Meet India’s newest billionaire siblings: How four brothers turned a small family business in Mumbai into largest solar energy giant
What began as a small factory in Mumbai making pressure and temperature gauges 30 years ago has now transformed the lives of four Indian brothers, putting them on the Forbes India Rich List 2025 for the first time. The Doshi brothers: Hitesh, Kirit, Pankaj, and Viren now have a combined net worth of USD 7.5 billion, landing them at the 37th spot on the list, thanks to the huge success of their solar energy company, Waaree Energies.
The story of Waaree Energies began in 1990, when Hitesh Doshi, the third of the four brothers, started a small company that made industrial gauges for furnaces and boilers. Seventeen years later, noticing the world was moving toward renewable energy, he steered the company into solar panel production. In 2007, Waaree began manufacturing solar panels, a move that completely changed the company’s future.
Today, Waaree is India’s largest solar panel maker by production capacity. The company manufactures solar cells, inverters, transformers, and complete solar modules.
Currently, Waaree runs five large manufacturing plants across India, with a total production capacity of nearly 17 gigawatts. The company plans to add another 8 gigawatts, aggressively pushing India toward renewable energy independence.
Waaree has also been expanding internationally, particularly in the United States. The Doshi siblings have committed USD 1.2 billion through 2028 to build a solar manufacturing base in Texas.
Waaree Energies goes public
When Waaree Energies went public in October 2024, it received far more interest than anyone expected. The share sale was heavily oversubscribed, and the stock made an impressive debut on the market, listing at 70 per cent above its issue price. Since then, the shares have continued to rise, increasing by over 50 per cent, boosting the Doshi brothers’ total wealth to USD 7.5 billion.
For the financial year ending March 31, 2025, Waaree Energies reported 27 per cent growth in revenue, reaching Rs. 144.5 billion (USD 1.6 billion), while net profit jumped 51 per cent to Rs. 19.8 billion, driven by high production and strong demand for solar installations across India.
Meet the Billionaire Brothers
The Doshi brothers built their fortune through Waaree Energies, now a publicly listed company performing strongly on Indian stock markets.
- Hitesh Doshi (58), Chairman and Managing Director. He is the mastermind behind Waaree’s transformation from a small industrial components company into a leading renewable energy firm.
- Viren Doshi, Oversees the company’s board as well as engineering, procurement, and construction operations.
- Kirit Doshi and Pankaj Doshi, Hold minority stakes in the company and have played key roles in guiding its growth over the years.
Facing Scrutiny in the US
In September 2025, the US Department of Commerce launched an investigation into solar cell imports from India, Indonesia, and Laos. Waaree was among the companies examined, following claims that some Chinese-made solar cells were allegedly being sold under Indian-origin labels to avoid tariffs.
Waaree responded in a stock exchange filing, stating it is “committed to complying with all applicable laws and trade regulations,” according to Forbes. Despite this scrutiny, the company has continued to grow globally and maintain investor confidence.
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