Mumbai-based Waaree Energies Ltd has removed around 3 GW of export orders from its order book amid concerns that changes in US trade laws could make some contracts difficult to service, as the solar module maker’s overseas revenue fell by almost 52 percent during the second quarter of FY27.
Abhishek Pareek, chief financial officer of Waaree Energies, clarified that the orders removed from the company’s books have not necessarily been cancelled by customers. Instead, the company has proactively taken them off its order book because of concerns about its ability to fulfil the contracts under the changed US trade regime. “These are not contracts which have been cancelled as of now. These are contracts where we see that serviceability may be difficult for us because of changes in laws in the United States. So we have ourselves removed these orders which have little risk of cancellation from our order book itself,” Pareek told the businessline on Wednesday.
The total volume of such orders removed from the order book was around 3 GW, he said. The move follows changes in US import rules under Section 232 of the Trade Expansion Act of 1962, which allows the American government to impose trade restrictions on imports deemed to threaten national security. The resulting pricing requirements and duties have made it more difficult for Indian manufacturers to supply certain solar products competitively to the US market. “Under Section 232, the panels imported in the US will be imported at minimum prices of around 38 cents plus 15 percent duty. That increases the price of the panel to around 43-45 percent,” Pareek said.
The company is now exploring whether some of the affected orders can be shifted to its US manufacturing facilities, which would allow it to continue serving customers while reducing its reliance on exports from India. “We are in discussions and we are hopeful that we will be able to direct some of these contracts to US facilities. However, the US facilities continue to receive new orders. If you look at the total US local order book it is growing every quarter,” he said.
Pareek added that, despite the removal of the export orders, Waaree had maintained an order book of around ₹59,000 crore, equivalent to more than 25 GW of capacity.
Waaree’s overseas revenue halved to ₹1,389 crore in the September quarter of FY27 compared to ₹2,875 crore in Q2 FY26. The sharp decline reflects a steep drop in exports from India, which fell to ₹89 crore in Q2 FY27 from ₹2,143 crore a year earlier, even as revenue from solar modules manufactured at its US facilities rose to ₹1,300 crore from ₹732 crore.
The company’s overseas revenue has increasingly shifted towards products manufactured in the US rather than modules shipped from India. In FY26, the company reported overseas revenue of ₹8,755 crore, comprising ₹5,315 crore in exports from India and ₹3,440 crore from domestic production in the US. In Q1 FY27, overseas revenue stood at ₹1,958 crore, including ₹569 crore in exports from India and ₹1,389 crore from US production. In Q2, exports from India dropped further to ₹89 crore, while US production contributed ₹1,300 crore, taking total overseas revenue to ₹1,389 crore. The shift suggests that the US manufacturing business is providing a partial cushion against the disruption in exports, although it has not been sufficient to prevent a decline in overall overseas revenue.
“Last year, most of the revenues from overseas was through exports from India while this year, most of the revenue will come from the local US facilities where new capacities are also adding up,” Pareek said. “By end of the year, I am sure we will be in line with overall numbers of exports and overseas revenues that we had booked last year. Of course the ratio will be more towards local manufacturing in the US,” he added.
Waaree is expanding its US manufacturing footprint as it seeks to serve the market locally. The company currently has 1.6 GW of solar module capacity in the US and will take this capacity to 4.8 GW this fiscal. The expansion is central to Waaree’s efforts to redirect orders that have become less viable to fulfil through exports from India.
The change in Waaree’s order book composition reflects the same transition. At the end of Q2 FY27, around 7.8 per cent of its order book was attributable to exports from India, while 43.8 per cent was from the US domestic market and 48.4 percent from India’s domestic market. In Q1 FY27, exports from India accounted for around 24 percent of the order book, compared with 36 percent for the US domestic market and 40 percent for India. The reduction in the export share follows the removal of the at-risk orders, alongside the continued growth of local US orders.
Waaree is also looking to expand its role in supplying clean power to data centres, where rising electricity demand has created opportunities for renewable energy and storage projects. “For us data centres business is more from a perspective of supplying energy to data centres, power generating capacity, putting up solar power plants with energy storage, round the clock power,” Pareek said.
He said the company was looking at the engineering, procurement and construction (EPC) segment for setting up power generation facilities that could supply renewable electricity to data centres, where power represents a significant share of operating costs.
Published on October 28, 2026
