The Waaree Energies share price has slipped sharply on September 26 tumbling more than 5 per cent after the latest Reuters report indicated that US customs officials were investigating whether Waaree Energies “sidestepped US tariffs on Chinese-made cells and panels by labeling them as made in India.”
Waaree Energies: US probes mislabelling concerns
The reports coming out of US and as reported by Reuters and Bloomberg, “US Customs and Border Protection has started a formal investigation of Waaree and Waaree Solar Americas. and imposed interim measures because there is reasonable suspicion the company evaded duties when bringing merchandise into the US.”
Waaree is accused of mislabeling Chinese-origin solar cells as Indian to dodge tariffs that Washington imposes on Chinese solar equipment. The complaint originated from the American Alliance for Solar Manufacturing Trade Committee, a lobby group that has long accused overseas producers of gaming the system.
For context, China is the undisputed giant of solar manufacturing, flooding global markets with cheap panels thanks to economies of scale and state support. US manufacturers, already squeezed by costs, have lobbied hard against what they call unfair Chinese subsidies. Tariffs were their shield, and if Waaree is found to have bypassed those barriers, the fallout could be severe.
Waree Energies not the only company being probed
This is not happening in isolation, though. Just last month, the US Commerce Department opened another probe into modules coming from Indonesia, Laos, and India. Earlier this year, steep duties were slapped on shipments from Vietnam, Cambodia, Malaysia, and Thailand.
The decline has extended a two-day losing streak in which the stock shed 5.51 per cent. On a day when the Sensex itself was in the red, down 0.37 per cent, Waaree stood out for the wrong reasons: its volatility.
Over the past week, the performance gap has widened. Waaree has lost 7.46 per cent, whereas the Sensex’s decline was just 2.17 per cent.
Investors who entered during the October 2024 IPO might still be in gains, since the stock has climbed 47 per cent since listing.
Waaree Energies
A look at how the Waaree Energies share price performed in recent times. The shares have delivered over 11 per cent returns in 3 months and is up 35 per cent in 6 months.The stock has gained about 40 per cent since listing last year.
About Waaree Energies
Waaree Energies is India’s largest solar module manufacturer, with an installed capacity of 15 GW for PV modules and 5.4 GW for solar cells. Its operations span five factories: Surat, Tumb, Nandigram, and Chikhli in Gujarat, and the IndoSolar Facility in Noida, Uttar Pradesh.
Headquartered in Mumbai, the company has marketed itself as the flagbearer of India’s solar ambitions. When it went public in 2024.
This development comes when Waaree was celebrating record earnings. In the June quarter (Q1 FY26), the company reported a staggering 93 per cent jump in net profit, clocking Rs 773 crore compared to Rs 401 crore a year earlier. Revenues surged as well, touching Rs 4,597.18 crore against Rs 3,496.41 crore in the same period last year.