Waaree Energies (WAAREEEN IN) – Visit Update – Building an Integrated BESS & Inverter Platform – BUY
Published on 14 Oct 2026
We recently visited Waaree Energies’ (WAAREEN) battery energy storage system (BESS) and inverter (including EMS facility) manufacturing plants in Rola and Sarodhi, Gujarat. The BESS assembly capacity of 5.15GWh was commissioned in Jul’26. Setting up 4GWh of cell capacity is underway, with planned operation by Dec’26. BESS offers WAAREEN an opportunity to broaden its renewable-energy manufacturing portfolio beyond solar modules and associated equipment. The extent of value addition will depend on the level of cell localization, system integration capabilities, execution and ability to secure profitable orders. The proposed 4GWh cell capacity could improve supply-chain integration if commissioned and operated successfully. Incorporating BESS numbers in our estimates for FY28E/FY29E, we project revenue/EBITDA/PAT to log 22.5%/16.4%/8.9% CAGR over FY26-29E. We maintain ‘BUY’ with TP of INR3,115 valuing at 10x EV/EBITDA (Sep’28), implying PE of 18x Sep’28E.
