Waaree Energies Limited has informed the Exchange about Transcript for the conference call held on Wednesday, February 25, 2026.
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Waaree Energies held a call to address the US Department of Commerce's preliminary 126% countervailing duty on Indian solar imports. Management clarified that the 126% duty applies based on cell sourcing jurisdiction, not module assembly, and since Waaree sources cells from ~10% tariff jurisdictions (non-China since 2019), the duty does not impact them. US manufacturing capacity is 2.6 GW currently, expanding to 4.2 GW by year-end (1.6 GW under construction in Texas plus 1 GW HJT acquisition in Arizona). Cumulative order book stands at ~₹60,000 crore, up from ~₹40,000 crore at the start of the year. CFO reaffirmed full-year margin and revenue guidance as 'firm and consistent' with no material impact expected. US module demand seen rising from 50 GW to 70-80 GW annually, driven by data centers and AI power needs.
Reassurance for shareholders: management explicitly stated no material impact on margins, US operations, or order book from the new US duties. Confirmation that existing order book is fully insulated and capacity expansion on track should support stock sentiment positively.