A big chunk of its business now comes from exports, particularly to the United States, where demand for solar products has shot up in recent years—partly because of trade barriers on Chinese solar imports.
Back in 1985, Hitesh Chimanlal Doshi borrowed just Rs. 5,000 from a relative to start his journey in India’s energy sector. Fast forward to today, he’s the face behind one of India’s biggest names in renewable energy—the Waaree Group. Recently, Hitesh Doshi and his family made global headlines after Waaree Energies Ltd., the solar arm of the group, went public on the Mumbai Stock Exchange. The company’s USD 514 million IPO turned out to be a massive success, with shares soaring 56 per cent on debut. This sudden surge nearly doubled the family’s net worth, which now stands at around USD 5.2 billion, according to Bloomberg’s Billionaires Index.
Waaree Energies has grown to become India’s largest manufacturer of solar panels, with a whopping 12,000 megawatt production capacity. A big chunk of its business now comes from exports, particularly to the United States, where demand for solar products has shot up in recent years—partly because of trade barriers on Chinese solar imports.
This blockbuster IPO also showed investor interest in India’s clean energy space. Waaree plans to use Rs. 2,800 crore from the IPO funds to set up a new 6-gigawatt solar panel plant in Odisha, further expanding its footprint in the renewable energy market.
Besides Waaree Energies, the Doshi family also owns Waaree Renewable Technologies Ltd. and Waaree Technologies Ltd., both of which are listed on Indian stock exchanges. These firms focus on engineering and energy storage solutions.
From a small village to a billion-dollar solar empire
Hitesh Doshi’s story begins in the quiet village of Tunki, Maharashtra. Like many dreamers from small towns, he moved to Mumbai in 1985 to chase his ambitions. He joined Shri Chinai College of Commerce and Economics, but making ends meet in the big city wasn’t easy. So, he began trading in hardware and electronics to support himself, and that side hustle soon became his first real taste of business.
Fueled by determination, Doshi later borrowed Rs. 1.5 lakh to start his own company that made industrial valves and pressure gauges. This was his first step into the world of manufacturing. As the years passed, his focus shifted by the early 2000s, he was trading power equipment, and landed some impressive orders from clients in Europe and the U.S.
But the real turning point came in 2007 during a visit to a trade fair in Germany. There, he discovered the world of solar energy, and something just clicked. Inspired by the possibilities of clean power, Doshi made a bold move, he sold his thermal equipment business and went all-in on solar. That’s when Waaree Energies was born.
The name “Waaree” comes from a temple in his native village, a nod to his roots. Over the years, the company grew with India’s push for green energy. The government’s investment in renewables and supportive policies gave Waaree a strong foundation to rise on.
Today, renewable energy powers nearly half of India’s total energy capacity, and solar alone contributes 20 per cent, out of a massive 457-gigawatt network as of October 2024. And Waaree Energies has played a big role in that growth.
The 57 year old is the chairman and managing director of Waaree Energies, while two of his brothers and nephew are board directors in the group. The family’s also the largest shareholder of engineering arm Waaree Renewable Technologies Ltd. and energy storage company Waaree Technologies Ltd., both of which are already publicly listed.