Attached herewith Annual Report for FY 2025-26.

September 02, 2026 To To The Manager, The Manager, Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, C-1 Block G, Dalal Street, Bandra - Kurla Complex, Bandra (East) Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 544277 Trading Symbol: WAAREEENER Dear Sir/Ma’am, Sub: Integrated Annual Report for Financial Year 2025-26 along with the Notice of the 36th Annual General Meeting Pursuant to Regulations 30 and 34 of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,as amended, please find enclosed herein the Integrated Annual Report for the Financial Year 2025-26 along with Notice of the 36th Annual General Meeting (“AGM”) of the Company to be held on Thursday, September 24, 2026 at 11:00 A.M. (IST) through Video Conferencing/ Other Audio Visual Means (“VC/OAVM”) facility. The said Notice which forms a part of the Integrated Annual Report has been sent to the Members whose E-mail IDs are registered with the Company/Register and Share Transfer Agent of the Company/Depositories viz. MUFG Intime India Private Limited (formerly known as Link Intime India Private Limited), National Securities Depository Limited and Central Depository Services (India) Limited respectively. The Notice of the a AGM and the Integrated Annual Report are also available on the website of the Company at www.waaree.com. Please take the same on your records. Thanking you, Yours faithfully, For Waaree Energies Limited Rajesh Ghanshyam Gaur Company Secretary & Compliance Officer M.No. A34629 WAAREE Energies Ltd. Registered Office: 602, Western Edge – 1, Western Express Highway, Borivali (E), Mumbai – 400 066, INDIA. Tel: +91-22-6644 4444. Fax: +91-22-6644 4400. Email: waaree@waaree.com.Website:www.waaree.com Corporate Identity Number:L29248MH1990PLC059463 STRATEGY IN ACTION Integrating Across the Entire Value Chain Modules BESS Cells Inverters Ingots-Wafers Smart Meters Polysilicon Engineering, Transformers Procurement & Construction Transmission & Green Hydrogen Distribution Electrolysers Integrated Annual Report Integrated Speed to De-Risked Global Distribution 2025-26 Business Model Execute & Supply Chain Engine SIX CAPITALS What’s inside About the Report Waaree’s value creation model is built on the effective utilisation and transformation of six capitals: CORPORATE OVERVIEW Our Approach to Integrated Reporting Financial Capital: Manufactured 01 2 Strategy in Action Disciplined capital Capital: Advanced 6 Key Highlights This Integrated Annual Report of allocation and prudent manufacturing 8 Groundbreaking Ceremony Waaree Energies Limited (“Waaree”, KEY STAKEHOLDERS financial management infrastructure, integrated 10 Who We Are “we”, or “the Company”) presents a We engage proactively with our key stakeholders to understand their to drive sustainable facilities, and energy 14 Journey comprehensive view of our strategy, expectations and incorporate their perspectives into our strategy and operations. returns and long- assets that enable scale, 16 Presence performance, and value creation journey for the financial year ended Our key stakeholders include: term growth. efficiency, and quality. 20 Transformation March 31, 2026 (FY26). 22 Offerings The Report reflects how Waaree Intellectual Capital: Human Capital: 28 Chairman and Managing Technological expertise, A skilled and diverse Director’s Letter is evolving as an integrated clean energy company—scaling its Investors Suppliers Communities Customers Regulators Employees innovation capabilities, workforce supported 34 Chief Executive Officer's Message capabilities across manufacturing, and and and domain knowledge by continuous learning, 38 Operating Environment infrastructure, and emerging Partners Government that strengthen our safety, and inclusive 40 Strategy energy solutions—while continuing competitive advantage. development initiatives. 44 Value Creation Model to create long-term, sustainable Our engagement mechanisms are designed to foster transparency, strengthen value for its stakeholders. It outlines 46 Stakeholder Engagement our operating context, strategic relationships, and enable long-term value creation for all stakeholders. Social and Relationship Natural Capital: 50 Materiality Assessment priorities, governance practices, Capital: Strong Responsible use of 54 Risk Management and our approach to managing relationships with resources, focus on 56 Financial Capital opportunities and risks in a rapidly REPORTING FRAMEWORK • Material aspects of subsidiaries, joint customers, partners, renewable energy transforming energy landscape. This Report has been prepared in ventures, and associate entities, communities, and generation, and 58 Manufactured Capital accordance with the Integrated Reporting where relevant stakeholders, built on efforts to minimise 64 Intellectual Capital INVESTOR INFORMATION (<IR>) Framework and incorporates Further details on subsidiaries and trust, transparency, and environmental impact 68 Human Capital • Corporate Identity Number globally recognised sustainability and related entities are provided in the shared value creation. and carbon footprint. 78 Social and Relationship Capital (CIN): L29248MH1990PLC059463 disclosure standards, including: annexures to the Board’s Report. 92 Natural Capital • Annual General Meeting (AGM): • Global Reporting Initiative 98 Governance September 24, 2026 (GRI) Standards APPROACH TO MATERIALITY 102 Board of Directors SDG GOALS DISCLAIMER • AGM Mode: Video Conferencing • United Nations Global Compact Our materiality assessment is based on 104 Management Team Waaree’s sustainability This document contains statements (“VC”) / Other Audio-Visual (UNGC) Principles continuous stakeholder engagement approach is aligned with the about expected future events 106 Awards Means (“OAVM”) • United Nations Sustainable and evaluation of key business risks, United Nations Sustainable and financials of Waaree Energies 107 Corporate Information opportunities, and industry trends. APPROACH TO INTEGRATED Development Goals (UN SDGs) Development Goals (UN SDGs), Limited (‘the Company’), which are • Business Responsibility and Material topics are identified based on which serve as a global forward-looking. By their nature, REPORTING Sustainability Report (BRSR) their significance to: framework for inclusive and forward-looking statements Our Integrated Annual Report STATUTORY REPORTS requirements prescribed by SEBI • Waaree’s business performance sustainable development. require the Company to make is guided by the principles of and strategy assumptions and are subject to 02 108 Management Discussion Integrated Reporting (<IR>) Additionally, the Report complies Through our operations and inherent risks and uncertainties. and Analysis Framework, developed by the with applicable Indian regulatory • Stakeholder interests initiatives, we contribute to key There is a significant risk that the 132 Board’s Report International Integrated Reporting frameworks, including: and expectations SDGs, including: assumptions, predictions, and 157 Corporate Governance Report C IFRo Su n Fc oi ul n(I dIR aC ti) o, nn .ow part of the • C Ino dm iap na An ci ce os uA nc tt i, 2 g0 S13 t andards (Ind AS) T mh ais eR re iap lo isrt h ui eg sh il nig flh ut es h co ew t uh re ds ee c ision- A Inf dfo ur sd ta ryb l Ie na on vd C tiole na n Energy o mth ae yr f oo tr w pa rord ve- lo too bki en g cs cta ut re am tee nts 192 B Suu ss tin ae ins as bR ie lits yp Ro en psi ob ri tlity and Through this Report, we aim to • SEBI (Listing Obligations and Disclosure making and value creation across the and Infrastructure Readers are cautioned not to place p ar co cv oid une ta o b f ha ola wn c we ed c a ren ad t t er ansparent Requirements) Regulations, 2015 short, medium, and long term. • Climate Action u stn ad teu me r ee nli ta sn ac se s o en v efo rarw l fa ar cd t- ol ro so king v [Showing first 8,000 characters — download PDF for full document]