His resignation will be effective from 15 May 2026, or an earlier date as may be mutually agreed, the company said.
Following Paithankar’s resignation, the board has appointed Jignesh Rathod as chief executive officer-designate with effect from 29 December 2025. Rathod will hold the position until Paithankar’s date of relieving.
Rathod is a seasoned leader with over 18 years of experience and has been associated with Waaree Energies since 28 November 2007. He currently oversees end-to-end operations across the company’s manufacturing facilities and has played a key role in scaling production capacity, driving operational efficiencies, strengthening quality systems and supporting expansion and modernisation initiatives.
He holds a Bachelor’s degree in Engineering from Gujarat University, an MBA for Working Executives from NMIMS, Mumbai, and a Doctorate in Business Administration from XIBMS.
The company said Rathod’s leadership and deep institutional knowledge have been instrumental in building resilient operations aligned with Waaree Energies’ long-term strategic vision.
Mumbai-based Waaree Energies is a renewable energy company. It offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
Waaree Energies reported a 132.97% year-on-year (YoY) surge in consolidated net profit to Rs 842.55 crore in Q2 FY26, compared to Rs 361.65 crore recorded in the same quarter last year. Revenue from operations jumped 69.69% YoY to Rs 6,065.64 crore in the quarter ended 30 September 2025.