Waaree Energies, Premier Energies, Vikram Solar Shares Sink Up to 15% After US Imposes 126% Duty on Indian Solar Imports

Shares of leading Indian solar manufacturers Waaree Energies Ltd., Premier Energies Ltd., and Vikram Solar Ltd. plunged by up to 15 percent on Wednesday, February 25, after the Trump administration imposed preliminary duties of 126 percent on solar imports from India.

The sharp reaction on Dalal Street followed the release of documents detailing the new duty structure, which significantly raises the cost of Indian solar products entering the US market.

Solar Stocks Under Pressure​

Waaree Energies fell as much as 15 percent during the session and is currently trading around 12 percent lower. Premier Energies declined up to 13 percent before attempting to recover from intraday lows, aided by its limited export exposure. Vikram Solar shares also dropped by as much as 5 percent.

At the time of reporting:

• Waaree Energies is down 14.7 percent at ₹2,579.2
• Premier Energies is down 13 percent at ₹677.65
• Vikram Solar is down 6.3 percent at ₹173.68

US Sets Preliminary Duties on Solar Imports​

The US Department of Commerce has set preliminary duties of 126 percent on Indian solar imports. For other countries, initial duty rates range between:

• 86 percent and 143 percent for Indonesia
• 81 percent for Laos

The department stated that the rates were determined based on foreign subsidies that allegedly allow exporters to undercut domestic solar producers in the US.

These duties are separate from the reciprocal tariffs announced by the Trump administration, which were struck down by the US Supreme Court last week. Following that decision, a 10 percent universal tariff was declared and later raised to 15 percent over the weekend. The 10 percent tariff came into effect last night, local time.

US Market Exposure in Focus​

According to official data, solar imports from India into the US were valued at $792.6 million in 2024, more than nine times the value recorded in 2022.

The elevated duty rates are expected to make the US market largely inaccessible for Indian solar panel manufacturers.

Waaree Energies has a significant presence in the US. During its December quarter earnings call, the company described the US as an important market where it is both manufacturing and investing. The company recently acquired Meyer Burger and is also pursuing organic and inorganic growth opportunities.

As of the end of the third quarter, Waaree Energies reported an order book of ₹60,000 crore. It also expressed confidence in surpassing its original EBITDA guidance of ₹5,500 crore to ₹6,000 crore for financial year 2026. Overseas markets contributed 32.6 percent of its December quarter revenue.

Premier Energies has limited exposure to the US market. In contrast, 20 percent of Vikram Solar’s order book comes from exports.

Sector Reversal After Earlier Rally​

In April last year, shares of Premier Energies and Waaree Energies had rallied after the US imposed anti dumping duties on solar equipment imports from four Southeast Asian countries, excluding India.

The latest duty announcement has now reversed sentiment, triggering heavy selling across Indian solar stocks with US exposure.