Waaree Energies has issued a clarification regarding a news article concerning its participation in a USITC investigation into solar imports. The company stated that the investigation covers the Indian solar industry generally, not specifically Waaree. It confirmed that its modules are made in India and declared as Indian-origin, and that US Customs uses the country where solar cells were made for duty purposes. This difference affected some historical shipments, a matter previously disclosed. Waaree also confirmed that it did not ship modules made with Chinese cells to the US, and that CBP findings are limited to a small set of past shipments with no new financial impact.
Clarification on USITC Investigation
Waaree Energies Ltd. has provided a clarification concerning a news article published on November 11, 2026, by Moneycontrol, titled “Waaree admitted misreporting solar import origin in submission to US trade commission”. The company emphasizes that the US International Trade Commission (USITC) investigation covers the Indian solar industry broadly and is not a case specifically against Waaree. Waaree participated to defend Indian exporters’ interests, and there are no findings, penalties, or liabilities assessed against it individually in this proceeding.
Country of Origin and Duty Impact
The article refers to how the country of origin was reported for certain past shipments to the United States. Waaree states that its modules are manufactured in India and were declared as Indian-origin, in accordance with Indian rules. The US Customs’ practice of using the country where solar cells were made for duty purposes has led to duty impacts on a limited number of historical shipments. This issue was previously examined by US Customs and Border Protection (CBP) and disclosed by Waaree on June 28, 2026. The data provided to the USITC was prepared on the same basis as prior disclosures, with no new admissions or withholdings.
CBP Findings and Financial Impact
Following verification of its Indian plant, CBP confirmed that Waaree did not ship modules made with Chinese cells to the United States and did not extend its findings to all of Waaree’s shipments. CBP’s findings regarding AD/CVD duty liability are limited to a small set of past shipments. Waaree states there is no new financial or operational impact resulting from the ITC’s findings. The potential exposure of AD/CVD duties on the limited set of shipments is already reflected in the company’s financial statements, as disclosed on November 2, 2026. No fine or penalty has been imposed, and the company’s US business continues as usual.
Order Book Rationalisation
The rationalisation of the Company’s order book, mentioned in the article, was disclosed with its financial results for the quarter and half year ended September 30, 2026, and explained on the company’s earnings call. This reflects a prudent reassessment of certain direct-export contracts in light of US trade measures affecting solar product imports, which are general and not specific to Waaree. The order book figures cited in the article were previously disclosed by the Company.
Legal Challenge and Disclosure Reliance
As previously informed on November 2, 2026, Waaree is evaluating a challenge to CBP’s decision before the US Court of International Trade and will continue to inform the exchanges. Shareholders are advised to rely solely on the Company’s official disclosures to the stock exchanges and on www.waaree.com for information.
Source: BSE
