Hitesh Doshi: from a small village to a global identity in India’s solar energy industry
A journey from Rs 5,000 to Rs 78,000 crore: a giant solar company built on courage and foresight
It does not matter how small a person’s beginning is; what decides success is how big their dreams are and how strong their passion to fulfil them. A inspiring example is Hitesh Doshi, who started a business with just Rs 5,000 borrowed and, on the strength of hard work, foresight and willingness to take risks, built an empire worth thousands of crores. Hitesh Doshi spent his childhood in a small village. After Class 7 there was no arrangement for further studies in the village. But his passion for education was so strong that he cycled several kilometres every day to study in another village. During his college days he started small businesses to meet the cost of his studies and living, and with the earnings he paid his fees and other expenses.
In 1985 he began trading in instrument gauges with Rs 5,000 borrowed from a relative. Despite limited capital, his ambitions were big. In 1989 he took a Rs 1.5 lakh loan from a bank, bought a few lathe machines and, with a small team, founded his company ‘Waaree Instruments’. The company gradually made its name by manufacturing pressure gauges, thermometers and industrial instruments. By 2007 the company was exporting to countries such as the USA and Canada.
That same year, a visit to a solar energy exhibition in Germany changed the direction of his life and business. There he understood the future of solar energy closely and resolved to make solar panels in India itself. With this thinking, in 2007 he set up a 30 MW solar module plant in Surat. At that time India’s solar market was at an early stage, so the company had to do most of its business in European markets. On the other hand, competing with cheap Chinese products was extremely difficult. Several times the company faced an existential crisis, but Hitesh Doshi did not give up.
He sold his old instruments business to a Swiss company and focused entirely on the solar business. After that he kept setting up new factories, increased production capacity and strengthened his hold in the international market. In October 2024 his company Waaree Energies was listed on the stock market. The company’s IPO received a historic response and the share rose about 56 per cent on the day of listing. Today Waaree Energies is among India’s leading solar panel manufacturers and its market value is reported to be around Rs 78,000 crore.
Hitesh Doshi’s story teaches us that success does not require a big city, a big family or big capital. What is needed is a big dream, continuous hard work, the ability to take the right decision at the right time and the courage to move ahead even in adverse circumstances. This journey that began with a Rs 5,000 loan is proof that even a small beginning can become the foundation of great history.
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This is an English translation of the report published in Hindi in Shatabdi Gaurav.