**Waaree Energies: Exports & Earnings Fuel Rally** **Market Surge & Price Action** Waaree Energies shares witnessed a sharp double-digit rally, surging approximately **13-14%** to trade above the **₹3,100** mark. The stock recently hit an intraday high of around **₹3,195**, driving its market capitalization closer to the **₹90,000 crore** milestone. This bullish momentum is backed by heavy trading volumes, signaling strong institutional interest. **Key Catalyst: US-India Trade Tariff Cut** The primary trigger for the uptrend is the newly announced US-India trade adjustment. The US administration has reduced reciprocal tariffs on Indian goods from **25% to 18%**, a move directly benefiting Indian solar exporters. With nearly **97%** of Waaree's recent exports destined for the US, this tariff relief significantly improves cost-competitiveness against global rivals and secures better margins for its US-bound shipments. **Q3 FY26 Financial Performance** The company delivered a robust set of numbers for the quarter ended December 2025, validating its growth narrative: * **Revenue:** Soared **118% YoY** to **₹7,565 crore**. * **Net Profit (PAT):** Jumped **118% YoY** to **₹1,106 crore**. * **EBITDA:** Surged **167%** to **₹1,928 crore**, with margins expanding to **~25%**, surpassing earlier guidance. * **Operational Highlights:** Achieved module production of **3.51 GW** in a single quarter. **Order Book & Expansion** Waaree now commands a record order book of approximately **₹60,000 crore** (~26.5 GW), providing strong revenue visibility for the coming years. Operational advancements include: * **US Manufacturing:** Commercial production has commenced at its **1.6 GW** module facility in Texas. * **Backward Integration:** Trial production initiated at the **5.4 GW** solar cell facility in India. **Strategic Diversification** Beyond core solar modules, the company is aggressively executing its "Waaree 2.0" strategy. Capital expenditure plans are underway for a **20 GWh Battery Energy Storage System (BESS)** facility and a **1 GW green hydrogen electrolyser** plant. These investments aim to transition Waaree from a pure-play module manufacturer to an integrated energy transition major.