Waaree Energies Ltd on Wednesday has outlined a strategic move into the semiconductor space, even as it approved a ₹10,000 crore fundraising plan to support its next phase of growth and diversification.
Semiconductor foray through internal restructuring
As part of an internal restructuring, Waaree Power Private Limited, a wholly owned subsidiary, will acquire 100% shareholding of Waaree Semicon Private Limited from Waaree Sustainable Finance Private Limited, a promoter group entity. The company, in its regulatory filing, stated that the transaction is intended “to establish a strategic presence in semiconductor products, which are integral to Waaree’s power electronics and renewable energy solutions.”
While the entity being acquired is currently non-operational, Waaree Semicon “proposes to develop capabilities in power semiconductor products, including PV diodes, IGBTs, and MOSFETs, which are critical for renewable energy and power electronics applications,” the filing stated. The initial focus will be on “establishing packaging and assembly (OSAT) capabilities, including module-level integration for use in inverters, energy storage systems, and EV application.” The acquisition, which will be completed for a cash consideration of ₹1 lakh, is expected to be finalised in FY 2026–27.
₹10,000 crore fundraising plan and dividend
To support its broader growth ambitions, the Board has approved raising funds “for an aggregate amount not exceeding ₹10,000 crore… by way of one or more Qualified Institutional Placement (QIP) or through any other permissible mode,” as per the filing. The issuance may include equity shares, non-convertible debentures, along with warrants, or other securities convertible into equity, in one or more tranches.
In addition, the Board has recommended “a final dividend of ₹2 per equity share of ₹10 each (20%) for the year ended March 31, 2026,” subject to approval of shareholders at the ensuing Annual General Meeting (AGM).
Strong Q4 and FY26 performance
The company reported a 71 per cent year-on-year growth in consolidated net profit to ₹1,061 crore for the fourth quarter of FY26, while revenue from operations surged 112 per cent to ₹8,480 crore. Segment-wise, revenue from the Solar PV modules business grew 118 per cent, and the EPC business recorded a 134 per cent increase during the quarter. For the full year FY26, Waaree Energies reported a 99 per cent year-on-year rise in consolidated net profit to ₹3,711 crore, while revenue from operations increased 84 per cent to ₹26,537 crore.
Jignesh Rathod, Whole Time Director & CEO, Waaree Energies Lt,d stated, “Waaree Energies Ltd has delivered a record-breaking performance in FY26, reaching total revenue from operations of ₹26,536.77 crore. Our operational milestones have been equally significant, as we have scaled our production across module and cell. This year was defined by execution at scale, advancing backward integration and ensuring consistent delivery through operational excellence. Scale expansion improved efficiency and cost leadership, supporting strong demand. Operating EBITDA reached ₹5,908.64 crore (+117.10%), while total EBITDA and net profit stood at ₹6,616.79 crore (+111.86%) and ₹3,884.15 crore (+101.45%), respectively.”
“I am particularly proud to share that we have exceeded our previously issued total EBITDA guidance of ₹5,500 Cr-₹6,000 Cr demonstrating the effectiveness of our growth strategy and disciplined execution. FY26 performance lays a strong foundation for our stated roadmap towards becoming one of the largest non – Chinese energy transition enablers,” Rathod added.
Published on April 29, 2026