Waaree Energies shares clarification on US probe; stock in focus
Under applicable US law, Waaree has the right to seek a de novo administrative review and thereafter, judicial review before the US Court of International Trade.
- Jun 29, 2026,
- Updated Jun 29, 2026 8:09 AM IST
Shares of Waaree Energies Ltd, largest manufacturer of solar Photo-voltaic (PV) modules in India, will be in focus on Monday after the company said an investigation by the US Customs and Border Protection (CBP) in EAPA Consolidated Investigation No. 8163, including an on-site verification of its manufacturing facility in India, confirmed that Waaree Energies did not export to the United States solar modules made using Chinese-origin solar cells.
Waaree said the investigation also confirmed that it fully cooperated throughout the process, with the CBP drawing no adverse inference against the company. It added that the CBP declined the petitioner's request to make an evasion finding covering all of Waaree's imports.
Waaree said the US CBP's determination is limited to a narrow subset of certain historical import entries.
"Importantly, the determination is not a final adjudication. Under applicable US law, Waaree has the right to seek a de novo administrative review and thereafter, judicial review before the US Court of International Trade. The Company is currently evaluating all available legal remedies with its US trade counsel," Waaree Energies told BSE and NSE.
In filings to the stock exchanges, Waaree said it remains committed to the highest standards of regulatory compliance, transparency, and governance, adding that the company's US business continues to operate normally, and there is no impact on ongoing manufacturing, customer deliveries, or commercial operations.
"Waaree will continue to cooperate with the relevant authorities and will provide appropriate updates as and when required in accordance with applicable laws and regulatory requirements," Waaree said.
Waaree's portfolio of solar energy products consists of the following PV modules: multicrystalline modules; monocrystalline modules; and Tunnel Oxide Passivated Contact (TopCon) modules.
Last month, Waaree Energies at its Investor Day expected a strong demand, backward integration and new businesses to help achieve its revenue target. Annual solar demand is seen rising from 50GW in FY27 to 85GW by FY30 while solar power capacity is expected to reach 341GW by FY30 from 150 GW.
Among key takeaways from the Investor Day meeting included the management view that its scale would provides structural moat, with focus in tact on backward integration, supply chain control.
Backward integration or new businesses are seen as key to sustain 20 per cent Ebitda margin. Waaree 2.0 on track and a capex of $3.5bn over two years was seen.
Shares of Waaree Energies Ltd, largest manufacturer of solar Photo-voltaic (PV) modules in India, will be in focus on Monday after the company said an investigation by the US Customs and Border Protection (CBP) in EAPA Consolidated Investigation No. 8163, including an on-site verification of its manufacturing facility in India, confirmed that Waaree Energies did not export to the United States solar modules made using Chinese-origin solar cells.
Waaree said the investigation also confirmed that it fully cooperated throughout the process, with the CBP drawing no adverse inference against the company. It added that the CBP declined the petitioner's request to make an evasion finding covering all of Waaree's imports.
Waaree said the US CBP's determination is limited to a narrow subset of certain historical import entries.
"Importantly, the determination is not a final adjudication. Under applicable US law, Waaree has the right to seek a de novo administrative review and thereafter, judicial review before the US Court of International Trade. The Company is currently evaluating all available legal remedies with its US trade counsel," Waaree Energies told BSE and NSE.
In filings to the stock exchanges, Waaree said it remains committed to the highest standards of regulatory compliance, transparency, and governance, adding that the company's US business continues to operate normally, and there is no impact on ongoing manufacturing, customer deliveries, or commercial operations.
"Waaree will continue to cooperate with the relevant authorities and will provide appropriate updates as and when required in accordance with applicable laws and regulatory requirements," Waaree said.
Waaree's portfolio of solar energy products consists of the following PV modules: multicrystalline modules; monocrystalline modules; and Tunnel Oxide Passivated Contact (TopCon) modules.
Last month, Waaree Energies at its Investor Day expected a strong demand, backward integration and new businesses to help achieve its revenue target. Annual solar demand is seen rising from 50GW in FY27 to 85GW by FY30 while solar power capacity is expected to reach 341GW by FY30 from 150 GW.
Among key takeaways from the Investor Day meeting included the management view that its scale would provides structural moat, with focus in tact on backward integration, supply chain control.
Backward integration or new businesses are seen as key to sustain 20 per cent Ebitda margin. Waaree 2.0 on track and a capex of $3.5bn over two years was seen.