Waaree Energies CEO Amit Paithankar, in an exclusive interaction with Business Today, said the company is evolving from a solar manufacturer into a full-spectrum renewable energy major — expanding into storage, transformers, smart meters and next-generation building-integrated photovoltaics (BIPV) to drive India’s clean energy future. Waaree is swiftly transforming into an integrated energy transition leader, spanning solar, battery storage, transformers and smart metering solutions, while also developing BIPV to tap into urban rooftop potential. Paithankar added that investors should focus on Waaree’s strong fundamentals and long-term vision of becoming India’s one-stop destination for clean energy solutions.
Here’s an edited excerpt from the interview with Waaree Energies CEO:
Q) Waaree Energies reported record Q2 results — what’s driving this strong growth momentum?
Amit Paithankar: Relentless execution. We’ve stayed focused on delivering to our customers and expanding capacity as planned. By the end of this fiscal, we’ll reach 27.5 GW and that expansion directly drives our numbers.
Q) How are US tariff concerns impacting your export plans and pricing strategy?
Paithankar: We’re not affected by the current US tariff structure because our supply chain is configured smartly. Our order book remains 60 per cent exports and 40 per cent domestic. Even if the tariff regime changes, our business model offers enough flexibility to adapt and it could even be positive if tariffs on Indian-made cells are reduced.
Q) How critical is the US market to your growth strategy?
Paithankar: Extremely important — it accounts for 60 per cent of our order book. US demand is secular, driven by data centers for AI, EV electrification and manufacturing reshoring — all of which require clean and scalable power. Conventional power sources usually take five to six years to develop and are costlier, making renewables the preferred choice. Solar power is the cheapest and can be deployed at scale and speed. So, we are in a good spot and Waaree will continue to invest in the US market.
Q) With EBITDA margins at 25%, how do you plan to sustain profitability?
Paithankar: Through deeper integration. The more backward and sideward integrated we are producing our own cells, junction boxes and other components. So, there is more control we have over costs and margins.
Q) Waaree has spoken about becoming a ‘one-stop shop’ in renewables. What does that entail?
Paithankar: We’ve evolved from being a solar panel manufacturer into an energy transition major. Alongside solar, we’re now into battery energy storage, transformers, and smart meters — all under one umbrella. This reduces overall production costs and allows us to offer complete energy solutions to customers.
Q) What’s next on the innovation front — particularly in urban solar adoption?
Paithankar: Rooftop potential remains, but in high-rises and dense cities, we’re exploring new solutions like Building-Integrated Photovoltaics (BIPV). Countries such as Germany use solar panels on balconies. Waaree is actively developing BIPV products and expects commercialisation within the next 1–2 years. The development is going thick and fast. Pricing details will come later as it’s still in the product development stage.
Q) Any piece of advice for investors?
Paithankar: Look at the fundamentals. What matters is whether you like what you see in Waaree’s fundamentals. We’re driving an energy transformation story, expanding from solar into battery storage, transformers and smart meters — all aimed at making Waaree a comprehensive, cost-efficient energy transition player. Anything related to renewable energy — you can come to Waaree. That’s the idea.
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