Waaree Energies is acquiring Kamath Transformers for ₹293 crore to power up its manufacturing muscle.
Waaree Energies is India’s largest solar panel maker, while Kamath Transformers has been building industrial-grade transformers since 1996.
This gives Waaree access to in-house transformer manufacturing, a key piece in solar energy infrastructure.
The why: as Waaree expands rapidly across solar parks and utility projects, having its own transformer capabilities gives it tighter control over supply chains and costs. The two companies serve adjacent parts of the energy value chain including solar and power transmission, so this acquisition is a natural fit.
Why it matters: Waaree won’t just make panels, it will now also control what helps move that power around. That means better margins, faster delivery, and an edge over competitors still relying on third-party equipment.
Big theme: India is targeting for 500 GW of non-fossil energy by 2030, and solar is the big bet. As solar scales up, integrated players like Waaree who can do everything from modules to transmission will be best positioned to dominate.
Shares of Waaree gained as much as 3% on Tuesday.
