Waaree Technologies Ltd

Waaree Technologies Limited was formerly formed in Maharashtra, as a partnership firm under the name M/s. H.K. International vide partnership deed dated dated October 6, 1993. Further, the Company was converted into a Public Limited Company, the name was changed to H K Trade International Limited dated June 28, 2013 and was further changed from H.K. Trade International Limited to Waaree Technologies Limited vide fresh Certificate of Incorporation dated January 07, 2019. Company is engaged in the business of manufacturing of batteries, catering to both industrial and consumer segments, with a focus on energy storage systems, electric vehicles (EVs). During financial year 2018-19, the Company understood module trading business in addition to PV Tapes & Adhesive business. The Company earlier was engaged in the business of manufacturing, converting and supplying of adhesive tapes and synthetic paper (teslin papers) from jumbo rolls of adhesive tapes and synthetic paper (teslin) respectively. In 2022-23, the Company purchased battery business of Waaree ESS Private Limited as a going concern under the Business Transfer Agreement (BTA). Pursuant to said Business Transfer, the Battery Business of Waaree ESS along with manufacturing plant was transferred to the Company as going concern basis and the Company is currently undertaking said Business of battery manufacturing from aforesaid premises and accordingly the revenue for the year comprises of revenue from trading and sale of cells required for batteries and batteries itself. The Company has adopted advanced battery production techniques and adopts flexible manufacturing techniques to adapt to the market in terms of product delivery. The Company has faced multiple operational and financial challenges, including, higher input costs, underutilized production capacity, and slower-than-expected market traction. Despite the setbacks, Company made efforts in streamlining operations, optimizing working capital, restructuring of cost base, and upgrading technology and quality systems at the manufacturing facility. Steps have been taken to diversify the product mix and enter new market segments such as lithium-ion batteries and battery energy storage systems (BESS).