Despite issuing a clarification regarding the U.S. Customs and Border Protection (CBP) determination, Waaree Energies shares declined 5.55% to ₹2,842.50 on Monday - the lowest level seen by the stock since March 17 this year. According to reports from Business Standard, the stock was under pressure even after the company issued its clarification on the recent customs investigation findings. The company has now clarified that reports around the US Customs investigation have been 'misread and overdone' and maintains that the issue does not pose a material risk to its business. The stock had previously ended Thursday's session 0.66% lower at ₹3,009.65, with the company's shares having gained about 2% so far in 2026. As per The Financial Express, the stock has fallen 3.5% in the last five trading days and declined 5.33% in the past one month.
According to reports from The Economic Times and Business Standard, the CBP issued a final determination on June 23, 2026, finding that Waaree had evaded tariffs placed on solar cells from Vietnam and Malaysia between 2021 and June 23, 2026. The US agency moved to assess anti-dumping tariffs of up to 271.28% on Waaree's imported solar modules, which were determined to be subject to the duties. The CBP conducted a detailed probe that included a physical inspection of Waaree's manufacturing facility in India. Following the investigation, the US agency concluded that Waaree had not shipped solar modules to the United States that were made using solar cells originating from China. The company emphasized that US Customs officials inspected its manufacturing facility in India and confirmed that no Chinese-origin solar cells were used in the shipments under review. Waaree also stressed that US authorities did not make any adverse findings against the company or declare it guilty of any wrongdoing. As per Waaree's latest media statement, the CBP confirmed that the company did not export solar modules manufactured using Chinese-origin solar cells to the United States, fully cooperated throughout the investigation process, and was not subject to any adverse inference by CBP. The probe stemmed from a 2025 petition by the American Alliance for Solar Manufacturing Trade Committee that pointed to data showing Waaree Energy's sharply rising imports of Chinese solar cells into India, over 5.4 million kg of crystalline silicon photovoltaic (CSPV) modules shipped to the US in 2024, and a more than 2,250% surge in the US imports of CSPV modules from India between 2021 and 2023.
As reported by The Economic Times and Business Standard, Waaree noted that the CBP's determination pertains only to a limited set of historical import entries and should not be viewed as a final verdict. The company highlighted that U.S. law allows it to pursue a fresh administrative review of the matter and if required, seek judicial recourse before the U.S. Court of International Trade. According to Waaree's latest statement, the CBP declined the petitioner's request for an evasion finding covering all of Waaree's imports, with the determination being restricted to a narrow subset of certain historical import entries and is not considered a final adjudication. Waaree said it is currently examining all available legal options in consultation with its U.S.-based trade advisors and retains the right to pursue a de novo administrative review and subsequent judicial review before the U.S. Court of International Trade. The company also rejected the petitioner's request to extend an evasion finding to all of Waaree's imports. The CBP cited a 'four-year history of reporting the wrong country of origin,' which the brokerage believes carries significant reputational weight.
According to JM Financial and Business Standard, while the downside looks limited, tariff outcomes, appeals and potential spillover effects remain key factors to monitor. As per The Financial Express, JM Financial cut its 12-month price target for Waaree Energies to ₹3,185 from ₹3,509 after the US flagged the company for evading tariffs on solar cells. This new target sees an upside of 6% from the closing price of June 25, though the brokerage maintained its 'Add' rating on the stock. The brokerage highlighted that 65–70% of the solar equipment maker's ₹53,000 crore order book is tied to overseas long-term contracts, and the ruling and its reputational impact could potentially affect a significant portion of these international orders. However, JM Financial noted that the downside appears to be limited because the CBP rejected a 'blanket evasion finding' for all of the company's imports and the investigation confirmed that Waaree Energy produced enough modules from non-Chinese cells to cover its total shipments to the US. This is 'far short of the worst-case scenario where all of Waaree's imports would have been treated as tainted'. The quantum of retroactive duties once liquidation, outcome of Waaree's de novo administrative or judicial appeal, if any, and any spillover effect on the pending 123.04% preliminary AD/CVD determination covering India-origin solar imports will be the key monitorables going forward.
According to The Economic Times and Business Standard, Waaree emphasized that its business operations in the United States continue as usual, with no disruption to manufacturing activities, customer deliveries, or commercial commitments. The company further clarified that there has been no disruption to its U.S. operations, manufacturing, customer deliveries or commercial activities. As per Waaree's latest media statement, the company assured stakeholders that its U.S. business operations continue to function normally, with no impact on ongoing manufacturing, customer deliveries, or commercial activities. Waaree added that it will continue to work with the relevant authorities and provide updates in line with applicable legal and regulatory requirements. The company also remains committed to regulatory compliance, transparency and governance and reiterated that its US business continues to operate normally. Waaree is a Mumbai-based renewable energy company that offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.
According to The Financial Express, Waaree Energies reported strong financial results for Q4FY26, with revenue jumping 112% year-on-year to ₹8,840.25 crore, while net profit surged 74.7% to ₹1,126.26 crore. On the operating front, Earnings before interest, tax, depreciation, and amortisation (Ebitda) stood at ₹1,577 crore, up 80% YoY, though Ebitda margin contracted sharply to 18.6% from 23% a year ago. The company's share price has erased 6.6% over the previous 12 months, reflecting the ongoing market pressure from the customs investigation findings.
