Waaree Energies, India’s leading solar panel manufacturer, is charging ahead with strategic vertical integration as it announces the acquisition of Kamath Transformers Pvt. Ltd. for ₹293 crore. The move reflects a focused ambition to strengthen its hold on the solar power infrastructure value chain, giving Waaree tighter control over cost, timelines, and technology.
Kamath Transformers, incorporated in 1996, has seen impressive revenue growth—from ₹25.73 crore in FY22 to ₹122.68 crore in FY24—signaling strong operational performance and sector relevance. The acquisition, to be completed in the current fiscal, will give Waaree 100% ownership in the transformer company through a cash consideration deal.
This acquisition aligns with Waaree’s broader expansion strategy across solar parks and utility-scale projects. Transformers are critical in converting and moving solar-generated power efficiently through transmission networks. By bringing this capability in-house, Waaree not only eliminates third-party dependencies but also tightens its supply chain, reduces procurement costs, and improves delivery efficiency.
The move comes on the heels of a strong financial quarter for Waaree, with EBITDA at ₹920 crore and profit at ₹620 crore—its best yet. The company’s 1.4 GW cell facility has enabled production of high-margin DCR (domestic content requirement) modules, bolstering its EBITDA margin by 879 basis points year-on-year to 23%. Production soared to 2.1 GW in Q4, up 53% from the previous year.
The company’s board has also greenlit the acquisition of Green New Delhi Forever Energy Pvt Ltd, a non-operational entity, by Waaree Forever Energies Pvt Ltd, a wholly owned subsidiary. This strategic vehicle will be used to hold specific power projects under the Independent Power Producer (IPP) model, suggesting Waaree’s ambitions in owning and operating clean energy assets—not just supplying them.
As India races toward its target of 500 GW of non-fossil fuel capacity by 2030, Waaree is positioning itself as a fully integrated solar player—from manufacturing to transmission. The acquisition of Kamath Transformers marks a critical inflection point, giving Waaree more than just an edge—it gives it control over the very conduits of energy movement.
With shares gaining 3% following the announcement and trading above ₹3,000, investor confidence reflects optimism in Waaree’s integrated play. Though still shy of its 52-week high, Waaree’s trajectory signals one thing clearly: in the race to power India’s green future, control over the grid is just as important as control over the sun.
