Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Equity Bottom-Up

Waaree Energies Limited manufactures solar equipment. The Company provides solar PV modules, inverters, KW rooftop solutions, utility grids, water pumps, and portable kits. Waaree Energies serves customers worldwide.

<ul>
<li>Waaree Energies is rapidly expanding, targeting 21 GW solar modules, 11.4 GW cells, and 6 GW ingots by FY27</li>
<li>The company boasts a robust Rs 47,000 crore order book, with 57% international and 43% domestic market share</li>
<li>Waaree diversifies into batteries, green hydrogen, and inverters, while mitigating risks via local production</li>
</ul>


Waaree Energies is rapidly expanding, targeting 21 GW solar modules, 11.4 GW cells, and 6 GW ingots by FY27
The company boasts a robust Rs 47,000 crore order book, with 57% international and 43% domestic market share
Waaree diversifies into batteries, green hydrogen, and inverters, while mitigating risks via local production


From Panels to Powerhouses: How Waaree Energies Is Building India’s Solar Backbone

Thematic (Sector/Industry)

<ul>
<li>The hotel sector has seen robust room additions post-Covid, with a record high of 10,897 rooms projected for 2024-25, driven by domestic travel demand.</li>
<li>Occupancy rates have remained steady at around 64.5%, despite significant room capacity increases, while average room rates rose by 13.5% to Rs.7,608 in 2023-24.</li>
<li>The industry's asset-light expansion strategy, including franchise and lease agreements, has facilitated rapid room inventory growth, with ongoing new project announcements remaining strong.</li>
</ul>


The hotel sector has seen robust room additions post-Covid, with a record high of 10,897 rooms projected for 2024-25, driven by domestic travel demand.
Occupancy rates have remained steady at around 64.5%, despite significant room capacity increases, while average room rates rose by 13.5% to Rs.7,608 in 2023-24.
The industry's asset-light expansion strategy, including franchise and lease agreements, has facilitated rapid room inventory growth, with ongoing new project announcements remaining strong.


India’s Hotel Boom: How Spiritual Travel and Smart Expansion Are Redefining Hospitality

<ul>
<li>Record Rs.8.89 trillion invested in electricity sector during March 2025 quarter, proposing to add 133 GW of capacity to India's grid.</li>
<li>Major nuclear power surge with Jindal planning 18 GW plant and NTPC's 4.2 GW Chhattisgarh project, transforming India's energy landscape.</li>
<li>Five states lead Rs.13.8 trillion annual investment push with 70% directed toward renewable energy projects across the country.</li>
</ul>


Record Rs.8.89 trillion invested in electricity sector during March 2025 quarter, proposing to add 133 GW of capacity to India's grid.
Major nuclear power surge with Jindal planning 18 GW plant and NTPC's 4.2 GW Chhattisgarh project, transforming India's energy landscape.
Five states lead Rs.13.8 trillion annual investment push with 70% directed toward renewable energy projects across the country.


Powering the Future: India's Trillion-Rupee Energy Revolution

<ul>
<li>
Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.</li>
<li>
<a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a>  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.</li>
<li>
25 new projects announced in 2024-25, including <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.</li>
</ul>



Record Rs47.8B investments in 2025-26, marking the highest project completions in a decade, driven by surging demand for aluminium products.

Hindalco Industries (HNDL IN)  dominates with Rs37.6B Hirakud project, accounting for 79% of 2025-26 investments, boosting flat-rolled product capacity by 170k tonnes/year.

25 new projects announced in 2024-25, including Vedanta Ltd (VEDL IN) ’s Rs409.9B smelter, signalling robust growth in downstream and recycled aluminium sectors.


The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

<ul>
<li>India leads in electronics assembly but imports 94% of components. EMS 2.0 seeks to change this dynamic with local manufacturing</li>
<li>Display modules and PCBs offer growth potential with new manufacturing facilities being built nationwide to reduce import dependence</li>
<li>2025's $2.7B PLI scheme for components aims to attract $7B investment and create 91,600 new jobs across the electronics sector</li>
</ul>


India leads in electronics assembly but imports 94% of components. EMS 2.0 seeks to change this dynamic with local manufacturing
Display modules and PCBs offer growth potential with new manufacturing facilities being built nationwide to reduce import dependence
2025's $2.7B PLI scheme for components aims to attract $7B investment and create 91,600 new jobs across the electronics sector


Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

Viral Kishorchandra Shah
Partner at Exencial Research
• Exencial Research

From Panels to Powerhouses: How Waaree Energies Is Building India’s Solar Backbone

Waaree Energies aims for massive growth in solar energy sector, diversifying into new technologies and markets while focusing on local production...

Viral Kishorchandra Shah

India’s Hotel Boom: How Spiritual Travel and Smart Expansion Are Redefining Hospitality

Hotel sector adds record rooms post-Covid due to domestic travel demand. Occupancy remains 64.5%, average room prices rise 13.5% to Rs.7,608. Asset...

Viral Kishorchandra Shah

Powering the Future: India's Trillion-Rupee Energy Revolution

India's electricity sector sees record investment, with plans to add 133 GW capacity to the grid, including major nuclear power projects and a...

Viral Kishorchandra Shah

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Viral Kishorchandra Shah

From Panels to Powerhouses: How Waaree Energies Is Building India’s Solar Backbone

​Waaree Energies aims for massive growth in solar energy sector, diversifying into new technologies and markets while focusing on local production...

Viral Kishorchandra Shah

India’s Hotel Boom: How Spiritual Travel and Smart Expansion Are Redefining Hospitality

Hotel sector adds record rooms post-Covid due to domestic travel demand. Occupancy remains 64.5%, average room prices rise 13.5% to Rs.7,608. Asset...

Viral Kishorchandra Shah

Powering the Future: India's Trillion-Rupee Energy Revolution

​India's electricity sector sees record investment, with plans to add 133 GW capacity to the grid, including major nuclear power projects and a...

Viral Kishorchandra Shah

The Aluminium Revolution: Four Major Projects Set to Transform India's Metal Landscape

​Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

Viral Kishorchandra Shah

Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

​India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Viral Kishorchandra Shah

Waaree Energies aims for massive growth in solar energy sector, diversifying into new technologies and markets while focusing on local production...

India's electricity sector sees record investment, with plans to add 133 GW capacity to the grid, including major nuclear power projects and a...

Record investments in 2025-26 driven by demand for aluminium products, Hindalco Industries leads with Hirakud project, 25 new projects announced...

India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...