Waaree Energies saw a brutal sell-off on the bourses, with its shares plunging nearly 15% to hit an intraday low of ₹2,571. The sharp fall wiped out a significant chunk of market value — and this came just a day after the company secured a fresh 300 MW wind project order from Solar Energy Corporation of India (SECI).
So, what exactly triggered this crash? And how is the company’s management responding to the sudden turbulence? Here’s a simple breakdown.
The Crash: Why Did It Happen?
The main trigger was a major move by the US Department of Commerce, which imposed a preliminary 126% Countervailing Duty (CVD) on solar imports from India.
Export Vulnerability
The US is a key revenue market for Waaree. Around 30% of its total revenue comes from exports, and a large part of its ₹60,000 crore order book is linked to the US. Any disruption in this market naturally raises concerns about future earnings.
The US government claims that Indian solar manufacturers benefit from “unfair subsidies,” which allow them to sell panels at prices that undercut American producers. This allegation led to the steep duty being imposed.
Sector-Wide Panic
A 126% tax is no small number. At that level, Indian-made solar panels effectively become uncompetitive in the US compared to locally manufactured ones.
The result? A classic “sell first, ask questions later” reaction from investors, triggering panic across the solar sector.
Management’s Response: The Defense Strategy
Following the sharp correction, Waaree Energies’ top management, including CFO Abhishek Pareek, addressed the media and held a conference call to calm investor nerves. Here are the four big takeaways from their response:
“We Are Already Inside the US.”
The company highlighted its “Made in USA” advantage. Waaree already runs a 1.6 GW manufacturing facility in the US and expects to scale this up to 4.2 GW by the end of the year.
Since these panels are manufactured within the US, they are not subject to the 126% import duty.
No Change in Financial Guidance
The CFO made it clear that the company is not revising its capital expenditure (Capex) plans. Waaree remains confident about achieving its FY26 EBITDA guidance of ₹5,500–6,000 crore. According to management, the new tariff does not alter the company’s long-term growth story.
Supply Chain Diversification
Waaree said it has been preparing for possible “tariff wars” over the past year.
The company has diversified its sourcing across global markets, including the Middle East and Africa. It is also building an integrated facility in Oman, giving it flexibility to shift production away from high-duty regions if required.
The Domestic “Growth Runway.”
While the US remains an important market, management reminded investors that India’s own solar demand is massive.
With the government targeting 500 GW of renewable energy capacity by 2030, Waaree sees strong domestic opportunities. Recent wins, including a 500 MW solar order and a 300 MW wind project, are expected to keep its factories operating at full capacity.
In short, while the 126% US duty triggered panic selling, the company maintains that it has both a US manufacturing presence and a strong domestic pipeline to cushion the impact.
