Rs 47,000 crore order book: Solar company incorporated eight wholly-owned subsidiaries!

Waaree Energies Limited has announced that its wholly-owned subsidiary, Waaree Forever Energies Private Limited (WFEPL), has successfully incorporated eight (8) new wholly-owned subsidiaries. These entities, all registered with the Registrar of Companies in Mumbai, India, were formed to facilitate and hold specific power projects under the Independent Power Producer (IPP) framework. Since these companies are newly incorporated, their turnover is currently Nil and WFEPL holds 100% of the share capital for all eight (8) entities. The incorporation process did not involve related party transactions or require specific governmental approvals, as these are newly created units rather than acquisitions of existing businesses.

The eight (8) subsidiaries received their Certificates of Incorporation over two days in January 2026. On January 13, 2026, four (4) companies were incorporated: Positive Impact Renewables Private Limited, Green Shift Power Ventures Private Limited, Carbon Xcelerate Energy Private Limited and Future Grid Energy Private Limited. The remaining four (4) subsidiaries—Clean Edge Energy Private Limited, Future Volt Energy Private Limited, Green Rise Projects Private Limited and Blue Leaf Power Private Limited—received their incorporation certificates on January 15, 2026. These entities are poised to begin operations within the renewable energy sector, specifically as part of the company's IPP strategy.

About the Company

Waaree Energies Limited, an Indian Solar energy company, has been a significant player in the global solar industry since its inception in 1990. With an aggregate installed capacity of 15 GW, the company is India's largest manufacturer and exporter of solar PV modules. Waaree's product portfolio includes a diverse range of solar solutions, such as multicrystalline, monocrystalline and advanced TOPCon modules. The company operates 5 manufacturing facilities in India. Waaree is expanding its facilities to reach 21 GW by 2027, including backwards integration into solar cells, ingot and wafer production.

The company has a market cap of over Rs 73,000 crore. As of September 30, 2025, Waaree Energies Limited boasts a substantial Rs 47,000 Order Book for solar PV modules, including domestic, export and franchisee orders. The stock is up by 45 per cent from its 52-week low of Rs 1,808.65 per share.

Disclaimer: The article is for informational purposes only and not investment advice.