• Solar duty mechanism: The US preliminary anti-dumping duty of 123% is determined by the country of origin of the solar cells used, rather than where the solar panels are assembled.
• Waaree export exposure: Waaree Energies faces no duty impact because it sources solar cells from nations with minimal or no US tariffs, while also expanding US market share through its two local manufacturing plants.
• India export representation: Because India accounts for only 3.4% to 3.6% of total US solar imports, representations will be submitted during hearings to separate India from final anti-dumping determinations.
• Market sell-off factors: Management attributed market volatility to investor confusion regarding India's low export volume and misunderstanding over whether duties apply to solar panels or the underlying cells.