ANKUR TYAGI
September 26, 2025 – Shares of Waaree Energies Ltd, India’s largest solar panel manufacturer, slipped nearly 5% to ₹3,266 on NSE after reports surfaced that U.S. authorities have launched an investigation into possible duty evasion linked to solar imports.
US Probe Details
According to reports, the U.S. Customs and Border Protection (CBP) has initiated a formal investigation into Waaree Energies and its U.S. subsidiary, Waaree Solar Americas Inc. The agency has also imposed interim measures, citing “reasonable suspicion” that the company may have evaded anti-dumping and countervailing duties on Chinese solar products.
The probe stems from a complaint filed by the American Alliance for Solar Manufacturing Trade Committee, which alleges that Waaree mislabelled solar cells imported from China as originating from India to avoid steep U.S. tariffs.
So far, the company has not issued an official response.
Broader Context
The U.S. solar industry has long accused foreign manufacturers of dumping low-cost panels into the American market. Earlier this year, duties were imposed on imports from Vietnam, Cambodia, Malaysia, and Thailand. In August, the U.S. Commerce Department also launched a separate probe into solar modules from Indonesia, Laos, and India.
About Waaree Energies
- Headquarters: Mumbai
- Capacity: 15 GW solar PV modules, 5.4 GW solar cells
- Manufacturing: Facilities in Surat, Tumb, Nandigram, Chikhli (Gujarat), and IndoSolar facility in Noida (U.P.)
- Market Presence: Listed last year after an IPO that was subscribed 76.34 times
Recent Financials (Q1 FY26)
- Net Profit: ₹773 crore (+93% YoY) vs. ₹401 crore in Q1 FY25
- Revenue: ₹4,597 crore (+31% YoY)
- Production: Achieved record 2.3 GW module output in the quarter
- Capex Plans: Approved additional investment of ₹2,754 crore to expand 4 GW solar cell capacity in Gujarat and 4 GW ingot-wafer facility in Maharashtra
Market Reaction
Despite strong financial performance, news of the U.S. probe weighed heavily on sentiment, with Waaree Energies among the top losers on NSE in Friday’s trade.
Abhishek Sinha
