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Building an Integrated BESS & Inverter Platform

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

WAAREEN’s inverter manufacturing capacity stands stated at 4GW, with utilization at ~58%. The company is targeting production of 5,000 inverters by Dec’26. The management indicated that the domestic C&I and retail inverter market is growing at 15-20% annually, and has potential to double over the next 2–3 years. WAAREEN is targeting a meaningful share of this opportunity while maintaining its pricing discipline. Waaree Power Pvt Ltd (under which inverter is manufactured) is expecting PCBA orders across multiple sectors,s including consumer electronics, automotive, technology, medical and defense.

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.

WAAREEN’s BESS facility: The facility comprises 4GWh cell manufacturing and 5.15GWh BESS assembly capacity spread over 78acres of land, with 39–40acres earmarked for construction. Installation of cell manufacturing equipment is underway, while BESS assembly started in Jul’26, with targeted throughput of ~1,000 containers annually or up to 3 containers/day. Currently, assembly is based on semi-knocked-down (SKD) kits imported from China and so far 2 containers have been completed, of which one has been picked up. Completely knocked down (CKD) pack manufacturing has not yet commenced. Customers span residential and C&I segments, including telecom, data centers, and aerospace & defense.

Cell manufacturing takes ~15.5 days, including chemical processing, assembly, formation (~13 days) and testing. Each BESS container comprises 48 racks with 104 cells per rack, using 314Ah cells, providing ~5.015MWh capacity and weighing ~42t. The system supports 0.5C charging/discharging (~2 hours) and includes a coolantbased thermal management system. The company has a reported technology tie-up with leading Chinese BESS equipment players, while UL, IEC and UN transport certifications have already been obtained; leading domestic consultant are reportedly involved in BOP/MEP, alongside Chinese project and equipment consultants. The plant has 49MVA power infrastructure, with current running load of ~40MVA, water requirement of ~2,500 kL/day and storage capacity of 5,000 kL. Key monitorables include the rationale for the 4GWh cell versus 5GWh BESS capacity, CKD localization timeline, government approvals, and PLI eligibility.

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SEBI Registration number is INH000000933