Analysts/Institutional Investor Meet/Con. Call Updates

November 4, 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, Sub: Transcript of the Analysts/Institutional Investors Meeting/Call on Unaudited Financial Results for the Quarter and half year ended September 30, 2026 Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the transcript of the conference call on Unaudited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30, 2026 held on Wednesday, October 28, 2026 at 02:00 P.M. (IST). 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 “Waaree Energies Limited Q2 & H1 FY '27 Earnings Conference Call” October 28, 2026 MANAGEMENT: MR. JIGNESH RATHOD – WHOLE-TIME DIRECTOR AND CHIEF EXECUTIVE OFFICER, WAAREE ENERGIES LIMITED MR. ABHISHEK PAREEK – CHIEF FINANCIAL OFFICER, WAAREE ENERGIES LIMITED MR. VARUN GOENKA – PRESIDENT, GROWTH AND STRATEGY – WAAREE ENERGIES LIMITED MODERATOR: MR. NIKUNJ JAIN – MUFG INTIME INDIA PRIVATE LIMITED Page 1 of 25 Waaree Energies Limited October 28, 2026 Moderator: Ladies and gentlemen, good day and welcome to Waaree Energies Limited Conference Call, hosted by MUFG Intime India Private Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing “*” then “0” on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Nikunj Jain from MUFG Intime India Private Limited. Thank you, and over to you, Mr. Nikunj. Nikunj Jain: Thank you, Siddhant. Good afternoon, ladies and gentlemen. I welcome you to the Q2 and H1 FY '27 Earnings Conference Call of Waaree Energies Limited. To discuss this Quarter's performance, we have from the Management Mr. Jignesh Rathod – Whole-Time Director and CEO, Mr. Abhishek Pareek – CFO, and Mr. Varun Goenka – President, Growth and Strategy. Before we proceed with the call, I would like to mention that some of the statements made in today's call may be forward looking in nature and may involve risk and uncertainties. For more detailed disclaimers, kindly refer to the investor presentation and other filings that can be found on company's website and stock exchanges. Without further ado, I would like to hand over the call to Management for their opening remarks, and then we will open the floor for Q&A. Thank you, and over to you, sir. Jignesh Rathod: Thank you, Nikunj. Good afternoon, everyone. And thank you for joining us on our Q2 and H1 FY '27 Earnings Call. I hope you have had a chance to review our results and presentation. I will begin with our business updates and our plans. Mr. Pareek – our CFO, will then take you through the Financial and Operating Performance. Let me first start with the industrial updates: India installed approximately 38 gigawatt solar in last Calendar Year at '25 versus this 9 months of Calendar Year '26 did 35.3 gigawatt, and for H1 Financial Year '27 did 20.8 gigawatt. USA installed approximately 43 gigawatts in Calendar Year '25 versus 19.2 gigawatt in H1 Calendar Year '26. Solar continues to dominate the energy transition across the world, and now with BESS being an additional accelerator, solar PV will continue to dominate the clean energy adoption. In addition, we are seeing green shoots of new growth drivers of solar plus battery renewables from data centers, green ammonia, and green hydrogen, all with significant business potential for Waaree Group across multiple business segments. Page 2 of 25 Waaree Energies Limited October 28, 2026 We are building significant capabilities and capacities to be able to serve both existing and future demand sources across the entire new energy value chain. I am delighted to share that since first dispatch February 28, 2008, our 37 gigawatt modules are in the field generating the clean power. In addition to that, we have started the kit business in April 2025, and we have reached the milestone of 1 lakh kit sold yesterday. Our H1 FY '27 performance reflects the strength of our business fundamentals and consistent execution of our growth strategy. For H1 FY '27, a 47% increase in revenues coupled with 15% EBITDA growth and significant improvements in operating cash flow by almost 5x demonstrated the resilience of our execution. Our Rs. 59,500 crores order book further reinstates our execution roadmap. We are particularly encouraged by the strong momentum in our retail business revenues. It has reached Rs. 5,753 crores in H1 FY '27, almost 2x year-on-year, and accounted for 37% of total revenue for H1 FY '27, surpassing total retail revenue of Rs. 5,515 crores in entire last financial year. Our dealer network, digital channels, and wider product range helps us reach customers across the country. Our domestic US manufacturing recorded revenue growth of 113% in H1 FY '27 on year-on-year basis. Both India retail and international businesses are becoming important to our growth trajectory and EBITDA contribution. As we continue to expand our capabilities and strengthen our presence across the clean energy value chain, we expect our battery energy storage system, transformers, inverters, EPC, T&D, and green hydrogen businesses to contribute to future growth. We have an installed module manufacturing capacity of 25.8 gigawatt including 1.6 gigawatt in USA. Module production in the USA continues to ramp up and reached 0.3 gigawatt, achieving an annualized utilization of 71%. An additional 3.2 gigawatt of module manufacturing capacity is being added in USA. The two lines are under trial production at Brookshire factory by March '27, of which 1.6 gigawatt to be operational in Q3 FY '27 itself. Waaree Solar Americas to have 4.8 gigawatt of PV manufacturing capacity. Turning to cell manufacturing: We currently have an installed solar cell manufacturing capacity of 5.4 gigawatt in India. Our planned 10 gigawatt expansion at Unn facility remains on track and to be commissioned in this financial year. Expansion of our ingot wafer manufacturing capacity is progressing well, as can be seen from the photographs included in the presentation. In our BESS business, we are looking at commissioning 5 gigawatt-hour containerization* facility in Q3 FY '27 and 3.5 gigawatt-hour of battery cell manufacturing in this financial year. Note: *This should be read as “pack” Page 3 of 25 Waaree Energies Limited October 28, 2026 On our outlined capex program of approximately Rs. 30,000 crores, 35% is already deployed, 28% is under execution, and 37% is under planning stage. As we will enter FY '28, Waaree will be fully ready to execute on capacities, namely 29 gigawatt of solar PV, 15.4 gigawatt of solar cell, 5 gigawatt-hour of BESS pack and container, 3.5 gigawatt-hour battery cell manufacturing, 4 gigawatt of inverters, 20,000 MVA of transformers, and larger integrated EPC entity. Waaree sits at the inflection of becoming vertically and horizontally integrated with high operating leverage potential ahead driven by increased utilization of major capacities near completion. With a clear strategic r [Showing first 8,000 characters — download PDF for full document]