New Delhi, March 19 -- Waaree Energies' stock has taken a sharp hit in 2025, tumbling over 20%, as the US government's pause on clean energy incentives under the Inflation Reduction Act (IRA) clouds its future growth prospects.

The US contributes over half of Waaree's order book worth Rs.50,000 crore. Thus, the development can significantly impact the company's earnings.

Kotak Institutional Equities recently slashed its FY25-27 estimates for Waaree by 1.9-12.5%, citing reduced IRA incentives, which will push the company to operate on a cost-plus model for select US clients.

Also read: Why Waaree Energies' meteoric rise has hit a wall

Waaree also faces the risk due to oversupply of solar cells and modules in the domestic market, which ...