Transcript of Analyst/Institutional Investors Meeting on Financial Results for the Quarter ended June 30, 2026.

August 06, 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 ended June 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 ended June 30, 2026 held on Thursday, July 30, 2026 at 11:00 a.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 Q1 FY27 Earnings Conference Call” July 30, 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. IRFAN RAEEN – MUFG INTIME INDIA PRIVATE LIMITED Page 1 of 19 Waaree Energies Limited July 30, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Waaree Energies Limited Q1 FY27 Earnings Conference Call hosted by MUFG Intime. 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 this conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Irfan Raeen from MUFG Intime. Thank you, and over to you, sir. Irfan Raeen: Thank you, Nithya. Good morning, ladies and gentlemen. I welcome you all for Q1 FY27 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, Chief Financial Officer; Mr. Varun Goenka, President, Growth and Strategy. Before we proceed with this 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 risks and uncertainties. For more detailed disclaimer, kindly refer to the investor presentation and other filings that we have uploaded on company's website and stock exchanges. Without further ado, I would like to hand over the call to Mr. Jignesh Rathod ji for his opening remarks. Over to you, sir. Thank you. Jignesh Rathod: Thank you, Irfan. Good morning, everyone, and thank you for joining us in this earnings call. Our Q1 FY27 results were announced yesterday, and I hope you had a chance to go through them. I will share a broad view of the environment on our business and Mr. Pareek, our CFO, will take you through the financial performance in detail. Let me say one thing upfront because it frames everything that follows. Our order book stands at approximately INR61,500 crores, the highest in our history, up from INR50,000 crores just a quarter ago, with about INR16,000 crores in new orders won in this quarter alone. Whatever else we discuss today, that is in markets verdict on Waaree. Let me start with the world around us. The global energy transition is no longer a projection. It is the single largest capacity addition story the power sector has ever seen and solar sits at very center of it. At the same time, the map of solar manufacturing is being redrawn in real time. The U.S.A. and Europe are moving decisively to derisk their supply chains and their policies, increasingly reward suppliers who are trusted, transparent and non-China. Very few companies anywhere in the world can serve that demand with proven scale, bankable quality and clean verified supply chain standing behind every single module. Waaree is one of them. Today, the largest non-Chinese module manufacturer in the world. What reads as trade turbulence in the headlines is for us is the structural tailwinds. At home, the momentum is even stronger. India's energy demand keeps rising with its economy and the Government of India's Page 2 of 19 Waaree Energies Limited July 30, 2026 push for solar is consistent, deliberate and long term from domestic content requirement in ALMM to its rooftop program, carrying solar into crores of households. India is at the very same time becoming a serious manufacturing base for the world. Policy, demand and manufacturing depth are all moving in one direction, and that is exactly the direction we have been investing in for years. This is not a cycle we are riding. It's a runway we helped to build. Against this backdrop, Waaree enters the year on its strongest ever foundation. We carry India's largest module manufacturing capacity and India's largest cell capacity will be once our 10 gigawatt cell line will be up and running. Our backward integration into cells is as per plan. Our manufacturing platform in the United States is growing and our quality is independently validated year after year by the toughest names in the business like RETC, PVEL. Our brands today stands for one thing above all, quality and reliability. In the market that is maturing quickly, customers want a supplier who is on the ground, proven and will be there for the life of the asset. And that is precisely why the Waaree brand strengthened visibility again this quarter. And this trust has been earned through the technology leadership, not just the scale. We were first to commercialize flexible modules way back. We were among the earliest anywhere to commercialize 700 watt plus modules. We built HJT modules back in 2019 just before rest of the industry turned that way. We own world-class laboratory which lets us test, validate and certify to the most demanding global standards in-house on our terms and our timelines. And the ultimate proof is not just the lab report, it is in the field. Over 35 gigawatt of Waaree modules deployed and performing every single day in every kind of terrain and climate. This is a difference between a vendor and a partner. It is why the customers do not just buy from Waaree once they stay with us. Let me share the key strategic initiative of the quarter. On the capacity, we commissioned an additional 3 gigawatt of module capacity at our SMS plant, Samakhiali, Gujarat in April ’26 Waaree Energy Storage Solutions commenced the automated BESS container production at 5.15 gigawatt hours, nearly 1.5x the 3.5 gigawatt hours we had originally planned. Waaree Transpower commenced commercial production of its 17.6 MVA inverter duty transformer, taking that business from qualification to revenue. WRTL completed the acquisition of an approximately 55% stake in Associated Power Structures for approximately INR1,225 crores, extending our reach decisively into transmission and distribution and separately won a 1.5 gigawatt in our BESS EPC orders and signed the early contractor involvement agreement for utility scale solar plus BESS project in Australia and New Zealand market. In the United States, WSA secured a 125-megawatt orders of HJT modules, which will be supplied from Arizona plant. This is one more validation of our technology leadership in the market where quality and traceability matters as much as price. Page 3 of 19 Waaree Energies [Showing first 8,000 characters — download PDF for full document]