Waaree Energies says it will co-operate in ongoing US investigations

Solar panel maker Waaree Energies issued a clarification following reports that US customs officials were investigating whether the company sidestepped tariffs on Chinese-made cells and panels by labeling them as made in India, which also caused its stock price to drop over 7% to ₹3,207 apiece.

US Customs and Border Protection has initiated a formal investigation into Waaree and its subsidiary, Waaree Solar Americas Inc., and imposed interim measures due to reasonable suspicion that the company evaded duties when importing merchandise into the US, Bloomberg reported earlier in the day.

According to the report, the probe was launched in response to an allegation by the American Alliance for Solar Manufacturing Trade Committee that Waaree mislabelled solar cells originating in China as coming from India to avoid tariffs on Chinese solar products.

In response to the media reports, the company issued a clarification through stock exchanges today, stating that it has cooperated with US investigations in the past and will continue to cooperate with the ongoing probe.

"We are a responsible corporate citizen in every country we operate in, and we abide by all applicable local laws and regulations," the company said.

Waaree Energies’ subsidiary, Waaree Solar Americas, operates a 1.6 GW module manufacturing facility in Texas, which is being expanded to 3.2 GW. Recently, the US subsidiary also acquired assets of Meyer Burger, US, to further expand its manufacturing footprint.

The company further stated that it is steadfastly committed to building its manufacturing presence in the US and emphasized that the country is a very important manufacturing base for Waaree Energies Limited in line with its expansion ambitions.

Waaree Energies share price trend

The company’s shares have more than doubled since its debut last October, driven by an optimistic outlook for the Indian renewable sector, which has become a key focus for the government but recently faced a setback after the US imposed punitive tariffs.

The shares have corrected 17.4% from the September highs and are currently trading at ₹3,207 apiece. In the first quarter of the current fiscal year, the company recorded its highest-ever quarterly module production of 2.3 GW, and revenue from solar PV modules rose to ₹3,872.35 crore, up from ₹3,178 crore in Q1 FY25.

At current levels, the stock is trading 113.4% higher than its IPO price of ₹1,503 apiece. It made a strong market debut, listing at ₹2,500 in October last year, a 66.3% premium over the IPO price.

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