What began as a small Mumbai factory producing pressure and temperature gauges three decades ago has transformed into one of India’s biggest clean energy success stories. The Doshi brothers — Hitesh, Kirit, Pankaj, and Viren have entered the Forbes India Rich List 2025 with a collective net worth of $7.5 billion, ranking 37th after the remarkable rise of their company, Waaree Energies.
Waaree’s journey has been nothing short of extraordinary. When the company went public in October 2024, few anticipated its scale of success. The IPO was oversubscribed multiple times, and the stock debuted at a 70% premium, later climbing another 50% post-listing.
For the financial year ending March 31, 2025, Waaree reported a 27% revenue growth to ₹144.5 billion ($1.6 billion) and a 51% jump in net profit to ₹19.8 billion fueled by a surge in solar adoption across India.
Founded in 1990 by Hitesh Doshi, the company shifted from industrial instruments to solar manufacturing in 2007, betting early on India’s renewable transformation. That decision turned a modest family business into India’s largest solar panel manufacturer, producing cells, inverters, and full-scale solar modules.
Today, Waaree runs five advanced plants across India with a total capacity of 17 GW, and plans to add 8 GW more, strengthening the nation’s path toward energy independence.
Globally, the company is also expanding with a $1.2 billion investment in a new manufacturing base in Texas, USA, positioning itself as a serious international player.
From a small factory floor in Mumbai to the global solar stage the Doshi brothers’ rise mirrors India’s own journey toward a brighter, cleaner future.
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