Hitesh Doshi.
Waaree Energy
This story is part of Forbes’ coverage of India’s Richest 2025. See the full list here.
The heavily oversubscribed IPO of solar panel maker Waaree Energies in October 2024 propelled the four Doshi siblings into the ranks of the country’s richest for the first time. Since listing at a 70% premium to the issue price, the stock is up more than 50%, giving them a combined net worth of $7.5 billion.
The Mumbai-based company, which also manufactures solar cells, inverters and transformers, plans to add 8 gigawatts to its current production capacity of nearly 17 gigawatts in India, where it has five factories.
Waaree is scaling up its U.S. manufacturing operations in Texas, investing $1.2 billion through 2028. This comes amid an investigation by the U.S. Department of Commerce of solar cell imports from India, Indonesia and Laos. The department confirmed in September that it is probing the alleged dumping of Chinese-made solar cells by Waaree, which said in a stock exchange filing that it was “committed to complying with all applicable laws and trade regulations.”
In the year to March 31, Waaree’s revenue jumped 27% to 144.5 billion rupees ($1.6 billion) on a 51% surge in net profit to 19.8 billion rupees, buoyed by a production boost. Chairman and managing director Hitesh Doshi, 58, the third of the four brothers, founded the company in 1990 to make temperature and pressure gauges for devices such as furnaces before branching into solar panels in 2007.