Synopsis: Shares of a leading solar manufacturer fell over 5% after reports of a US investigation into alleged duty evasion. Despite regulatory concerns, the firm maintains strong growth momentum, expanding capacity, order pipeline, and global presence to meet rising demand.
The shares of the largest manufacturer of solar PV modules shrank up to 6 percent in the morning session after allegations of evading anti-dumping and countervailing duties on solar cells.
With a market capitalization of Rs 93,992.42 crore, the shares of Waaree Energies Ltd were trading at Rs 3,267.70 per share, decreasing around 5.42 percent as compared to the previous closing price of Rs 3,446.25 apiece.
US Investigation
The shares of Waaree Energies Ltd have bearish movement following reports that the US has launched a formal investigation into allegations of evading anti-dumping and countervailing duties on solar cells. Bloomberg reported earlier that the US Customs and Border Protection, which imposed interim measures due to “reasonable suspicion” of duty evasion by Waaree and its US arm, Waaree Solar Americas, raised regulatory and market concerns.
Further, the US investigation into Waaree is prompted by allegations from the American Alliance for Solar Manufacturing Trade Committee. The company is accused of mislabelling Chinese-origin solar cells as Indian-made to bypass tariffs on Chinese products. This could lead to regulatory scrutiny, potential penalties, and impact the company’s market reputation.
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Financial & Operational Highlights
The company delivered strong financial growth in Q1FY26, with revenue rising 29 percent to Rs 4,426 crore from Rs 3,409 crore a year earlier. Net profit surged 93 percent to Rs 773 crore, reflecting improved operational efficiency and robust demand, highlighting a healthy start to the fiscal year.
Waaree has showcased strong operational progress, significantly expanding its scale. With a robust module capacity of nearly 15 GW and cell capacity at 5.4 GW, the company is well-positioned to meet rising demand. A healthy order book of about Rs 49,000 crore reflects strong market confidence and ensures visibility for future growth momentum.
Waaree continues to strengthen its position with impressive production growth, scaling module output to 2.3 GW, a 64% rise over last year. Backed by an order pipeline exceeding 100 GW, the company shows strong execution capability. With 68% contribution from the domestic market and 32% from overseas, its diverse geographical mix ensures stability and global competitiveness.
Waaree is set to nearly double its capacity by FY27 to meet rising demand. Module capacity will expand to 25.7 GW, cell capacity to 15.4 GW, and ingot-wafer capacity to 10 GW. With strong additions supported by PLI and global presence, the company is positioning itself as a leading integrated solar manufacturer.
Written by Abhishek Singh
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