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Waaree’s India Exports Plunged, But Its US Biz Soared. Here’s Why. Photograph: (AI)
Indian solar module and cell manufacuring firm Waaree Energies reported another strong quarter in Q1 FY27, with revenue from operations rising 79.2 percent year-on-year to ₹7,932 crore. However, one number that stood out was the sharp decline in exports from India. Direct exports dropped to ₹287 crore in Q1 FY27 from ₹1,034 crore in the corresponding quarter last year, even as revenue from Waaree’s domestic US business surged to ₹1,322 crore from ₹530 crore.
During the conpany’s Q1 earnings call today, the management addressed investor concerns over the export slowdown, stressing that the weakness was temporary and linked to shipment delays rather than demand destruction.
“Second, our export mix was softer as some shipments and clearances took longer than we would have liked. The hardest part behind us. From August… our US lines also mean a growing share of American demand is served from American soil,” the management said while explaining the quarter’s performance.
The data shared by the company before the stock exchanges also reflects this shift in revenue composition. While overall overseas revenue remained largely stable at ₹1,609 crore compared to ₹1,564 crore a year ago, its composition changed significantly. Revenue generated through Waaree’s manufacturing operations in the United States more than doubled to ₹1,322 crore, whereas exports from India declined to ₹287 crore.
Management attributed this transition to the continued ramp-up of its US manufacturing footprint. “Our overseas revenue of approximately ₹1,609 crore comprised around ₹1,322 crore from our domestic US business and ₹287 crore from direct exports, a direct reflection of the ramp-up of our US manufacturing footprint,” CFO Abhishek Parikh said while discussing the quarterly revenue mix.
The company elaborated further during the question-and-answer session, explaining that export dispatches were delayed primarily because customs clearances in the US took longer than expected. “On export front also this quarter, the dispatches were softer because the clearance in the US took more than required time than it would generally take. Going ahead, from August itself, we are again starting our export supplies from Indian facilities,” Parikh said.
According to the management, exports are expected to normalise from the second quarter, while additional margin support is likely to come from higher domestic cell production and increased utilisation of the US manufacturing facility.
The company outlined four key recovery drivers for the coming quarters: higher domestic DCR cell production, ramp-up of the 1.6 GW US manufacturing facility, resumption of exports from Indian manufacturing units beginning August and increased offtake in the domestic non-DCR market following regulatory changes.
Beyond exports, management also indicated that some of its manufacturing capacity ran ahead of dispatch-ready orders during the quarter because a larger share of deliveries is scheduled for the second half of FY27.
“A portion of our capacity ran ahead of dispatch-ready orders. Since this year’s book is weighted onto the second half year, the recovery is contractual, not hopeful. The order book you see in our presentation converts into the confirmed dispatch schedules that take capacity coverage to near full level throughout the second half,” the company said.
The confidence stems from Waaree’s record order book, which reached around ₹61,500 crore as of July 28, 2026, after securing nearly ₹16,000 crore of fresh orders during the quarter while executing approximately ₹7,300 crore worth of projects. The company also maintained its FY27 operating EBITDA guidance of ₹7,000-7,700 crore.
Margins also came under pressure during the quarter as rising raw material prices and lower exports weighed on profitability. However, management believes that greater backward integration and the ongoing ramp-up of captive cell manufacturing will structurally improve margins over the rest of FY27.
“Our captive cell lines nearly doubled output within the quarter. Every captive cell replaces the purchased one at a meaningful saving,” management said, adding that a company-wide cost leadership programme is already under implementation.
The company expects monthly cell production from its existing 5.4 GW facility to rise to around 420-430 MW, while the new 10 GW cell manufacturing facility is expected to begin contributing from Q3, significantly increasing captive integration and supporting profitability.
While Q1 reflected a sharp decline in direct exports from India, Waaree’s management maintained that the weakness was operational rather than structural. With export shipments resuming from August, US manufacturing scaling up, and the order book heavily weighted toward the second half of FY27, the company expects export momentum and margins to improve over the coming quarters.
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