DPIIT recognised startup Government of India
Startup India
Waaree Ess Private Limited - consumer electronics & durables in Mumbai, Maharashtra, India. FY 2026 financials & compliance.
Revenue · FY 2024
₹14.98 Cr
▼ 59% YoY
Net profit · FY 2024
₹8.14 Cr
Net margin 54.3%
EBITDA · FY 2024
₹10.96 Cr
EBITDA margin 73.2%
Authorised capital
₹1.5 Cr
Registered with MCA
Paid-up capital
₹1.08 Cr
Issued & subscribed
Company age
7 yrs
Est. 2019
Employees · EPFO
41
Provident fund records
Directors on board
3
As per MCA filings
About Waaree Ess Private Limited
Data last updated:
Waaree Ess Private Limited is a private limited company based in Mumbai, Maharashtra, India, recognised as a startup by DPIIT. It operates in the electronics manufacturing segment of the consumer electronics and durables sector. It was incorporated on 31 December 2019 and has been in existence for over 7 years.
Its director Pankaj Chimanlal Doshi is #1,545 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U31909MH2019PTC335294. Its GSTIN is 24AACCW5782E1Z9 (Gujarat).
The company has an authorised share capital of ₹1.5 Cr and a paid-up capital of ₹1.08 Cr. It is led by directors including Ankit Hitesh Doshi and Pankaj Chimanlal Doshi.
Its last annual general meeting (AGM) was held on 30 September 2025, and its latest financial statements are for the year ended 31 March 2025. The registered office is at 602 Western Edge 1 Western Express Highway Borivali East, Mumbai, Maharashtra, India – 400066.
As per the financials filed for FY 2024, the company reported a revenue of ₹14.98 Cr, a decline of 59% compared to the previous year. For the same year it recorded a net profit of ₹8.14 Cr (net margin 54.3%) and EBITDA of ₹10.96 Cr (EBITDA margin 73.2%). Revenue has grown at a compounded annual rate (CAGR) of 31% over three years.
The company has about 41 employees on its provident fund (EPFO) records.
The company is associated with 1 brand: Waaree Energies. The company has 3 deals on record (2 funding rounds, 1 convertible or debt financing), with disclosed funding of ₹15.89 Cr; the latest was in March 2021. Its 10 peer companies in the same principal business activity (Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment) are compared by revenue, 5 larger and 5 smaller; the largest is Greenline Eco Product Private Limited with revenue of ₹15.03 Cr. The company has 4 MSME Form 1 returns on record between 2021 and 2022, listing 124 overdue payments to 19 micro and small suppliers.
Waaree Ess Private Limited is registered as a small enterprise under the Udyam registration framework (Reg. No. UDYAM-GJ-22-0002699). For more details, the company can be reached via its website waaree.com.
Company Details of Waaree Ess Private Limited
CIN U31909MH2019PTC335294
Registration Number 335294
Incorporation Date 31 December 2019
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2025
Date of Balance Sheet 31 March 2025
DPIIT Recognition Recognised Startup
MSME Classification Small
Udyam Registration UDYAM-GJ-22-0002699
Key People
Ankit Hitesh Doshi Director Pankaj Chimanlal Doshi Director Rushabh Pankaj Doshi Director Recognitions & Rankings of Waaree Ess
MSME (Udyam registered) Ministry of MSME
- Category
- Small (2024-25)
- Udyam number
- UDYAM-GJ-22-0002699
India's Richest People 2026 edition · 1 director · Source: Hurun India
- #1,545 Pankaj Chimanlal Doshi ₹1,300 Cr
Contact Details
- EmailLocked
- TelephoneLocked
- Website
- Social Media
- Registered Address602 Western Edge 1 Western Express Highway Borivali East, Mumbai, Maharashtra, India – 400066
- IndustryConsumer Electronics & Durables, Electronics Manufacturing
Comprehensive company report
Waaree Ess Private Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
- One PDF report, delivered after checkout
₹799 ₹999 20% off excluding 18% GST
Secure checkout · GST invoice included
Associated Brands with Waaree Ess Private Limited
Waaree Ess operates one associated brand: Waaree Energies. Each brand links to its own profile.
| Brand | Description | Website |
|---|---|---|
| Manufacturer of solar PV modules | waaree.com |
Business Activity of Waaree Ess Private Limited
The main business activity of Waaree Ess is manufacturing. In detail, this covers electrical equipment, general purpose and special purpose machinery & equipment, transport equipment.
| Main Activity Group Code | Description of Main Activity | Business Activity Code | Description of Business Activity | Turnover Percentage |
|---|---|---|---|---|
| C | Manufacturing | C10 | Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment | Locked |
Premium access
Business activity turnover details
Turnover share and past changes in activity are in the company report.
- Turnover contribution
- Historical classifications
- Filing-level activity changes
Verified entity values are shown only after access is granted.
Financials of Waaree Ess Private Limited FY 2025 filings available
Waaree Ess Private Limited reported revenue of ₹14.98 Cr (down 59% YoY) for FY 2024.
Revenue · FY 2024
₹14.98 Cr ▼ 59%
Net profit · FY 2024
₹8.14 Cr margin 54.3%
EBITDA · FY 2024
₹10.96 Cr margin 73.2%
Compounded Annual Growth Rate (CAGR) of Waaree Ess Private Limited
Revenue CAGR growth
1 year
▼ 59%
3 years · compounded
▲ 31%
EBITDA CAGR growth
1 year
▲ 407%
3 years · compounded
▲ 108%
Revenue fell 59% in the latest year, but over three years it has grown at a compounded annual rate (CAGR) of 31%. EBITDA rose 407% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary of Waaree Ess Private Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | •••• | •••• | •••• | •••• | •••• |
| Other Income | •••• | •••• | •••• | •••• | •••• |
| Total Revenue | •••• | •••• | •••• | •••• | •••• |
| Cost of Materials Consumed | •••• | •••• | •••• | •••• | •••• |
| Employee Benefit Expense | •••• | •••• | •••• | •••• | •••• |
| Finance Costs | •••• | •••• | •••• | •••• | •••• |
| Depreciation and Amortisation | •••• | •••• | •••• | •••• | •••• |
| Other Expenses | •••• | •••• | •••• | •••• | •••• |
| Total Expenses | •••• | •••• | •••• | •••• | •••• |
| EBITDA | ₹10.96 Cr | •••• | •••• | •••• | •••• |
| Profit Before Tax | •••• | •••• | •••• | •••• | •••• |
| Tax Expense | •••• | •••• | •••• | •••• | •••• |
| Net Profit (PAT) | ₹8.14 Cr | •••• | •••• | •••• | •••• |
| Balance Sheet | |||||
| Share Capital | •••• | •••• | •••• | •••• | •••• |
| Reserves and Surplus | •••• | •••• | •••• | •••• | •••• |
| Net Worth (Total Equity) | •••• | •••• | •••• | •••• | •••• |
| Long-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Short-term Borrowings | •••• | •••• | •••• | •••• | •••• |
| Trade Payables | •••• | •••• | •••• | •••• | •••• |
| Total Liabilities | •••• | •••• | •••• | •••• | •••• |
| Fixed Assets | •••• | •••• | •••• | •••• | •••• |
| Investments | •••• | •••• | •••• | •••• | •••• |
| Inventories | •••• | •••• | •••• | •••• | •••• |
| Trade Receivables | •••• | •••• | •••• | •••• | •••• |
| Cash and Bank Balance | •••• | •••• | •••• | •••• | •••• |
| Total Assets | •••• | •••• | •••• | •••• | •••• |
Financial Ratios of Waaree Ess Private Limited
| Metrics | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 73.2% | •••• | •••• | •••• | •••• |
| Net Profit Margin | 54.3% | •••• | •••• | •••• | •••• |
| Return on Equity (ROE) | •••• | •••• | •••• | •••• | •••• |
| Return on Capital Employed (ROCE) | •••• | •••• | •••• | •••• | •••• |
| Return on Assets (ROA) | •••• | •••• | •••• | •••• | •••• |
| Liquidity and Debt | |||||
| Current Ratio | •••• | •••• | •••• | •••• | •••• |
| Quick Ratio | •••• | •••• | •••• | •••• | •••• |
| Debt-to-Equity Ratio | •••• | •••• | •••• | •••• | •••• |
| Interest Coverage Ratio | •••• | •••• | •••• | •••• | •••• |
| Efficiency and Growth | |||||
| Asset Turnover | •••• | •••• | •••• | •••• | •••• |
| Receivable Days | •••• | •••• | •••• | •••• | •••• |
| Payable Days | •••• | •••• | •••• | •••• | •••• |
| Inventory Days | •••• | •••• | •••• | •••• | •••• |
| Revenue Growth | •••• | •••• | •••• | •••• | •••• |
| Net Profit Growth | •••• | •••• | •••• | •••• | •••• |
Paid data: the figures shown as dots are available after purchase of the company report. Figures as filed with the MCA in Form AOC-4. The full year-wise statements and ratios of Waaree Ess are in the company report.
Premium access
Financial statements from FY 2020
Earlier years and trend charts are in the company report.
- Income statements
- Balance sheets
- Cash-flow statements
- Ratios and benchmarks
Verified entity values are shown only after access is granted.
Board of Directors of Waaree Ess Private Limited
Waaree Ess has 3 current directors and 4 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Ankit Hitesh Doshi Also directs: Waaree Sustainable Finance Private Limited, SGP Industrial Infrastructure Private Limited, Dinkar Solar LLP and 5 more | Director | 31 Dec 2019 | 6 Years 9 Months | Current |
| Pankaj Chimanlal Doshi | Director | 30 Sep 2022 | 4 Years 0 Months | Current |
| Rushabh Pankaj Doshi Also directs: Waaree Sustainable Finance Private Limited, Dinkar Solar LLP, Dhumketu Solar LLP and 5 more | Director | 08 Jun 2021 | 5 Years 4 Months | Current |
Peer Comparison of Waaree Ess Private Limited
Waaree Ess Private Limited is compared with the companies closest to it by revenue in the same principal business activity (Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment). Net profit, margin and employee counts of each company are in the company report.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Greenline Eco Product Private Limited | ₹15.03 Cr (FY 2025) | •••• | •••• | 99.0% | •••• | Chennai, Tamil Nadu, India |
| Resham Roosen India Private Limited | ₹15.01 Cr (FY 2025) | •••• | •••• | 6.0% | •••• | Unnao, Uttar Pradesh, India |
| New Era Switchgears Private Limited | ₹15 Cr (FY 2025) | •••• | •••• | -9.0% | •••• | Ujjain, Madhya Pradesh, India |
| Lakshmi Ceramics and Refractories India Private Limited | ₹15 Cr (FY 2025) | •••• | •••• | 26.0% | •••• | Bangalore, Karnataka, India |
| Nihaar Equipment Private Limited | ₹14.99 Cr (FY 2025) | •••• | •••• | 53.0% | •••• | Mumbai, Maharashtra, India |
| Waaree Ess Private Limited this company | ₹14.98 Cr (FY 2024) | •••• | •••• | -59.0% | •••• | Mumbai, Maharashtra, India |
| Drone Power Private Limited | ₹14.98 Cr (FY 2024) | •••• | •••• | -32.0% | •••• | New Delhi, Delhi, India |
| Magnify Industries Private Limited | ₹14.97 Cr (FY 2024) | •••• | •••• | 10.0% | •••• | Vadodara, Gujarat, India |
| Thelcon Products Private Limited | ₹14.96 Cr (FY 2025) | •••• | •••• | -13.0% | •••• | Bangalore, Karnataka, India |
| Ete Robotic Systems Integrator Private Limited | ₹14.95 Cr (FY 2025) | •••• | •••• | 51.0% | •••• | Delhi, India |
| Replxicon Engineers Private Limited | ₹14.94 Cr (FY 2024) | •••• | •••• | 124.0% | •••• | Bhiwandi, Maharashtra, India |
Peers are the five companies nearest above and the five nearest below Waaree Ess by revenue in the same principal business activity (Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment), from the latest filed financials of each company. Net profit, margin and employee counts of each peer are in the company report.
Auditor Details of Waaree Ess Private Limited
Waaree Ess Private Limited is audited by Goyal Rathi & Associates for the financial year 2023.
| Name | Status | Appointment Date | Cessation Date |
|---|---|---|---|
| Goyal Rathi & Associates | Locked | Locked | Locked |
Premium access
Complete auditor history
Appointment and cessation dates and past auditor changes are in the company report.
- Appointment status
- Appointment dates
- Cessation dates
- Auditor changes
Verified entity values are shown only after access is granted.
Ownership and Shareholding of Waaree Ess Private Limited
Premium access
Shareholding and ownership data
Promoter, institutional, public and beneficial ownership figures are in the company report.
- Ownership categories
- Historical changes
- Group structure
- FII and DII holdings
Verified entity values are shown only after access is granted.
Charges & Borrowings of Waaree Ess Private Limited
Waaree Ess Private Limited does not have any charges (loans) registered with the Registrar of Companies.
Deals & Funding of Waaree Ess Private Limited
Waaree Ess Private Limited has 3 deals on record (2 funding rounds, 1 convertible or debt financing), with disclosed funding of ₹15.89 Cr; the latest was in March 2021.
Total deals
3
Funding rounds
2
Convertible or debt financing
1
Disclosed funding
₹15.89 Cr
Deals on record (2 of 3)
| When | Deal | Amount | Parties |
|---|---|---|---|
| Feb 2021 | Funding round · Series A | ₹7.5 Cr | Investors: 4 individuals |
| Sep 2020 | Funding round | ₹89 Lakh | Investors: 2 individuals |
Premium access
Full deal history
All 3 deals with amounts, valuations, instruments and every party are in the company report.
- Every funding round and share transfer
- Amounts and valuations
- Investors, buyers and sellers
- Instruments and deal dates
Verified entity values are shown only after access is granted.
Deal records are compiled from filings and public sources; amounts are shown only where the source reported them.
MSME Payment Delays by Waaree Ess Private Limited
Waaree Ess Private Limited has 4 MSME Form 1 returns on record between 2021 and 2022, listing 124 overdue payments to 19 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 19)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| Bonding Solutions | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
| an individual supplier | •••• | •••• | •••• |
Premium access
Full MSME payment history
Every supplier, amount and due date from all 4 MSME Form 1 returns is in the company report.
- Every reported supplier due
- Amounts and due dates
- Reasons given in each return
- Period-by-period history
Verified entity values are shown only after access is granted.
Individuals and sole proprietors among the suppliers are not named. Amounts, due dates and filing dates are in the company report.
Employees and EPFO Compliance at Waaree Ess Private Limited
Waaree Ess Private Limited has a workforce of 41 employees as of Apr 04, 2024.
Employee count
41
Active EPFO establishments
1
Employee growth
32.26%
Premium access
Employee and EPFO history
Monthly headcount, contribution history and filing status are in the company report.
- Monthly headcount
- PF contributions
- ECR filing status
- Establishment history
Verified entity values are shown only after access is granted.
Recent Activity on Waaree Ess Private Limited
Waaree Ess Private Limited has 7 board changes on record since 2019: 3 appointments and 4 cessations. The latest: Pankaj Chimanlal Doshi was appointed as Director on 30 Sep 2022.
AGM
Waaree Ess Private Limited last Annual general meeting of members was held on 30 Sep 2025 as per latest MCA records.
Filing
Waaree Ess Private Limited has filed its annual Financial statements for the year ended 31 Mar 2025 with Roc Mumbai I.
Appointed
Pankaj Chimanlal Doshi was appointed as Director.
Ceased
Hitesh Chimanlal Doshi ceased to be Director.
Ceased
Shiv Nath ceased to be Managing Director.
Ceased
Jignesh Vinubhai Chodavadiya ceased to be Additional Director.
Ceased
Rushabh Pankaj Doshi ceased to be Additional Director.
Appointed
Rushabh Pankaj Doshi was appointed as Director.
Appointed
Ankit Hitesh Doshi was appointed as Director.
Incorporation
31 Dec 2019
Waaree Ess Private Limited was registered on 31 Dec 2019 with Roc Mumbai I & aged 6 years 9 months as per MCA records.
Credit Ratings, Litigation & Regulatory Alerts for Waaree Ess Private Limited
Premium access
Credit ratings, litigation, and regulatory alerts
Credit ratings, court records and regulatory alerts are in the company report.
- Rating history
- Court and tribunal cases
- Regulatory alerts
- Director-linked violations
Verified entity values are shown only after access is granted.
Subsidiaries & Group Companies of Waaree Ess Private Limited
Premium access
Corporate group structure
Parent, subsidiary, associate and joint venture records with holdings are in the company report.
- Parent company
- Subsidiaries and ownership
- Associates and joint ventures
- Entity investments
Verified entity values are shown only after access is granted.
GST Compliance of Waaree Ess Private Limited
Waaree Ess has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 24AACCW5782E1Z9 | Gujarat | Active | 28 Jun 2020 |
Premium access
GST registrations and filing compliance
State-wise GST registrations, return filing status and HSN or SAC codes are in the company report.
- GSTIN registrations
- State-wise filing status
- HSN and SAC details
- Tax jurisdiction records
Verified entity values are shown only after access is granted.
MCA Filings & Documents of Waaree Ess Private Limited
Premium access
MCA filings and documents
Filed forms, annual returns, financial statements and charge filings with their dates are in the company report.
- Incorporation documents
- Annual returns and statements
- Charge filings
- Complete filing index
Verified entity values are shown only after access is granted.
Related news about Waaree Ess Private Limited
Frequently Asked Questions about Waaree Ess Private Limited
Waaree Ess is an active private limited company based in Mumbai, Maharashtra, India. The company works in electronics manufacturing, within the consumer electronics and durables industry. It was incorporated on 31 December 2019 (7+ years old) and is registered under CIN U31909MH2019PTC335294.
Waaree Ess reported revenue of ₹14.98 Cr for FY 2024 (down 59% YoY).
Waaree Ess has 3 current directors:
- Ankit Hitesh Doshi - Director
- Pankaj Chimanlal Doshi - Director
- Rushabh Pankaj Doshi - Director
Waaree Ess reported a net profit of ₹8.14 Cr (net margin 54.3%) and EBITDA of ₹10.96 Cr (EBITDA margin 73.2%) for FY 2024, as per its filed financial statements.
The compounded annual growth rate (CAGR) of the revenue of Waaree Ess is 31% over three years. In the latest year (FY 2024) revenue fell 59%. CAGR is the steady yearly rate that links the first and the last year.
The GSTIN of Waaree Ess is 24AACCW5782E1Z9, registered in Gujarat.
The CIN (Corporate Identification Number) of Waaree Ess is U31909MH2019PTC335294. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Waaree Ess was incorporated on 31 December 2019, making it 7+ years old. It is registered with the Registrar of Companies, Mumbai.
Waaree Ess has 3 deals on record (2 funding rounds, 1 convertible or debt financing), with disclosed funding of ₹15.89 Cr; the latest was in March 2021.
The peers of Waaree Ess by revenue are Greenline Eco Product Private Limited, Resham Roosen India Private Limited, New Era Switchgears Private Limited, Lakshmi Ceramics and Refractories India Private Limited, Nihaar Equipment Private Limited and 5 more, all in the same principal business activity (Electrical equipment, General Purpose and Special purpose Machinery & equipment, Transport equipment).
Pankaj Chimanlal Doshi was appointed as Director on 30 Sep 2022. Hitesh Chimanlal Doshi ceased to be Director on 27 Apr 2022. Shiv Nath ceased to be Managing Director on 31 Dec 2021. Waaree Ess has 7 board changes on record in total.
Yes, Waaree Ess is recognised as a startup by the Department for Promotion of Industry and Internal Trade (DPIIT).