Waaree Energies has said a preliminary countervailing duty (CVD) of 126% is unlikely to materially affect its business, arguing the levy is based on the origin of solar cells rather than the location of module manufacturing. According to the company, it largely sources cells from jurisdictions where duties are close to 10%, effectively mitigating exposure to the higher tariff.
The firm added that its expanding manufacturing presence in the United States — expected to rise from 2.6GW to 4.2GW by mid-CY26 — should further support its existing order book in the region. Amid a broader US probe into the use of Chinese components, Waaree has made a precautionary provision of ₹3 billion following legal advice.
Strategic shift to integrated model
The company is positioning itself for what it describes as a multi-decadal opportunity by transitioning from a module-focused business (Waaree 1.0) to a fully integrated clean-energy platform (Waaree 2.0). Investments are being directed across the solar value chain, including polysilicon to modules, alongside new segments such as 4GW inverters, 20GVA transformers, 20GWh battery energy storage systems (BESS) and 1GW electrolysers.
Management believes this expansion into higher-value and emerging segments will support sustainable EBITDA margins over the long term. Nearly 70% of revenue currently comes from premium, high-entry-barrier markets — including retail, exports and US manufacturing, and EPC/O&M — which the company says strengthens its competitive moat.
Green hydrogen push and outlook
Waaree has also secured its first green hydrogen electrolyser order through a 15-year Energy-as-a-Service agreement with Zero Footprint Industries for a 2.5MW alkaline electrolyser in Uttar Pradesh. Commissioning is targeted for Q3 FY27, with a memorandum of understanding signed for an additional 50MW.
Backed by strong operating cash flows, ₹21 billion of unutilised IPO proceeds and expected annual EBITDA of over ₹60 billion, the company believes it can fund planned capex of ₹250 billion over the next two to three years while maintaining balance-sheet strength.
