Waaree Energies shares down 8% in two sessions after US initiates anti-dumping probe

Shares of Waaree Energies Ltd. are down another 3% on Thursday, August 14, extending their losses after a drop of over 4% on Wednesday.The fall comes after the US Department of Commerce initiated antidumping duty and countervailing duty investigations of crystalline silicon photovoltaic cells, whether or not there are assembled into modules (solar cells) from India, Indonesia, and the People’s Democratic Republic (Laos).

According to the note on the US Commerce Department website, India has been dumping solar cells into the US with a margin of 123% and a subsidy rate of 2%.

The US Department of Commerce says the preliminary findings of it’s probe into Indian solar cell imports will be published on September 2, 2025.
At the end of the June quarter, Waaree Energies had an order book of 25 GW worth ₹49,000 crore with exports comprising of 41.3% of the overall order book.For the June quarter, Waaree reported a 30% growth in its revenue, while net profit nearly doubled from last year.

Waaree saw order inflow of nearly 2.23 GW during the quarter, with most of it from a customer based out of the US.

Premier Energies does not have a major exposure to the US market and they remain domestic focussed.

Shares of Waaree Energies are trading 2.2% lower on Friday at ₹2,880. The stock is now down as much as 8% in the last two sessions.