Waaree Renewable Technologies shares slide 6% amid US trade petition on Indian solar panel imports
Waaree Renewable Technologies
fell as much as 6.2 per cent on Monday to ₹ 1,112.35 on the BSE, following a report that a group of U.S. solar panel manufacturers had petitioned the Commerce Department to impose tariffs on imports from India, Indonesia, and Laos.
The petition, filed by the Alliance for American Solar Manufacturing and Trade, accuses solar panel manufacturers in the three countries of dumping products at below-cost prices in the U.S. and receiving unfair government subsidies, according to a Reuters report. India is among the largest exporters of solar panels to the U.S.
According to the report, the petition marks the latest effort by the relatively small U.S. solar manufacturing sector to secure trade protection, aiming to safeguard recent multibillion-dollar investments and remain competitive against products largely made by Chinese firms operating overseas.
The petitioning group includes U.S.-based First Solar, Qcells (a division of Korea's Hanwha), and privately held companies Talon PV and Mission Solar. The same group previously succeeded in securing tariffs on imports from Malaysia, Cambodia, Vietnam, and Thailand, with those duties finalized earlier this year.
The report said the latest petition targets Chinese-owned firms accused of shifting production to Indonesia and Laos to bypass existing duties, while also directly accusing Indian-headquartered manufacturers of 'dumping cheap goods in the United States.' Imports from India, Indonesia, and Laos rose sharply to $1.6 billion in 2024 from $289 million in 2022, the petitioners noted.
Investigation window
The Commerce Department has 20 days from the date of filing to decide whether to launch a formal investigation. Reuters noted that cases involving anti-dumping and countervailing duties typically take about a year to reach a final tariff decision.
Most solar panels installed in the U.S. are produced overseas, though domestic capacity has expanded from 7 gigawatts in 2020 to 50 GW in 2025, fueled by tax incentives under the 2022 Inflation Reduction Act. Despite this, local output still lags behind projected demand, with the U.S. solar market expected to install nearly 43 GW annually through 2030, according to the Solar Energy Industries Association.
Strong Q1 showing
The selloff in Waaree shares comes despite the company reporting robust earnings for the June quarter. Last week,
Waaree Renewable
posted a net profit of ₹86.44 crore for Q1 FY26, up 205 per cent from ₹28.30 crore in the same period last year. Revenue from operations more than doubled year-on-year to ₹603.18 crore, rising 155 per cent from ₹236.35 crore.
Sequentially, revenue rose 25.6 per cent over the March quarter. However, total expenses surged 146 per cent year-on-year to ₹491.44 crore.
In the previous quarter, the company had reported an 83 per cent rise in consolidated net profit to ₹93.76 crore, with the engineering, procurement, and construction (EPC) business accounting for nearly all of its revenue at ₹469.72 crore. Revenue from power sales remained stable at ₹6.85 crore.
Despite recent gains—up 14 per cent in the past month and nearly 11 per cent over the last six months—Waaree shares remain down 20.3 per cent year-to-date and have fallen 39 per cent over the past 12 months.
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