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Waaree Energies, Premier Energies, among solar exporters face US duties up to 126 percent on Indian solar imports.
Solar stocks in focus
Shares of Waaree Energies Ltd., Premier Energies Ltd. and other solar peers are set to remain in focus on Wednesday, February 25, after the Trump administration imposed preliminary duties of 126% on solar imports from India, according to documents reviewed by CNBC-TV18.
The initial duties have also been set between 86% and 143% for imports from Indonesia, and at 81% for imports from Laos. The US Commerce Department said the rates were calculated based on foreign subsidies that allegedly enabled exporters to undercut domestic solar producers.
Duties Separate From Reciprocal Tariffs
The newly announced duties are distinct from the reciprocal tariffs earlier imposed by the Trump administration, which were struck down by the US Supreme Court last week. Following that ruling, former President Donald Trump issued a 10% universal tariff declaration, later increasing it to 15% over the weekend. The 10% tariff took effect from last night local time.
According to the US Commerce Department, solar imports from India were valued at $792.6 million in 2024, more than nine times the level recorded in 2022.
Citi analyst Vikram Bagri, in a research note on Tuesday, said the steep duty rates would likely render the US market largely inaccessible for Indian solar panel manufacturers.
Impact On Indian Solar Players
Waaree Energies has an established presence in the US. During its December quarter earnings call, the company’s management described the US as a key market, noting ongoing manufacturing operations and expanded investments. The company recently acquired Meyer Burger and continues to explore both organic and inorganic growth opportunities.
As of the end of the third quarter, Waaree Energies reported an order book of Rs 60,000 crore and expressed confidence in surpassing its FY26 EBITDA guidance of Rs 5,500–Rs 6,000 crore. Overseas markets contributed 32.6% of its December quarter revenue.
While Premier Energies has limited US exposure, about 20% of Vikram Solar’s order book is export-linked.
Market Reaction And Stock Performance
In April last year, shares of Waaree and Premier had rallied after the US imposed anti-dumping duties on solar equipment imports from four Southeast Asian countries, excluding India at the time.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions.
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