Waaree Energies says US customs body upheld evasion finding on a small subset of entries

Waaree Energies (NSE: WAAREEENER) has received a Final Administrative Decision from the US Customs and Border Protection's Office of Trade, Regulations and Rulings that affirms an evasion finding on a limited subset of historical entries, it said in a filing on 02 Nov 2026. The company says the decision does not expand the scope of the earlier June determination.

What the decision affirms

The June 23 determination by the Trade Remedy Law Enforcement Directorate concerned a small subset of historical entries under EAPA Consolidated Case No. 8163. The company asked CBP for de novo administrative review on 5 Aug 2026, on a single issue: whether a subset of entries imported into the US during 2024 were entered before preliminary AD/CVD determinations on solar cells from Vietnam, and so were not subject to cash deposits at entry.

The Final Administrative Decision dated 29 Oct 2026 affirms the evasion finding for the entries the company challenged. The company says the decision does not expand the June 23 determination and does not disturb its earlier finding that it did not export to the US any solar modules made with Chinese-origin solar cells. The decision is an administrative determination, and the company says it can be taken to the US Court of International Trade.

Exposure and the company's position

If the decision is sustained, CBP may assess AD/CVD duties with interest on the limited subset of entries and may require additional customs bonds or cash deposits. The company says the potential exposure has been assessed with its US trade counsel and is already reflected in its financial statements under Ind AS 37, and that the decision does not alter that assessment. It expects no material adverse impact on the overall operations or financial position.

The company says its US operations continue in the ordinary course, with no impact on manufacturing, customer deliveries or commercial operations. It is evaluating judicial review and other remedies with its US trade counsel, and it may protest entry-specific duty assessments under 19 U.S.C. § 1514.

What the CBP decision means for Waaree Energies' shareholders

The filing describes a dispute over duties on a limited set of historical US entries, with the company contesting the assessment through the remedies available to it. The company's stated view is that the exposure is already provided for and that operations are unaffected.

Not stated: the amount of duties, interest or deposits that could be assessed, the value of revenue the entries represent, whether the company will file for judicial review, and the amount provided for in the accounts. The next dated step is the 30 US business day window to seek judicial review, and the company will report material developments under Regulation 30(7).

At a glance