Waaree Energies Approves Consolidation, US Expansion, Director Appointments, and Dividend

Waaree Energies Limited's Board of Directors, in a meeting held on August 29, 2026, approved several key strategic decisions. The company will consolidate its manufacturing facilities by relocating operations from Tumb and Nandigram to its existing facility in Chikhli, Gujarat. This move is aimed at enhancing operational efficiency and is expected to be completed by December 31, 2026. Approximately 14% of the company's standalone turnover was contributed by the units being consolidated.

In its US subsidiary, Waaree Solar Americas Inc. (WSA), the company approved a capital expenditure of approximately US$37 million (₹308 crore) to revamp its Arizona manufacturing facility. This upgrade will increase WSA's capacity from 1 GW to 1.6 GW, bringing the company's total US manufacturing capacity to 4.8 GW, with 3.2 GW in Texas and 1.6 GW in Arizona. The expansion will be funded through a mix of debt and internal accruals.

Furthermore, the Board approved the appointment of Ms. Mona Bhide as an Additional Non-Executive Independent Director for a five-year term commencing August 30, 2026, subject to shareholder approval. Ms. Bhide, a legal practitioner with extensive experience in corporate law and capital markets, will also serve as a member of the Audit Committee and Chairman of the Nomination and Remuneration Committee. Concurrently, Ms. Richa Goyal will cease to be an Independent Director effective August 29, 2026, upon completion of her first five-year term.

The Board also approved the notice for the 36th Annual General Meeting (AGM) to be held on September 24, 2026, via Video Conferencing/Other Audio Visual Means. Additionally, a record date of September 11, 2026, has been set for determining shareholders eligible for the final dividend for FY 2025-26, which is subject to member approval at the AGM. The board meeting commenced at 10:45 AM IST and concluded at 11:32 AM IST.