Waaree Energies expands into smart meters, green hydrogen and clean mobility
Waaree Energies Limited is expanding into smart metering, green hydrogen and clean mobility as part of its broader move into adjacent energy businesses. Its step-down subsidiary Waaree Smart Meters Private Limited has acquired a 24.21% stake in Eppeltone Engineers Limited for approximately Rs 21.78 crore, while another subsidiary has incorporated three companies focused on green hydrogen, green ammonia and clean-fuel mobility.
Smart meters
Waaree Smart Meters acquired the 24.21% equity stake in Eppeltone Engineers through an off-market transaction.
Eppeltone Engineers, established in 1977 and incorporated in 2002, manufactures electronic energy meters, including smart meters, as well as power conditioning devices. Its turnover increased to Rs 134.74 crore in FY 2025-26 from Rs 124.33 crore in FY 2024-25 and Rs 78.45 crore in FY 2023-24.
Waaree said the investment will help integrate smart metering into its business and strengthen its presence across the energy value chain. The transaction is not a related-party transaction and does not require government or regulatory approvals.
New businesses
Waaree Clean Energy Solutions Private Limited has incorporated three wholly-owned step-down subsidiaries with the Registrar of Companies, Mumbai.
WH Clean Fuels Private Limited was incorporated on August 3, 2026, to undertake green hydrogen, green ammonia and related business projects.
WCES Two Private Limited and WH Clean Mobility Systems Private Limited were incorporated on August 4, 2026. The former will focus on supplying green hydrogen, while the latter will develop mobility solutions using clean fuels and batteries.
All three companies are newly incorporated, have nil turnover and have not yet commenced business operations.
The expansion follows Waaree Energies’ stated strategy of moving beyond solar manufacturing into areas including inverters, transformers, energy storage, smart metering and green hydrogen, with the objective of building a broader energy platform spanning generation, storage, transmission and clean fuels.
