Waaree and the 123% US Solar Duty Report: What the Public Record Shows

What the 9 November 2026 report claimed

SAHI published a report on 9 November 2026 saying US trade authorities had levied preliminary anti-dumping duties of up to 123% on solar cell imports from India. It named Waaree Energies, Premier Energies and Vikram Solar as the domestic exporters directly affected. The report described the action as creating immediate export duty hurdles for Indian PV component makers selling into the US market.

The same report carried company figures: FY26 revenue of ₹20,990.51 crore, growth of 64.44% year on year, and annual module production of 12 GW. It said Waaree's board had approved a scheme of amalgamation of Indosolar Limited into Waaree Energies Limited. It said Waaree Clean Energy Solutions had announced entry into India's specialty gases market with a new plant at GIDC Saykha, Dahej, Gujarat.

Those gaps are not cosmetic. Each one is a number a buyer needs before a quoted price means anything.

What Commerce's own notices list

Commerce announced preliminary affirmative determinations in the anti-dumping investigations of crystalline silicon photovoltaic cells from India, Indonesia and Laos on 23 April 2026. The India notice was scheduled for Federal Register publication on 28 April 2026 and records a preliminary finding that solar cells from India are being sold at less than fair value.

The respondents named in Commerce's summary include Mundra Solar PV Limited, Mundra Solar Energy Limited and Premier Energies Photovoltaic Private Limited. The Federal Register notice adds that Mundra Solar Energy, Mundra Solar PV, Kowa Company Ltd and Premier Energies failed to cooperate by not acting to the full extent, and that critical circumstances exist for those exporters but not for all other exporters.

The countervailing side ran months earlier. Commerce's preliminary countervailing duty determination for solar cells from India was scheduled for Federal Register publication on 26 February 2026, with the determination deadline moved to 20 February 2026. That notice records a preliminary finding of critical circumstances for Mundra and not for all other producers and exporters.

Scope sits alongside the rates. The investigation covers solar cells whether or not assembled into modules. Commerce said it would carry scope decisions from the less-than-fair-value investigation into the final countervailing determination after considering scope comments.

Neither Waaree Energies nor Vikram Solar appears in the exporter lists shown in the Commerce material captured here. Vikram Solar, named in the November report, is described in a broker company profile as having commissioned a 5 GW Vallam facility in Tamil Nadu and reached 9.5 GW of cumulative module capacity in 2026. That is a capacity claim from a third-party profile, not a duty finding.

Waaree's exchange filing is the closest thing to a company position

On 2 November 2026, Waaree Energies wrote to BSE and NSE under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, referring to Commerce's preliminary affirmative determinations in the anti-dumping and countervailing duty proceedings. The filing says the company concluded that an entry-by-entry determination of duty liability applies to cash deposits in the United States. It refers to potential exposure and says the company will keep the exchanges informed of material developments. The captured text gives no figure and no rate.

The timing matters. A buyer reading only the headline is reading the second version of the story.

The FY26 numbers rest on the report, not on a filed figure here

The 9 November 2026 report put Waaree's FY26 revenue at ₹20,990.51 crore with 64.44% year-on-year growth, and annual module production at 12 GW. Waaree filed its Business Responsibility and Sustainability Report as part of its Integrated Annual Report 2025-26 on 2 September 2026. The sections captured here identify the listed entity, list subsidiaries including Waaree Renewable Energies Australia Pty Ltd as a wholly owned subsidiary, and set out the ESG governance framework. They do not repeat the revenue or module-output numbers.

For a sourcing decision, that distinction is the whole point. The ₹20,990.51 crore and 12 GW figures are the news report's numbers. They are plausible for a large Indian module maker, but they are not reconciled against a filing in this material, and a supplier's own capacity claim is not the same as an independently audited output figure. The same caution applies to the Indosolar amalgamation: a board-approved scheme is a step, not a completed merger.

Where a duty lands in a quoted price

Waaree's filing describes US duty liability as determined entry by entry, with cash deposits made at the time of entry. CBP collects anti-dumping and countervailing cash deposits following Commerce instructions, and the CBP material captured here describes that messaging role without including an India-specific instruction document.

Three variables move the landed cost of an Indian cell shipment. The first is which legal entity is the exporter of record in the case. The second is whether that entity carries its own preliminary rate or falls to the estimated all-others rate Commerce sets for exporters not individually examined. The third is whether critical circumstances were found for that exporter, since Commerce found them for some and not for others.

Incoterms decide who faces the deposit at the border. Under DDP terms the seller clears import and absorbs the duty; under FOB or DAP the buyer is normally the importer of record and carries it. Neither choice removes the cost, it only decides which party budgets for it and which party gets the refund if the final rate comes in lower.

Checklist before accepting a quote from an Indian cell supplier

1. Get the supplier's exact legal entity name as it will appear on the commercial invoice.
2. Compare that name with the respondent list in the Commerce determination.
3. Ask which rate applies to that entity: its own preliminary rate, the all-others rate, or the country-wide rate.
4. Ask whether critical circumstances were found for that exporter.
5. Confirm who will be the importer of record.
6. Write the Incoterm and the named place into the quote.
7. Add a contract clause on duty pass-through and on repricing if the final rate differs from the preliminary rate.
8. Fix origin documentation at cell level, since scope follows the cell whether or not it is assembled into a module.
9. Date every price and state whether it is duty-inclusive or duty-exclusive.

Steps 1 to 4 need answers in writing before a purchase order, not after. Steps 5 to 9 are where most of the commercial argument happens when a preliminary rate changes.

Questions buyers are asking

Does the 123% rate apply to Waaree Energies?

Not on this record. Waaree's filing refers to potential exposure without a figure. Three documents, three different levels of specificity.

When did the preliminary duties start, and when is the final decision?

Commerce announced the India anti-dumping preliminary determination on 23 April 2026, with Federal Register publication scheduled for 28 April 2026. Final determinations for India and Indonesia were scheduled for on or around 13 July 2026. The material reviewed here does not say whether that date held, or what the final rates turned out to be.

What cash deposit will CBP require?

The entry-by-entry structure comes from Waaree's filing. CBP collects anti-dumping and countervailing cash deposits on Commerce's instructions. No India-specific CBP instruction document appears in this material, so the deposit rate per exporter cannot be stated from it.

Does the case cover finished modules or only cells?

The scope is crystalline silicon photovoltaic cells, whether or not assembled into modules. Commerce said it would fold scope decisions from the less-than-fair-value investigation into the final countervailing determination after reviewing comments, so the boundary can still shift before the case closes.

Is Waaree's FY26 revenue confirmed in this material?

The figure of ₹20,990.51 crore comes from the 9 November 2026 report.

What contract term handles the duty risk?

A duty pass-through clause with a defined trigger: the final rate published after the preliminary determination. Pair it with a stated Incoterm and named place so it is obvious which party is the importer of record, and a repricing mechanism that applies if that final rate moves in either direction.

What is still unconfirmed

• No case number appears in the material reviewed here.
• No HS code list or product exclusion schedule is included.
• No effective date for the preliminary determination is stated.
• No exporter-specific rate is confirmed for Waaree Energies.
• The 123% top-line figure is not reproduced in the Federal Register extracts captured here.
• The outcome of the final determinations scheduled for on or around 13 July 2026 is not recorded.

The report describes the duties as levied; the Commerce notice describes its own action as a preliminary determination, with finals scheduled months later. Both can be true if deposits began at the preliminary stage, but this material does not settle it. Buyers should not paper over that gap with an assumption.

Sources and dating

Commerce's Federal Register notice scheduled for 28 April 2026 supplied the India less-than-fair-value preliminary determination, critical circumstances findings and the all-others rate mechanism. The countervailing notice scheduled for 26 February 2026 supplied the earlier subsidy determination and the 20 February 2026 deadline. The trade.gov announcement of 23 April 2026 supplied the respondent list and the on-or-around 13 July 2026 final determination date.

Waaree's Regulation 30 disclosure of 2 November 2026 supplied its own framing of the exposure. Its Integrated Annual Report 2025-26 and BRSR, filed 2 September 2026, supplied entity and subsidiary detail. The Vikram Solar capacity profile is third-party commentary, not a determination.