Waaree Energies shares tumble 6% amid US duty evasion probe, exchanges seek clarity

Shares of Waaree Energies Ltd declined 5.83 per cent in Friday's trade to hit a low of Rs 3,245.25 on BSE after reports surfaced of a US investigation into alleged anti-dumping and countervailing duty evasion on solar cells.

Bourses BSE and NSE have sought clarification from the company regarding the development. A response from Waaree Energies was awaited at the time of publishing this story.

The probe is reportedly being initiated following a complaint by the American Alliance for Solar Manufacturing Trade Committee, which alleged that Waaree was mislabeling Chinese-origin solar cells as Indian-made to bypass tariffs on Chinese solar products.

Separately, the solar PV maker is looking to strategically expand its manufacturing footprint in the United States, with plans to set up operations in Texas. As part of its broader growth strategy, the company aims to scale its manufacturing capacity to 3 gigawatts (GW) by FY26.

On the earnings side, the company posted an 89 per cent year-on-year (YoY) jump in consolidated net profit to Rs 745 crore for the quarter ended June 30, 2025, compared with Rs 394 crore in the same period last year. Revenue from operations grew 30 per cent to Rs 4,426 crore in Q1 FY26, against Rs 3,409 crore in Q1 FY25.

Founded in December 1990, Waaree Energies is an Indian manufacturer of solar PV modules. As of June 2025, promoters held a 64.30 per cent stake in the company. Headquartered in Mumbai, the firm has an installed capacity of nearly 15 GW for solar PV modules and 5.4 GW for solar cells.