WAAREEENER

What to Watch Next

Strategic Moves and Expansion Acquired Enel Green Power India Pvt Ltd (EGP India) for ~₹792 crore. This adds ~640 MW (AC) operational solar & wind projects and ~2.5 GW pipeline, helping Waaree push further into the IPP (Independent Power Producer) space. Planning/setting up lithium-ion battery cell plant (≈ 3.5 GWh) via a wholly-owned subsidiary. Increased module manufacturing capacity (including in the U.S.), improving vertical integration (ingot, wafer, cell, module). Raised funding (~₹1,000 crore) to support expansion, especially of cell/wafer/module capacities. Challenges / Risks Trade / tariff risk: The U.S. has launched a probe into whether some solar equipment by Waaree is evading tariffs (by mislabelling or using components from China). This could lead to duties, regulatory action, or requirement for deposits. Competition and global supply chain risks, especially raw materials and maintaining cost competitiveness. Scaling up new capacities (especially overseas) comes with execution risk, cost pressures, regulatory/market uncertainties. What to Watch Next Outcome of the U.S. tariff probe — whether that causes costs or limits exports. How their IPP business (after acquiring EGP India) performs — this could help them move beyond just manufacturing. Growth in energy storage, battery cell business, and green hydrogen projects. Module pricing trends globally. Declining prices can pressure margins. Capital investment & utilization: Are their plants hitting full capacity, and are expansions happening on schedule?