Waaree Energies Shares Drop 4.7% on US Anti-Dumping Probe

Shares of Waaree Energies fell 4.68% to ₹2,939.80 on Wednesday, wiping nearly ₹4,000 crore from its market cap, after the US Department of Commerce launched anti-dumping and countervailing duty (CVD) investigations into crystalline silicon photovoltaic cells imported from India, Indonesia, and Laos. The US alleges that India is dumping solar cells into the American market with a margin as high as 123% and provides subsidies at a rate of 2%. Preliminary findings are expected by September 2, 2025. A negative outcome could lead to heavy tariffs, impacting Indian solar exporters. Despite the regulatory headwind, Waaree Energies posted strong fundamentals in Q1 FY26, with revenue up 30% and net profit nearly doubling year-on-year. The company recorded order inflows of 2.23 GW, mostly from a US-based customer, highlighting its growing international footprint. Waaree, India’s largest solar module manufacturer with 12 GW of installed capacity, produces monocrystalline and multicrystalline PV modules. While the current probe introduces uncertainty for exports, the company’s robust order book and domestic manufacturing scale position it to navigate challenges as India’s solar industry faces increased global scrutiny.