The solar energy stocks saw a sharp sell-off following the US announcement of a 126 per cent countervailing duty on Indian solar cell and panel exports. The share prices of major solar cell and module manufacturers such as Waaree Energies, Premier Energies dropped as much as 10% in intra-day trade. However, leading Indian solar manufacturers believe that there would be ‘limited impact’
Solar module manufacturer Vikram Solar stated that duties would have a limited impact , as it sources cells for US customers outside India, in countries with lower tariff exposure.
“The recent U.S. preliminary AD/CVD duties apply specifically to Indian-origin cells. Our U.S. order strategy was not structured around sourcing Indian cells; we already operate with a diversified supply chain for that market, including sourcing from geographies with lower tariff exposure. As a result, the direct financial impact on us is limited. Our growth strategy continues to be firmly anchored in India, where demand remains structurally strong.” Gyanesh Chaudhary – CMD, Vikram Solar, said.
Waaree Energies said that it expects no material impact from the duties as it has a diverse supply chain. The company cited its 2.6 GW of US manufacturing capacity, which is expected to rise to 4.2 GW by the end of this financial year. Additionally, the company has planned a manufacturing facility in Oman.
“At this stage, the company does not anticipate any material adverse impact on its ability to service its US order book”, said Abhishek Pareek, Group Head Finance, Waaree Energies.
Premier Energy, another major solar company, said it does not foresee any material impact on the company, as its exports to the US are almost negligible. As per Reuters, the company said it has reduced its export share to almost nil and that there is no impact from any US duties on its business.
Analysts expect the duties to have limited impact on manufacturers in the country, though they are heavier than expected.
“The manufacturers have been anticipating U.S. tariffs on cells and modules from the Southeast Asia and India, even before the investigation was first launched in August 2025,” said Fei Chen, solar research analyst at consultancy Rystad Energy told Reuters.
Today’s stock market may see changes due to updates from various companies. Reliance Industries restructured its group, Indian Railway Finance Corporation won’t increase stake sale, Sanofi India recommended a final dividend, and Suryoday Small Finance Bank plans to raise funds.
