Waaree Energies has acknowledged incorrectly reporting the country of origin of certain solar cells and modules imported from Vietnam and Malaysia as India between 2021 and 2026. The admission was made in a response submitted to the US International Trade Commission (USITC) as part of an ongoing investigation into solar imports from India, Indonesia and Laos. The development has brought renewed attention to the company’s trade-related challenges in the US market.
According to a probe document dated November 2, the company acknowledged that it had inadvertently classified imports from Vietnam and Malaysia as Indian-origin shipments in its response to the USITC’s importer questionnaire. The document forms part of the commission’s final findings in its investigation into solar imports from the three Asian countries.
Waaree’s Admission Comes Amid US Trade Investigation
The admission is significant because the country of origin of solar imports plays an important role in determining the applicability of anti-dumping and countervailing duties in the United States.
During the investigation, Waaree Energies and Mundra Solar argued that India’s share of US solar imports would fall below the 3% threshold after removing shipments that had been incorrectly classified as Indian-origin imports.
Under US trade laws, imports from a country accounting for less than 3% of total imports are generally considered negligible. In such circumstances, the investigation against that country is ordinarily required to be terminated, subject to the applicable legal provisions.
However, after examining the corrected import figures and reviewing the relevant customs data, the USITC found that India’s share remained above the 3% threshold. As a result, India continued to remain part of the investigation.
On October 14, the commission determined that imports of crystalline silicon photovoltaic (CSPV) cells, whether or not assembled into modules, from India, Indonesia and Laos had materially injured the US solar manufacturing industry.
Separate US Customs Ruling Adds to Company’s Challenges
The latest admission comes against the backdrop of a separate investigation by US Customs and Border Protection (CBP) into the alleged misreporting of solar shipment origins by Waaree.
The CBP investigation began last year following concerns that the company may have misreported the country of origin of certain solar shipments to avoid applicable trade duties.
On June 23, 2026, the agency determined that Waaree had evaded applicable duties on certain historical imports. The finding was subsequently upheld in its final administrative decision on October 29.
In a stock exchange disclosure dated November 2, Waaree informed investors about the separate CBP ruling. However, the disclosure did not mention the company’s specific admission before the USITC regarding the incorrect classification of imports from Vietnam and Malaysia.
In its response to the CBP decision, Waaree maintained that the determination covered only a limited number of historical import entries. The company also clarified that the administrative decision could be challenged through legal proceedings.
Waaree said it was consulting its US trade counsel to evaluate the possibility of seeking judicial review before the US Court of International Trade. It also stated that it would consider other available legal remedies to protect its interests.
The two proceedings are separate, although both relate to the broader issue of country-of-origin reporting and the treatment of solar imports entering the US market.
Waaree Restructures Its Export Order Book
The ongoing trade-related developments have also influenced Waaree’s export business and order book composition.
As of September 30, the company had removed more than 3 GW of export contracts from its active reported order book amid continuing trade-related uncertainty.
Following this adjustment, the share of direct export orders from India in the company’s total order book declined sharply from 24% to 7.8% in a single quarter.
After the order book rationalisation, Waaree’s total order book stood at approximately Rs 59,200 crore, equivalent to around 25.6 GW.
The revised order book reflected a greater contribution from domestic operations and manufacturing facilities located in the United States. India accounted for 48.4% of the total order book, while its US manufacturing operations in Texas contributed 43.8%. The remaining 7.8% comprised direct exports from India.
This change indicates a shift in the geographical composition of the company’s business as it continues to navigate trade restrictions and regulatory developments in its key overseas market.
US Market Remains Important for Waaree
The United States is an important market for Waaree Energies, making developments around import duties and trade regulations particularly relevant to its international business.
The ongoing proceedings could influence how the company manages its exports, sourcing arrangements and manufacturing operations in the coming quarters. The reduction in direct exports from India and the increased contribution of US-based manufacturing operations reflect the changing structure of its order book.
Meanwhile, the company’s admission before the USITC and the separate CBP determination have brought greater attention to its compliance practices and trade-related disclosures.
Waaree Energies has indicated that it is evaluating its legal options regarding the CBP ruling. The developments will remain important to watch as the company continues to manage its US operations amid changing trade conditions and regulatory scrutiny.
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