Waaree Energies Ltd. is planning to deploy its Rs 25,000 crore capital expenditure outlay over a strict two-year timeline, which is expected to support the company's Rs 60,000 order book, according to Group Head of Finance, Abhishek Pareek.
Speaking to NDTV Profit, Pareek provided a detailed roadmap for Waaree Energies' execution following a stellar third-quarter. The company reported a 118% year-on-year jump in consolidated net profit to Rs 1,106.79 crore, with revenue also more than doubling to Rs 7,565 crore.
"Our total capital expenditure, which is announced, is around 25,000 crore, to be done over the next two years of time," Pareek told NDTV Profit. "Every quarter, there are new capacities which are going live—like last quarter, we have done around 3 gigawatt worth of new capacity live in solar panels."
Waaree Energies' order book grew 30% this quarter, reaching Rs 60,000 crore. In order to meet this demand, the company is speeding up its manufacturing output. Currently, solar module capacity of 23 gigawatts is slated to reach 28 gigawatts in the coming quarters, Pareek confirmed.
He added that diversification is also on the right track, with a 20-gigawatt battery plant and a 1-gigawatt green hydrogen facility both expected to go live in the next financial year, FY27.
Waaree Energies is also expanding geographically. In the United States, the company is doubling its capacity from 1.6 gigawatts to 3.2 gigawatts, with a potential peak capacity of 4 gigawatts following new acquisitions.
This kind of surge and diversification of capacities comes in the midst of China's decision to end certain export rebates, a move Pareek believes could drive up realisation prices.
"The price of panels and other products being imported from China is going up because of that rebate. So certainly there's a momentum in the domestic price also," Pareek noted.
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