Waaree Energies, India’s largest solar module manufacturer, is facing significant headwinds due to the 25% reciprocal tariff imposed by the U.S. on Indian exports.
Key Challenges:
- Revenue Exposure: ~57% of Waaree’s revenue comes from the U.S., making it highly vulnerable to trade policy shifts
- Profitability Pressure: Tariffs may force Waaree to either absorb costs or hike prices, risking margin compression and reduced competitiveness
- Supply Chain Sensitivity: ~90% of raw materials (especially solar cells) are imported, with China contributing ~50%, exposing Waaree to multi-layered geopolitical risks
US tariffs add near-term headwinds for Waaree Energies, the company is leveraging manufacturing expansion in the US and a favorable relative position vs. other Asian exporters to maintain and potentially grow its share in the American market. Management remains publicly optimistic, but the long-term impact will depend on the outcome of anti-dumping proceedings and ongoing US-India trade talks
