Waaree Energies Ltd faced growing challenges in the US market after a series of tariffs and trade measures sharply increased the cost of Indian solar imports. Despite the tougher environment, the company has continued to maintain a firm order book of Rs. 53,000 crore, supported by changes in its manufacturing and supply chain strategy.
The company’s order book has risen from Rs. 47,000 crore in the previous fiscal year. Around 65-70 percent of the contracts are overseas orders scheduled over the next three to four years, and more than 90 percent of exports are destined for the US market.
US Trade Measures Raised Pressure
The return of Donald Trump to the White House brought renewed focus on fossil fuels and changes to US clean-energy policies.
The administration withdrew from the Paris Climate Agreement for a second time and moved to reshape incentives introduced under the Inflation Reduction Act (IRA).
At the same time, Indian solar exports came under pressure from a series of trade actions.
Duties imposed on Indian solar imports
- Preliminary Countervailing Duty (CVD): 125.87%
- Preliminary Anti-Dumping Duty (AD): 123.04%
- Combined trade penalty: About 234%
The duties were aimed at Indian solar imports and significantly increased costs for exporters.
Waaree Expanded Manufacturing in the US
To reduce exposure to import duties, Waaree increased its manufacturing footprint in the United States.
US manufacturing plans
- Existing module facility in Houston, Texas: 1.6 GW
- Planned expansion: 4.2 GW
- Additional plans for local solar cell manufacturing
By increasing production in the US, the company aims to reduce reliance on imports and comply with local sourcing requirements.
Cell Sourcing Strategy Changed
According to the company, the tariff structure was linked to the origin of solar cells rather than module assembly.
Waaree adjusted its supply chain by sourcing cells through alternative international routes instead of using Indian-made cells for US exports.
This enabled the company to continue supplying the US market while reducing the impact of India-specific duties.
Oman Investment Strengthens Raw Material Supply
Through its US subsidiary, Waaree invested $30 million in United Solar Polysilicon in Oman’s Sohar Freezone.
The project involves a $1.6 billion polysilicon complex, which has entered commercial production.
Project highlights
- Capacity: 100,000 tonnes per annum
- Potential support for solar manufacturing: 40 GW annually
- Long-term offtake agreement in place
The investment is aimed at building a non-Chinese supply chain and reducing exposure to geopolitical risks.
Waaree 2.0 Expansion Plan
Under its “Waaree 2.0” strategy, the company plans to invest around $3.5 billion over the next two years.
Vertical integration plans
- Module capacity: 28 GW
- Cell capacity: 15 GW
- Ingot and wafer capacity: 10 GW
- Solar glass capacity: 2,500 tonnes per day
- Strategic investment in a 100,000 TPA polysilicon facility
New businesses under expansion
- Battery Energy Storage System (BESS) plant: 20 GWh
- Green hydrogen electrolyser capacity: 1 GW
- Inverter manufacturing capacity: 4 GW
- Transformer capacity: 20,000 MVA
- Transmission and distribution business
The company has set a target of reaching Rs. 1 lakh crore in revenue by FY30, compared with Rs. 26,537 crore in FY26.
Retail Business Provides Additional Support
Apart from institutional orders, Waaree’s retail business has emerged as another source of growth.
Retail revenue rose 84 percent in FY26 to Rs. 5,515 crore.
The company said tariff pass-through clauses have also been incorporated into major overseas contracts, shifting unexpected regulatory costs to customers.
BlackRock Holds Stake in Waaree
Global asset manager BlackRock invested through the anchor portion of Waaree’s Rs. 4,300 crore IPO, initially putting in Rs. 31.75 crore.
According to the data cited, BlackRock Inc. currently holds a 1.77 percent stake, equivalent to 50.78 lakh shares.
Waaree reported:
FY26 performance
- Revenue: Rs. 26,537 crore, up 84% year-on-year
- Net profit: Rs. 3,884 crore, more than double from the previous year
The value of BlackRock’s overall exposure through direct holdings and ETFs was estimated at over Rs. 2,100 crore.
TL;DR
Waaree Energies responded to rising US tariffs on Indian solar imports by expanding manufacturing in the US, changing cell sourcing and investing in a $1.6 billion polysilicon project in Oman. The company’s order book stood at Rs. 53,000 crore at the end of FY26.
AI Summary
- Waaree’s order book increased to Rs. 53,000 crore.
- Indian solar imports faced combined US duties of about 234%.
- The company operates a 1.6 GW facility in Texas and plans to expand it.
- Waaree invested $30 million in a $1.6 billion Oman polysilicon project.
- FY26 revenue rose 84% to Rs. 26,537 crore.
