The US Department of Commerce has launched antidumping duty and countervailing duty investigations on crystalline silicon photovoltaic cells imported from India, Indonesia, and Laos. This development has put Indian solar cell manufacturers, including Waaree Energies , under scrutiny.

Investigation Details

The probe alleges that India has been dumping solar cells into the US market with a significant margin of 123.00% and a subsidy rate of 2.00%. The preliminary findings of this investigation are scheduled for publication on September 2, 2025, which could have far-reaching implications for the Indian solar industry.

Impact on Waaree Energies

Waaree Energies, a key player in the Indian solar sector, finds itself at the center of this investigation. The company currently boasts a substantial order book of 25 GW, valued at approximately ₹49,000 crore. Notably, exports constitute a significant portion of Waaree's business, accounting for 41.30% of its total orders.

The news of the US investigation appears to have affected investor sentiment, with Waaree Energies' shares experiencing a 4.00% decline over the past month.

Market Position and Outlook

Despite the ongoing investigation, Waaree Energies maintains a strong market position with its impressive order book. The company's diverse portfolio, including both domestic and international projects, may help mitigate potential risks associated with the US probe.

Industry-Wide Implications

While Waaree Energies is in the spotlight, the investigation's scope extends to the entire Indian solar cell industry. Other companies, such as Premier Energies, may also feel the ripple effects of this probe. However, Premier Energies reportedly maintains limited exposure to the US market, focusing primarily on domestic operations.

The outcome of this investigation could have significant implications for the Indian solar industry's export prospects and its competitiveness in the global market. As the sector awaits the preliminary findings, companies may need to reassess their strategies and market focus in light of potential trade barriers.

As this situation develops, stakeholders in the Indian solar industry will be closely monitoring the progress of the US investigation and its potential impact on trade relations and market dynamics.

Waaree Energies Limited , a prominent player in the solar equipment manufacturing sector, has reported substantial delays in utilizing the proceeds from its Initial Public Offering (IPO) conducted in October 2024. The company's monitoring agency report for the quarter ended June 30, 2025, reveals that out of the Rs. 3,600.00 crore raised, only Rs. 764.72 crore has been utilized, leaving a significant Rs. 2,835.28 crore unutilized.

Project Location Changes and Timeline Revisions

In a strategic move, Waaree Energies' Board of Directors has approved changes to the project locations, subject to shareholder approval through a postal ballot effective August 2, 2025. The proposed changes include:

• Shifting solar cell and module manufacturing capacity from Odisha to Gujarat
• Relocating ingot wafer manufacturing capacity from Odisha to Maharashtra

These location changes come alongside revised project timelines:

• 6 GW Solar Module completion moved from July 2025 to December 2025
• 6 GW Solar Cell completion shifted from April 2026 to September 2027
• 6 GW Ingot Wafer completion postponed from October 2026 to March 2027

Delay in Fund Utilization

The report highlights a delay in utilizing Rs. 275.00 crore that was scheduled for deployment by March 31, 2025. This delay raises concerns about the company's ability to meet its projected timelines and efficiently use the raised capital.

Current Fund Allocation

The monitoring agency report provides a detailed breakdown of the fund utilization:

Unutilized Funds Management

The company has parked the unutilized funds in term deposits with scheduled commercial banks. As of June 30, 2025, these investments, along with balances in monitoring and allotment accounts, totaled Rs. 2,934.99 crore, including interest earned.

Management's Perspective

The Board of Directors has taken note of the delays and advised management to take necessary steps to utilize the funds in FY 2025-26 and FY 2026-27, following shareholder approval for the project location changes. The management has indicated ongoing negotiations with vendors and plans to utilize the funds in the upcoming fiscal year.

Shareholder Implications

Shareholders are now faced with a crucial decision as they are asked to approve the change in project locations through a postal ballot. This decision will have significant implications for the company's future operations and the timeline for fund utilization.

As Waaree Energies navigates these changes and delays, investors and market observers will be closely watching the company's progress in deploying the IPO funds and meeting its revised project timelines. The coming months will be critical in determining the company's ability to execute its expansion plans effectively and deliver on its promises to shareholders.