Waaree Energies Share Price in Focus as West Asia Crisis Drops Overseas Revenue to 20% in Q4, Impacting Margins & Logistics

As per The Business Standard report, Waaree Energies has faced a significant impact on its overseas revenue due to the ongoing crisis in West Asia.  

The company's revenue from international markets, including the US, fell to 20% in Q4 of 2025-2026, primarily due to logistical challenges. 

Overseas Revenue Decline 

The overseas market, which is usually a premium segment for Waaree Energies, contributed 32.6% to the company's overall revenue in Q3.  

This figure had previously exceeded 45% in Q2. The West Asia crisis has caused delays in shipments from India, leading to higher inventory levels by March 2026. 

According to CFO Abhishek Pareek, the company had to redirect shipments to non-premium markets, altering the revenue mix.  

Consequently, Waaree Energies reported a steeper-than-expected contraction in margins in its Q4 financial results. 

Impact on Margins 

Margins for the quarter stood at 18.6%, compared to 23% in the same period last year. The rise in commodity prices, particularly silver, has further impacted the company's earnings before interest, taxes, depreciation, and amortisation (Ebitda) margins.  

Silver accounts for 30-35% of cell cost, reaching 40% when prices peaked in January. This translated into a 10-12% cost impact at the module level. 

Read More: Waaree Energies Share Price Falls Nearly 9% After Q4 Results Despite Strong Profit Growth! 

Challenges in Manufacturing and Demand 

The crisis also affected the price of glass and other materials due to a gas shortage, leading to temporary plant shutdowns.  

Additionally, policy ambiguity and delays in implementing the Approved List of Models and Manufacturers for cells (ALMM-II) contributed to margin pressure.  

Demand from the commercial and industrial segment was weaker than in previous quarters. 

Investment and Expansion Plans 

Despite these challenges, Waaree Energies is planning a capital expenditure of around ₹30,000 crore over the next 2 years.  

This investment will focus on battery energy storage systems, ingot and wafer manufacturing, cell manufacturing, glass manufacturing, and infrastructure development.  

The company has also acquired a strategic stake in United Solar Holding in Oman to ensure a fully integrated, traceable supply chain for the US market. 

Waaree Energies Share Price Performance  

As of May 04, 2026, at 9:40 AM, Waaree Energies share price on NSE was trading at ₹3,137.80 up by 0.61% from the previous closing price. 

Conclusion 

The West Asia crisis has significantly impacted Waaree Energies' overseas revenue and margins. The company is navigating logistical challenges, rising commodity prices, and policy ambiguities while planning substantial investments to support its growth and expansion. 

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