Waaree Energies Limited has released the Monitoring Agency report for the quarter ended March 31, 2026. The report confirms that the proceeds from the company’s Rs. 3,600 crore Public Issue are being utilized in alignment with the objects outlined in the offer document. With no deviations observed, the company continues to deploy funds toward its solar manufacturing expansion projects and general corporate purposes, while maintaining unutilized balances in interest-bearing term deposits.
Utilization of Issue Proceeds
As of the quarter ended March 31, 2026, Waaree Energies Limited has effectively utilized a significant portion of its Rs. 3,600 crore public issue proceeds. The report confirms there is nil deviation from the original objects of the issue. A total of Rs. 1,148.69 crore has been deployed toward the company’s capital expenditure projects, specifically the establishment of 6GW ingot wafer, solar cell, and solar module manufacturing facilities.
Project Progress and Timeline Updates
The company has made strategic adjustments to project locations to optimize manufacturing capacity. Following shareholder approval on August 1, 2025, the manufacturing projects are now being established in Nagpur (Maharashtra) and Samakhiali (Gujarat). While project timelines have been revised to accommodate these changes, the company reports that the 6GW solar module lines are expected to be fully operational as of April 6, 2026, with solar cell and ingot wafer facilities projected for completion by September 2027 and March 2027, respectively.
Financial Management of Funds
The company maintains a disciplined approach to fund management. During the quarter, Rs. 461.84 crore was utilized for project development, and Rs. 10.35 crore was allocated toward issue-related expenses. The remaining unutilized funds, amounting to Rs. 1,662.92 crore, are currently parked in secure term deposits across various scheduled commercial banks, including Axis Bank, Bank of Baroda, State Bank of India, and HDFC Bank, ensuring liquidity and generating interest income until the funds are required for further capital deployment.
Source: BSE
