Waaree Energies to significantly boost US solar manufacturing capacity to 4.2 GW

Waaree Energies is expanding its manufacturing footprint in the United States, its largest export market, by scaling its Texas facility to 3.2 GW and acquiring a 1 GW module line from Meyer Burger in Arizona. This move aims to counter US import tariffs on solar equipment and tap into robust US demand, fueled by data centers, artificial intelligence, electric vehicles, and manufacturing reshoring. The US currently represents about 60% of Waaree's order book.

This expansion is part of Waaree's strategy to evolve into a broader energy transition company, diversifying into areas like battery energy storage systems (BESS), inverters, and transformers. Domestically, Waaree operates 16 GW of solar module capacity and 5.4 GW of cell capacity, with further expansion underway.

The company recently reported strong financial results for the quarter ended September 30, 2025, with net profit surging 133% year-on-year to ₹842 crore and revenue rising 70% to ₹6,066 crore, alongside a significant increase in EBITDA. A dividend of ₹2 per share was approved. The company also approved a major capex plan of ₹8,175 crore for battery storage, electrolyser, and inverter capacity expansion. Waaree has provided an FY26 EBITDA guidance of ₹5,500–₹6,000 crore.

Impact This expansion significantly strengthens Waaree Energies' position in the crucial US market, ensuring stable supply and mitigating tariff risks. It also positions the company as a key player in the US clean energy transition, potentially leading to increased market share and revenue growth. For investors, this signifies robust growth prospects for the company. The impact on the Indian stock market will be positive for Waaree's stock and could set a precedent for other Indian renewable energy firms looking for global expansion. Rating: 8/10.