Waaree Energies shares crash 5%. Can this US ruling dent solar panel maker's image for long?

The shares of Waaree Energies crashed nearly 5% on Monday after the US Customs and Border Protection (CBP) ruling, with JM Financial highlighting the possible impact on the company's reputation even after the solar module-maker issued a clarification.

The shares of the company dropped to Rs 2,860.40 apiece on NSE on Monday morning, the lowest level seen by the stock since March 17 this year.

The US Customs and Border Protection had initiated a formal investigation into Waaree and its US subsidiary, Waaree Solar Americas Inc., over suspected evasion of anti-dumping and countervailing duties. The probe stems from a 2025 petition filed by the American Alliance for Solar Manufacturing Trade Committee, which had pointed to data showing Waaree's sharply rising imports of Chinese solar cells into India and subsequently to the US.

Waaree issues clarification

Waaree Energies issued a clarification on Sunday, saying that the US investigation did not find that the company had exported solar panels with Chinese solar cells and that the probe was limited to a narrow set of historical import entries with no impact on its ongoing US operations.


The clarification follows a final determination by the CBP issued on June 23, 2026. The agency found that Waaree had evaded tariffs placed on solar cells from Vietnam and Malaysia between 2021 and June 23, 2026, and moved to assess anti-dumping tariffs of up to 271.28% on Waaree's imported solar modules, determined to be subject to the duties.

Also read: Waaree Energies says US probe found no Chinese cells in its solar panels; operations unaffected

JM Financial on Waaree Energies

JM Financial, in its latest note, said that it believes CBP saying that Waaree had a "four-year history of reporting the wrong country of origin" carries reputational weight and may impact a significant part of 65-70% of Waaree's total order book of Rs 53,000 crore.

“That said, the downside looks limited as CBP confirmed Waaree had enough non-Chinese-cell production to cover its US shipments, chose not to apply a blanket adverse-inference ruling, and restricted the finding to certain historical entries linked to Vietnam and Malaysia. This is far short of the worst-case scenario where all of Waaree's imports would have been treated as tainted,” it added.

According to the domestic brokerage, the quantum of retroactive duties once liquidation, outcome of Waaree's de novo administrative or judicial appeal, if any, and any spillover effect on the pending 123.04% preliminary AD/CVD determination covering India-origin solar imports will be the key monitorables going forward.

JM Financial maintained its ‘Add’ rating on the shares of Waaree Energies, with a target price of Rs 3,185 apiece. This implies an upside potential of nearly 6% from the stock’s previous closing price.

Waaree Energies share price

Waaree Energies shares have fallen over 5% in one week and nearly 8% in one month. The stock declined around 2% in 2026 so far. The company currently has a market capitalisation of less than Rs 83,300 crore.

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