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Waaree Energies clarified the new 126% US duty on Indian solar imports will not materially impact its operations. This is attributed to a diversified non-China cell supply chain, primarily from low-tariff jurisdictions (around 10%), and a growing US manufacturing presence. Current US module capacity of 2.6 GW will expand to 4.2 GW by mid-calendar year. The company boasts a strong order book of ~INR 60,000 Cr, with overseas revenue constituting about one-third. Waaree is proactively developing new FEOC-compliant supply chains, including polysilicon production in Oman. Management foresees robust US solar demand, positioning India as a crucial supplier for compliant products. No margin impact is anticipated due to their strategic sourcing and contract terms.