Investor Presentation for Investor/Earning''s call for the Financial Results for the Quarter and half Year ended September 30, 2026.

October 28, 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/Madam, Subject: Analysts/Institutional Investors Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investors/Earnings Presentation for the quarter and half year ended September 30, 2026. The Company will use this presentation for the Earnings Call scheduled on October 28, 2026, at 2:00 p.m. (IST) with analysts/institutional investors. The above information is also available on the website of the Company i.e. www.waaree.com. Kindly take the information on record. 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 Earnings Presentation | Q2 & H1 FY27 One Integrated Energy Ecosystem Manufacturing I EPC Services I Infrastructure Platform Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Energies Limited (WEL) (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation, or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences, and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance, or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the Presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeliness, or completeness. Table of Contents 03 Quarterly Overview 13 Strategic Roadmap 20 Business Segments Updates 31 Corporate Overview 44 Industry Updates 48 Sustainability Quarterly Overview Key Performance Metrics Q2FY27 Consol Highlights ₹7,518 Cr ₹1,335 Cr ₹754 Cr Revenue from operations Operating EBITDA Profit after Tax +24% YoY 17.8% Margin 9.8% Margin Strategic Edge ~26 GW 5.4 GW ~₹59,200 Cr Module Capacity Order Book1 Cell Capacity Largest Non-Chinese Company in the World# Capital Efficiency -0.2x 24.2% 28.7% Net Debt (₹-3,224) to ROE* ROCE* Networth (₹16,020)^ *Calculations based on trailing 12M numbers and adjusted for unutilized portion of IPO proceeds; # Courtesy BNEF and Internal Assessment; 1. For WEL solar manufacturing + WRTL + Others (Transformer, Battery, Inverter & Electrolyser) as on 26th October 2026; ^ As on 30th September 2026 unaudited 4 Healthy Revenue mix with Strong Retail Growth Diversified Revenue Mix (Q2 FY2027, %) Module Sold (GW) +27.4% 12.6% 22.9% Utility/IPP/C&I 18.5% Retail 3.0 Overseas EPC, O&M and T&D Q2FY2026 Q2FY2027 46.1% Overseas Revenue Break-up (₹ Cr) Retail Revenue (₹ Cr) 2,875 +252.9% 2,143 1,389 3,464 1,300 732 982 Q2FY2026 Q2FY2027 Q2FY2026 Q2FY2027 Export-India Domestic-US Growing Scale with De-concentration Diversified Revenue Mix (%) Overseas Revenue Break-up (₹ Cr) 8,755 10.5% 11.6% 8.5% 12.6% 20.7% 20.8% 28.9% 5,315 46.1% 16.7% 33.0% 24.7% 2,410 1,958 18.5% 1,389 52.1% 3,440 569 1,980 89 34.7% 37.9% 430 1,389 1,300 22.9% FY2025 FY2026 Q1FY2027 Q2FY2027 FY2025 FY2026 Q1FY2027 Q2FY2027 Utility/IPP/C&I Overseas Retail EPC, O&M and T&D Domestic-US Export-India Concentration Mix (%) Retail Revenue(₹ Cr) 33.0% 29.0% 27.1% 5,515 15.2% 45.0% 47.0% 3,464 37.1% 2,990 2,289 20.4% FY2025 FY2026 Q1FY2027 Q2FY2027 FY2025 FY2026 Q1FY2027 Q2FY2027 Top 10 Customers Top 5 Customers Retail Revenue Annualized ₹10,000Cr + in FY27 Order Book remains Robust Total Order Book Mix (%) Module Order Book (GW) ~₹47k Cr ~₹53k Cr ~₹61k+ Cr ~₹59K+ Cr 7.8% 5.3% 4.0% 4% 1.1% 2.0% 1% 4.0% 6% 25.2 25.6 92% 93.7% 90.0% 89% 21.4 22.3 FY2025 FY2026 Q1FY2027 Q2FY2027 FY2025 FY2026 Q1FY2027 Q2FY2027 Module EPC - Renewable T&D - Renewable Other *Due to section 232 related uncertainties in the US, a significant portion of export orders has been deemed cancelled Geographical Order Mix (%) Order Book Movement (₹ Cr) 5.0K 7.3K 30.0% 27.0% 40.0% 48.4% 23.0% 43.0% 36.0% 61.5K 59.2K 43.8% 47.0% 30.0% 24.0% 7.8% FY2025 FY2026 Q1FY2027 Q2FY2027 Opening Net Executed Closing Orderbook New Orders Orderbook Export-India Domestic-US Domestic-India As on 26th October 2026 7 Capacity at Scale Module Capacity (GW) – India Cell Capacity (GW) – India 65% 71% 50%* 45%* 42% 62%* 81%* 24.224.2 24.224.2 21.2 5.4 5.4 5.4 5.4 5.4 5.4 16.7 13.3 10.9 11.8 3.0 2.7 0.8 1.1 FY2025 FY2026 Q1FY2027 Q2FY2027 FY2026 Q1FY2027 Q2FY2027 Installed Effective Installed Actual Production (GW) Utilisation Installed Effective installed Actual Production (GW) Utilisation Capacity (GW) Capacity (GW) Capacity (GW) Capacity (GW) Module Capacity (GW) - USA 17% 53% 59%* 71%* 1.6 1.6 1.6 1.6 1.6 1.6 1.6 0.8 0.2 0.5 0.1 FY2025 FY2026 Q1FY2027 Q2FY2027 Installed Effective Installed Actual Production (GW) Utilisation Capacity (GW) Capacity (GW) * Annualized numbers 8 Key Company Updates Manfacturing & Services Other Updates Waaree Solar Americas Inc. to invest US$37 million to RE- Power Infrastructure Business upgrade its Arizona module manufacturing facility, Received LOA for development of 700 MW of solar increasing capacity from 1.0 GW to 1.6 GW taking total US capacity and 2,800 MWh of BESS, taking the total PPA capacity to 4.8 GW portfolio to 1,778 MW of solar and 2,800 MWh of BESS Commissioned an additional 1.10 GW of [Showing first 8,000 characters — download PDF for full document]