Key Facts and Clarifications
The news article quotes from the public report of the US International Trade Commission (USITC) in its investigation into solar imports from India, Indonesia and Laos. The company clarifies that this investigation covers the Indian solar industry as a whole and is not a case specifically against Waaree. Waaree participated in the investigation along with other Indian manufacturers to defend the interests of Indian exporters. There is no separate finding, penalty or liability assessed against Waaree in the proceeding.
The statement in the article concerns how country of origin was reported on certain past shipments to the United States. The company states its modules are made in India and were declared as Indian-origin according to Indian rules of origin. However, US Customs uses the country where solar cells were made for duty purposes, which created a difference affecting certain historical shipments and had a duty impact on a limited number of entries.
Regulatory Actions and Findings
US Customs and Border Protection (CBP) examined this matter as previously disclosed on June 28, 2026. After verifying Waaree's plant in India, CBP confirmed that Waaree did not ship any modules made with Chinese cells to the United States and declined to extend its finding to all shipments. CBP's findings regarding Anti-Dumping/Countervailing Duty (AD/CVD) liability remain limited to a small set of past shipments.
Financial Impact
The company states there is no new financial or operational impact specifically for Waaree resulting from the USITC's findings. The possible 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.
Business Operations
The company's US business, including its manufacturing facility in Texas, continues as usual.
Order Book Rationalization
The article's reference to order book rationalization was previously disclosed by the company 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 U.S. trade measures affecting imports of solar products into the United States generally, which are not specific to the company. It is not a consequence of the CBP proceeding or the company's submissions to the USITC.
Future Actions
The company is evaluating a challenge to CBP's decision before the US Court of International Trade and will keep the exchanges informed.