Sun shines on Waaree Energies as tariff clouds clear
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Shares of Waaree Energies, the country’s largest solar module manufacturer, have surged nearly 28% over the past two weeks, including an 11% jump on Tuesday, after India and the US agreed to a trade deal. The rebound has narrowed the stock’s three-month decline to 10%. The US contributed 15–20% of Waaree’s revenue in the December 2025 quarter compared with 57% in the March 2024 quarter. With tariffs now set to ease, the company’s exports to the US have significant room to recover. Apart from the trade deal, investors have reacted positively to the company’s strong third-quarter results. The management expects to exceed its earlier guidance for operating profit before depreciation and amortisation (Ebitda) of ₹5,500–6,000 crore for FY26, backed by robust execution and expanding order book. ET Bureau As part of its backward-integration strategy, the company is setting up a 10 Gigawatt (GW) ingot and wafer facility and expanding cell capacit...