Started three decades ago by the Doshi siblings, Waaree Energies has catapulted Hitesh, Kirit, Pankaj, and Viren to the 37th rank in the Forbes India Rich List. The collective wealth that the four brothers hold is nearly $7.4 billion.
Waaree Energies, founded in 1990 and headquartered in Mumbai, is the country's largest solar module manufacturer, with an aggregate installed capacity of 13.3 GW as of June 30, 2024. The company's manufacturing facilities are located in Chikhli, Surat, Tumb, Nandigram in Gujarat, and Noida. Additionally, it operates a 5.4 GW cell manufacturing facility in Gujarat and a 1.6 GW module manufacturing facility in the USA.
Waaree Energies launched its IPO in October 2024 and the issue was heavily oversubscribed, resulting in the stock's bumper debut, listing at nearly 70% premium to its issue price. Since then, the rally has continued, with shares gaining over 50% post-listing, significantly boosting the wealth of the four siblings and making them billionaires.
The journey of Waaree Energies began in 1990, when Hitesh Doshi, the third of the Doshi siblings, founded a small enterprise focused on manufacturing industrial gauges for furnaces and boilers. Doshi later steered the company into solar panel production in 2007, a strategic pivot that proved transformative for Waaree and laid the foundation for its future growth.
Hitesh Doshi is currently responsible for overseeing the company's financial performance, investments and other business ventures, providing advice to the Board, developing and executing the company's business strategies and establishing policies and legal guidelines, among other responsibilities. He has over 22 years of experience in the engineering industry.
In the first quarter of financial year 2026, the group reported an 89% rise in consolidated net profit to Rs 745 crore, compared to Rs 394 crore in the corresponding period last year.
The solar equipment manufacturer's topline (revenue from operations) in the first quarter of the current fiscal rose 30% to Rs 4,426 crore, compared to Rs 3,409 crore in the year-ago period. Higher revenues boosted the bottom line.
The company said it achieved the highest quarterly module production of 2.3 GW in the first quarter of FY26, driven by strong operational focus, and cell production continues to ramp up. The Board of Directors approved an additional capex of Rs 2,754 crore for expansion of cell capacity by 4 GW in Gujarat and Ingot-wafer by 4 GW in Maharashtra.
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