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Informist, Wednesday, Feb. 25, 2026

 

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--Waaree Energies:Don't see material impact on order book from US import duty
--CONTEXT:Waaree Energies' mgmt comment on US duties on Indian solar imports
--Waaree Energies: See US module capacity at 4.2 GW by yr-end, from 2.6 GW
--Waaree Energies: Expanded capacity to be sufficient to meet US orderbook
--Waaree Energies:US' 126% countervailing duty on solar pdt won't apply to us
--Waaree Energies: Continue focus to expand supply chain to non-Chinese mkts
--Waaree Energies: Co's order book, order flows from US have been best ever
--Waaree Energies: Cannot ignore demand in US, opportunity is huge
--Waaree Energies: Exploring low-tariff nations to source solar cells for US

 

By Sunil Raghu and Arya S. Biju

 

AHMEDABAD/MUMBAI - Waaree Energies Ltd.'s management Wednesday clarified that the company sees no material impact from preliminary countervailing duties of about 126% on solar cell and panel imports from India imposed by the US Commerce Department citing unfair government subsidies.

 

"Based on our assessment, this development and iterate does not impact Waaree Energies Ltd., as we are steadily increasing our US manufacturing footprint and operating with a highly diversified supply chain," Amit Paithankar, chief executive officer of Waaree Energies Ltd., told analysts in a conference call Wednesday to clarify on the impact of US-imposed countervailing duty on solar imports from India.

 

Waaree Energies is expanding its US manufacturing footprint to 4.2 gigawatts by the end of the year, from 2.6 GW currently. It is also exploring newer geographies across West Asia and Africa, having lower tariffs, to source solar cells to manufacture solar modules for the US markets, the management said.  

 

The Waaree Energies management said that the planned manufacturing capacity for solar panels in the US was sufficient to fulfil its order book there. Though management did say that 60% of the total order book of INR 600 billion are from overseas markets, it did not share the region-wise break-up. The management, however, maintained that US market was an "extremely" important one. 

 

Other than raising its manufacturing capacity in the US, Waaree cited its' diversified supply chain as the other key reason for no impact from countervailing duty on its margins and revenue. The US has imposed 126% duty on any solar module being manufactured using solar cell with Chinese origin. Thus, all solar cells and modules must source material from non-Chinese sources. "...any supply chain component of the panel, which are consumed in the US, should not be supplied by a company even at the polysilicon level, wherein the Chinese holding is beyond 30%," a company official said. 

 

For the quarter ended December, Waaree Energies reported consolidated net profit of INR 10.62 billion on revenue of INR 75.65 billion. Wednesday, the company's shares fell nearly 15% to the day's low of INR 2,570 but recovered some of the early losses and closed over 10% lower at INR 2,708.50 on the National Stock Exchange.   End

 

Edited by Akul Nishant Akhoury

 

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