The order pertains to the supply of 236.22 MW solar modules across the first and second quarter of financial year 2028, Waaree said in its filing, adding that the order has been received from an international entity.
On another note, Waaree Energies on Monday issued a clarification on reports regarding a determination by the US Customs and Border Protection in an anti-circumvention investigation.
Waaree said the CBP’s findings do not conclude the company exported solar modules manufactured via Chinese-origin cells to the US. The US agency, after an on-site inspection of the manufacturing facility in India, has confirmed no such exports had taken place.According to JM Financial, the US CPB said that Waaree Energies evaded tariffs placed on solar cells from Vietnam and Malaysia between 2021 to 2026.
The CPB determination does carry reputational weight, according to JM Financial, whose note went on to add that the move may impact a significant part of Waaree Energies’ total order book worth ₹53,000 crore.
However, the brokerage went on to add that it sees limited downside for Waaree, as it had enough non-Chinese-cell production to cover its US shipments. It maintained its “ADD” rating on the stock with a priced target of ₹3,185.
Shares of Waaree Energies are seeing volatile moves on Tuesday, with the stock currently trading 0.2% lower at ₹2,879. The stock is down 2.6% so far in 2026.
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