Waaree Energies expands as Waaree Forever Energies incorporates three new subsidiaries

Waaree Energies on Friday, September 12, announced that its wholly-owned subsidiary, Waaree Forever Energies Private Limited (WFEPL), has incorporated three wholly-owned subsidiaries.

Of the three, Waaree Forever Energies Four Private Limited and Waaree Forever Energies Five Private Limited were incorporated on September 10, 2025, and received their certificate of incorporation on September 11.

On the other hand, Waaree Forever Energies One was incorporated on and received its certificate of incorporation on September 12, the company said in a regulatory filing.

The entities were incorporated solely for facilitating and holding specific power projects under the Independent Power Producer (IPP) framework, it added.

Additionally, WFEPL holds 100% of the share capital of the three companies, which have been incorporated in India and registered with the Registrar of Companies.

The newly incorporated entities are yet to commence their operations, the filing stated.

Acquisition and order win

In a regulatory filing dated September 2, the renewable energy firm revealed that it entered into a share subscription and shareholder agreement to acquire 64% of the share capital of advanced transformer solutions provider Kotson’s Private Limited for ₹192 crore.

On August 26, Waaree Energies’ subsidiary Waaree Solar Americas bagged an order for the supply of 452MW solar modules from a “renowned customer who is a developer and owner-operator of utility-scale solar and energy storage projects across the United States”.

Waaree Energies Q1 result

The solar module manufacturer reported an 89% year-on-year (YoY) surge in its net profit to ₹745 crore in the June quarter of FY26, compared to ₹394 crore in the corresponding period last year.

Its revenue from operations rose 30% YoY to ₹4,426 crore during the quarter under review, as against ₹3,409 crore in the first quarter of FY25.

At an operational level, its EBITDA (earnings before interest, tax, depreciation, and amortisation) stood at ₹997 crore in Q1FY26, marking a jump of 80% YoY. Its EBITDA grew by 630 basis points YoY to 22.53%.

While the shares of Waaree Energies closed 2.8% lower at ₹3,635 apiece on the National Stock Exchange (NSE), the stock surged to a 52-week high of ₹3,865 per equity share on Friday, September 12. However, the incorporation announcement came after the market closed.

The scrip reached a year’s low of ₹1,863 apiece on April 7, 2025.

Waaree Energies has a total market capitalisation of ₹1.04 lakh crore, as of September 12, 2025, according to data on the NSE.