Exclusive: Waaree Energies to ramp up U.S. manufacturing capacity to 4.2 GW in six months to counter tariff headwinds

In a bid to deepen its foothold in the United States — its largest export market — and counter U.S import tariffs on solar equipment, Waaree Energies is ramping up its manufacturing presence across America. The Mumbai-based Solar PV modules manufacturer plans to expand its U.S. production capacity to 4.2 giga watts (GW) within the next three to six months, according to a top official.

“Our Texas facility is being scaled up rapidly, and with the recent acquisition of Meyer Burger’s US assets, we will soon have over 4 GW of capacity in the United States,” said Amit Paithankar, CEO of Waaree Energies, in an exclusive conversation with Fortune India.

“The U.S. is an extremely important and robust growth market for us — demand is being driven by data centers, artificial intelligence, electric vehicles, and the reshoring of manufacturing,” he added.

The company currently operates a 1.6 GW solar module manufacturing facility in Brookshire, Texas, which began commercial production in January 2025. As part of its expansion drive, Waaree is doubling this capacity to 3.2 GW on the same campus. In parallel, it has acquired a 1 GW module line from Meyer Burger in Arizona, taking its total U.S. capacity to 4.2 GW once the expansion is complete.

The US currently accounts for nearly 60% of Waaree’s ₹47,000 crore ($5.3 billion) order book. Higher import tariffs by the U.S. government and import probes into Chinese-linked solar components have disrupted global supply chains, prompting Indian manufacturers like Waaree to invest locally in America to ensure long-term access.

Paithankar further said that solar energy remains the cheapest and fastest-deployable renewable source, and demand in the U.S. is surging amid AI-driven data center expansion and the broader electrification of transport. “All the factors clearly point towards an extremely strong and robust US demand,” he said.

Waaree is transforming from a pure-play solar manufacturer into a broader energy transition company, diversifying into battery energy storage systems (BESS), inverters, transformers, and smart meters, he pointed out. The company is setting up a 20 gigawatt-hour (GWh) battery storage line near its Chikhli facility in Gujarat, part of its long-term vision to offer integrated renewable solutions.

“Our aim is to be a one-stop solution for renewable energy — from solar and battery storage to smart energy systems,” Paithankar said. “From a solar company, Waaree is evolving into an energy transition major.”

Back home, Waaree operates 16 GW of solar module and 5.4 GW of cell capacity, with a new 10 GW cell facility under construction as part of its PLI project. The company recently recorded its strongest-ever quarter in terms of revenue and EBITDA, driven by robust execution and surging demand from India and abroad.

As the U.S. and India both accelerate their clean energy ambitions — with India targeting 500 GW of renewables by 2030 — Waaree’s dual-market strategy could prove pivotal, Paithankar said.

For the quarter ended September 30, 2025, Waaree Energies reported a 133% year-on-year (YoY) surge in its consolidated net profit to ₹842 crore, compared with ₹362 crore in the same period last year. Revenue from operations jumped 70% YoY to ₹6,066 crore, up from ₹3,574 crore in the corresponding quarter of the previous fiscal.

EBITDA for the quarter stood at ₹1,567.3 crore, registering a 155% increase YoY, with margins expanding to 25.17%. The board of director of the company also approved a dividend of ₹2 per share for the quarter.

During Q2 FY26, Waaree achieved production of 2.64 GW, while also commissioning an additional 3 GW solar module manufacturing facility at Chikhli, Gujarat — further strengthening its domestic manufacturing base.

On October 1, 2025, the board approved a ₹8,175 crore capex plan to scale up battery storage (Cell and BESS) capacity from 3.5 GWh to 20 GWh, electrolyser manufacturing from 0.3 GW to 1 GW, and inverter capacity from 3 GW to 4 GW.

Looking ahead, Waaree has pegged its FY26 EBITDA guidance of ₹5,500–₹6,000 crore, supported by a strong order book, disciplined margin management, strategic acquisitions, and targeted capital investments aimed at driving its transition from a solar manufacturer to a diversified energy solutions provider.