jan to Feb, we have seen a lot of impact on the logistics delays all across.

So, ships were getting delayed.

The stack to load material on ships are also getting lower because of the congestion of these large ships in the Middle East markets.

So, because of that, what has happened is a lot of lots which have been manufactured and prepared for the export market could not be shipped.

If you look at our balance sheets also, you will realize that the inventory overall has gone up largely because of the logistics issues.

And the same is going to get converted within the current quarter.

So, that has not allowed us to do as much exports as we generally do every quarter and changed our revenue mix as well.

In terms of the order book question, like we have mentioned that we have got INR53,000 crores worth of total order book already.

In terms of the order book detailing, how much is export?

Waaree Energies Limited April 30, 2026 So, for us, it is not export-export, it is overseas revenue because we have around 1.6-gigawatt capacity in US, which will be 4.2 gigawatt in the next 6 months of time, wherein we are delivering and manufacturing and delivering both in US.

Some of it will continue as exports from India.

In the total order book of INR53,000 crore, around 65% to 70% is from the overseas long range order book to be delivered over next three to four years of time.

And what is not accounted in this INR53,000 crores order book is the retail business, which is about ~20% of our total revenues.

Ravi Dharamshi

Thank you.

Just one follow-up question.

What is the purpose of the fund raise?

Abhishek Pareek

So, we have taken the enabling resolution to raise up to INR10,000 odd crores.

We will soon also be laying out the request for approval from the shareholders for raising this capital up to INR10,000 odd crores.

That request will also cover up all the objectives of the fundraise.

Ravi Dharamshi

Thank you.

Varun Goenka

Yes.

Hi, Ravi.

This is Varun here.

I just want to clarify on this fundraise.

I think the Waaree 2.0 transition that Abhishek and Jignesh Bhai spoke about essentially means a much bigger opportunity, both in terms of the core module and the adjacencies that is opening up, both in terms of India demand and global demand.

Now, for us to both in terms of increase the customer wallet share, de-risk our supply chain, localize our BOM, our entire materials, and the support of government in terms of policies.

For example, the glass manufacturing is essentially an outcome of the duty protection now that the government has introduced that you would be aware of.

So, the margins earlier were much lower, but now the margins are very high and ROCs are very healthy, which essentially has encouraged us to take that capex.

So, this fundraise is to deepen our entire platform journey, both horizontal and vertical, and also to embark on the entire materials backward integration.

This will lengthen our growth curve, protect our margins and ROC over a much longer period.

Thank you.

Moderator · Conference Operator

Thank you, sir.

We'll take the next question from the line of Aritra Banerjee from Nomura.

Please go ahead.

Aritra Banerjee

Yes, I hope I'm audible?

Moderator · Conference Operator

Yes, sir.

Please proceed.

Aritra Banerjee

Yes.

So, thank you for taking my question.

My first question is on the glass manufacturing side.

I just wanted to understand what benefits we can expect from the glass manufacturing side in terms of manufacturing cost and will it help in any sort of boost on the margin front?

Abhishek Pareek

Thanks for the question, Mr. Banerjee.

I think before I jump up on the commercial benefit, the more important element here is first is that for our entire supplies in the States market, we require FEOC compliant material.

This glass manufacturing will ensure that we have continuous supply under controlled environment from India, which will enable the US glass feed-in for the factory.

Waaree Energies Limited April 30, 2026 Secondly, for our India factory also, since we have PLI benefits from the government, the localization of glass is going to ensure that we start getting our PLIs soon.

And thirdly, the current ROCE and ROE in glass because of the cost curves and local manufacturing benefits, including the protection by the government through duties of long-term, is making a lot of sense.

Glass is around 20% plus of the total cost that we have.

And if we are able to in-house the glass and ensure that we, apart from cell , also control the cost curve of the second biggest component in the bill of material, it will ensure that we are completely independent of these movements in the glass.

Like in recent example last quarter, glass was one of the cases wherein prices rise sharply because of some problem or some trouble in the Middle East and China.

So that way we are going to leverage on our capabilities to consume the entire glass that we manufacture.

In fact, the capacities announced are much lower than what we will be requiring for our own feed-in stock.

So, we will continue to even buy out from markets and also have in-house sourcing of glass from the self-production.

Hope that helps.

Aritra Banerjee

Yes, understood, sir.

So, I have just two more questions regarding the…

Moderator · Conference Operator

I'm sorry to interrupt you, sir.

I would request you to kindly re-join the queue.

There is a long queue for -- waiting to ask questions.

I would request you to kindly re-join the queue for follow- up, please.

Thank you.

We'll take the next question from the line of Sweta Jain from Anand Rathi, Shares and Stockbrokers Limited.

Sweta Jain

So just wanted to understand the two things.

One is, how would the cost metrics change if we're importing cells from Ethiopia or any other African market versus Indonesia?

Jignesh Rathod

So, on the day of announcement of duties by the US government, my Chairman has addressed this question, although I'm repeating here.

So, it depends on the US duties on to each country.

So, in US, the fee on the solar module is based on the solar cells where it produces.

Where the junction has been produced, that country will be considered as the origin of the solar modules.

So, Ethiopia cells will have a 10% duty on US, wherein Indonesia is having 34% plus 10%, like 44%.

Abhishek Pareek

For you to understand in a way, Sweta, I think I'll try to make it a little easier for you.

For example, if you're importing from Ethiopia versus let's say from Indonesia.

You will end up paying duty on the entire product if you consume the product from Indonesia.

Similar is the case currently with Indian cells also.

If you can use Indian cell for manufacturing in US or either export from Indian market.

You will have to pay up the recent announced duty of 123%-odd on India, while Ethiopian cells will not have those duties.

Sweta Jain

So why I'm asking this question is, in the recent ADD order, the anti-dumping duty, apart from the CVD that came in earlier, the ADD specifically mentions India and Indonesia.

So, with that into perspective, this cost dynamics would have really changed.

You know, the last, I think what we call is the cell imports we did was majorly from Ethiopia and then Indonesia.

So, are we looking at new markets considering this cost gap would have increased towards like 10% or 40%, but Indonesia is now more than 100% with ADDs at least?

Waaree Energies Limited April 30, 2026

Jignesh Rathod

Indonesian cells we are not using for modules shipping to USA, that we are using for India.

Ethiopian cells we are using for US market.

Sweta Jain

Okay, understood.

Abhishek Pareek

In fact, Sweta, to add up to the context, if you look at the current buildouts of capacity, you will see that there are some bit of capacities which are building out in the Middle East also, wherein there will be new cell capacity.

For example, in Oman, we have acquired the polysilicon company stake, right, strategically.

Therein, also in Oman, also we see some capacities are coming up for cell.

So, there are cells available from Oman, we import in India.

We manufacture module and export to US, the duty will be applicable is what duty would have been applicable from Oman, which is 10%.

So that way, as we go on deeper in the supply chain, we keep on diversifying our source of cells for the exports in US and manufacturing we keep ensuring that our supply chain pocket is expanding.

And we have been doing this all through day and night.

Moderator · Conference Operator

The next question is from the line of Sabri Hazarika from Emkay Global Financial Services.

Sabri Hazarika

Yes, good afternoon.

So just wanted to get some more colour on the guidance that you have given, INR7,000 crores to INR7,700 crores.

So, looking at what you have mentioned that the cell will take probably one or two quarter to convert fully to G12R.

And I think module capacity also we are like close to 26 gigawatt, which will probably go up by another 2 gigawatt.

So how does, I mean, how do we achieve this 20%, 30% growth, a breakup between how the revenue would be, how the production volume should be.

What kind of margins, some colour on that?

Thanks.

Abhishek Pareek

So, hi Sabri, thanks for the question.

I think for someone to understand how it works is, like FY26 are operating EBITDA was INR5,908 crores.

The guidance is INR7,000 crores to INR7,700 crores, a range of around 20% to 25% of growth on the absolute level of EBITDA numbers.

In terms of the cell production the current, as our CEO just mentioned over call, that in a quarter's time.

The cell production will not just normalize to what it was a quarter back.

If it will actually have an effect of upside of 10%, 15% as well.

Additionally, in H2, our 10-gigawatt cell is also going live, which means in second half of this year our capacity -- which will be giving in cell for our own module production is not 5.4 gigawatts anymore.

It is 15.5 gigawatts, more than sufficient for every module that we manufacture and sell in this country.

So, which means the impact of margin expansion because of the regulatory and DCR reasons will start coming in big way in H2.

H1, we will see a transition from 5 gigawatt to 15 gigawatt, and that's how the number will also play out.

Sabri Hazarika

Okay, so you're expecting cell to be adding, and ingot wafer would be in FY28, right?

Abhishek Pareek

Yes, ingot wafer will be in FY28. Also, to further clarify here -- since we have given you the consolidated guidance of EBITDA.

This number also factors in the pre-startup cost of many of the projects which are under construction and going live this financial year.

For example, we are Waaree Energies Limited April 30, 2026 starting a three and a half gigawatt battery energy solution plant, which includes the cell manufacturing, pack manufacturing and container in Gujarat this year.

We have deployed majority of manpower, white collar as well as blue collar already on the shop floor.

So, the manpower, which is not under construction site, largely on the business development site, is already on the board and is a cost to us.

Similarly, the case is there for all other businesses which are going to go live.

So currently, the existing revenue is also taking care of the businesses wherein the assets are going to sweat starting from H2 this financial year.

And hence, you will really start seeing the Waaree 2.0 results from H2 this year and going to a different level in FY28. When every asset is ready is functional, is delivering result and going at full throttle.

Hope that clarifies.

Varun Goenka

Just to add what Abhishek is saying, essentially what we're saying is the core solar module stack, which is module manufacturing and cell .

The entire capex will get completed in the FY27 financial year.

The ingot wafer and part of battery will get completed in FY28. So, this '27 and '28 will complete large part of the capex.

And '29 you will actually see the entire Waaree 2.0 the benefits of all operating businesses now getting seeded, starting to reflect in the financials.

Moderator · Conference Operator

The next question is from the line of Prakhar Porwal from Ambit Capital.

Prakhar Porwal

Just one question on margins.

I wanted to understand, like you mentioned 4.1 gigawatt of module sold.

I understand exports mix have gone down to 21% from last quarter at 32%.

Is the margin moderation also a reason, another reason maybe that your DCR mix has gone down in India?

Because your cell production, if I see which is 700 megawatt.

So largely is it safe to assume that that would be your DCR mix or would you also be buying a lot of cells from outside to cater to that segment from basically other cell manufacturers in India?

Abhishek Pareek

I think you have hit the nail right at the centre.

The understanding is very clear that at the higher module production level, the cell, DCR cell or local cell production has not gone up.

And hence there is some moderation because of this mix as well.

Yes, there are customers for which we have even to buy out cells from the local markets just to ensure that we are delivering to our customers on time.

But when you do that, you are putting the money on the table to the other side where you are procuring the cells from.

Moderator · Conference Operator

The next question is from the line of Deep Sanghavi from Dalal & Broacha Stockbroking Limited.

Deep Sanghavi

And congratulations on a great set of numbers for the quarter as well as the year.

So, my first question was regarding the gap between the EBITDA and the cash flow from operations with the CFO conversation declining I think around 100 plus percentage to about 27.5, I guess, around that number.

So, could you help me understand the key factors behind this diversion?

Abhishek Pareek

Sure.

So, if you look at our cash flow statement also, you are pointing out very right that the cash flow operations percentage has significantly come down.

As I mentioned in my earlier reply as well that because the inventory build-out has happened in Q4, largely because a lot of material Waaree Energies Limited April 30, 2026 has kept on the shores, could not be shipped out because of the logistics issue.

Had that been the case, we would have realized the cash into our balance sheet.

That would have changed the number altogether.

The inventory levels in the balance sheet also reflects the same.

If you keep the inventory at normalized levels, the same number will go back to the normalized level of 70% to 100% conversion of cash from current 27%.

Deep Sanghavi

And just to follow up.

So, could you explain the cash conversion cycle?

Moderator · Conference Operator

Sir, please re-join the queue for follow-ups because we have a lot of participants are waiting for that.

Okay.

Thank you, sir.

We will take the next question from the line of Kunal Shah from DAM Capital.

Kunal Shah

So, just could you give some colour on this entity, Waaree Semicon.

And how are we thinking of this business?

And what would be the status of this entity in terms of, let us say, talent acquisition, government PLI, capex timing.

And also, the rationale to get into this segment?

Thank you.

Abhishek Pareek

Well, I think I would really want to take this opportunity to clarify to all.

The company that you saw yesterday, Waaree Semicon, is a company which is going to only manufacture to start with the components which we are consuming in the inverter manufacturing at our facility in Sarodhi, Gujarat.

So, we are manufacturing inverters at our facility and we are getting the complete lockdown and we are building the inverters in a factory.

We require diodes for the same.

This company is going to build out diodes, procure diodes globally.

And get the localization of diodes within the umbrella of Waaree Power.

And hence, the corporate structure has been kept in a way that this company is wholly owned subsidy of Waaree Power Private Limited, which is the electronic manufacturing arm of Waaree Energies.

Kunal Shah

But, sorry, just to clarify, but there would be like an OSAT business in this entity, right?

Abhishek Pareek

This is a recently incorporated entity with the tie-ups which are underway already.

We believe that it is most critical for the electronic manufacturing arm to have this business or this backward integration under its own corporate structure.

And hence, this decision.

Moderator · Conference Operator

We will take the next question from the line of Praveen Sahay from PL Capital.

Praveen Sahay

My question is related to the order book.

Sequentially, if I look at, there is a INR7000 crores of order decline.

So, can you give some colour?

Is that some order domestically because of challenges related to the procurement or as you had highlighted, you had domestically also cell procure.

There is some depletion in the order book domestically.

Abhishek Pareek

So, if you look at the order book, around INR53,000 odd crores, we have delivered more than INR8400 crores of revenue already.

So, on a quarter-on-quarter basis, there is an intake of orders, but then the ship-out of orders is much higher than the build-out.

So, last quarter, largely because of the disruption in the Middle East.

The new order from the overseas market have deferred from Waaree Energies Limited April 30, 2026 maybe a quarter to a quarter's time.

Similarly, there's a lot of dispatches which are happening in the local market.

And in the local market, if you see there is an ALMM II which is coming up.

So, many decisions in the C&I sector largely are held up because of the few people are citing that maybe there could be some extension, etc. So, decisions are getting deferred.

I think government has clarified a day before that at which point in time, they will be able to use the earlier shipped-out panel under ALMM 1 category to the site so that they can actually use even after that date.

I think that clarification is already under progress by the government.

So, because of that, many decisions were pushed out to next quarter.

And hence, the net offtake from the local market also was slowed down.

Praveen Sahay

Thank you. for the clarification.

Moderator · Conference Operator

Thank you.

The next question is from the line of Nidhi Shah from ICICI Securities.

Please go ahead.

Nidhi Shah

Yes.

Thank you so much for taking my question.

So, my question mainly pertains to our supply in the U.S. So, we already know that because of the restrictions on Chinese cells, we cannot use that in the U.S. But my question mainly remains on other components of the solar module as well, which is the solar glass, the junction box, the wafer, and any other components.

In order to satisfy the U.S. LPA guidelines, do we have to also procure those from non-China sources?

Jignesh Rathod

Except cells , no need.

Nidhi Shah

Okay.

Do you think that this could come in the future?

Jignesh Rathod

No. We do not think so.

But as a matter of principle and policy, we are not using Chinese polysilicon wafers for USA.

And this is all from India to U.S. Where in U.S. manufacturing, we have to procure all the material from the non-FEOC countries.

Abhishek Pareek

So, what that means for you, Nidhi, is that if you are going to supply components to U.S. market, let's say for manufacturing in U.S. also, be it glass, be it, the cell is already restricted.

So, apart from the glass, junction box, EVA, back sheet, everything and anything, it has to come from a non-FEOC source starting this April ‘26.

So, which ensures that our build out of, let's say, glass will have its market from day one as non- FEOC country.

This non-FEOC clause , if I would take one minute just to clarify further, is an enabling factor for non-Chinese players to build out capacity outside of China and Russia and create the entire value chain for shipment to U.S. either for distribution in U.S. or manufacture in India and then ship to U.S. Both the ways are open.

But FEOC is ensuring the non-Chinese supply chain get a great traction in U.S. starting this April 2026.

That's how you also see a lot of new orders coming in U.S. from U.S. to us. because of the FEOC requirements as well.

And this is bound to increase only.

Nidhi Shah

All right.

Thank you so much.

Waaree Energies Limited April 30, 2026

Varun Goenka

So, while there is no way for us to quantify the ex-China market, which is very, very large today, but it's safe to say that it's growing at a very high growth.

U.S. has already become local sourcing or FEOC compliant.

Domestic market in India is already becoming completely dependent on local manufacturing.

But even Europe has announced its intent to become an ex-China sourcing market.

So, needless to say, it's difficult to quantify, but the ex-China market is a very high growth trajectory for several years now.

Moderator · Conference Operator

Thank you, sir.

The next question is from the line of Akshay Gattani from UBS.

Please go ahead.

Akshay Gattani

Hi, sir.

Thank you for the opportunity.

So, my question is related to wafers and ingots.

There has been some revision, both in revision to the cost of capex and timelines also.

Like capex has been moved up to INR62 billion versus INR51 billion earlier.

And timelines are now FY28 versus FY27. So, why does it change?

Like some technology-related change or any other reason to this change in both capex and timelines?

Abhishek Pareek

So, if you look at the plan now, we were originally putting up 6-gigawatt worth of facility versus now setting up 10 gigawatt of facility.

Because of that and other reasons, we also shifted our locations as well from earlier mentioned locations in Odisha to now Gujarat and Nagpur.

So, that's how some delay in the overall timeline.

But this revised timeline is for the 10-gigawatt facility altogether, including the earlier 6 gigawatt and the additional 4 gigawatts.

Hope that helps.

Akshay Gattani

Got it.

Thank you, sir.

And what will be your timeline for glass manufacturing plant?

Abhishek Pareek

So, we have mentioned in our disclosure also that we are expecting the glass production over the next 24 months of time.

Akshay Gattani

Got it.

Abhishek Pareek

Thank you, sir.

Moderator · Conference Operator

Thank you.

The next question is from the line of Amitoj from 360 One Capital.

Please go ahead.

Amitoj

Yes.

Thank you, sir, for taking my question.

And a few questions.

First, on the copper and silver commodity pricing, I think the silver and copper pricing has been on an upward trend since the past year.

But the margin impact has been very severe this quarter, 590 bps decline.

So, is there any other factor?

Now, of course, you mentioned that we have been also procuring DCR cells from other third parties domestically to cater to our DCR order book.

So, that could be the main reason for our EBITDA margin decline.

Or is this more structural and we should see EBITDA margins at 20 percent levels compared to 25 percent in the previous quarters?

Abhishek Pareek

So, as we have said, one thing you already covered that since the overall cell production or the cell dispatch, to be precise, has been in line with last quarter, but overall production of modules was way higher.

Hence, the percentage wise DCR number was lower.

And in fact, since we had to procure some cells and supply to our customers, that also diluted the number.

Waaree Energies Limited April 30, 2026 This is an over and above the addition of the impact of commodity price.

At the same time, I mentioned in my earlier reply as well that the change in overall sales mix from the overseas revenue to more of utility also had an impact and some dilution in the margin overall.

Amitoj

Okay.

Thank you.

So, should we see this as a structural trend or did the margins are expected to bounce back from Q1 onwards?

Any soft guidance?

Abhishek Pareek

As I mentioned, like H2 onwards, since our 10-gigawatt cell is going to go live, our full throttle cell execution 15.4-gigawatt production and dispatches shall start.

So, that will lead to a point wherein our entire requirement of cells for the Indian market, be manufactured and sourced in- house.

And that will give a filip to the overall margin profile that we have today.

Amitoj

Okay.

Thank you.

And just one last bookkeeping question.

Moderator · Conference Operator

I'm sorry to interrupt you, sir.

Yes.

Thank you.

Amitoj

Yes.

Thank you That’s alright.

Moderator · Conference Operator

Thank you.

The next question is from the line of Raman KV from Sequent Investments.

Please go ahead.

Raman KV

Hello, sir.

Can you hear me?

Moderator · Conference Operator

Yes, sir.

Please proceed.

Raman KV

Yes.

So, I just have two questions.

One is more or less like a clarification with respect to the margins.

You have guided the EBITDA level to be around INR7,000 crores to INR7,700 crores for the financial year FY27. So, if possible, can you just let us know whether are you sticking to your initial guidance of maintaining the EBITDA margin of 20%?

One of that and a follow-up on that is due to the increase in commodity prices, have you taken any price hike during this quarter or are you planning to take any price hike in the future quarters?

Abhishek Pareek

I think I'll again re-emphasize on our earlier calls also.

And as mentioned by you that you've been guiding over all that on a long-range basis, if you really wish to see what is there in for the next 5 to 10 odd years, the safest assumption there will be is your 19%-20% margin consistent for a decade long at least.

Secondly, because of the effect of cells in H2 and more cells coming up in the quarter beyond that, the margin profile compared to this quarter could be different because there'll be more cells manufactured and sourced in-house.

So, that completely uplifts the overall margin profiles.

So, certainly, there could be quarters wherein the margin could be much higher because of the change in mix of DCR, non-DCR.

Same point in time, relevant play also comes from the export book and export revenue.

In a particular quarter, if the overall overseas revenues are higher, that also gives a belief to the overall margin profile of the quarter.

Waaree Energies Limited April 30, 2026 So, two to three KPIs to monitor will be how much DCR manufactured and shipped out in- house.

Second, how much overseas revenue is there in the quarter.

Thirdly, how much revenue are we also generating from our retail arm?

Because these three put together takes care of 70% -75% of market.

And if you also look at the EPC business, which is doing phenomenally well, that also helps us to work out on our overall margin profile.

Raman KV

Understood, sir.

And my last question is...

Moderator · Conference Operator

I'm sorry.

So, I would request you to kindly rejoin the queue for follow-up or new questions.

Raman KV

Sure

Moderator · Conference Operator

Thank you, sir.

We'll take the next question from the line of Divya Patni from NVS Brokerage.

Please go ahead.

Divya Patni

Hello.

So, firstly, congratulations on the great set of numbers.

Could you explain the current margins in your module and cell business and how we expect them going forward?

And also, there are concerns about the overcapacity in the module segment.

So, how do you see the demand versus supply shaping up?

And are the government policies like ALMM and PLI supporting in demand and pricing?

That's it.

Abhishek Pareek

Let me take up the second question first to answer.

So, the definition of supplies in the country is changing.

With ALMM II coming in place, the real available supply for the sector asking for DCR is not, let's say, 160 gigawatt of (ALMM) I approved module.

It is rather (ALMM) II approved solar cell capacities integrated with module capacity.

So, relevant capacity to note is 30 gigawatt today for new regulations kicking in from June 26.

While the demand, like in last financial year you've seen, 50-gigawatt, 55 gigawatts of module were consumed to install 44.6-gigawatt worth of ACsite of solar installations.

Going ahead as well, there's another regulation, ALMM III, which is kicking in from 2028, which means that the cell manufacturers will have to integrate further with backward ingot and wafer manufacturing over the next two years, three years of timelines.

So, that point in time, the, again, definition of supply will change over of integrated ingot wafer cell and module capacity as a total capacity.

So, we really don't foresee any scenario anytime next 5, 10 years of time will be the supply is going to be much higher than demand.

Yes, we foresee a balance between supply and demand.

Anything that you export will be over and above.

But the demand and supply largely equates with the regulations coming in at the right point in time, aligning with the capex by the serious players in the industry.

Divya Patni

Okay.

Waaree Energies Limited April 30, 2026

Varun Goenka

Let me do some interpretation of this capacity numbers.

There are multiple numbers out there with respect to module capacity.

It could be 160 gigawatt.

It could be 200 gigawatt.

There is no way to ascertain clearly, but I'll just offer my bit.

One is capacity, which is nameplate, but one has to adjust for the wafer input adjustment.

So, there is a 17% adjustment factor there.

The other is utilization, not the theoretical utilization could be for everybody different, but the industry operates from the smaller players are much lower utilization.

The more efficient players are at 75, 80% utilization.

So, there is that utilization factor.

The other is the efficiency factor, which is the cell efficiency.

So, what Abhishek is trying to say is, let's say, for utilities who are looking for high efficiency modules, which have to perform for 25, 30 years, the supply is not in excess.

There could be oversupply in the lower efficiency modules, but that's not where Waaree plays.

Another interpretation of the EBITDA margin, and I think a lot of you have these questions around EBITDA margin.

One EBITDA margin is a function of the proportion of module and cell, and every company will have different proportions.

So, Waaree's module volume and value is much larger being an industry leader, and that's why the module by design is higher value and margins look lower.

To give you an example, a company with no module sales and only cell will seem very high margins, but the value of sale will be much lower.

Right?

What we emphasize from H2, the entire cell manufacturing will also be complete and operational.

Then Waaree will have the right proportion of module to cell , and that's why margins are poised to rise.

There is a transition period.

So, please be aware of these two factors, one with respect to industry capacity, and the other is the module to cell mix.

Margins are an outcome.

Just one more last point on EBITDA per watt peak is the right way to look at it rather than percentage EBITDA margin, and maybe, Abhishek, you can explain one bit on that, why percentage margins actually change?

Abhishek Pareek

So, I would further take this on from where Varun just left.

If you look at the pricing, so there are different pricing for different markets.

Let's say if you're shipping out an export product, the pricing is in the range of 25, 26 cents per watt peak FOB basis, while a domestic utility product will be around 16, 17 cents.

So, there's a price delta.

In the exports, let's say if you're earning around 4 to 5 cents per watt peak, your margin will be in the range of around 18%, 20% percent.

In domestic utility, even if you're earning 2.5 cents, you are still good to earn 15%, 16% margin, while the EBITDA per watt peak profile is completely different from the same panel which is manufactured.

So, more important to follow is how well is your sales mix coming out?

Is it only going to one particular market which takes care of the overall revenue and margin mix, or is it segregated to various pockets where you can really play out on the margin and also de- risk your customer segments.

If there's a disruption in one market, you have alternates to deal with and supply with.

Hope that helps.

Waaree Energies Limited April 30, 2026

Moderator · Conference Operator

Thank you, sir.

Thank you for answering those questions.

We'll move on to the next question, which is from the line of Parth Shah, an individual investor.

Please go ahead.

Parth Shah

Hi.

I wanted to know what are the timeline of fundraise and what are your plans for Indosolar, Waaree Indo?

Abhishek Pareek

So, as we mentioned that we are going to come out with the objects also in the notice for the shareholders.

Same point in time, we would also want to clarify on the timelines.

However, right now, we are taking the enabling resolution to do this fundraise over the next couple of months.

We'll be soon coming out with the clarification on the amount, etc. Second question on the Indosolar, I want to clarify, since this is a call for Waaree Energies Limited , I think we can take up Indosolar questions separately through the IR channel.

Parth Shah

Okay.

Thank you.

Moderator · Conference Operator

Thank you.

The next question is from the line of Donatella from V.T.

Energy.

Please go ahead.

Donatella

Good morning to the management team and thank you for taking our question.

I'm talking on behalf of Mr. Volpe.

We are speaking as an early investor who has believed in Waaree since 2009.

First of all, congratulations to Mr. Hitesh Doshi and the entire board on closing a phenomenal financial year, achieving nearly INR6,000 crores in EBITDA and reaching almost 26 gigawatts of capacities and evidence of your execution.

But today, our primary reason for speaking is to give a very warm and official welcome to Mr. Jignesh Rathod in his new role as a CEO.

Having known Jignesh since his days leading the production division, we know as long-term shareholders, first of all, his technical brilliance and his dedication to this company.

The transition from phase 1.0 to Waaree 2.0 couldn't be in better or more capable hands.

We see the market reaction today, but as partners since 2009, we look at the fundamentals.

The vertical integration into Glass and the T&D acquisition are the right strategic moves, according to us.

So, congratulations again, Mr. Doshi and Mr. Jignesh Rathod.

We remain proudly by your side for this next chapter of growth.

And now the question is, as you may know, the Italian government is trying to limit the usage of PV modules made in China.

In Italy, 11 gigawatts of photovoltaic projects have been approved to be built with known Chinese photovoltaic modules and known Chinese cells.

These projects could use Waaree modules made in India, which would certainly lead to an increase in Waaree’s order book.

Have you considered the Italian and European markets in your development plans?

Thank you.

Jignesh Rathod

Hi, Ms. Donatella.

Good afternoon.

Nice to hear you after a long time.

Give my regards to Mr. Volpe and his family.

Donatella

He's online.

He's online as well.

Waaree Energies Limited April 30, 2026

Jignesh Rathod

Okay, great.

Yes, Italy is always close to Mr. Doshi's heart and entire Waaree.

From where we have started, our first line is from Italy with the capacity of 30 megawatts way back in 2007.

And we love Italy.

So, yes, it is in our growth plan.

We have built an export team dedicated to Italy with three people and two more are joining.

We are addressing our supply chain from Southeast Asia and India for Italian market.

And we're very much ready to restart the Italian market, which has been stopped since 2015 onwards.

And we're absolutely ready for entire Europe as well.

Donatella

Okay, thank you.

Moderator · Conference Operator

Thank you.

The next question is from the line of Pallavi from Sameeksha.

Please go ahead.

Pallavi

Yes, thank you for taking my question.

I wanted to know what would be the efficiency of the G12R line right now and what is expected in the second half when we have full 15 gigawatts?

Jignesh Rathod

25.4% is the normal efficiency with fraunhofer reference cell.

Pallavi

Right.

And you mentioned about the savings, right?

10% to 12% savings.

Is that the primary right now of this coming from the efficiency of the savings?

Jignesh Rathod

No, it is from G12R we can make 615-watt modules.

M10R was 580-watt modules.

So, increase of the wattage resulting into the savings, the realization of the profit.

Pallavi

Right.

Thank you, sir.

Moderator · Conference Operator

Thank you.

The next question is from the line of Karan Gupta from ACMIN.

Please go ahead.

Karan Gupta

Yes, hi.

This is Karan Gupta from Asit C Mehta Investments.

My question is the revenue mix, just wanted to understand what is the revenue mix geographically?

And the question is related to how much we have exported to U.S. and Europe countries?

And then something to DCR cell production, why the DCR cell production is so low as compared to the peers, which is something close to double, basically the production of cell?

So, these two things are core interrelated.

So, first is your geographical mix in terms of revenue and the cell production?

Abhishek Pareek

So, in terms of the geographical mix in the overall overseas revenue, since we have manufacturing in U.S. itself and we are also exporting from India as well.

So, our overall revenue from overseas more than 90% shall be from U.S. markets alone.

The remaining is from markets where we have started to explore and also started to ship out materials.

However, over the next few months, we see a great amount of opportunity coming in from European markets and African markets as well.

In fact, in the Middle East market also, we have started to receive the enquiries for build out of large farms over there for renewables.

So, that means not just U.S., there are three markets which have U.S. equivalent potential to consume overall renewables, be it Africa together, European markets or Middle East.

So, we really foresee a very diversified overseas market as we are going ahead.

Waaree Energies Limited April 30, 2026 Answer to your question number two around lower production on DCR as you have explained in the earlier questions as well, that since we have been transitioning now from M10 to G12R size of cells, hence there have been some drag in the production of cells.

But this will have benefit starting from a quarter down the line, wherein we will see 10%-12% of higher production from the same lines resulting into higher realizations for the long term.

Karan Gupta

Okay.

Okay.

Utility, retail, EPC, all are domestic?

Abhishek Pareek

Sorry, I could not get that question.

Karan Gupta

Utility, retail, EPC, all are domestic revenue mix?

Abhishek Pareek

Yes.

Yes.

Yes.

In the revenue mix, yes, you are right.

Karan Gupta

Okay.

Okay.

Thank you.

Moderator · Conference Operator

Thank you, sir.

We will take the next question from the line of Abhishek Nigam from Motilal Oswal.

Please go ahead.

Abhishek Nigam

Yes.

Hi.

Thank you so much for the opportunity again.

Just I know this question was I think, it came up a little earlier in the call.

But just on the cash conversion cycle and the working capital days, if I look at numbers in the last year FY25, overall working capital cycle was around 45 odd days, which is now closer to 90 odd.

So, is this what we should sort of build in go ahead?

And do you think that, you know, it's a sign that there is more sort of capacity in the industry?

And so, the working capital is getting a little favourable in terms of the customers?

Or how should we think about it now?

Abhishek Pareek

So, there are two areas to look at to understand this better.

First is the effect of inventory, higher inventory, which I also explained in my earlier reply that in the March ending quarters, the overall inventory has gone through the roof because of lower shipments for the overseas market.

Number two, the advance from customers has remained steady and strong, even the levels are also similar.

But because the overall run rate of production has almost doubled in a year's time, while the absolute number of advances were same.

Hence, the effect on the working capital cycle.

So, despite the high advance from customer even today, but because of higher sales numbers, the dilution in terms of working capital days.

I hope these two put together experience the effect of cash conversion in the cash flow.

Abhishek Nigam

So just one clarification on that.

So, the percentage of advance, let's just say assume you were asking for say a 5% advance earlier.

Is it still 5% or has it say gone down to say 2.5% or something?

Abhishek Pareek

In fact, not 5%.

We have seen when we have been getting advances to the tune of 10% to 20% also in few cases and other few cases 5% also.

So, the trend isn't the same.

However, because of geopolitical reasons, the tendency to be higher upfront advances for long term contracts in the same set of customers has moved towards more advance at the time when you start the production or start the raw material procurement.

Waaree Energies Limited April 30, 2026 So, you won't get that much of higher advance on the day one of signing off, but certainly we continue to receive advances before we start the dispatch or the production also.

Our overall cash remains in the same environment of no credit policy, but yes, this will have an effect in the number of days of advance from customers.

Varun Goenka

Abhishek, just to add to while you're right on asking about the working capital, but we shouldn't take our eyes off the main true north is ROC and we see despite the rise in working capital, our ROC remains truly top quartile.

Moderator · Conference Operator

Thank you, sir.

The next question is from the line of Mitesh Mehta from Long Term Investment Group.

Please go ahead.

Mitesh Mehta

Good evening and congratulations for a great set of numbers.

Most of my questions have been taken up, but I'm keen to know how company is planning for non-US and non-Indian market.

Jignesh Rathod

That's what we said.

Europe is our next big destination, Africa and Middle East.

Okay.

So, we are coping up with everything.

Mitesh Mehta

So, we can expect, say, some 15%-20% revenue three years down the line from non-US and non-Indian market?

Jignesh Rathod

Three years down the line, yes, but it is yes.

Moderator · Conference Operator

Thank you, sir.

The next question is from the line of Aritra Banerjee from Nomura.

Please go ahead.

Aritra Banerjee

Yes, thank you for taking up my question again.

So just wanted to understand, you know, regarding the BESS business.

So, what are the kind of unit economics and margins that we can expect and what will the contribution from FY29 of that BESS business to Waaree’s total revenue and EBITDA?

Abhishek Pareek

For someone to understand BESS business, I think I'll fall short of time if I start trying to explain the economics, but what I can do for you is make it a little easier.

On the BESS business, the basic conversion plus the raw material that we will require for manufacturing of cell plus the BESS cost our ROCs and ROEs are falling in the current range of delivered ROCs and ROEs over the historical numbers.

To explain it further, you expect the business to generate around 18% to 20% margins without any support from the policy perspective or any MOAT of regulatory inculcated.

If at all, there are policies which are more conducive for global manufacturing, which we are certainly hopefull as we keep hearing from the government as well that they are going to support Make in India for the entire value chain.

I think numbers could change, but the basic business economics considering the ample demand coming from the States market and now from the Middle East market also wherein customers are asking for alternate supply solutions for energy storage.

I think this is the time to do the manufacturing deployment so that we have enough capacity available.

Waaree Energies Limited April 30, 2026

Aritra Banerjee

Any thought of revenue colour for FY29 or any timeline that you have in mind for revenue contribution from BESS?

Abhishek Pareek

I think it is too early to comment on any guidance around the revenue in FY29 for this, but if you wish to calculate anything, you can take up the total capacity that we are setting up 20 gigawatt hours.

You can also take an assumption from market around the average price per megawatt hour for the BESS in India and the US.

The average would come around $110 to $120 odd dollars.

I think you will get some sense of the numbers that can come out from this business, but right now, too early to comment.

Aritra Banerjee

Thank you.

Varun Goenka

I think we will all agree that BESS is one of the biggest enablers of the entire energy transition.

It is the most critical component for even solar to accelerate during the non-solar hour because whatever surplus energy that gets created during solar hours can now be stored and that gives new wings to solar manufacturing.

With respect to revenues and all, obviously we cannot put a number, but the industry number is that India would need anywhere close to 60 to 80 gigawatt hour of BESS annually.

The cumulative number that is put out by NITI Aayog and MNRE is that India needs to get to 300 gigawatt hour of BESS over the next five to seven years.

Waaree's 20 gigawatt hour is just the beginning.

I think the runway of growth and capacity is multi-decadal in this segment.

So, let's be patient about how BESS segment plays out.

That has the potential to create a new Waaree in itself.

It would take a few years to get there.

Moderator · Conference Operator

Thank you, sir.

The next question is from the line of Sushil Choksey from Indus Equity.

Please go ahead.

Sushil Choksey

Sir, congratulations for very stable numbers.

What do you forecast as your cell production in second half of the year and next year on established capacity which you highlighted?

Abhishek Pareek

So, if you wish to get a sense of cell, difficult to give exact number, but I can give you some range like on the existing cell capacity of 5.4 gigawatts, you can expect in the H2 because there are six months.

I'll cut down the capacity from 5.4 gigawatt to 2.7 gigawatt effectively.

You expect at least 90%- 95% of production in second half itself.

For the new build-out 10- gigawatt capacity in H2, since the ramp-up will happen over three to six months of time, you can expect some bit of number from that capacity as well.

Sushil Choksey

Can you just give an indicator number for, let's assume for FY'28, forget FY'27, and secondly, what is the total production increase you're estimating from existing capacity line which you're converting?

Abhishek Pareek

All right.

For FY'28, we have entire 15.4-gigawatt cell capacity available for complete 12 odd months.

The safe assumption could be to assume 80%-85%utilization on the full year scale for FY'28 on the cell capacity.

Waaree Energies Limited April 30, 2026

Sushil Choksey

How much will you use for DCR and schemes like Kusum and Surya out of that?

Abhishek Pareek

Sir, our cell that we are going to manufacture largely is right now planned for the domestic markets only.

So that means not majority.

In fact, almost 90%, 95%or maybe 98% shall be used for the local DCR markets only.

Unless there are, like we keep hearing now from Italy market, from French markets that the requirement of non-Chinese supply chains are coming a big way.

If at all that also opens up, we may use something in those markets, but too early to comment.

Sushil Choksey

Entire Europe market is open for replacement, which has implemented between 2005 to 2010.

So, is Europe market likely to fetch you a better price or domestic DCR?

And second thing, the Topcon price and monoperc price, what is the price differential as on today?

Abhishek Pareek

So, for us to see a comparison between European market and DCR market, right now, pricing in DCR market are fairly priced.

In the European market, the orders are even coming for the full stack solution, not just the panel.

So good news for us, a player like us, wherein we not just supply the panel, we give the entire EPC solution, transformers, T&D services.

The number is very exciting.

Let's say if we are constructing a solar farm in India with T&D, if the cost is coming around INR3.5 to INR4 crores per megawatt, same set of plant in Europe would cost around 20% to 30% higher.

So, for us, the realizable value for same set of megawatts on an overall system basis is very high when we go outside of India, be it US markets or be it European markets.

That's why WAAREE 2.0 is very essential for us.

If you really wish to take out larger pie of the cake, which is there for next decade, and hence all the segments which are going to sweat their assets starting H2 this year and big way in FY'28, we will really see numbers moving basis those capacities and sweating of those capacities.

Sushil Choksey

Can I assume that in FY'28, first half will be lower number at 50%-60% of the new capacity and second half would be at 80%-90%.

On a blended basis, it would be at 80%?

Abhishek Pareek

Sir I think difficult to comment exact percentage, but you can reasonably expect that 15-gigawatt cell capacity will be used reasonably the next financial FY'28.

28 gigawatt of module capacity, global capacity including 4.2 gigawatt in US and another 24 gigawatt in Indian markets will be used at full throttle.

Some bit of base capacity which is coming this year, 3.5 gigawatt will be used for entire next financial year.

20,000 MVA worth of transformer capacity will be consumed throughout next financial year.

Electrolyzer capacity of 1 gigawatt, yes, available for entire year.

4 gigawatt of inverter capacity, yes, available for entire year.

In fact, on top of it, EPC company with an acquisition of transmission and distribution arm, APSL, will be also available to capture a good amount of share in the market of EPC in India and overseas as well.

Waaree Energies Limited April 30, 2026 So, answer to you will be, next year FY'28, WAAREE 2.0 will start showing its results, the compounding of assets that we are trying to create over years and the impact of large-scale deep integration and penetration all working together to build a new Waaree.

Sushil Choksey

Do you – the current year which went by…

Moderator · Conference Operator

Sorry to interrupt Mr. Choksey, may we request you to return to the question queue, there are participants waiting for their turn.

Thank you.

The next question is on the line of Abhishek Kansara from Axia Asset Management Pvt.

Ltd. Please go ahead.

Abhishek Kansara

Hi, good afternoon.

Thank you for taking my question.

So, my question was, how much will be the module production from our US arm and how much will be the IRA rebate that we have received this quarter, whether this IRA rebate is included in the revenue number or other income?

Abhishek Pareek

So, in the US markets, the overall revenue in last financial year was 1 gigawatt plus, wherein around 85% to 90% was manufactured locally from our own factory.

We have been getting IRA for $0.07 per watt peak against per watt peak of panels sold.

There are some costs to incur when you convert that into cash.

So, we factor around 87%-88% percent only of the eligible IRA.

So last financial year, roughly around $40 million was our cumulative benefit from IRA.

However, this year when we start another 2.6-gigawatt facility in the US and the earlier line also runs at full throttle, the overall effect in IRA will be multifold naturally.

Abhishek Kansara

Thank you, sir.

Moderator · Conference Operator

Thank you.

The next question is on the line of Rahul Rohit from Ambit Wealth.

Please go ahead.

Rahul Rohit

Hi, thanks for the opportunity.

So, it would be really helpful if you could throw some light on ALMM II.

There's a lot of ambiguity in terms of when will the ALMM II demand actually kick in in India.

So, if you could give some on-ground reality on this, it would be really good.

Jignesh Rathod

Very difficult to answer with government also not able to answer so far.

Speculations are going on, but I think within a week we will have a clarity from government.

Varun Goenka

I think the intent is absolutely clear that the government wants to transition to as much local manufacturing of cell, eventually ingot wafer, power electronics, everything.

The question is about three months here and there and the timeline.

If you see ALMM I now is successfully and fully implemented, adopted by the industry.

So, the cell manufacturing related ALMM II is just about almost formalization.

First June, it comes into effect.

Moderator · Conference Operator

Thank you.

The next question is on the line of Shweta Jain from Anand Rathi Shares and Stockbrokers Limited.

Please go ahead.

Shweta Jain

Thank you for taking the question again.

Just wanted to understand in the erstwhile comment, you mentioned that the higher commodity prices have now been started reflecting in our realizations as well.

Wanted to know the current order book obviously is at the last quarters numbers or reflecting the price hike that we have taken to factor in these commodity prices?

Waaree Energies Limited April 30, 2026

Abhishek Pareek

Thanks for asking this question, Shweta.

I think I have tried to clarify in my earlier answer as well that the effect has started to see on the ground in terms of pricing conversion.

However, there were not many intake of orders because of decisions on policy and clarity.

Also, in the overseas market because of the global tension, the intake was comparatively lower.

So, yes, we can rightly assume that now all the existing pipeline, all the current order which are going to intake are going to factor in the price naturally.

Shweta Jain

That would be reflected….

Moderator · Conference Operator

Sorry to interrupt, Shweta.

May we request that you return to the question queue?

There are participants waiting for their turn.

Varun Goenka

Shweta, just to acknowledge the report that you released had very good industry insights especially clarifying on the overcapacity issue, nuancing this high efficiency and areas.

I think that was very well covered in your industry report.

Moderator · Conference Operator

Thank you, sir.

The next question is on the line of Rajesh Kapadia from Raj Investments.

Please go ahead.

Rajesh Ghanshyam Gaur · Research Analyst

Thank you for taking my question and congratulations on a good set of numbers.

Sir, this is a question regarding our subsidiary Indosolar.

Will you answer that question?

Abhishek Pareek

So, we would request that we can get that question write into the IR team of Indosolar.

We shall get back to you over there.

Okay.

Thank you.

Moderator · Conference Operator

Thank you.

The next question is on the line of Harshit Jain from POJC.

Please go ahead.

Harshit Jain

Sir, that currently with the large capex announcement we have done across the new verticals.

Are these businesses expected to deliver higher ROC and ROE with the current level or should we expect some dilution at the company level as they scale up?

Abhishek Pareek

In fact, in the earlier calls in our presentations, we have tried to communicate this that the decision-making for allocating capital by the board is largely driven by the decision of return on the capital, which is a very essential matter for us.

So, historically, we have seen the projects of ROCE and ROE to the tune of 20% to 25% have been approved.

Same is the case with current projects also.

So, you reasonably expect to get delivery of similar set of return on capital from the investment that we are making.

Harshit Jain

Sir, my second question is that…

Moderator · Conference Operator

Sorry to interrupt, Mr. Jain.

May we request that you return to the question queue?

There are participants waiting for their turn.

Harshit Jain

Sure, ma'am.

Sure.

Waaree Energies Limited April 30, 2026

Moderator · Conference Operator

Thank you, sir.

The next question is on the line of Sarang Joglekar from Vimana Capital.

Please go ahead.

Sarang Joglekar

Yes.

Hi.

Thanks for the opportunity.

I just want to understand the demand-supply scenario in the non-DCR market.

I mean, you addressed this before, but just a clarification because now that ALCM is also there, some speculations on that getting deferred.

Do you see any pressure in this non-DCR market now?

Abhishek Pareek

As covered in the earlier question, that yes, because of some speculations, some decisions, especially on the C&I and mid-markets, are being deferred, basing the assumption that there could be some change over the timelines.

But I think we should wait down and see -- wait for the developments, regulatory developments.

Sarang Joglekar

Understood.

But do you see any supply pressure because of that, any pricing competition?

Varun Goenka

So, I think we're not clear about your question, but the moat premise is that the entire market will move to DCR as soon as ALMM II is instituted.

Right?

And with respect to supply, cell supply, do you mean about that, that there's a shortage of module ?

Sarang Joglekar

No, I mean that if that is ALCM is deferred and there's already a lot of module supply, do you see a scenario where the smaller module players would be much more aggressive in pricing to take advantage of that deferred period?

Abhishek Pareek

So, you may expect some cases wherein the players who are in the race or mode of survival may even get down to any point of price that can’t be ignored.

But fact here is the buyers, the C&I , be the utilities, anyone, are looking for suppliers who are able to demonstrate warranty servicing over the next 30 years.

So, someone struggling for survival supplying at the cheapest price, majority of C&Is always take this precaution.

In fact, the banking institution also now has started to acknowledge the fact that they're funding those projects wherein the visibility of the OEM to continue catering the warranties for the next 25 and 30 years is reasonably well.

Going ahead, the maturity of financial markets, the banking fraternity, acknowledging more for large scale quality suppliers who have ground performance track record, bare minimum certifications, all in a line of what has happened in the Western market is something that we are waiting to watch for.

And this is, I think this is going to reward those players who are continuing to perform, supply, and are also now able to do backward integration in line with the government's expectations of AlMM 2, 3, and maybe many more to come.

Got it.

Thank you.

Moderator · Conference Operator

The next question is from the line of Akash Shirvat, an Individual Investor.

Please go ahead.

Akash Shirvat

Thank you for the opportunity.

Sir, actually, I want to know your view regarding green hydrogen.

Sir, just want to know that whether, when green hydrogen can become commercially viable on a larger scale, and what scope do you see for the green hydrogen and its derivatives, such as green ammonia and green methanol in coming years?

Waaree Energies Limited April 30, 2026

Abhishek Pareek

Thank you for asking this very relevant question in current context, wherein the entire Middle East market and the market dependent for gas supplies on this particular chunk are waiting to see an alternate form.

The Indian market has started to see traction towards green hydrogen and ammonia and other derivatives out of it already.

We are in discussion with many clients and customers who are asking us to commit supply of long-term contracts for hydrogen for their manufacturing capacities, those who are in the chemical sector, those who are in the steel plant manufacturing, and many more players.

Similarly, there are discussions wherein the blending of hydrogen could be allowed in the gas system as well.

So, once the decisions by the regulators come in for blending of hydrogen and other localization of green ammonia in the urea, etc., I think there will be a gold rush towards getting hydrogen and green ammonia in-house in the country.

Akash Shirvat

Sir, one more question.

Moderator · Conference Operator

Sorry to interrupt, Mr. Shirvat.

That was the last question we could take.

Thank you.

Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Mr. Jignesh Rathod for his closing comments.

Varun Goenka

One more point that Waaree has pivoted to multiple areas of growth consistently over the years.

It was primarily a domestic company four or five years back or before and then came the exports opportunity.

And today we are talking about retail being such a large part of revenue and being a new additional growth lever.

We are talking about global manufacturing out of US being additional growth lever.

We are talking about new business segments emerging.

So, I think given the challenges which could be geopolitical, which could be supply chain, which could be domestic regulations, Waaree has always found its way to scaling and finding new areas of growth.

I think what Abhishek and Jignesh Bhai alluded right in the beginning, no single channel, no single market, no single customer or business segment will dominate.

And over time, it will de- risk both horizontally and vertically.

Jignesh bhai.

Jignesh Rathod

Thank you.

Thank you all, ladies and gentlemen, for your time, your patient hearing, and your continuous trust in Waaree.

It has been a pleasure to share with you yet another robust performance, and we remain confident in the growth opportunities that lies ahead.

We are also excited to invite you to our Investor Day, an exclusive event where our leadership team will showcase our strategy in action across multiple business segments.

The event is intended to provide deeper insight into our strategic priorities and the next phase of our growth journey.

You can get in touch with our Investor Relations team for registration process.

Thank you once again.

We look forward to speaking with you again next quarter.

Thank you.

Waaree Energies Limited April 30, 2026

Moderator · Conference Operator

Thank you, members of the management team.

Ladies and gentlemen, on behalf of Waaree Energies Limited, that concludes this conference call.

We thank you for joining us, and you may now disconnect your lines.

Thank you.