Stockrabit · Analysts
Questions across 2 calls

Amitoj Singh

B&K Securities

Waaree Energies Limited

Waaree Energies Limited CC-Jan26.pdf · 2026-01-22
Thank you for taking my question and congratulations on a great set of results. My first question would be more of a clarification regarding what Sonal ma'am said on the IRA ta x credits, 45x. She said that we are receiving around ¢11 per watt. But as far as I know, I think on module manufacturing, we receive ¢7 and on cell manufacturing, we receive ¢4. So just wanted to clarify on that, that are we receiving ¢7 or ¢11 on this?
So, my next question is again on the US market. Do we have any cell manufacturing plans in US given that US now has reached 60 gigawatts of module production capacity but still has very meagre cell capacity. So, is there a bandwidth to expand our cell capacity there? And as a follow on to the Indian market, I have one question on the macro view that we are seeing a lot of PPAs, around 42 gigawatts of solar renewable projects stuck because PPAs are not getting signed. So, do you have any outlook on why the PPAs are not getting signed? Is it a demand led scenario or more of a bureaucratic scenario? Just some highlight on that would be great. Thank you.

TITAGARH RAIL SYSTEMS LIMITED