What started as a small factory making pressure and temperature gauges in Mumbai three decades ago has now changed the fate of four Indian brothers, landing them for the first time on the Forbes India Rich List 2025. The Doshi siblings: Hitesh, Kirit, Pankaj, and Viren, now have a collective net worth of $7.5 billion, ranking 37th on the list, after the runaway success of their solar energy company, Waaree Energies.
Doshi siblings enter Forbes India rich list 2025
When Waaree Energies went public in October 2024, few expected such an overwhelming response. The issue was heavily oversubscribed, and the stock made a dazzling market debut, listing at a 70% premium to its issue price. Since then, the shares have continued to rise, gaining over 50% post-listing. The profit has resulted in the combined net worth of the four Doshi siblings to $7.5 billion.
For the financial year ending March 31, 2025, Waaree’s revenue rose 27% to ₹144.5 billion ($1.6 billion), while net profit jumped 51% to ₹19.8 billion, because of the massive production and strong demand for solar installations across India.
From gauges to solar panels
The Waaree story began back in 1990, when Hitesh Doshi, the third among the brothers, founded a small company that made industrial gauges used in furnaces and boilers. Seventeen years later, sensing the world’s shift towards renewable energy, he led the company toward solar panel production. In 2007, the company made its move into solar panel manufacturing, a decision that changed everything.
Today, Waaree is India’s largest solar panel maker by capacity. The company produces solar cells, inverters, transformers, and complete solar modules. The project started as a niche experiment and is now a national leader in green energy.
At present, Waaree operates five large manufacturing plants across India. The total production capacity is nearly 17 gigawatts. The company plans to add another 8 gigawatts, aggressively pushing toward renewable energy independence.
Outside India, Waaree has been busy setting up shop in the United States. The siblings have invested $1.2 billion through 2028 to expand their solar manufacturing base in Texas.
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. One of the companies under the microscope was Waree. The probe followed allegations that Chinese-made solar cells were being rerouted and sold under Indian-origin labels to bypass tariffs.
Waaree clarified in a stock exchange filing that it was “committed to complying with all applicable laws and trade regulations,” Forbes reported. Despite the ongoing scrutiny, the company has continued to expand its global presence and retain investor confidence.
Meet the Billionaire brothers
The Doshi fortune comes from their stakes in Waaree Energies, which is now publicly listed and performing strongly on Indian bourses.
Hitesh Doshi, 58, is the Chairman and Managing Director. He’s the architect of Waaree’s transformation from a small industrial components firm to a renewable energy powerhouse.
Viren Doshi oversees the company’s board, engineering, procurement, and construction.
Kirit Doshi and Pankaj Doshi both hold minority stakes and have been involved in guiding the business’s growth over the decades.
