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The company clarified that the CBP investigation did not find that it had exported solar modules made using Chinese-origin solar cells to the United States. It said the determination was limited to a narrow subset of historical import entries and has no impact on its ongoing manufacturing, customer deliveries or commercial operations. Waaree said the CBP confirmed that the company had fully cooperated throughout the investigation, drew no adverse inference against it and declined the petitioner's request to make an evasion finding covering all of its imports. The company added that the determination is not a final adjudication and that it is evaluating all available legal remedies, including administrative and judicial review. The clarification follows a CBP determination issued on 23 June 2026 in an investigation into the alleged evasion of anti-dumping and countervailing duties. A domestic brokerage said the CBP's observation of a four-year history of reporting the wrong country of origin could weigh on Waaree's reputation and potentially impact a significant portion of its Rs 53,000 crore order book. However, the brokerage said the downside appears limited as the CBP confirmed that Waaree had sufficient non-Chinese solar cell production to support its US shipments, did not apply a blanket adverse-inference ruling and restricted its findings to certain historical import entries linked to Vietnam and Malaysia. The brokerage retained its 'Add' rating on the stock with a target price of Rs 3,185. It said the key monitorables include the quantum of any retrospective duties, the outcome of Waaree's administrative or judicial appeal, and any spillover impact from the pending anti-dumping and countervailing duty proceedings covering India-origin solar imports. Waaree reiterated that its US business continues to operate normally and that it remains committed to regulatory compliance, transparency and governance. Mumbai-based Waaree Energies is a renewable energy company. It offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems. On a consolidated basis, the company reported a 71.4% YoY jump in net profit to Rs 1,061.10 crore in Q4 FY26, compared with Rs 618.91 crore in the same quarter last year. Revenue from operations surged 111.8% YoY to Rs 8,480.25 crore for the quarter ended 31 March 2026. Powered by Capital Market - Live News
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