Waaree Energies shares in focus as arm enters specialty gases market

Waaree Energies Ltd shares will be in focus on Friday after the company's wholly owned subsidiary Waaree Clean Energy Solutions (WCES) announced its entry into India's specialty gases market, targeting semiconductor and solar cell manufacturers.

WCES plans to become a one-stop supplier of ultra-high-purity (UHP) gases and chemicals for India's semiconductor and solar cell manufacturing industries. The company is building a specialty gases plant at GIDC Saykha in Dahej, Gujarat, as domestic manufacturers continue to rely heavily on imports for high-purity process gases and chemicals.

The company said the new business will be developed in phases. The plans include specialty gases warehousing, a dedicated UHP ammonia purification unit, a phosphine/hydrogen (PH₃/H₂) mixing plant for doping and deposition processes, and facilities for UHP oxygen. UHP hydrogen is already commercially available.

"Semiconductor and solar cell manufacturing cannot scale in India without a reliable, high-purity gas and chemical supply chain alongside it," said Anuj Sharma, CEO, WCES. He added that the business would serve India's fabs, OSAT and ATMP units, advanced electronics manufacturers and solar cell lines.

WCES will also design customised gas and chemical supply systems and nitrogen plants. Its Total Gas & Chemical Management System will cover storage, delivery, safety monitoring and inventory management. The company's UHP portfolio will include Silane, Ammonia, Nitrous Oxide, Phosphine mixtures, Boron Trichloride, Trimethyl Aluminium, Diborane and Germane/H₂ mixes, among other gases, with pan-India supply planned.

The move comes as India expands semiconductor and electronics manufacturing under the Semicon India 2.0 programme. Waaree said high-purity process gases and chemicals remain largely imported and that supply has emerged as a critical bottleneck for the sector. The new business is intended to provide manufacturers with a domestic alternative to imports.

The specialty gases business will build on WCES's existing clean-energy manufacturing base, which includes an electrolyser stack facility. The company said government incentives are expanding semiconductor and solar cell capacity, creating an opportunity for the gases business to grow alongside these industries.

Established in 1990, Waaree Energies operates solar PV module manufacturing capacity of approximately 29 GW and solar cell capacity of up to 15.4 GW. Its portfolio includes solar panels, inverters, EPC services, IPP, green hydrogen solutions, battery energy storage, green energy infrastructure and data centres, with a presence across India and more than 25 countries.