Waaree Energies, India's largest solar PV module manufacturer, is counting on its strong domestic market presence and dual manufacturing footprint in India and the US as a “natural hedge” against evolving trade barriers, its top executive said in a post- Q4 earnings call with analysts on April 23.
With 80 percent of its revenue stemming from the Indian market and 17–20 percent from the United States, the company has flexibility to shift production across geographies to safeguard EBITDA margins amid potential tariff-related disruptions. It has guided earnings before interest rates, depreciation and amortisation (EBITDA) in the range of Rs 5,500 crore to Rs 6,000 crore in FY 26. The company's chief executive officer Amit Paithankar expressed confidence in achieving the EBITDA guidance number for FY '26, citing a stable order book of Rs 47,000 crore with advances received for most line items.
"Based on how the tariffs ultimately settle into a rhythm, we will decide how much should be manufactured in the US and how much in India. That gives us a natural mode to control our primary operating metric," Paithankar told analysts.
Waaree Energies’ order book comprises approximately 45 percent from India, with the remaining 55 percent coming from overseas markets. Earlier this month, the company announced plans to double its U.S. capacity to 3.2 giga watt by establishing an additional 1.6 GW capacity solar module manufacturing unit at its Brookshire facility in Texas. The move underscores Waaree's strategy of de-risking its global footprint, as companies are actively diversifying their supply chain amid increased calls for localisation and reliable and transparent partnerships.
Meanwhile, the Trump administration imposed anti-dumping duties on solar imports from Cambodia, Vietnam, Malaysia, and Thailand, citing that producers in these countries were unfairly benefiting from government subsidies and selling to the U.S. below production cost. The investigation, initiated during former President Joe Biden’s tenure following a petition by domestic manufacturers, strengthens the case for Waaree — a key Indian exporter of solar modules to the U.S. — as buyers look to diversify sourcing amid rising trade barriers.
"Indian cells are actually going to be better positioned tari-wise potentially to be accepted," Paithankar added.
Waaree released its Q4FY25 results during the post-market hours of April 22, reporting revenue from operations of Rs 4,003.93 crore, a rise of nearly 36 percent from a year ago. The company's EBITDA, meanwhile, jumped over 116 percent YoY to Rs 1,060 crore during the reported quarter.
The company does not expect demand trends to change in FY26 and FY27 and sees increased demand driven by data centres.
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