Waaree's US trade filings raise questions for India's solar exports

what happened

Waaree Energies told the US International Trade Commission that some solar cells and modules shipped from Vietnam and Malaysia were wrongly recorded as Indian-made between 2021 and 2026, according to Moody's. The error came to light during a wider US investigation into solar imports from India, Indonesia and Laos.

After correcting the figures, the USITC found that India's share still exceeded the 3 per cent threshold below which imports are usually considered negligible, so India stays in the case. On 14 October 2026 the commission determined that these imports had materially injured the US solar manufacturing industry. Separately, US Customs and Border Protection upheld an adverse duty-evasion finding on 29 October 2026 covering a limited set of historical shipments.

Waaree told exchanges on 2 November 2026 that it is weighing legal options, including judicial review at the US Court of International Trade. Its order book has also shrunk: more than 3 GW of export contracts were removed as of 30 September 2026, and direct exports fell to 7.8 per cent of the total from 24 per cent in the previous quarter.

why it matters

For markets, the case shows how documentation errors can turn into duty liabilities and export disruption for Indian solar makers. US demand remains large, so the outcome of these proceedings could shape order flows and investment in overseas capacity.

market impact

Waaree and Indian solar exporters: US duty and order risks weigh on the sector

• ▼Waaree Energies shares pressure down — risk of US duties and lost export orders

tags

instruments