At Waaree Energies, people are never afraid to dream big, says Sunil Rathi, Executive Director of Waaree Group. When he joined Waaree Energies in 2009 as Chief Marketing Officer, Rathi knew he was going to be part of the family for a long time to come.
Over the past decade-and-a-half, he’s witnessed the company’s remarkable growth and evolution, but says its core values have remained unchanged.
“One of the key reasons transformation happened was because of a vision,” Rathi tells The CEO Magazine. “There was a clear vision that everybody followed and still does. The second thing is that during the good or bad times, the core team has always stood by.
“We say that solar is a ‘solar-coaster’, it’s never straightforward; every single day, there’s some news – sometimes good, sometimes bad.
“But no matter the cycle, our core team has always been there — and that consistency has played a major role in our success.”
“There was a clear vision that everybody followed and still does.”
Founded in 1990, Waaree Energies is India’s largest manufacturer of solar photovoltaic modules, with the largest aggregate installed capacity of 13.3 gigawatts. The company has manufacturing facilities located in Chikhli, Surat, Tumb, Nandigram and Noida, as well as a 5.4-gigawatt cell manufacturing facility in Gujarat and a 1.6-gigawatt module manufacturing facility in the United States.
Sitting under the umbrella company of Waaree Energies is Waaree Renewable Technology, which takes care of the engineering, procurement and construction business, as well as Waaree Solar Americas, which is a United States-based entity.
Rathi serves as Executive Director of Waaree Renewable Technologies, as well as President for Waaree Solar Americas – the establishment of which was a major achievement for the organization, securing a US$1.2 billion order before the factory’s construction even began.
An independent ecosystem
Over the next few years, Waaree Energies will continue its journey into cell manufacturing in order to complete the sub-value chain.
“We are adding additional capacity in cell manufacturing, as well as getting into vapor manufacturing,” Rathi explains.
“We are creating an ecosystem where we are aiming for supply chain stability – an ecosystem where we are not dependent on anyone. It’s energy security for the country, where we are not dependent on anything else. And we are creating that within the country, so there’s a lot of support from the government.”
Indeed, the Indian government’s sustainability policy helps Waaree Energies make significant decisions while knowing they have its full support.
“Undoubtedly, that’s a key reason we could do this big in India,” Rathi explains.
“On the model side, we are also trying to get into the balance of system frames. These are small components that mean the entire thing can be done by us, or we will create a system where people can manufacture it in India and supply it to us.
“That’s a sustainable way for any organization to grow, as well as the country. We may be slow in the initial growth phase, but we do it in a sustainable way, which takes us to a better position.”
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Waaree Energies has always prioritized long-term partnerships with like-minded suppliers, such as Trinity Touch, which provides electrical industrial components for solar products.
“To build a good supply product, you need a validated supply chain,” Rathi emphasizes.
“We treat our suppliers as partners. The model we give to the market is 30 years of warranty. So we need a validated, proven supply chain that will not let us down in terms of quality. We always demand excellence from each station and each person.
“And that has created a difference. You have to deliver the product on time – there’s no choice.”
Challenges ahead
Sustainable expansion is another key value for Waaree Energies, but with any major evolution comes inevitable challenges.
“We are growing very fast,” Rathi says. “And growth has its own challenges – the company has to be able to manage the growth. But on the financial side of things, we have been debt-free for many years, so we are, financially, a very well-managed company.”
“What makes us different is that we handle uncertainty well.”
Rathi admits that uncertainty both within the industry and across the globe is another major issue that Waaree Energies deals with regularly.
“Unknown challenges will change tomorrow,” he says. “But now, we are used to challenges and immune to some challenges. What makes us different is that we handle uncertainty well.”
A loyal customer base
The foundation of Waaree Energies’ sustained success has been its stable and loyal core team that perseveres through industry volatility, enabling its transformation from a small domestic player to a global leader.
“At the end of the day, your quality should speak,” Rathi says. “You will not get repeat orders unless you provide a quality product. And how you engage with customers matters too – it’s about delivering a solution, not just a product.”
“I’m very happy to say that we’ve seen customers grow along with us, which is a win–win situation.”
Given 80 percent of Waaree Energies’ business comes from repeat customers, it’s clear that in the same way that staff retention is unwavering, client retention is another indication that the company is succeeding in the most important areas.
“When any customer joins, our priority is to keep them happy – to give our services, which will allow us to retain that customer for years to come,” Rathi says.
“I’m very happy to say that we’ve seen customers grow along with us, which is a win–win situation. I have some customers who say they are growing because of our support. But at the same time, I could also say there are many customers who supported us, and we’ve grown because of that.
“We always give credit to the customers who believe in us and our products and trust us.”
