Waaree Energies gets CBP clean chit on cells (2026)

What Waaree disclosed on Sunday

Waaree Energies said on Sunday that a United States investigation by U.S. Customs and Border Protection (CBP) found no evidence that it exported solar modules to the US made with Chinese-origin solar cells. The company framed the development as a clarification of concerns raised around a recent CBP determination. Waaree said the investigation related to a limited set of historical import entries and does not affect its current US business. India’s largest solar module maker added that its ongoing manufacturing deliveries and customer commitments are continuing as normal. The scrutiny from CBP has been in focus since September 2025, when attention on supply-chain origin and tariff compliance intensified. Waaree’s statement sought to separate the past entries under review from current operations and shipments. The company also highlighted its cooperation with US authorities throughout the process.

CBP’s finding: no Chinese-origin cells in exported modules

According to Waaree, the CBP inquiry involved a detailed investigation that included an on-site verification of its manufacturing facility in India. The company said the US customs authority expressly confirmed that Waaree did not export solar modules manufactured using Chinese-origin solar cells to the US. Waaree added that CBP acknowledged its full cooperation during the investigation. It also said CBP drew no adverse inference against the company. Waaree further stated that CBP declined the petitioner’s request to extend an evasion finding to all of Waaree’s imports. The company’s messaging was aimed at narrowing the scope of the outcome to the specific entries examined. It also positioned the conclusion as supportive of Waaree’s broader compliance posture.

Why Waaree says the determination is limited

Waaree said the determination applies only to a narrow subset of certain historical import entries. The company stressed that the determination is not a final adjudication. It pointed to available legal pathways under US law, including the right to seek a de novo administrative review, followed by judicial review before the U.S. Court of International Trade. Waaree said it is evaluating all available legal remedies with its US trade counsel. The company attributed these comments to its Whole-time Director and CEO, Jignesh Rathod. By highlighting review options, Waaree signalled that it may challenge aspects of the process linked to the historical entries. At the same time, it reiterated that day-to-day business continuity remains intact.

Operations and deliveries: “business continues to operate normally”

Rathod said Waaree remains committed to regulatory compliance, transparency, and governance. He added that the company’s US business continues to operate normally with no impact on ongoing manufacturing, customer deliveries, or commercial operations. Waaree also said it will continue to cooperate with relevant authorities and provide updates as required under applicable laws and regulatory requirements. Separately, Waaree told Reuters it expected no material impact due to solar tariffs. In its communications, the company has consistently described the US-facing part of the business as functioning without disruption. It has also stressed that its cooperation with CBP is active and ongoing where required. For customers and counterparties, the key message was continuity of supply and fulfilment.

A parallel issue: tariff-evasion findings on cells via Vietnam and Malaysia

Alongside Waaree’s “no Chinese cells” clarification, the broader coverage also referenced CBP findings of tariff evasion on solar cells imported from Vietnam and Malaysia. The duties cited in that context were as high as 271.28% on historical imports. Waaree’s Sunday statement, however, emphasised that the CBP determination it was addressing related to a limited set of past entries and should not be read as a blanket conclusion on all imports. This split between issues matters because it can shape how investors interpret headlines. One thread relates to whether Chinese-origin inputs were used in modules exported to the US, which Waaree says CBP has expressly rejected. Another thread concerns duties and rules-of-origin compliance across historical import flows involving other countries. The company’s stance remains that the core business impact is limited based on its assessment.

Tariff backdrop: preliminary duties and shifting US trade enforcement

The story sits within a wider tariff and trade-enforcement environment for solar equipment. Coverage referenced massive preliminary anti-dumping duties on solar imports, with India facing a 123% tariff, compared with Indonesia at 35% and Laos at 22%. Another reference point cited a 126% preliminary duty on solar modules and cells imported from India. Waaree executives argued that the practical impact depends on the origin of the solar cell used inside a panel, not only the module assembly location. In an interaction cited in the input material, Waaree’s CMD Dr. Hitesh Doshi said there would be “absolutely no impact” on the company’s business. The company’s broader explanation was that duty exposure hinges on how supply chains are structured and documented under US rules. This makes compliance processes and provenance documentation central to the export model.

How Waaree describes its supply chain and export mix

Waaree executives said the duty in the US is on the solar cell used inside the panel, and that the country of origin of the solar cell is a key determinant. Waaree Group Head–Finance Abhishek Pareek said Waaree’s US strategy is insulated by local manufacturing that is already operating. He said the majority of US orders are being served from its US facility, and described an approximate split where 70 units out of 100 sold in the US are manufactured and sold in the US, with 30 units exported from India. Pareek also said Waaree’s export volumes have remained similar to the last couple of years during the last 10 to 11 months of tariff conditions. He added that Waaree has worked on alternate supply chains, including avenues in the Middle East and African markets for upstream inputs. In this framing, the company’s ability to source cells through non-tariffed or less-tariffed routes becomes a key operational lever.

US footprint and investment plans: Texas expansion

Waaree said a US investigation into potential solar tariff evasion will not impact its investment plans, including expansion in Texas. The company said the Texas plant expansion from 1.6 GW to 3.2 GW is already underway. It also mentioned exploring a solar cell manufacturing capability in the US market. Waaree said it is providing all required information to CBP and described its internal assessment as indicating no material duty exposure. It reiterated that there has been no operational disruption and that US manufacturing operations and customer deliveries are continuing as planned. The company also said it maintains a diversified supply chain across multiple countries to avoid single-source dependence. These points are important because local production can reduce exposure to import duties and port-level enforcement actions.

Key facts at a glance

Why this matters for investors

For investors tracking Indian renewable energy exporters, the key issue is not only tariff rates but also how US authorities apply rules-of-origin and documentation standards to specific entries. Waaree’s statement attempts to reduce uncertainty by stating that CBP expressly confirmed no Chinese-origin solar cells were used in the modules exported to the US that were examined. At the same time, the references to duties up to 271.28% on certain historical imports underline that duty exposure can still arise from past supply-chain pathways, even when current operations continue. Waaree’s emphasis on legal remedies signals that parts of the process may remain contested. The company’s operational messaging focuses on uninterrupted deliveries and normal commercial activity. Its Texas expansion and the stated 70:30 US-made versus exported mix are positioned as buffers against import disruptions.

What to watch next

Waaree said the determination it referenced is not final and that it is evaluating legal remedies with US trade counsel. Any move toward a de novo administrative review, followed by court review if pursued, will be an important procedural milestone. Investors will also watch for further CBP updates, including any changes to cash deposit requirements that were mentioned as interim safeguards in related reporting. Another key monitorable is progress on the Texas expansion from 1.6 GW to 3.2 GW, since higher local output can reduce reliance on imports. For now, Waaree’s stated position is that exports and US operations remain unaffected, with manufacturing deliveries proceeding as normal.