Thanks to the ever-present AQI, we’ve all become acutely aware of the air we breathe. While the world grapples with pollution, visionaries work tirelessly to change the game. One such visionary is a man who has been relentlessly pushing the boundaries of renewable energy, particularly solar power.
This inspiring individual has taken India’s renewable energy sector to global heights, challenging the dominance of even the biggest players.
Are you curious to know who this climate champion is?
Past Obstacles
Born in a small village in Maharashtra’s Buldhana district, Hitesh Doshi’s journey is one of grit and determination.
Growing up in humble circumstances, his father ran a modest grocery store, and the village lacked basic amenities like electricity and telephones.
Education beyond the 7th grade meant cycling miles daily to a neighboring village. Yet, these challenges only fueled Hitesh’s resolve to carve a brighter path for himself and his family.
Books and Business
Believing education was the key to a better future, Hitesh pursued a bachelor’s degree in commerce from Shri Chinai College of Commerce & Economics, University of Mumbai, in 1987.
It was here that he recognized his entrepreneurial spirit and the need to break away from the traditional career path. Eager to lift his family from financial constraints, he juggled studies with entrepreneurial pursuits, exploring trading and small ventures.
And a Dream of Something Big
In 1985, Hitesh took his first entrepreneurial step, borrowing ₹5,000 from a relative to start a small trading business in pressure and temperature gauges. Balancing his studies with business, he earned a modest profit of ₹1,000 per month—enough to cover his college fees and living expenses.
This initial success pumped up his confidence and planted the seeds for what would eventually become a game-changing enterprise.
From Measuring Gauges to Measuring Impact
By 1989, Hitesh officially registered Waaree Instruments, marking the beginning of his entrepreneurial journey. Initially focused on manufacturing measuring instruments, he soon spotted opportunities for diversification, adding thermometers to the product line.
In 1992, he took a bold step forward, leasing a 300 sq. ft. space in Andheri to establish Mahaveer Thermo Equipments.
Meets Disruption
With just a ₹1.5 lakh bank loan, Hitesh Doshi invested in lath machines, built a small but passionate team, and took on the challenge of creating reliable industrial tools.
Rejections, strict certifications, and credibility hurdles in a high-stakes market didn’t deter him.
Strategic tie-ups with global giants like Dwyer Instruments and Keller helped Waaree Instruments earn trust, paving the way for exports to the U.S. and Canada by the mid-2000s.
To Solar Powering Dreams
Hitesh wasn’t one to settle. A 2007 trip to a solar energy expo in Germany sparked a bold vision—to revolutionize India’s solar sector.
That year, he founded Waaree Energies with a 30 MW facility in Surat, laying the groundwork for what is now India’s largest solar PV module manufacturer.
By 2010, Hitesh sold Waaree Instruments to the Swiss brand Baumer, channeling resources into scaling Waaree Energies.
The company rapidly expanded its manufacturing capacity to 250 MW and established international partnerships to deliver high-quality solar panels.
The Solar Storm of Challenges
Even as a leader in India’s solar industry, Waaree’s journey hasn’t been without hurdles.
The company has faced it all, from navigating steep price drops and Chinese dumping to weathering regulatory shifts and geopolitical risks.
Compressed margins, heavy reliance on the U.S. market, and fluctuating material costs have tested its resilience.
Yet, Waaree continues to adapt, innovate, and stay ahead in the ever-evolving solar landscape.
Beginning to Trailblazing Growth
From a modest start, Waaree now boasts a massive 13.3 GW capacity, dominating the Indian solar market with a 21% market share. And that’s not all! In just a few short years, it’s skyrocketed to become India’s largest solar module manufacturer and exporter.
With a remarkable 54% CAGR in revenue and a staggering 107% CAGR in net profit, Waaree has been growing, soaring to ₹76,964 crore in valuation.
Today, Waaree Energies boasts a manufacturing capacity of 12 GW, a presence in over 65 countries, and an extensive network of 350 franchise outlets that offer solar solutions for homes and businesses.
IPO Reflecting Investor Confidence
Waaree has always been a company that thrives on belief—belief in innovation, sustainability, and the power of renewable energy.
Its recent IPO wasn’t just another financial event; it was a moment that reflected investors’ immense trust in Waaree’s vision.
The IPO was oversubscribed 76 times, conveying that Waaree is leading India’s charge toward a greener future.
for a Cleaner, Greener Tomorrow
At its core, Waaree dreams big. It imagines a world where clean energy powers homes, businesses, and industries, reducing carbon footprints and creating a better tomorrow.
The company’s commitment to this dream goes beyond numbers. It’s personal, urging individuals to take charge of their energy needs.
Their tagline, “Solar lagao, Apni Bijli Swayam Banao – Atmanirbhar ban jao!” is not just a slogan—it’s a call to action, a movement to inspire energy independence.
New Heights
Waaree’s ambitions don’t just stop at borders. The company is scaling its solar module manufacturing capacity from 13.3 GW to a massive 21 GW by 2027, ensuring it continues to lead from the front.
As it expands into global markets, particularly the US and the EU, Waaree is not just exporting solar technology; it’s exporting a vision of India as a powerhouse of clean energy solutions
A Hydrogen-Powered Future
While solar panels remain at the heart of their operations, Waaree is already looking to the future, exploring the vast potential of hydrogen energy. This ability to innovate, adapt, and think ahead makes Waaree more than just a business.
I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.
