Synopsis: India’s biggest solar module maker is racing to nearly triple its US manufacturing capacity from 1.6 GW to 4.2 GW in six months, riding a global shift away from Chinese solar supply chains.
India’s largest solar module maker is moving fast. With geopolitical pressures reshaping global supply chains and US policy pushing hard against Chinese solar equipment, the company is treating this moment as a once-in-a-decade opportunity. Its US capacity is being scaled nearly three times over in just six months, while back home it is building an integrated clean energy empire from panels to batteries to green hydrogen. The question is whether execution can match ambition.
The US Bet: From 1.6 GW to 4.2 GW in Six Months
The United States demands 50 to 60 GW of solar every year, and 80 to 85 percent of that demand is met through imports. Chinese suppliers, who dominate global module production, are being systematically restricted through FEOC rules, UFLPA compliance requirements, and IRA incentives that reward domestic or non-Chinese manufacturing.
Waaree Energies’ describes this as the company’s strategic sweet spot: a non-Chinese manufacturer operating on American soil. Its Texas plant is already operational. An Arizona facility has been acquired. The company built 1.6 GW of US capacity in twelve months and plans to scale this to 4.2 GW by the end of the next six months.
This expansion is being positioned not as a speculative move but as a direct response to sustained US solar demand that is projected to climb from 43.2 GW in 2025 to 47 GW by 2030 as per the company’s internal research and estimates.
Manufacturing Scale That Peers Cannot Match
The company started with just 25 MW of solar module manufacturing capacity in 2008-09. Today, that capacity stands at 25,800 MW. The company’s FY26 revenue of ₹26,537 crore is nearly four times the nearest Indian peer, whose revenue stands at ₹7,215 crore as per the competitor data shown in the presentation.
Cell capacity currently stands at 5.4 GW and is being taken to 15.4 GW in the next two years. A 10 GW ingot and wafer facility is under construction. On quality benchmarks, the company holds a BNEF Tier-1 rating for 39 consecutive quarters, was named Overall Highest Achiever in the 2025 RETC PV Module Index Report, and earned a KIWA Top Performer 2026 recognition for superior module reliability. CareEdge has upgraded its credit rating to AA-. TOPCon module efficiency stands at 25.54 percent and PERC module efficiency at 23.55 percent as per the presentation.
EPC, Retail, and the Broader Business Engine
Beyond module manufacturing, the EPC subsidiary delivered FY26 revenue from operations of ₹3,331.4 crore at an EBITDA margin of 19.24 percent, with a revenue CAGR of 111.73 percent between FY23 and FY26. Executed project capacity in FY26 was 2,727 MWp, with flagship ongoing projects including a 2,012 MWp ground-mounted project at Bikaner in Rajasthan and a 1,000 MWp ground-mounted project at Solapur in Maharashtra. The retail business generated ₹5,500 crore in FY26 revenue, operating through a distribution network spanning 27 states with 70 percent pin code reach.
The e-commerce channel, started in FY26, has already received 28,000-plus orders across India. India’s rooftop solar penetration is at roughly one percent compared to 10 to 38 percent in leading global markets, implying significant runway ahead.
The Waaree 2.0 Capex Plan: Building an Energy Ecosystem
The company is committing approximately $3.5 billion in capex over the next two years across multiple segments. The battery energy storage business involves an approved investment of approximately ₹2,075 crore to set up an integrated 3.5 GWh cell, pack and BESS gigafactory in Valsad, Gujarat, and approximately ₹8,175 crore approved for a 16 GWh battery ecosystem.
The target is to become a 20 GWh player by 2028. The electrolyser manufacturing plant in Valsad, Gujarat, targets 1 GW annual capacity with commercial startup expected in FY26-27, against an approved investment of ₹675 crore. It has received PLI awards of ₹440 crore for electrolysers and ₹510 crore for green hydrogen production. The inverter plant targets 4 GW capacity with approximately $20 million capex, and the solar glass plant targets 2,500 tonnes per day with approximately $430 million capex.
On the financial history side, the company delivered a revenue CAGR of 58 percent over three years, 69 percent over five years, and 41 percent over ten years. PAT CAGR stands at 98 percent over three years, 143 percent over five years, and 87 percent over ten years. The stated revenue mission is to reach ₹1,00,000 crore in less than five years, starting from the current FY26 base of ₹26,537 crore.
About the Company
Waaree Energies Limited, incorporated in 1990 and headquartered in Mumbai, is India’s largest solar PV module manufacturer. Listed on BSE under scrip code 544277 and on NSE under the symbol WAAREEENER, the company operates across solar modules, EPC, energy storage, green hydrogen electrolysers, inverters, transformers, and retail solar distribution. With 25,800 MW of module manufacturing capacity and operations spanning India and the United States, it reported FY26 consolidated revenue from operations of ₹26,537 crore, EBITDA of ₹5,909 crore, and PAT of ₹3,884 crore.
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