The Solar Behemoth That Just Had Its Best Quarter Ever — And Got Hit With a Tariff

Welcome to the Company That Sells Sunshine, Literally

Let’s talk about Waaree Energies. Yes, the solar panel company. No, not the one on your rooftop (probably). The one making the solar panels that go on everyone else’s rooftop, in utility-scale farms from Rajasthan to Texas, and increasingly — into data centres desperately trying to justify their electricity bills.

Waaree went from a ₹2,854 crore revenue company in FY22 to a ₹14,444 crore company in FY25 — and is now on track to comfortably cross ₹22,000 crore in FY26 if the TTM number is any guide. That’s not a growth curve, that’s a rocket trajectory someone drew on a napkin at a Surat family dinner in 1990.

The Doshi family — founders and 64% promoters — built this from a modest Gujarat enterprise into India’s largest solar module manufacturer. With 22.8 GW of module capacity and a freshly commissioned 5.4 GW cell line, they are no longer just an assembler of Chinese components. They are becoming a vertically integrated solar manufacturing powerhouse, and the Indian government’s policy playbook is specifically designed to reward people like them.

Then the US announced a 126% preliminary countervailing duty (CVD) on modules using Indian-made cells, and suddenly everyone who had been ignoring trade policy started paying very close attention to solar supply chains. Management’s defence? “That duty uses India-made cells. We don’t use India-made cells for US shipments. 126% doesn’t apply to us. Currently.” The word “currently” is doing a lot of heavy lifting there, and the market knows it.

They Manufacture Sunshine Catchers. For Everyone. Everywhere.

The business model: take polysilicon (sourced globally), process it into cells (now doing this in-house with 5.4 GW capacity), assemble into solar modules at five Indian plants plus 2.6 GW in Texas, then sell to utility-scale developers, rooftop installers, IPPs, and American data-centre operators who need to pretend their AI is green.

Waaree holds approximately 21% domestic market share in solar modules and 44% share of India’s solar module exports. They have 580+ retail channel partners, 4,000+ distribution points, and an order book that currently sits at ₹60,000 crore — roughly 2.7 years of current revenue visibility. That’s not a business, that’s a subscription service that forgot to offer a cancellation button.

Revenue mix (approximate): Solar PV Modules at ~78%, Solar EPC Services at ~15%, Energy Storage Systems and others at ~7%. US exports form ~57% of total exports. The US market is both their biggest opportunity and their most interesting geopolitical headache. Management is actively expanding US manufacturing to 4.2 GW by FY27 specifically to sidestep tariff risk — which is either brilliant supply-chain chess or panic-driven capex depending on which concall you believe.

Q3 FY26: The Numbers (They’re Dramatic)