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Waaree Sustains US Solar Exports Through Southeast Asia Sourcing and Local Assembly as Adani’s Shipments Decline

Sourcing strategy and 1.6 GW US manufacturing line help Waaree navigate tariff pressures; ANIL’s exports fall to zero in December quarter

Smart supply chain strategies and local assembly in the United States enabled Waaree Energies to sustain exports to the US despite steep tariffs, while exports from its domestic rival Adani New Industries Ltd (ANIL) declined during the same period.

Waaree sourced solar cells from Southeast Asian countries including Cambodia, Thailand, and Vietnam, where US tariffs range between 10% and 20%. Laos and Myanmar face tariffs of 40%. US tariffs on solar panel imports are determined by the country of origin of the solar cells rather than the country where modules are assembled. Company management stated during investor calls that this sourcing approach helped mitigate the impact of tariffs levied on India.

The company also operates a 1.6 GW per annum panel manufacturing line in the US, which runs on imported cells. During the December quarter, Waaree sold 275 MW of locally produced modules and 300 MW of imported modules in the US. According to an investor presentation, one-third of its Rs17,565 crore revenue came from overseas markets, predominantly the US. The company sells modules in India at Rs18–24 per watt, while in the US it earns about 28 cents (Rs125) per watt, rising to 30 cents (Rs127).

In contrast, ANIL’s exports dropped to zero in the December quarter following a decline in the previous quarter. The company sold 997 MW of modules in the December quarter, all within India. In the September quarter, it sold 1,001 MW, with nearly 50% exported, and in the preceding quarter sold 1,379 MW, of which 60% were exports. ANIL relies primarily on in-house cell manufacturing at its Mundra, Gujarat facility, with 4 GW of cell capacity and a corresponding 4 GW of module manufacturing capacity.

Waaree has 21.2 GW of module manufacturing capacity in India and 5.4 GW of cell manufacturing capacity, leading it to import cells for module production. Company executives said this flexibility in sourcing helped limit tariff exposure. With the India-US trade framework reducing tariffs to 18%, exports are expected to normalize. Analysts noted that Waaree benefited from its US assembly presence and cell sourcing flexibility, while ANIL’s export pause was described as temporary and linked to tariff-related adjustments and domestic demand dynamics.