| Solar Photovoltaic Modules | Manufacture and sale of mono, multi, and TopCon solar PV modules. | Scale leadership, technology edge, integrated manufacturing, strong brand, and strategic polysilicon investment. | B2B utilities, IPP, commercial & industrial sectors; B2C retail solar customers. | High-efficiency TopCon and advanced modules yield better margins. | 12956 | 90 | Direct sales of modules to EPC, utilities, C&I customers, and exports. | Volume-based direct sales and contracts with tiered pricing models. | Growing solar adoption, policy support, expanding production capacity, exports growth. | Waaree Solar Modules, Indosolar Modules |
| Engineering, Procurement and Construction (EPC) | Solar project development, EPC, and O&M services. | Strong project design capabilities and execution track record. | Government, utilities, and commercial clients (B2B). | Efficient project execution and O&M contracts generate solid returns. | 1560 | 11 | Contract-based project execution and maintenance services. | Project contracts with milestone payments. | Increasing solar installations, government schemes, and power sector reforms. | Waaree Renewable Technologies |
| Generation of Power | Solar power generation and sale of electricity. | Integrated downstream of manufacturing with captive and merchant power. | Utilities, commercial consumers, and power markets (B2B). | Operational solar assets provide steady income. | 33 | 0 | Power sales under PPAs and merchant market. | Long-term power purchase agreements and market sales. | Rising renewable capacity and demand for clean power. | Waaree Power |
