India's Top Solar Exporter Reworks Supply Chain to Evade US Tariffs

India’s top solar maker, Waaree Energies Ltd,  is reportedly restructuring its supply chain to continue supplying solar modules to the United States, as per Bloomberg. The US currently accounts for nearly 60% of Waaree’s total orders. 

The company is now sourcing solar cells from countries that face lower export duties to the US, according to Chief Executive Officer Amit Paithankar.

Shift in Sourcing

The change comes after the US imposed a 50% import tariff on Indian goods in August 2025, following India’s continued purchase of Russian oil. Around the same time, Washington also began an anti-dumping investigation into solar modules imported from India, Indonesia, and Laos. 

To limit the impact of these measures, Waaree has adjusted its sourcing model to assemble modules using cells from other countries.

Trade Classification

Waaree’s plan relies on a 2012 US customs rule that defines the country of origin for solar panels based on where the cells are produced. This means panels made using cells from low-tariff countries can be exported to the US under that country’s trade classification, even if the panels are assembled elsewhere. Paithankar said this setup helps the company continue its exports despite the current tariff barriers.

Ongoing Probe

In September 2025, US authorities started a duty evasion investigation into Waaree’s shipments. The company said it is cooperating with officials and following all relevant trade regulations in the regions where it operates. Paithankar declined to comment further on the probe.

Capacity and Orders

Waaree’s order book stood at 24 gigawatts at the end of September, valued at about $5.3 billion. The company plans to make panels both in India and in its US facilities. It is also expanding its Houston plant, aiming to double production capacity to 3.2 gigawatts within 6 months.

Investment in the US

So far, Waaree has invested around $150 million in its US operations. The company plans to raise this investment almost eightfold and may add cell manufacturing and battery storage units as part of its future expansion.

Read More: NCC Strengthens Order Pipeline with ₹710 Crore in New Contracts!

Waaree Energies Share Price Performance 

As of October 31, 2025, 3:30 pm, Waaree Energies share price closed at ₹3,423, down 0.27% from the previous closing price.

Conclusion

Waaree’s recent steps show a response to evolving trade policies as it works to keep its exports unaffected by new US tariffs.

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