Investor Presentation

July 30, 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 ended June 30, 2026. The Company will use this presentation for the Earnings Call scheduled today, i.e., July 30, 2026 at 11:00 AM. (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 Earning Presentation | Q1FY27 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 formthebasisorbereliedoninconnectionwithanycontractorbindingcommitmentwhatsoever.NoofferingofsecuritiesoftheCompanywillbemadeexceptby meansofastatutoryofferingdocumentcontainingdetailedinformationabouttheCompany. 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 thecontentsofthis Presentation.ThisPresentationmay notbe all inclusiveandmaynot contain alloftheinformation that youmayconsidermaterial.Any liability inrespectofthecontentsof,oranyomissionfrom,this Presentationisexpresslyexcluded. 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 includedinthis PresentationarenotadoptedbytheCompany andtheCompanyisnotresponsibleforsuchthird-party statements andprojections. 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, orcompleteness. Table of Contents 03 Quarterly Overview 12 Strategic Roadmap 16 Business Segments Updates 28 Company Overview 42 Sustainability 45 Historical Financials Quarterly Overview Strong Performance. Consistence Growth Q1FY27 Consol Highlights ₹7,932 Cr ₹1,440 Cr ₹892 Cr Revenue from operations Operating EBITDA Profit after Tax +79.2% YoY +44.4% YoY | 18.2% Margin +15.4% YoY | 11.0% Margin Strategic Edge ~26 GW 5.4 GW ~₹61,500 Cr Module Capacity Cell Capacity Order Book1 Largest Non-Chinese Company in India’s Largest the World# Strong Return Ratios -0.08x 24.8% 28.5% Net Debt to Equity^ ROE* ROCE* *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 28thJuly 2026: ^ As on 30thJune 2026 4 Healthy Revenue mix with Retail Continues to take Strong Strides Diversified Revenue Mix (Q1 FY2027) Module Sold (GW) +89% 8.9% U tility/IPP/C&I 21.2% 39.7% R etail 3.6 O verseas E PC, O&M and T&D 30.2% Q1FY2026 Q1FY2027 Overseas Revenue Break-up (₹ Cr) Retail Revenue (₹ Cr) 1 ,564 1 ,609 +130% 1,034 1,322 2,289 530 995 Q1FY2026 Q 1FY2027 Q 1FY2026 Q 1FY2027 E xport-India D omestic-US Retail Revenue Heading Towards ₹9,000-₹10,000Cr in FY27 Growing Scale with De-concentration Diversified Revenue Mix (%) Overseas Revenue Break-up (₹ Cr) 1 0.5% 11.6% 8 .9% 8 ,755 2 0.7% 2 0.8% 30.2% 1 6.7% 5,315 33.0% 21.2% 2 ,410 5 2.1% 3 4.7% 3 9.7% 1,980 3,440 1 ,609 430 1,322 FY2025 FY2026 Q1FY2027 FY2025 F Y2026 Q 1FY2027 E PC, O&M and T&D Retail Overseas Utility/IPP/C&I Export-India Domestic-US Concentration Mix (%) Retail Revenue(₹ Cr) 33.0% 29.0% 2 7.1% 5,515 45.0% 47.0% 3 7.1% 2,990 2,289 F Y2025 FY2026 Q 1FY2027 FY2025 FY2026 Q 1FY2027 T op 5 Customers T op 10 Customers Order Book Continues to Strengthen Total Order Book Mix (%) Module Order Book (GW) ~₹47k Cr ~₹53k Cr ~₹61k+ Cr 2 .0% 1 .1% 7.8% 5.3% 4 .0% 4 .0% 25.2 21.4 22.3 9 2% 9 3.7% 9 0% F Y2025 F Y2026 Q1FY2027 F Y2025 F Y2026 Q 1FY2027 Module T&D -Renewable E PC -Renewable Other Retail (Cash and carry) orders are largely excluded from the order book Geographical Order Mix (%) Order Book Movement (₹ Cr) 7 .3K 3 0.0% 2 7.0% 40.0% 1 6K 23.0% 4 3.0% 3 6.0% 5 2.7K 61.5K 4 7.0% 3 0.0% 2 4.0% FY2025 F Y2026 Q1FY2027 O pening N ew Orders E xecuted C losing Domestic-India Domestic-US Export-India Orderbook Orderbook As on 28thJuly 2026 7 Scaling Capacity Accelerating Growth Module Capacity (GW) –India Cell Capacity (GW) –India 65% 71% 50%* 42% 62%* 24.2 24.2 5.4 5.4 5.4 5.4 21.2 16.7 13.3 10.9 11.8 2.3 3.0 0.8 F Y2025 F Y2026 Q 1FY2027 F Y2026 Q 1FY2027 Installed Effective installed Installed Effective installed Capacity (GW) Capacity (GW) Actual Production (GW) Utilisation Capacity (GW) Capacity (GW) Actual Production (GW) Utilisation Module Capacity (GW) -USA 17% 53% 59%* 1.6 1.6 1.6 1.6 1.6 0.8 0.2 0.5 0.1 F Y2025 F Y2026 Q 1FY2027 Installed Effective installed Capacity (GW) Capacity (GW) Actual Production (GW) Utilisation * Q1FY2027 numbers are annualized 8 Maximizing Momentum: Key Company Updates Capacity Expansion EPC & Services Other Update WaareeGroupSecuresFirstHJTModuleorderof Commissionedadditionalmodulecapacityof WaareeRTLreceived1,520MWhBESSEPCorder 125 MW HJT Module Order under Waaree Solar 3GWatSamakhiali,GujaratinApril2026 Americas Waaree Energy Storage Solutions commenced Waaree RTL signed an ECI agreement for a Waaree RTL acquired ~55% equity stake in 5.15 GWh automated BESS container capacity utility-scale solar PV project integrated with Associated Power Structures Pvt. Ltd. (APSPL) for (vs.3.5GWhplanned). BESSinNewZealand ~₹1,225crore Waaree Transpower received approval and Waaree RTL received 2 ground mounted solar started production of its 17.6 [Showing first 8,000 characters — download PDF for full document]