Waaree Energies Eyes Minimal US Tariff Barriers to Power Solar Growth

As electricity demand in the United States is projected to surge by 25% over the next five years, Waaree Energies Ltd., one of India’s leading solar panel manufacturers, is optimistic about expanding its presence in the US solar market. The company hopes ongoing trade negotiations between India and the US will result in minimal tariff restrictions, enabling a “win-win” scenario for both nations.

Waaree Energies Strategises Around US Market Growth

Dr. Amit Paithankar, CEO of Waaree Energies, highlighted that the US market presents immense potential for the company. He noted that the electrification of transport, heating systems, and the reshoring of industries is significantly boosting the electricity demand, creating a strong growth runway for solar solutions.

Waaree Energies has already received 1.2 GW of solar panel orders from the US for the first quarter of FY26. This strong beginning further validates the company’s strategic emphasis on the US market as a key driver of growth for the foreseeable future.

The US currently contributes around 17–20% of Waaree’s total revenue, while the Indian market accounts for nearly 80%. This diverse revenue mix gives the company the flexibility to move production around the world in order to maintain its EBITDA margins in the potential trade or tariff-related disruptions.

Hopes for Open Trade in Polysilicon

A key aspect of Waaree’s strategy hinges on access to US-made polysilicon. Dr. Paithankar emphasised that if Indian manufacturers are granted unhindered access to US polysilicon which can then be converted into ingots, wafers, cells, and modules in India and exported back both countries could benefit greatly from such a collaborative framework.

He also noted that Indian solar cells could be better positioned tariff-wise when compared to Southeast Asian suppliers, especially in light of anti-dumping duties imposed on imports from countries like Cambodia, Vietnam, Malaysia, and Thailand. This shift in trade dynamics is expected to make Indian modules more attractive to US buyers looking for reliable and transparent sourcing partners.

Awaiting Clarity on Trade Policies

Despite the opportunities, there remains uncertainty around the impact of current and potential future tariffs, especially those initially imposed during Donald Trump’s presidency. Waaree is closely monitoring the policy developments related to the India-US trade agreement to align its operational and investment plans accordingly.

Dr. Paithankar told analysts that the company will determine how much to produce in India versus the US, depending on how tariff frameworks “settle into a rhythm,” reinforcing Waaree’s agile manufacturing approach and its ability to optimise operating margins.

Waaree Energies Q4 FY25 Performance Highlights

In addition, the company reported a 36% year-on-year increase in Q4FY25 revenue to ₹4,003.93 crore, while EBITDA more than doubled to ₹1,060 crore, a 116% YoY jump. With an order book worth ₹47,000 crore and advances received for most projects, Waaree has guided EBITDA between ₹5,500 crore and ₹6,000 crore for FY26. The company also announced plans to double its US capacity by adding 1.6 GW at its Brookshire, Texas plant, taking total US capacity to 3.2 GW.

Looking Ahead

With a ₹9,000 crore capital expenditure plan set for FY26 and a clear focus on international expansion, Waaree Energies is positioning itself to capitalise on the green energy wave sweeping across global markets. The company’s proactive stance on trade flexibility and its growing US order book signal an ambitious roadmap for scaling clean energy exports.

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