Waaree Energies Limited

ICRA has assigned SP 1A grading to Waaree Energies Limited (WEL). The grading indicates Highest
performance capability and Highest financial strength of the channel partner to undertake solar projects. The
grading is valid for a period of two years from December 26, 2016 after which it will be kept under surveillance.

Strengths
 Strong parentage and management with WEL being promoted by Waarree group having
significant experience in the renewable energy industry
 Strong financials matrices and capital structure of the group companies as reflected by consistent
Grading Drivers

improvement in the top line, strong profitability and net worth position and lower dependence on
external debts
 Strong track record of project execution with Waaree group with an installed capacity of 500 MW
for manufacturing of solar modules and successful commissioning of over 222 MW of solar
projects
 Diversified geographic presence with expansion across the world
 Healthy near term revenue visibility as the company holds an order book of ~99 MW
Risk Factors
 Highly competitive nature of the industry on account of multiple players in solar business
Year of Establishment 2007
Office Address 602, Western Edge-I, Off. Western Express Highway, Borivali (E),
Mumbai 400066, Maharashtra, India
Directors Mr. Hitesh Doshi
Mr. Viren Doshi
Mr. Hitesh Mehta
Mr. Riaz Naqvi
Mr. Samir Shah
Mrs. Binita Doshi
Mr. Jayesh Shah
Mr. Modesto Volpe
Company Overview:
WEL was established in 2007. It is involved in manufacturing of Solar Photo Voltaic (SPV) modules
at its manufacturing facility located at Surat in Gujarat. The company started operations with trading
in solar modules and thereafter ventured into manufacturing of solar photovoltaic (PV) modules in
Surat, Gujarat in 2010. The company over the years has increased its installed capacity from 30 MW
in FY11 to its current operating capacity of 500 MW (250 MW added during FY2015). Apart from
Fact Sheet

sale of SPV modules, WEL is also engaged in setting up of solar power plants EPC (like on-grid
system, off-grid system, and roof-top applications) which contributed about 37% to the total turnover
of the company in FY2015. Further, WEL also deals in solar products like solar lantern, solar street
lights, home lighting systems, etc.
WEL is currently the flagship company of the Waaree Group of Mumbai. Waaree Group is promoted
by Mr. Hitesh Doshi (50 yrs) and his brother Mr. Viren Doshi (48 yrs) of Mumbai. Both the brothers
are first generation entrepreneur and commenced their maiden business venture in 1990. Mr. Hitesh
Doshi manages the day-to-day operations of the group with support from his brother and
experienced professionals.

WEL also has following group companies:

Waaree Retails Pvt. Ltd.: Offers a large range of industrial products and solar products which are
available to customers through a wide chain of retail outlets and an online sales E-commerce web
portal WAAMALL.

VT Energy: Tie-up with VT Energy, Italy for various EPC projects/Tenders of Solar PV Plants. VT
Energy is a renewable energy a division of VT Telematica, a leading Company in the ICT market.

Waaree MM Petro Pvt. Ltd.: A joint venture between WAAREE Group and a European LPG
 System - Waaree MM Petro from Poland. The joint Venture came in to existence in August 2008 to
cater the LPG System demands in the Indian Subcontinent.

Cesare Bonetti India Pvt. Ltd.: Manufacturing of Level Gauges and Valves, with an existence
which dates back to 1905, WAAREE has recently acquired 100% stake in CESARE BONETTI
headquartered in Milan, Italy.

Waaneep Solar Pvt. Ltd.: It is a 60:40 JV between WEL and North Eastern Electric Power
Corporation Limited (NEEPCO). The company is currently operating two solar projects, viz. 50 MW
AC (56 MW DC) at Ichhawar, Sehore District, MP and 25 MW AC (27 MW DC) in Gurramkonda,
Chittoor District, AP and is setting up another 25 MW AC (27 MW DC) Nagari, Chittoor District, AP.

WEL has the following executed projects under its belt:-

a. EPC and Installation of solar power plants to the tune of 222MW. It has done ~220 MW of
ground mounted projects and over 2.5 MW of roof top projects as an EPC partner.
b. WEL has already installed two projects under Waaneep Solar Pvt. Ltd. with North Eastern
Electric Power Corporation Ltd (NEEPCO) in Madhya Pradesh (56 MW) and Andhra
Pradesh (27 MW)
c. It currently carries an outstanding order book of ~99 MW
d. WEL also has an installed manufacturing capacity of 500 MW of solar panels in Surat,
Gujarat

Raw material procurement:

WEL for its raw materials has been associated with companies like Indosolar, Renewsys, Gujarat
Borosil Ltd., Gintech Energy Corporation Ltd., Gebaur & Griller Metallwerk in India and
internationally The raw material required for the process includes solar PV cells, solar glass, ribbon,
EVA & Backsheet and other consumables.
Promoter Track Record:
The WAAREE Group consortium was founded in 1989 with a focus on Instrumentation; It is into
multifarious verticals such as Solar Energy, Industrial Valves, Petroleum Equipment’s and Process
Control Instrumentation. The group has presence in over 68 countries, serviced through 26 sales
SI Related Business – Highest Performance Capability

offices in India and 8 offices globally in UAE, Europe, USA and Australia. The group is led by Mr.
Hitesh Doshi who is the chairman and the managing director. Mr. Hitesh Doshi, has over 25 years of
experience in the engineering industry. He started his career in 1989 soon after his graduation by
establishing a hardware process control instrument trading company and moved in manufacturing of
process control instruments, gas station equipment’s and industrial valves. The other directors of
Waaree group are Mr. Hitesh Mehta, Mr.Viren Doshi, Mr. Riaz Naqvi, Mr. Samir Shah, Mrs. Binita
Doshi, Mr. Jayesh Shah and Mr. Modesto Volpe. The management team carries good expertise in
the operational and technical areas of renewable energy.

Technical competence and adequacy of manpower:

As of now, WEL has around 350 permanent employees and 600 contractual employees. WEL can
also take comfort from the management personnel’s from other group companies as and when
required. It has a strong R&D team which is well supported by the top management. Apart from that
company plans to hire contract labor as and when it required. The manpower of the groups is
adequate in commensurate with the size of the operations and are well qualified in respect to their
job work assigned.

Customer and O&M Network:

Currently, the company operates in all the states of India and across various countries like Italy,
Germany, UK and many others. The company operates from its head office located in Mumbai. The
customers are satisfied with the quality of the work and products supplied by WEL. As of now, the
O&M for the solar projects are done by the WEL for the EPC projects done by it which it plans to
continue going forward.
 Revenues Revenues of Rs. 998.02 crore
Financial Strength -Highest

Return on Capital Employed (RoCE) 26.29% in FY2016

Total Outside Liabilities / Tangible Net worth 1.94 times
Interest Coverage Ratio 3.70 times
Net-Worth Rs.163.38 crore
Current Ratio 0.53 times
Relationship with bankers The banker has been satisfied with the
conduct of the account and has reported no
irregularities.
The overall financial profile of the firm is strong.

Grading scale used:

Financial Strength
Highest High Moderate Weak Poor
Highest SP 1A SP 1B SP 1C SP 1D SP 1E
e Capability
Performanc

High SP 2A SP 2B SP 2C SP 2D SP 2 E
Moderate SP 3A SP 3B SP 3C SP 3D SP 3 E
Weak SP 4A SP 4B SP 4C SP 4D SP 4 E
Poor SP 5A SP 5B SP 5C SP 5D SP 5E

December 2016
For further details, please contact:
Analyst Contacts:
Mr. Sabyasachi Majumdar (Tel. No. +91 124 4545304)
sabyasachi@icraindia.com

Ms. Asmita Pant (Tel. No +91 124 4545330

asmita.pant@icraindia.com

Relationship Contacts:
Mr. Jayanta Chatterjee (Tel. No. +91-80-43326401)
jayantac@icraindia.com

© Copyright, 2016, ICRA Limited. All Rights Reserved

Contents may be used freely with due acknowledgement to ICRA
ICRA ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA ratings are
subject to a process of surveillance, which may lead to revision in ratings. An ICRA rating is a symbolic indicator of ICRA’s
current opinion on the relative capability of the issuer concerned to timely service debts and obligations, with reference to the
instrument rated. Please visit our website www.icra.in or contact any ICRA office for the latest information on ICRA ratings
outstanding. All information contained herein has been obtained by ICRA from sources believed by it to be accurate and
reliable, including the rated issuer. ICRA however has not conducted any audit of the rated issuer or of the information
provided by it. While reasonable care has been taken to ensure that the information herein is true, such information is
provided ‘as is’ without any warranty of any kind, and ICRA in particular, makes no representation or warranty, express or
implied, as to the accuracy, timeliness or completeness of any such information. Also, ICRA or any of its group companies may
have provided services other than rating to the issuer rated. All information contained herein must be construed solely as
statements of opinion, and ICRA shall not be liable for any losses incurred by users from any use of this publication or its
contents.
Registered Office
ICRA Limited
1105, Kailash Building, 11th Floor, 26, Kasturba Gandhi Marg, New Delhi 110001
Tel: +91-11-23357940-50, Fax: +91-11-23357014

Corporate Office
Mr. Vivek Mathur
Mobile: +91 9871221122
Email: vivek@icraindia.com

Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon 122002
Ph: +91-124-4545310 (D), 4545300 / 4545800 (B) Fax; +91- 124-4050424

Mumbai Kolkata
Mr. L. Shivakumar Mr. Jayanta Roy
Mobile: +91 9821086490 Mobile: +91 9903394664
Email: shivakumar@icraindia.com Email: jayanta@icraindia.com

3rd Floor, Electric Mansion A-10 & 11, 3rd Floor, FMC Fortuna
Appasaheb Marathe Marg, Prabhadevi 234/3A, A.J.C. Bose Road
Mumbai—400025, Kolkata—700020
Board : +91-22-61796300; Fax: +91-22-24331390 Tel +91-33-22876617/8839 22800008/22831411,
Fax +91-33-22870728
Chennai Bangalore
Mr. Jayanta Chatterjee Mr. Jayanta Chatterjee
Mobile: +91 9845022459 Mobile: +91 9845022459
Email: jayantac@icraindia.com Email: jayantac@icraindia.com

5th Floor, Karumuttu Centre 'The Millenia'

634 Anna Salai, Nandanam Tower B, Unit No. 1004,10th Floor, Level 2 12-14, 1 & 2,
Chennai—600035 Murphy Road, Bangalore 560 008
Tel: +91-44-45964300; Fax: +91-44 24343663 Tel: +91-80-43326400; Fax: +91-80-43326409
Ahmedabad Pune
Mr. L. Shivakumar Mr. L. Shivakumar
Mobile: +91 9821086490 Mobile: +91 9821086490
Email: shivakumar@icraindia.com Email: shivakumar@icraindia.com

907 & 908 Sakar -II, Ellisbridge, 5A, 5th Floor, Symphony, S.No. 210, CTS 3202, Range
Ahmedabad- 380006 Hills Road, Shivajinagar,Pune-411 020
Tel: +91-79-26585049, 26585494, 26584924; Fax: Tel: + 91-20-25561194-25560196; Fax: +91-20-
+91-79-25569231 25561231
Hyderabad
Mr. Jayanta Chatterjee
Mobile: +91 9845022459
Email: jayantac@icraindia.com

4th Floor, Shobhan, 6-3-927/A&B. Somajiguda, Raj

Bhavan Road, Hyderabad—500083
Tel:- +91-40-40676500