Waaree Energies to Acquire Kamath Transformers for Rs. 293 Cr.
Waaree Energies Limited will be acquiring Kamath Transformers Private Limited for approximately Rs. 293 crore. Kamath Transformers, headquartered in Bengaluru, was incorporated in 1994.
Waaree Energies to Complete Kamath Transformers Acquisition by FY26
Waaree Energies is expected to complete this acquisition by FY26. The company specified cash as the mode of payment for this acquisition. Explaining the rationale behind this acquisition, Waaree Energies mentioned that the company sees this acquisition as an opportunity to expand its business activity. Usually, Waaree Energies engages in the manufacturing of Renewable Energy (RE) equipment, namely solar modules and cells. Therefore, acquiring Kamath Transformers will also add transformers to Waaree Energies’ portfolio.
Brief Background of Kamath Transformers
Kamath Transformers manufactures, exports, and supplies a wide range of transformers, including Power and Distribution Transformers, Inverter Duty Transformers, Earthing Transformers, and other specialized products. These products are manufactured at the company’s factory in Bengaluru, Karnataka. Kamath Transformers has catered to clients such as Bharat Heavy Electricals Ltd. (BHEL), Avaada, JSW, and ReNew Power. The company reported a revenue of Rs. 54 crore in FY-23, which grew significantly to Rs. 122.68 crore in FY-24.
Growth Outlook for the Indian Transformer Market
The Indian transformer market is witnessing increase in demand, fueled by rising electricity consumption, ongoing grid expansion, and government policies promoting renewable energy. According to a report by Mordor Intelligence, the market is projected to be valued at USD 104.13 million in 2025 and is expected to grow to USD 156.80 million by 2030, registering a Compound Annual Growth Rate (CAGR) of over 8.53%.
During a March interview with NDTV, Mr. Chanchal Rajora, Chief Financial Officer of Transformers and Rectifiers (India) Ltd. said, “At present, in India, the [collective] MVA manufacturing capacity [of transformers] is around 3,50,000 MVA, whereas demand is around 4,50,000 to 4,60,000 MVA. As per CEA guidelines, by 2029, the demand will be around 7,80,000 MVA”. Therefore, Indian transformer market is poised to grow in the near future, and Waaree Energies’ move to acquire Kamath Transformers gains strategic importance for the company.
About Waaree Energies: Waaree Energies was established in 1990, and today, it is India’s largest solar module manufacturer in terms of volume with an annual production capacity of 12 GW. The company reported a revenue of Rs. 14,846.06 crore during FY-25 and a Profit After Tax (PAT) of Rs. 1,932.15 crore.