---
title: "Adani Solar vs Waaree - Brand Comparison | ComparePV"
description: "Compare Adani Solar vs Waaree solar panels: full portfolio, efficiency, cell technology breakdown, warranty terms and company background."
source: "https://comparepv.com/adani-solar-vs-waaree"
---

# Adani Solar vs Waaree

Waaree has the broader catalog (222 vs 48 models). Adani Solar leads on peak efficiency at 23.71%. Adani Solar leans bifacial (75% of lineup).


## The two companies


| Attribute | Adani Solar | Waaree |
| --- | --- | --- |
| Country | India | India |
| Headquarters | Ahmedabad | Mumbai |
| Founded | 2015 | 1990 |
| Employees | 3500+ | 8500+ |
| Annual capacity | 4 GW/year | 13.3 GW/year |
| Tier 1 | yes | yes |
| Listed | NSE: ADANIGREEN | NSE: WAAREEENER |
| Website | [https://www.adanisolar.com/](https://www.adanisolar.com/) | [https://www.waaree.com/](https://www.waaree.com/) |

Adani Solar is a fully integrated, high-efficiency solar panel manufacturer and is part of the Adani Group. They are building a comprehensive solar manufacturing ecosystem, producing everything from metallurgical grade silicon to solar modules. The company is committed to advancing India's renewable energy...

Waaree Energies Ltd. is a leading global energy transition company committed to delivering innovative, high-quality solar and sustainable energy solutions. Established in 1990 and headquartered in Mumbai, India, the company operates across 20+ countries with an integrated portfolio that spans solar modules, EPC...


## Catalog & Power


| Measure | Adani Solar | Waaree | Margin |
| --- | --- | --- | --- |
| Panel Models | 48 | 222 | +174 |
| Max Power | 650 W | 730 W | +80 W |
| Avg Power | 539 W | 371 W | +168 W |


## Efficiency


| Measure | Adani Solar | Waaree | Margin |
| --- | --- | --- | --- |
| Max Efficiency | 23.71% | 23.51% | +0.20 pp |
| Avg Efficiency | 20.67% | 18.39% | +2.28 pp |


## Reliability & Warranty


| Measure | Adani Solar | Waaree | Margin |
| --- | --- | --- | --- |
| Avg Temp Coefficient | -0.345%/°C | -0.362%/°C | +0.017 |
| Bifacial Share | 36 (75%) | 85 (38%) | +37 pp |
| Avg Warranty | 29.3 yrs | 21.7 yrs | +7.6 yr |


## Efficiency distribution

Adani Solar skews to higher efficiency: 8% of lineup is 23%+


| Efficiency band | Adani Solar | Waaree |
| --- | --- | --- |
| \<20% | 10 (20.8%) | 139 (62.6%) |
| 20-21% | 18 (37.5%) | 47 (21.2%) |
| 21-22% | 9 (18.8%) | 14 (6.3%) |
| 22-23% | 7 (14.6%) | 13 (5.9%) |
| 23%+ | 4 (8.3%) | 9 (4.1%) |


## Power distribution

Adani Solar offers more 600W+ panels (38% of lineup)


| Power band | Adani Solar | Waaree |
| --- | --- | --- |
| \<400W | 10 (20.8%) | 124 (55.9%) |
| 500-599W | 20 (41.7%) | 36 (16.2%) |
| 600-699W | 18 (37.5%) | 20 (9.0%) |
| 400-499W | 0 | 35 (15.8%) |
| 700W+ | 0 | 7 (3.2%) |


## Cell technology

Dominant cell tech: **PERC** (54%)

Dominant cell tech: **PERC** (48%)


| Technology | Adani Solar | Waaree |
| --- | --- | --- |
| PERC | 26 (54.2%) | 107 (48.2%) |
| TOPCon | 14 (29.2%) | 12 (5.4%) |
| N-type | 8 (16.7%) | 8 (3.6%) |
| Unknown | 0 | 88 (39.6%) |
| HJT | 0 | 7 (3.2%) |


## Top panels, Adani Solar


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [ASM-M12-132-650](https://comparepv.com/panel/adani-solar-asm-m12-132-650) | 650 | 20.9 | -0.340 | Monocrystalline |
| 2 | [ASB-M12-132-650](https://comparepv.com/panel/adani-solar-asb-m12-132-650) | 650 | 20.9 | -0.350 | Monocrystalline |
| 3 | [ASM-M12-132-645](https://comparepv.com/panel/adani-solar-asm-m12-132-645) | 645 | 20.7 | -0.340 | Monocrystalline |
| 4 | [ASB-M12-132-645](https://comparepv.com/panel/adani-solar-asb-m12-132-645) | 645 | 20.7 | -0.350 | Monocrystalline |
| 5 | [ASM-M12-132-640](https://comparepv.com/panel/adani-solar-asm-m12-132-640) | 640 | 20.6 | -0.340 | Monocrystalline |
| 6 | [ASB-M12-132-640](https://comparepv.com/panel/adani-solar-asb-m12-132-640) | 640 | 20.6 | -0.350 | Monocrystalline |
| 7 | [AB-G12R-132-640](https://comparepv.com/panel/adani-solar-ab-g12r-132-640) | 640 | 23.7 | -0.280 | Monocrystalline |
| 8 | [ASM-M12-132-635](https://comparepv.com/panel/adani-solar-asm-m12-132-635) | 635 | 20.4 | -0.340 | Monocrystalline |
| 9 | [ASB-M12-132-635](https://comparepv.com/panel/adani-solar-asb-m12-132-635) | 635 | 20.4 | -0.350 | Monocrystalline |
| 10 | [AB-G12R-132-635](https://comparepv.com/panel/adani-solar-ab-g12r-132-635) | 635 | 23.5 | -0.280 | Monocrystalline |


## Top panels, Waaree


| # | Model | Power | Efficiency | Temp. coefficient | Technology |
| --- | --- | --- | --- | --- | --- |
| 1 | [BiH-11-730](https://comparepv.com/panel/waaree-bih-11-730) | 730 | 23.5 | -0.240 | Monocrystalline |
| 2 | [BiH-11-725](https://comparepv.com/panel/waaree-bih-11-725) | 725 | 23.3 | -0.240 | Monocrystalline |
| 3 | [BiH-11-720](https://comparepv.com/panel/waaree-bih-11-720) | 720 | 23.2 | -0.240 | Monocrystalline |
| 4 | [BiH-11-715](https://comparepv.com/panel/waaree-bih-11-715) | 715 | 23.0 | -0.240 | Monocrystalline |
| 5 | [BiH-11-710](https://comparepv.com/panel/waaree-bih-11-710) | 710 | 22.9 | -0.240 | Monocrystalline |
| 6 | [BiH-11-705](https://comparepv.com/panel/waaree-bih-11-705) | 705 | 22.7 | -0.240 | Monocrystalline |
| 7 | [BiH-11-700](https://comparepv.com/panel/waaree-bih-11-700) | 700 | 22.5 | -0.240 | Monocrystalline |
| 8 | [Bi-68-665](https://comparepv.com/panel/waaree-bi-68-665) | 665 | 21.3 | -0.340 | Monocrystalline |
| 9 | [WSMD-665](https://comparepv.com/panel/waaree-wsmd-665) | 665 | 21.3 | -0.340 | Monocrystalline |
| 10 | [WSMD-660](https://comparepv.com/panel/waaree-wsmd-660) | 660 | 21.1 | -0.340 | Monocrystalline |


## Summary

Adani Solar is an Indian manufacturer headquartered in Mundra, Gujarat, operating under the Adani Group conglomerate. Established as a solar manufacturing unit in the 2010s, it has built India's first fully vertically integrated solar production ecosystem - spanning ingots, wafers, cells, and modules - at a single campus. The company consistently appears on Bloomberg NEF's Tier 1 module manufacturer list and has earned Kiwa PVEL Top Performer status for seven consecutive years. As of late 2024, Adani Solar held around 4 GW of integrated cell and module capacity, with a stated target of reaching 10 GW by mid-2026. Waaree Energies, founded in 1989 and headquartered in Mumbai, is India's largest solar module manufacturer by installed capacity, with more than 22 GW of global production capacity as of late 2025, including 2.6 GW in the United States. Waaree has maintained Bloomberg NEF Tier 1 status for 35 consecutive quarters and, in early 2025, became the first Indian manufacturer to earn PV Tech's "A" category bankability rating. By scale and institutional recognition, Waaree currently holds the stronger global footprint.

On the product side, Adani Solar focuses primarily on N-type TOPCon and mono PERC modules, with its Shine and ELAN series targeting utility-scale ground-mount and large commercial rooftop installations. The vertically integrated production model gives Adani tighter quality traceability from cell to finished module, which appeals to large EPC contractors and project developers. Waaree offers a considerably broader catalog, covering mono, TOPCon (G12 and G12R formats), and HJT lines - making it accessible across residential rooftops, commercial projects, and utility farms. A growing manufacturing presence in the United States also gives Waaree stronger reach in export markets.

For most buyers in 2025, Waaree is the more versatile default - its product breadth, stronger after-sales service network across Indian states, and superior institutional bankability ratings make it the lower-risk choice across project scales. Adani Solar is a compelling alternative for buyers who specifically value vertical integration traceability or are procuring for large utility tenders where Adani's domestic supply chain depth can be a differentiator.

\---LINKS---

\- https://www.pv-magazine.com/2024/10/04/adani-to-hit-10-gw-of-solar-cell-module-manufacturing-capacity-by-mid-2026/ \| Adani to hit 10 GW solar cell and module capacity by mid-2026 \| article

\- https://www.pv-magazine.com/2025/12/15/indias-waaree-energies-lifts-global-solar-module-capacity-to-22-3-gw/ \| Waaree Energies lifts global solar module capacity to 22.3 GW \| article

\- https://solarquarter.com/2025/02/19/waaree-energies-makes-history-indias-first-solar-module-maker-to-earn-pv-techs-a-bankability-rating/ \| Waaree earns PV Tech A bankability rating - India first \| article

\- https://www.solarreviews.com/blog/waaree-solar-panel-expert-review \| 2025 Waaree Solar Panels Expert Review \| review

Sources:

\- \[Adani to hit 10 GW of solar cell, module manufacturing capacity by mid 2026\](https://www.pv-magazine.com/2024/10/04/adani-to-hit-10-gw-of-solar-cell-module-manufacturing-capacity-by-mid-2026/)

\- \[India's Waaree Energies lifts global solar module capacity to 22.3 GW\](https://www.pv-magazine.com/2025/12/15/indias-waaree-energies-lifts-global-solar-module-capacity-to-22-3-gw/)

\- \[Waaree Energies Makes History: India's First Solar Module Maker To Earn PV Tech's 'A' Bankability Rating\](https://solarquarter.com/2025/02/19/waaree-energies-makes-history-indias-first-solar-module-maker-to-earn-pv-techs-a-bankability-rating/)

\- \[2025 Waaree Solar Panels Expert Review\](https://www.solarreviews.com/blog/waaree-solar-panel-expert-review)

Written by claude-sonnet from the figures above.


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Source: https://comparepv.com/adani-solar-vs-waaree

Not in this file, on the page: the distributions above drawn as charts.