US Customs Keeps Evasion Ruling on Waaree Energies in Place

what happened

US Customs and Border Protection (CBP) has confirmed its finding that India's Waaree Energies evaded anti-dumping and countervailing duties, according to a regulatory filing by the company that Moody's cites. The decision, dated October 29, concerns a limited number of solar module shipments brought into the US in 2024.

The review was narrow, focusing on whether some imports arrived before preliminary duties on solar cells from Vietnam took effect. CBP said challenges to duties on specific shipments must go through a separate customs protest. Waaree said the ruling does not widen the original June 23 determination and is not final, and it can seek judicial review at the US Court of International Trade within 30 US business days.

If the finding stands, the company could face duties, interest and additional customs bonds or cash deposits. Waaree says it has already reflected the exposure in its financial statements and does not expect a material adverse effect. It also removed about 3 GW of US export orders from its backlog due to uncertainty under the revised trade rules.

why it matters

For investors, the story mainly concerns Waaree itself: potential duties and deposits weigh on its US export business, and the backlog cut reduces visibility on future revenue. For the solar module market, it signals tighter scrutiny of component origin rules.

market impact

Waaree Energies shares: possible duties and a smaller export backlog add pressure

• ▼Waaree Energies shares pressure down — possible duties, deposits and interest on US shipments

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