Waaree Energies Secures 692 MW Solar Module Deals Across India And The US

Mumbai, 25 October 2025: Waaree Energies announced it has secured three domestic orders totalling 570 MW (220 MW, 210 MW and 140 MW) and a 122 MW module supply contract in the US through its arm Waaree Solar Americas, bringing the new wins to 692 MW in all. The company said the orders will be executed over 2025–26 and 2026–27, according to exchange filings and press reports.

Do these deals materially change Waaree’s revenue runway and export profile, or are they modest tranches in an already large order pipeline?

What Did Waaree Announce?

The three Indian contracts, for 220 MW, 210 MW and 140 MW, are with domestic renewable developers and owner-operators, the company said in its filing. In the United States, Waaree Solar Americas won a 122 MW order from a utility-scale solar and storage developer-operator. The combined supply is scheduled across the next two financial years, giving Waaree near-term revenue visibility.

The company has framed the wins as part of a broader pipeline: Waaree earlier reported record production and a sizeable order book, and management has repeatedly highlighted strong U.S. demand alongside domestic growth.

Why Do These Orders Matter For Investors?

• Revenue and utilisation lift: Additional module supply contracts directly feed factory throughput. Waaree reported record quarterly production recently (multi-GW scale), so these orders may help raise capacity utilisation and spread fixed costs. That might boost near-term margins if pricing holds.
  

• Diversification and export validation: The 122 MW U.S. win says that the firm may win cross-border business from utility-scale developers, important given concerns about trade barriers and localisation in the U.S. market. Having a U.S. arm reduces single-market dependence.
  

• Pipeline signalling: While 692 MW is not transformative by itself for a large module maker, the deals reinforce a pattern of persistent order flow and keep revenue visibility for 2026, which investors prize in a cyclical industry.
  

Put simply: the announcements add useful near-term booked volume and validate export traction, but they should be viewed within the context of Waaree’s overall backlog and capacity plans.

What Are The Material Risks And Caveats?

• Trade and regulatory risk in the US: Waaree has publicly acknowledged that U.S. anti-dumping and customs probes remain a risk; adverse findings could complicate exports or force pricing adjustments. Investors must treat U.S. wins with that backdrop in mind.
  

• Margin sensitivity to raw materials: Polysilicon, wafers and freight move cyclically; sudden input cost jumps can compress margins even as volumes expand. Module makers operate on thin incremental margins when competition is intense.
  

• Execution and timing risk: Supply contracts spread over 2025–27 require steady procurement, factory uptime and logistics. Any capex delays or plant disruptions would push deliveries and cash flows.
  

What Should Investors Monitor Next?

1. Order-to-revenue conversion: Track when the 692 MW is recognised in revenue. Quarterly production updates and dispatch schedules will show conversion speed.
   

2. Realised module prices and margins: Monitor ASPs (average selling prices) and gross/EBITDA margins per quarter to see whether volume growth translates into profit expansion or margin erosion.
   

3. U.S. regulatory developments: Any update on anti-dumping probes, customs findings, or localisation rules will materially affect export economics.
   

4. Capex and capacity guidance: Management comments on new lines, utilisation targets and capex timing will clarify the company’s ability to scale without stressing balance-sheet metrics.
   

5. Orderbook size and tenure: Watch whether Waaree continues to convert pipeline into firm orders; growing a multi-year backlog is a positive sign in a lumpy industry.
   

Conclusion

The 692 MW of fresh orders, 570 MW at home and 122 MW in the US, reinforce Waaree’s revenue visibility and export credentials, but it is one piece of a larger growth equation that includes capacity expansion, input costs and regulatory uncertainty. For investors, the key test is whether these and future orders convert into sustained margin expansion and free cash flow after capex. The question to watch now is: Will Waaree turn steady order wins like these into durable, cash-generative scale, or will execution and policy headwinds blunt the payoff?

References

The Economic Times
ET Now
The Economic Times
Reuters
Reuters
Leading Solar Panels Company in India
Solarbytes
The Economic Times
Reuters
Leading Solar Panels Company in India