Waaree Energies shares fall 5% as reports say the US is probing firm over alleged duty evasion; check details

"US Customs and Border Protection has started a formal investigation of Waaree and Waaree Solar Americas Inc. and imposed interim measures because there is reasonable suspicion the company evaded duties when bringing merchandise into the US," news agency Bloomberg reported.

The probe is being launched in response to an allegation by the American Alliance for Solar Manufacturing Trade Committee that Waaree was mislabelling solar cells that originated in China as coming from India to avoid tariffs on Chinese solar products. Waaree didn’t immediately respond to a request for comment outside of Indian office hours, the report said.

US solar manufacturers have been calling for higher tariffs on imported photovoltaic equipment that the fledgling industry says is being unfairly subsidised and dumped into one of the world’s biggest markets. In August, the US Commerce Department launched a new trade probe on modules from Indonesia, Laos and India after US makers filed a complaint. Steep duties were imposed earlier this year on solar equipment from Vietnam, Cambodia, Malaysia and Thailand.

About Waaree Energies

Waaree Energies is one of the major players in the solar energy industry in India. It is focused on PV module manufacturing. It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.

Headquartered in Mumbai, Waaree Energies operates manufacturing facilities with an installed capacity of 15 GW for solar PV modules and 5.4 GW for solar cells.

Shares of the company were listed on the bourses last year. The IPO was subscribed a whopping 76.34 times, helped by strong participation from institutional buyers.

Waaree Energies Q1 FY26

Waaree Energies posted a nearly 93% rise in its net profit to ₹773 crore in the June quarter (Q1 FY26) compared to the year-ago period, mainly on the back of higher revenues.

The company had reported a net profit of ₹401.13 crore in the same quarter a year ago, a statement said.

Total revenues rose to ₹4,597.18 crore in the quarter from ₹3,496.41 crore seen in the same period a year ago.

The company said it achieved the highest quarterly module production of 2.3 GW in the first quarter of FY26, driven by strong operational focus, and cell production continues to ramp up.

The Board of Directors also approved an additional capital expenditure (capex) of ₹2,754 crore for the expansion of cell capacity by 4 GW in Gujarat and ingot-wafer by 4 GW in Maharashtra.