Waaree Energies acquired a 64% controlling stake in Rajasthan-based transformer maker Kotsons in September 2025 for INR 1.92 billion ($21 million), later rebranding it as Waaree Transpower to secure transformer supply for its renewable projects and tap rising global demand. The company also acquired solar technology company Meyer Burger and a strategic stake in United Solar Holding in Oman, a major non-Chinese polysilicon producer, to secure polysilicon supply for its Indian ingot and wafer plants. Additionally, Waaree Energies acquired Enel Green Power India and its special purpose vehicles, marking its entry as a renewable energy project developer beyond solar module manufacturing. The company diversified its renewable energy value-chain presence by acquiring majority stakes in transformer maker Kotsons, transmission tower manufacturer Associated Power Structures, smart meter maker Racemosa Energy India, and power producer Enel Green Power India, spending more than ₹2,700 crore on these deals. Waaree Energies' consolidated net profit for Q4 FY26 increased about 75% year-on-year to ₹1,126 crore, reflecting stronger earnings despite margin compression. The company's operating revenue for Q4 FY26 rose 112% year-on-year to ₹8,840.25 crore from ₹4,004 crore, driven by strong solar module volumes and execution. Waaree Energies reported that its revenue more than doubled year-on-year in Q3 FY26 to ₹7,565 crore, reflecting rapid growth from its expanding solar manufacturing operations and exports. The company approved a ₹10,000 crore fundraising plan to finance its next phase of growth and diversification, including its strategic move into semiconductor products.