The story of Hitesh Chimanlal Doshi is one of resilience, vision, and an unwavering commitment to renewable energy. From a humble beginning with a mere Rs 5,000 loan, Doshi’s journey culminated in building Waaree Group, a titan in India’s solar power industry and a global leader in renewable energy. This article delves into Doshi’s remarkable journey, Waaree Group’s growth, and their significant contributions to India’s renewable energy sector, while maximizing readability and depth for an insightful understanding of this Indian business icon.
Humble Beginnings with Big Dreams
Hitesh Chimanlal Doshi’s story begins in Tunki, a small village in Maharashtra. Born in a modest family, Doshi’s early life was shaped by a sense of discipline and determination. In the mid-1980s, he moved to Mumbai to attend Shri Chinai College of Commerce and Economics at the University of Mumbai. Despite the financial struggles of being far from home, Doshi was resolute in pursuing his dreams.
While in college, Doshi borrowed Rs 5,000 from a relative, a small sum by today’s standards, to begin trading in hardware and electronics. He used his profits to cover his living expenses and college fees. This marked his entry into the world of business, planting the seeds of entrepreneurship that would later flourish in the renewable energy sector.

The Genesis of Waaree: From Trading to Manufacturing
After college, Doshi took another leap by borrowing Rs 150,000 from a bank to set up a manufacturing business. Initially, he focused on producing industrial products such as pressure gauges, gas station equipment, and valves. His company soon gained a reputation for quality, and he secured orders from clients in the US and Europe. These experiences provided Doshi with valuable insights into manufacturing, quality control, and the dynamics of the global market.
The company, which Doshi named Waaree Technologies Ltd., quickly grew, establishing itself as a respected player in the industrial equipment space. However, as the new millennium approached, Doshi recognized the massive potential in the renewable energy sector, specifically solar energy, which was then in its infancy in India.
The “Spell-Bound” Moment: Transition to Solar Energy
In 2007, Doshi attended a trade exhibition in Germany where he saw cutting-edge solar technology. Mesmerized by the potential of solar energy, Doshi decided to pivot his business entirely. This was a bold move at a time when solar energy was not a mainstream industry in India. Inspired and driven, Doshi sold his existing business assets in thermal equipment to focus on solar-cell manufacturing under a new banner: Waaree Energies.
Waaree Energies, named after the Wari temple in Doshi’s hometown, started operations in 2007 with a mission to provide high-quality, cost-effective solar solutions. This marked the beginning of Waaree’s journey to becoming India’s largest solar module manufacturer and a key player in the renewable energy sector.
Rise to the Top: Waaree’s Unmatched Capacity in Solar Module Manufacturing
Over the years, Waaree Energies steadily expanded its manufacturing capabilities. By 2023, it had achieved a production capacity of 12,000 megawatts (MW), making it the largest solar module manufacturer in India. This remarkable growth was fueled by Doshi’s leadership, his family’s support, and the company’s focus on advanced manufacturing technologies.
Most of Waaree’s revenue now comes from export sales, particularly to the United States, where demand for non-Chinese solar products is high. The imposition of tariffs on Chinese solar modules by various countries has further opened up opportunities for Waaree, positioning it as a reliable alternative in global markets.
The IPO Milestone: Waaree Energies Goes Public
In a landmark event, Waaree Energies launched its Initial Public Offering (IPO) in 2024, raising $514 million. The IPO was oversubscribed, and Waaree’s shares surged by 56% on the first day of trading. This success not only brought substantial capital into the company but also positioned Doshi and his family among India’s wealthiest, with a combined net worth estimated at $5.2 billion.
The IPO underscored the Indian public’s growing interest in renewable energy stocks and highlighted Waaree Energies as a key player in India’s bustling IPO market. This achievement marks one of the latest wealth creation stories in the renewable sector, further establishing Waaree’s reputation.
Waaree’s Global Impact and Recognition
Under Doshi’s leadership, Waaree Energies has received numerous accolades for its contributions to sustainable energy. In June 2024, Doshi was awarded the prestigious Global Solar Leaders Award at the SNEC International Photovoltaic Power Generation and Smart Energy Conference held in Shanghai, China. This award recognized his significant impact on the global solar industry and Waaree’s commitment to sustainability and innovation.
Doshi attributes Waaree’s success to a relentless pursuit of excellence, combined with the company’s commitment to social responsibility. “Receiving this award is not just a personal accolade but also a tribute to Waaree’s pursuit of excellence and innovation,” Doshi remarked. He emphasized the collective efforts of the Waaree team and the support of progressive policies in India that have enabled the company to thrive.

India’s Renewable Energy Landscape and Waaree’s Role
India’s renewable energy sector has witnessed tremendous growth over the last decade, supported by favorable government policies and increased investment in infrastructure. As of October 2024, renewable energy accounts for nearly half of India’s total installed energy capacity, with solar energy alone contributing 20% to the 457-gigawatt capacity.
Waaree Energies plays a significant role in this landscape, providing solar solutions that reduce the nation’s carbon footprint and help achieve its ambitious renewable energy targets. Waaree’s products range from solar PV modules to energy storage solutions, making it a versatile player in the clean energy industry.
Future Prospects and Strategic Goals
Looking ahead, Waaree Energies has ambitious plans to expand further in both domestic and international markets. The company is exploring new opportunities in renewable energy storage, which is expected to become a crucial part of the energy mix as more countries transition to sustainable sources. Waaree also aims to diversify its product offerings, including potential expansions into wind and hydro energy solutions.
In the face of competition and regulatory challenges, Doshi remains optimistic. He believes that India’s growing renewable energy market and continued government support will provide Waaree with ample growth opportunities. Waaree’s future goals are rooted in sustainable development, with a focus on innovation and resilience.
Conclusion: A Legacy of Innovation and Impact
Hitesh Chimanlal Doshi’s journey from a small-town trader to a global leader in solar energy is a testament to his visionary approach, dedication, and ability to navigate challenges. Waaree Energies, now India’s largest solar module manufacturer, reflects Doshi’s commitment to driving change in India’s renewable energy sector.
Through his leadership and Waaree’s successes, Doshi has not only built a $5.2 billion empire but has also inspired a new generation of entrepreneurs. His story is a powerful example of how vision, hard work, and a commitment to sustainability can reshape industries and leave a lasting impact on the world.
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