“Mayer Burger acquisition and Texas facility expansion signal confidence in long-term US demand, underpinning our global growth strategy,” says Amit Paithankar, CEO, Waaree Energy

Waaree Energy remains non-affected by ongoing India-US trade tensions, posting growth in its American operations while announcing record Q2FY26 results. With the recent 1-GW Mayer Burger acquisition in Arizona and expansion at its Texas plant, the company’s US solar module capacity will reach 4.2 GW, underpinning its global growth ambitions.

Talking to BW Businessworld, Waaree Energy CEO Amit Paithankar said, “At this point in time, there has been no direct impact on our business. Operations in the US continue smoothly and without disruption.” He added that they remain very optimistic about our growth prospects in the US and will continue to invest and push forward in that direction.

On the financial front, Waaree reported an EBITDA of Rs 1,567.30 crore for the quarter, up 155 per cent year-on-year, with margins of 25.17 per cent, while Profit After Tax (PAT) surged 134 per cent to Rs 878.21 crore, reflecting strong operational execution and resilient demand across markets.

Edited Excerpts: 

What would you like to share about the Q2 FY26 results?
We have exceeded all our previous records in both revenue and profitability. The bedrock of this performance, I would say, rests on two or three key principles. The first is maintaining a sharp focus on business fundamentals. The second is strong execution – and that’s where your question about capacity expansion becomes relevant. We consistently ensure that all commitments, whether internal or public, are fulfilled on time.

For example, our production was up year-on-year by 22.6 gigawatts – a 37 per cent jump from last year. Within this quarter alone, we commissioned a 3-gigawatt module line. All of this demands meticulous project management and an ability to bring projects to fruition quickly – that’s really the key.

Finally, none of this is possible without strong demand, and demand has indeed been very robust. The regulatory environment has also been quite supportive. In all our major markets, primarily the US and India, demand continues to remain strong.

Waaree has declared a Rs 25,000 crore capex plan – where will this investment be deployed, and what is driving this new investment cycle?
Our capex is focused on the solar value chain. We are setting up an additional 6 gigawatts of module capacity at Samakhiali in Gujarat, near Bhuj. Alongside, a 10-gigawatt cell facility is coming up at Una, close to our existing unit, and another 10 gigawatts of ingot and wafer capacity is being established at Butibori in Nagpur.

Together, these will account for roughly Rs 12,000 crore in investments. In addition, we are investing around Rs 8,000 crore in battery energy storage systems (BESS) with a total capacity of 20 gigawatt-hours. This is being developed close to our Chikhli facility – which remains our central hub – with most new projects coming up within a 10-kilometre radius of it.

We are also setting up a 1,000-megawatt electrolyser facility in the same vicinity, and an inverter manufacturing facility – 3 gigawatts in phase one and 4 gigawatts in phase two – also nearby.

So, that is broadly how our capex will be deployed – across adjacent and complementary spaces that are essential for the renewable energy ecosystem. We’re really looking forward to these capital projects coming online, as they will drive the next phase of growth for us.

Hydrogen, BESS, and inverters are listed as new growth drivers – how does Waaree plan to differentiate in these segments both in India and globally?
In India, a large portion of the production from our factories here will be consumed domestically. However, there is also significant export potential, much like what we currently do with the United States.

In fact, a fair share of the panels manufactured in India are exported to the US, and we see similar opportunities going forward. At the same time, we have a comprehensive growth plan for the US market, both in terms of capex and local manufacturing.

We already have a 1.6-gigawatt facility there, and with the recent acquisition of the 1-gigawatt Mayer Burger facility in Arizona, our total solar module manufacturing capacity in the US will reach about 4.2 gigawatts.

In addition to that, we plan to expand into solar cell manufacturing as well as battery energy storage systems in the US. So, there will be a significant expansion of our manufacturing footprint there as well. That, in essence, is the broader context of our global growth strategy.

Amit, there’s been ongoing trade friction between India and the US, especially since the Trump administration. Has that had any impact on your business in the US? How has it affected your operations or results there?
That’s an important question — one that definitely deserves to be addressed regularly. At this point in time, there has been no direct impact on our business. Operations in the US continue smoothly and without disruption.

More importantly, these trade issues have not affected our commitment or confidence in expanding within the United States. In fact, our actions speak for themselves; we have gone ahead and acquired the assets of Mayer Burger in the US and are also ramping up capacity at our Texas facility.
So, taken together, we remain very optimistic about our growth prospects in the US and will continue to invest and push forward in that direction.

Is there any plan to expand beyond the US, perhaps into other regions such as Europe, Africa, or any other international markets?
We definitely have plans and ideas for expansion beyond our existing markets. We’re actively exploring opportunities in Europe, the Middle East, Africa, the GCC countries, and Australia, among others.

These markets will need to be developed strategically, and we’re keeping a close watch on how the landscape evolves — particularly in relation to the Indian government’s moves and the free trade agreements (FTAs) being signed.

Depending on how these developments unfold, we will certainly look at expanding our geographical footprint beyond our two major markets — India and the United States.

How have the recent GST cuts impacted your margins and realisations, particularly for the second half of this fiscal year?
It is very positive. We are definitely seeing an uptick on the retail side of the business, and expansion continues steadily. With the festive season underway, we expect further growth.

Another contributing factor is the monsoon tapering off across the country, which is particularly helpful for solar installations, as a drier climate makes it easier to deploy panels.

So, with the combination of the festive season, favourable weather conditions, and GST considerations, all these factors together point to a substantial growth in the retail segment of our business.

With Chinese pricing pressure intensifying in global markets, how is Waaree defending its competitiveness in exports?
The most important factor here is maintaining a sharp focus on cost, ultimately reaching a cost point that is very close to China’s. This is critical for us to remain globally competitive, and it’s something we pursue very relentlessly.

Waaree has set a target of sourcing 100 per cent renewable energy for its operations by 2030. What percentage of your current operations are powered by renewables, and what steps are being taken to reach full

Currently, the share of renewable energy at the grid level is around 15–20 per cent. We are actively pursuing contracts to increase this and reduce reliance on non-renewable sources as much as possible.

While some states don’t allow 100 per cent renewable sourcing at this point, wherever the limits are, say 70–80 per cent, we plan to reach that level by 2030.

Amit, at the start, you mentioned that regulatory ease has helped your growth. But if you had to point out, are there any challenges or areas where you would like the government to focus more attention? Would you like to highlight any specific issues?
I think what has worked really well so far is the very planned manner in which the overall policy framework has been implemented. First, there was the ALMM for modules, followed by the ALMM for cells, which will come into effect from June 2026. The government has also announced that ALMM for ingots and wafers will be implemented in 2028. Additionally, there are BCDs on the import of cells from several countries. These are all very positive measures.

An important lesson from the past is that inconsistent policy signals — like switching ALMM on, then off, and on again – create massive ripples in the marketplace. Investors get spooked, and investments get delayed. Ensuring that the broad policy framework is carefully thought through and consistently implemented is crucial. That will be a surefire way to move toward Atmanirbharata in the renewable value chain.

Another area to consider as a nation is how the successful policies for solar can be translated to other segments, such as battery energy storage systems. Applying similar ideas and frameworks would significantly help manufacturers and the country as a whole, supporting the goal of self-reliance.